European Energy A/S: Revised financial outlook for 2018 and guidance for 2019

Company announcement 14/2018 European Energy adjusts financial guidance for 2018. The Board of Directors of European Energy has decided to adjust its financial outlook for 2018 due to an on-going divestment process.As announced on 10 August 2018 (cf. company announcement no. 7/2018), the...

Company announcement 14/2018

European Energy adjusts financial guidance for 2018.

The Board of Directors of European Energy has decided to adjust its financial outlook for 2018 due to an on-going divestment process.

As announced on 10 August 2018 (cf. company announcement no. 7/2018), the sales contract for a wind park in Italy with a capacity of 39 MW was signed. Currently we have a few outstanding CP's for the closing of the transaction. We expect the closing in the beginning of 2019.

As a consequence of the closing in 2019 instead of Q4 2018, European Energy expect that 2019 will deliver a profit before tax of EUR 30-35 million, and an EBITDA of EUR 40-45 million. 

Accordingly, for 2018, European Energy now expects revenue of EUR 115-120 million (previously EUR 190-210 million) and profit before tax of EUR 23-25 million (previously EUR 26-28 million).

2018 has been a satisfactory year for European Energy. The underlying business shows a healthy development and growth in all business segments.

This announcement has been made in accordance with the EU Market Abuse Regulation (Regulation (EU) no. 596/2014, as amended).

For further information please contact:

Jens-Peter Zink, chairman of the board


[email protected] ph.

+ 45 2047 8220  

or

Jonny Thorsted Jonasson, CFO

[email protected]

ph. + 45 5180 0000