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Eurowind Energy posts impressive 2020-2021 result11-11-2021 - 08:00

Eurowind Energy delivered an impressive result for 2020-2021, as the Group’s Gross Profit
totaled EUR 69.7 million (+32%) and the profit before tax was EUR 21.1 million (+59%), this
compared to a Gross Profit of EUR 52.9 million and profit before tax of EUR 13.2 million in
2019-2020. The return on equity for the year reached 6.0%.

The 2020-2021 result underlines the company’s strategy of combining the qualities of being a
developer with being an Independent Power Producer. Even as the Gross Profit has
increased significantly, the Group still see that the majority of the profit relates to sale of
electricity from the operating portfolio. The net operational assets grew from 624 MW in
2019-2020 to 696 MW (+12%) in 2020-2021.


Jens Rasmussen, CEO of Eurowind Energy Group, said:
“We are very pleased with the year. We reaped the advantages of being a full scale
renewable energy company that develops new projects, construct and ensure financing of
the solar and wind power plants and operate the power plants. Our business grew on all
parameters. An important point about our growth is that it is sustainable and will produce
results in the coming years. We more than doubled our development pipeline, and those
projects is the foundation for our growth.”


By the end of the financial year, Eurowind Energy’s held assets that will produce 1,572 GWh
annually which is enough to power more than 390,000 households and displace approx. 1.3
million metric ton of CO2 compared to electricity produced with coal.


Gert Vinther Jørgensen, Chairman of the Board of Eurowind Energy said:
“I don’t think anybody should doubt the seriousness of consequences of the climate
changes. The best way to reduce CO2 emissions is to replace the burning of fossil fuels with
renewables. Therefore we are proud to do our part in combatting climate change, and we
are certain that we will have to play an even bigger role in the future.”


Eurowind Energy also owns 50% of Norlys Energy Trading A/S, which began trading in 2021.
This investment is expected to manifest by being financial beneficial, but also by creating
opportunities for Eurowind Energy to increase the earnings from the power production
across Europe and US.


“The renewable industry has developed from subsidies to a stage where we compete on
pure commercial terms. As a result of this, the ability to increase the value of our production
will be a crucial factor going forward. Ensuring value creation at portfolio level and
leveraging our knowledge about trading in our markets will be a focal point for us,”
underlined Jens Rasmussen.


In the coming year, Eurowind Energy expects further growth. The ambition is still to enter
one-two new markets every year and to see a steep growth in the operating portfolio. The
profit before tax in 2021-2022 is expected to reach EUR 25-35 million, compared to 21.1
million in the latest financial year.


Questions, please contact: Head of Public Affairs & Media Relations, Joachim Steenstrup:
+45 5262 4815

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