Danish renewable energy developer and independent power producer European Energy exited this year's first quarter with DKK 76.9 million (EUR 10.31 million) in earnings before interest, taxes, depreciations and amortizations and a pre-tax profit of DKK 31.4 million made off DKK 214.3 million in revenue.

Electricity sales surged by 58 percent in Q1 and totaled to DKK 115 million against DKK 72.4 million from the same period last year. This increase is attributed to weather conditions in the company's most important markets – but is also the result of the firm's strategy of becoming an IPP by keeping several commissioned wind and solar farms in its own portfolio, European Energy writes in a statement on the the interim report Wednesday morning.

"I am satisfied that we have been able to stay on the course and maintain stability in our business during uncertain times. We have managed to expand our development pipeline to a total of +15 GW and continue our ongoing construction activities in Denmark, Poland, Germany, Italy and Brazil – only with minor delays. I am certain that we will continue to see a demand for the cleanest, cheapest and the most scalable solutions for energy production. We can deliver that," writes Chief Executive Knud Erik Andersen in the media release.

The quarterly report was negatively impacted by Brazil's weakened currency, which resulted in an impairment worth DKK 32.9 million on the company's projects in Coremas.

Management has strengthened liquidity during the corona crisis, up by DKK 107.5 million to a total of DKK 955.1 million, DKK 778 million of which are in free cash.

The company's equity is now at roughly DKK 1 billion.

European Energy maintains its EBITDA guidance at DKK 388.3-433.1 million and profit before taxes between DKK 261.4 million and DKK 291.2 million for full-year 2020 – well in line with its prior forecast.

English Edit: Daniel Frank Christensen

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