Copenhagen, 12 November 2014
Decline in financials for Q1-Q3 2014
- Loss year to date 2014, mainly due to the impairment of assets
- 7% decrease in revenue to EUR 42.3M
- 8% decrease in EBITDA to EUR 23.2M*
- 11% decrease in revenue to EUR 52.2M, including revenue from associates
-
13% decrease in EBITDA to EUR 30.5M, including EBITDA from associates
* Adjusted for Income from Associates
Positive production trend despite average weather conditions in Q3 2014
- +20% in total net production in Q3 2014 vs Q3 2013: 84 GWh
- -3% in total net production over Q1-Q3 2014 vs last year, due to lower wind conditions in Spain and Italy: 298 GWh
- +28% in actual wind production vs. estimates
- actual solar production in line with estimates
Events occurred after 30 September 2014
- On October the 29th 2014, Mr. Alessandro Reitelli was appointed as new CEO of the Group and continues as COO ad interim. Mr. Francesco Vittori was appointed as new CFO of the Group.
Chairman of the Board of Directors, Peter Høstgaard-Jensen, says:
“Historically, Q3 is the lowest quarter of the year, also due to the seasonality in weather conditions. In addition, due to the change in the regulatory framework of Spain and Italy and to the decrease in energy prices, the Company decided to perform the valuation of its assets, which has increased the net loss for the period. Nevertheless, the operating cash flow has significantly improved and the industrial indicators are positive. The plants are ready to catch potential favourable weather conditions in the last quarter of the year.”
Contact:
Peter Høstgaard-Jensen, Chairman of the Board of Directors, Tel: +45 40 10 88 71
Alessandro Reitelli, CEO, Tel: +45 33 36 42 02
