Greentech Energy Systems A/S: Revised full-year guidance for 2017

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     Revised    
                                                    (March 2017)     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: [phone]
                                  Alessandro Reitelli, CEO, Tel: [phone]

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=656345