Copenhagen, 7 December 2017
Company Announcement No. 16/2017
Greentech Energy Systems A/S (“Greentech”) revises its full-year guidance for 2017.
EBITDA is expected to exceed the previously announced outlook, revenue expectations are adjusted upwards, while production is expected at a lower level than previously announced.
Production over 2017 was lower than expected due to poor wind conditions in Southern Europe and should be in the lower range, from 370 – 390 GWh to 350 – 370 GWh.
However, energy prices for solar and wind sources in Italy and Spain have increased over 2017 and reflect an unexpected evolution in the energy mix and a higher demand for energy due to the ongoing recovery in Southern European countries.
Thus, Revenue expectation for 2017 is increased from EUR 58 – 62M to EUR 60 – 64M (including Revenue from Associates). In addition, operating expenses and G&A were lower than expected.
The combined effect on the EBITDA is an improvement in the expected range from EUR 39 – 43M to EUR 42 – 46M (including EBITDA from Associates).
The previous outlook and the revised outlook are presented in the table below:
| OUTLOOK 2017 |
Outlook 2017 (March 2017) |
Revised outlook (December 2017) |
| (EUR'000) | ||
| Net production (GWh) | 370 - 390 | 350 - 370 |
| Revenue | 51 - 53 | 53 - 55 |
| Revenue from Associates | 7 - 9 | 7 - 9 |
| Total revenue | 58 - 62 | 60 - 64 |
| EBITDA* | 33 - 35 | 36 - 38 |
| EBITDA from Associates | 6 - 8 | 6 - 8 |
| Total EBITDA | 39 - 43 | 42 - 46 |
| Total EBITDA margin | 67% - 69% | 71% - 73% |
| * Adjusted for income from Associates and Special Items |
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
