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: +45 40 10 88 71
Alessandro Reitelli, CEO, Tel: +45 33 36 42 02
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=656345© 2017 GlobeNewswire
