European Energy reported a strong first quarter 2019 result today. EBITDA was EUR 23.6 million, up from EUR 4.3 million in the first quarter of 2018. Profit before tax in the first quarter was EUR 20.7 million, against EUR 2.2 million in the first quarter of 2018.
Knud Erik Andersen, Chief Executive Officer of European Energy said:
“We are very pleased with the start of 2019. The closing of the sale of two wind farms provided a positive basis for our financials, and we continue the momentum in our development activities in our main markets. In 2018, the sale of electricity increased significantly, and that trend has continued into the first quarter this year.”
In the first quarter, European Energy finalised the sales of the 39 MW Bosco Le Piane Wind Farm in Italy and the 18 MW Holmen II Wind Farm in Denmark. The sale of the two wind parks had a total revenue of EUR 114.9 million.
European Energy is satisfied to see the electricity sale in the Group constantly increasing and with a gross profit of EUR 9 million, the sale is contributing with 35% of the total gross profit for the Group. For the first quarter in 2018, the share of gross profit was 20%.
With 86 MW under construction and another 421 MW, which are ready to build, European Energy expects the stable growth to continue throughout the full year of 2019. European Energy expects to deliver an EBITDA of EUR 40-45 million and a profit before tax of EUR 30-35 million in 2019.