Eurowind Energy – Annual Report 2021/22 Strong performance and development – in a turbulent market Dear reader, The financial year of 2021/22 was marked by high growth and a further acceleration of our strategy. Our operating portfolio of solar and wind parks benefitted from attrac- tive power prices. While we increased our development and construction activities, our affiliate Norlys Energy Trading used their expertise on volatile markets. This combination allows us to report a Gross Profit of EUR 127.4 million for the year, compared to EUR 69.7 million in 2020/21. The profit before tax reached EUR 115.5 million, as opposed to EUR 21.1 million in the previous year, it is im- portant to note that the revenue generated was without the sale of any assets in the past 12 months. Our portfolio of development projects grew from 17.9 GW to 25.5 GW, and we entered the Estonian and Latvian markets through partnerships with seasoned local part- ners. We expect to grow the portfolio to approximately 30 GW in the coming 12 months, while we maintain our focus on only adding projects that are technically feasible and can become commercially viable. The size and quality of our development portfolio is the most important parame- ter for our future growth. Our EPC department (Engineering, Procurement and Construction) had a very busy year with construction activities in eight markets: Poland, Italy, Finland, Sweden, the United Kingdom, Germany, Portugal and Denmark. In the spring of 2022, we inaugurated St. Soels Energy Park and Veddum Kær Energy Park in Denmark, our first two hybrid parks with a combination of solar and wind utilising the same grid connection – a setup that is the foundation for the large-scale energy centres we plan to construct in the years to come. This was also the first financial year with our affiliate Norlys Energy Trading in operation. Since Q3 2021, the power and gas markets have been turbulent. The turbulence has been further amplified by the Russian invasion of Ukraine in February 2022 and the subsequent sanctions and restrictions on natural gas from Russia. The results achieved while dealing with those volatile markets have been the proof point for our strategy of having a subsidiary with highly skilled energy trading experts employed. The achievements of the past 12 months are a confir- mation of our long-term strategy. By holding on to our operating assets in order to benefit from reoccurring revenue, increasing our development and construction activities and having a pure trading subsidiary puts us in an enviable position: strong financials combined with a well-stocked project portfolio that will allow us to acce- lerate our activities in the years to come. “ The achievements of the past 12 months are a confirmation of our long-term strategy. 5
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