European Energy adjusts its profit forecast upwards – reNews

European Energy adjusts its 2021 pre-tax profit forecast from € 50 million to € 60 million.

In 2021, the group recorded an increase in electricity sales and profits from its operations across Europe due to the significant increase in electricity prices as well as better results from the disposal of energy parks. .

The resulting higher gross margin was offset by higher than expected staff and other external costs due to the growing number of employees in the Group.

Net finance charges are expected to be significantly lower than expected, in part due to the modification gains recognized when loans were renewed at a much lower interest rate, in part due to lower interest in operating the facility. energy parks, said European Energy.

The group’s EBITDA should be in line with the outlook of € 80 million.

European Energy CEO knud Erik Andersen said: “There has been tremendous activity throughout the year in European Energy.

“The company has seen an increase in electricity sales from its operations across Europe due to the significant increase in electricity prices.

“This led to higher prices on the energy parks when the group was sold.

“In 2021 we have quadrupled construction activity and with an even bigger construction schedule for next year, we also envision an interesting year 2022.”

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