European Energy A/S: Annual Report 2020
28 February 2021 - 8:45PM
European Energy A/S: Annual Report 2020
Company announcement 3/2021 (28.02.2021)
European Energy’s annual report shows strong growth during
2020.
European Energy exceeded its own guidance for 2020 and delivered
strong growth in a year where parts of the global economic
activities slowed down due to the unfolding COVID-19 pandemic.
European Energy has released its annual report for 2020, and the
key figures underline the remarkable growth as EBITDA grew by 38%
to EUR 61.2 million, gross profit saw growth of 29% to EUR 73.9
million and equity stood at EUR 235.3 million following an
incredible 71% rise since the end of 2019. European Energy is
clearly on a path of strong growth, and the company is prepared for
further growth in the coming year.
European Energy’s business model has shown its strength in 2020.
European Energy has seen an increased interest from investors to
invest in renewable energy projects. Renewable energy has indeed
become a safe harbour in troubled waters.
In 2020, the organisation has been geared to handle the extra
volume of renewable energy construction projects that the company
is poised to start in the coming quarters. This ensures that
European Energy can continue to develop while building, to build
while managing assets and to manage assets while selling green
power to the market and divesting parts of constructed
assets. Despite
low electricity prices in Northern Europe, power sale has increased
41% in 2020 from EUR 30.5 million in 2019 to EUR 42.9 million and
now represents 22% of the revenue.
In 2020, European Energy saw the expansion both in the number of
offices and employees. Six new offices were opened in Hamburg,
Glasgow, Milan, Barcelona, Sao Paolo, and Vilnius respectively,
while at the same time the total number of employees was 203 at the
end of 2020 – a net increase of 55 new colleagues within a
year.
During 2020, European Energy made its first investment into
Power-to-X with a 24% stake in the Danish e-methanol company,
REintegrate.
In 2020, European Energy signed seven Power Purchase Agreements
(PPAs) with major companies who wish to minimize their global
carbon footprint.
The outlook for 2021 reflects European Energy’s ambitions. Both
EBITDA and Profit before tax are expected to grow by more than 30%.
European Energy’s optimism stems from a world market facing a boom
in green energy over the coming years. Politicians in most
countries show remarkable green ambitions, and investments in
renewable energy have never been higher at a time where solar and
wind power are the cheapest form of energy.
By the end of 2020, European Energy has more than 600 MW under
construction and more than 800 MW ready to be built.
For further information: Jonny Thorsted Jonasson, CFO:
jtj@europeanenergy.dk or phone: +45 5180 0000
This announcement has been made in accordance with the EU Market
Abuse Regulation (Regulation (EU) no. 596/2014, as amended).