European Energy is adjusting its guidance for the profit before tax 2021 from EUR 50 million to EUR 60 million. The Group has in 2021 experienced higher power sales and profits from its operations all over Europe due to the material increasing prices on electricity as well as better results from divestment of energy parks than planned.
The resulting higher gross profit has been counterbalanced by higher-than-expected staff and other external costs because of the growing number of employees in the Group. The net financial expenses are expected to be considerably less than planned partly due to modification gains recognised where loans have been renewed to much lower interest, partly due to lower interest in operating energy parks. Accordingly, for 2021, European Energy Group now expects profit before tax of EUR 60 million (previously EUR 50 million). EBITDA for the Group is expected to be in line with the outlook of EUR 80 million.