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Revised full-year guidance for 2017

By Globenewswire

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
(March 2017)
 Revised 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 


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