Stock Exchange Announcement No. 6/2008
Greentech Energy Systems A/S - Announcement of annual accounts
Announcement of financial results at 31 December 2007
Highlights in 2007
• Revenue rose from DKK 14.7m to DKK 51.3m as a result of the commissioning of
the Energia Verde wind farm in Italy, the acquisition of a Germany turbine
portfolio and favourable wind conditions.
• Delays and run-in difficulties at Energia Verde had an adverse impact on
earnings.
• EBIT amounted to DKK 3.4m, up from a loss of DKK 5.8m the year before.
• Greentech reported a loss before tax was DKK 4.8m, against a loss of DKK
12.9m last year.
• Substantial acquisitions of project portfolios, primarily in Italy, and
strengthening of the Greentech organisation.
Building capacity
• More than 900 MW under development, more than 650 MW of which located in the
attractive market in Italy.
• Construction of three Italian wind farms underway (Minerva, Monte Grighine
and Cagliari II). At normal output and a minimum tariff of EUR 180/MWh, the
three wind farms are expected to generate annual revenue of DKK 370m from 2009.
• Permission obtained for connection to the power grid for the Ustka and
Parnowo projects in Poland. Construction of the 38 MW Ustka project expected to
commence in H2 2008.
• Based on the Company's existing expansion plans, Greentech expects to have
installed at least 400 MW, net, by the end of 2008, rising to 460 MW, net, by
the end of 2009.
• Major wind turbine shipments secured.
Outlook for 2008
• Pre-tax profit is expected to be approximately DKK 5m in 2008.
• The turbines in Denmark, Germany and Poland are expected to generate power as
in a normal wind year, whilst the run-in difficulties for Energia Verde are
expected to be resolved shortly so that the production from the wind farm will
correspond to 10 months production in a normal wind year.
• The Minerva wind farm in Sicily is expected to contribute 2 months of output,
whilst the Monte Grighine and Cagliari II wind farms are expected to be
installed by the end of the year and contribute income in 2009.
