Q4 2016 report available now
European Energy has decided to early adopt the International Financial Reporting Standard (IFRS)15 in 2016. The effect of the adoption of IFRS 15 is that revenue is recognized later, typically 3-9 months. The Groups share of profit for the year totaled EUR 15.6M based on a Revenue of EUR 101M. The result is in line with the new outlook for 2016 given in corporate announcement no. 1 2017 on the new financial reporting standard.
The most significant single transaction contributing to the result in the fourth quarter of 2016, is the handover of a wind farm of 28 MW in Denmark to an institutional investor contributing to the Groups share of profit with EUR 7,4M.
The cash flow for the year has been strong, and the Group has maintained a high level of cash and cash equivalents, totaling EUR 15M by the end of the year.
The fourth quarter is characterized by a significant increase in development and construction activities. By the end of 2016 European Energy had 166 MW under construction and another 242 MW that are now ready to build.
CEO Knud Erik Andersen says: “I am very pleased with the 2016 result. The level of activity in the fourth quarter of 2016 is very promising and brings us another leap forward. With 166 MW wind and solar power under construction in five different countries, and 242 MW ready to build projects, I have positive expectations for 2017”