Skip to main content

European Energy A/S: Sale of Swedish wind farm and revised financial outlook for 2019

Written by Customer Service on . Posted in Public Companies.

Company announcement 24/2019 (20 December 2019)The Board of Directors of European Energy has decided to adjust its financial outlook for 2019. The decision is partly based on the closing of the divestment of the Swedish wind farm Zinkgruvan.European Energy has completed the sale of the Zinkgruvan Wind Farm to a German-based asset management company. One of the major components of the sale was the fact that Zinkgruvan Wind Farm has entered a 10-year offtake agreement with a large international utility.The wind farm is located 70 km north of Linköping, near the northern end of the Vättern Lake. The wind farm has a capacity of 53.2 MW and supplies approximately 40.000 Swedish households with fossil-free energy. The wind farm consists of 14 GE Renewables turbines with a capacity of 3.8 MW, a rotor size of 137 meters and a hub height of 110 meters.The divestment and one-time income has contributed positively to the company’s earnings. Accordingly, for 2019, European Energy now expects profit before tax of EUR 35-37 million (previously EUR 30-35 million) and EBITDA of EUR 45-47 million (previously EUR 40-45 million).In 2020, we expect a higher EBITDA than this year. Due to the Groups acquisition of energy plants during 2019 the depreciation and financial costs will increase. Net results before tax in 2020 is expected to be in line with 2019.This announcement has been made in accordance with the EU Market Abuse Regulation (Regulation (EU) no. 596/2014, as amended).

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.