European Energy is adjusting its guidance for the profit before tax 2021 from EUR 50 million to EUR 60 million.
The Group has in 2021 experienced higher power sales and profits from its operations all over Europe due to the material increasing prices on electricity as well as better results from divestment of energy parks than planned.
The resulting higher gross profit has been counterbalanced by higher-than-expected staff and other external costs because of the growing number of employees in the Group.
The net financial expenses are expected to be considerably less than planned partly due to modification gains recognised where loans have been renewed to much lower interest, partly due to lower interest in operating energy parks.
Accordingly, for 2021, European Energy Group now expects profit before tax of EUR 60 million (previously EUR 50 million).
EBITDA for the Group is expected to be in line with the outlook of EUR 80 million.
– There has been a tremendous amount of activity throughout the year in European Energy. The company has experienced increasing power sales from its operations all over Europe due to the material increasing prices on electricity. This has led to higher prices on energy parks when the Group is divesting. In 2021 we increased the construction activities four-fold and with an even bigger building program for next year, we are also looking into an interesting 2022, says Knud Erik Andersen, CEO of European Energy.