Q3: European Energy delivers the best result ever

In the third quarter of 2017, the European Energy Group has delivered the best results before tax ever made by the Group. The profitable quarter comes as a result of the sale of energy farms in Brazil, Germany, UK and Denmark.

The group’s profit before tax totaled EUR 11,6M and the year to date profit before tax totaled EUR 17,1M. The revenue for the quarter equaled EUR 96,8M which was a double up of third quarter 2016 with EUR 48,8M. Gross profit for the quarter was EUR 16,9M of which EUR 2,6M were related to the sale of electricity. YTD the gross profit was EUR 31,6M compared to 2016 where the gross profit was EUR 26,0M.

CEO Knud Erik Andersen explains that European Energy has a high and steadily increasing level of activities worldwide. Various projects are under construction and even more are ready to build. The Group is currently developing wind and solar energy projects in e.g. Finland, Italy and Brazil.

Knud Erik Andersen says: “I am very satisfied that we have been able to deliver yet another record result. European Energy is stronger than ever and has proved that we are not just a European but a global actor.”

During the third quarter of 2017, 19 MW wind power has been grid connected, 182 MW wind and solar power is under construction and another 155 MW are ready to build.