In its newly released annual report, European Energy, the Danish developer and power producer, maintains its positive outlook for 2020. European Energy continues to see interest for its energy parks among institutional investors despite the COVID-19 health crisis, while the second major business area, electricity sales, is not materially impacted by current low power prices in Europe, owing to most sales being done via long term off take agreements.
The company expects an EBITDA level within the range of EUR 52-58 million. Profit before tax for 2020 is expected to reach EUR 35- 39 million. This compares to EUR 44.3 million EBITDA and profit before tax of EUR 37.4 million in 2019. Due to the COVID-19 crisis and, out of an abundance of caution, the company has decided to only fill critical positions at this time while limiting new capital-intensive activities.