RNS Number : 7228D
EuroTrust A/S
18 September 2008
18 September 2008
EuroTrust A/S
("EuroTrust", "The Group" or the "Company")
Preliminary Unaudited Results for the fiscal year ended 30 June 2008
EuroTrust, the European wind power producer, today announces its preliminary results for the fiscal year ended 30 June 2008.
Highlights
* The Group is developing its high quality pipeline of projects, exploiting its competitive advantages and experienced management to
create significant shareholder value. 50.2MW of new capacity was added in the year. Management has a renewed strategy and has identified a
clear path to grow operating assets to approximately 400MW in total by December 2010.
* The Group is now re-focused as a wind energy business with:
* 129MW in commercial operation in Germany, Spain and Italy. A minimum of 57MW to come on stream by the end of next year.
* A highly deliverable strategy for growth to 400MW in operation by December 2010.
* A substantial development pipeline of 645MW with all necessary land leases in place and supported by favourable initial wind
studies.
* Highly experienced management focused on exploiting the opportunities in the fragmented but fast growing wind energy industry.
* The disposal of the Group's property development division was completed by the end of the June 2008 despite very difficult market
conditions.
* The disposal of the Group's non-core leisure business, the Rm Golf and Wellness Centre, continues to be a key target for
management. Interest has been good and discussions to sell the resort is now at an advanced stage.
* The Group will require additional equity funding to achieve its strategy and preparations for raising up to
EUR 100m in the next few months are at an advanced stage. Without these funds the Group will be significantly restricted financially and
would need to review all its options, including asset sales
* The Board of Directors has been strengthened with the appointment of Robert Skj as Chief Executive on 1 November 2007 and Brian
Birkenhead as Chairman on 1 July 2008 while the previous Chairman Bo Kristensen and previous COO Peter Juul both resigned on 30 June 2008.
The size of the Company's board has been restructured to reflect the Group's new focus.
* As a consequence of a potential conflict arising from his position as Chairman of Greentech Energy Systems A/S, Erik Damgaard will
retire from the Board of Directors at the next general assembly of shareholders.
Financial highlights
* Revenue from wind energy production was up 52% to EUR 9.4m with earnings before interest and tax up 71% to EUR 5.6m.
* Group earnings before interest and tax were EUR 4.0m.
* Including discontinued operations, a net loss of EUR 94.9m influenced heavily by the loss on sale of the property development
division, which was EUR 92.7m.
* Net debt reduced by EUR 88.5m following the disposal of the property development division.
* Book value of total shareholder equity is now EUR 55.7m compared to EUR 153.8m last year, primarily reflecting the loss related to
the disposal of property development division.
Wind Division
* Revenue of EUR 9.4m and EBITDA of EUR 8.1m.
* Commercial commissioning of 40.8MW Cortijo de Guerra wind farm, EuroTrust's largest project to date and its first in Spain, as
well as additional 9.4MW in Germany, making a total of 50.2MW of new capacity added in the year.
* Further 57MW expected to be in operation from Karcino, Poland and Germany by end of 2009.
* Robust plan to deliver an additional 200MW in operation by December 2010. Authorisation process well advanced in Poland and
Italy.
* Management actively seeking acquisitions of projects under development of up to 50MW as opportunities follow from weak financial
conditions.
* Following agreement with Agrowind, the Group's project pipeline has been expanded by another 400MW to 645MW in total. This
pipeline expansion was achieved despite projects in Italy, Greece, Bulgaria and Germany being abandoned because minimum technical and
performance criteria could not be met.
Property development disposal
* Guarantees reduced to EUR 16.5m from EUR 36.6m with further reductions expected.
Leisure business for sale - Rm Golf and Wellness Resort
* Resort completed and fully operational.
* Occupancy levels have been increasing steadily during the year and management expect improvements now that the construction is
completed.
* Expected positive EBIT from fiscal year 2009/10.
* Recent agreement with a major travel and holiday group marks the start of long term block bookings from international operators.
* As a non-core business, disposal options are being actively pursued and prospects have reached an advanced stage and the
operations are treated as discontinued operations in the Annual Accounts.
Chief Executive, Robert Skjsaid:
"This has been a critical year for EuroTrust and the company has the opportunity to become one of the leading independent wind
generation businesses in Europe. The disposal of the property development division allows the management to focus on the development of our
highly regarded pipeline of wind energy projects. This has increased in the past year to 645MW, in large part through our 400MW development
agreement with Agrowind. All of our pipeline projects have secured land usage and favourable initial wind studies. Since the authorisation
processes are well advanced, we believe 200MW of these projects will come on stream by the end of 2010.
"We also intend to grow by acquiring attractive assets, which are increasingly being offered to us by smaller developers who are
experiencing difficulties in financing the construction of their projects. There is a unique opportunity for our experienced renewable
energy team to drive significant shareholder value by selecting and acquiring undervalued but high quality assets which are close to
completion. We expect to acquire up to 50MW next year and intend to be ready to move opportunistically to make value enhancing
acquisitions.
"Construction of the 51MW Karcino wind farm in Poland is underway and is expected to be completed by December 2009 and to start
generation in January 2010. Through our development subsidiary company EWF, we also are constructing a further 6MW, which is also expected
to come on stream between now and January 2009. We are confident that we will nearly double operational capacity by December 2009 through
organic growth and small acquisitions and increase it further to around 400MW by the end of December 2010.
"In order to carry on this growth we will need equity funding and we have engaged Kaupthing Singer & Friedlander to arrange the
transaction. Preparations are well under way, targeting new capital of up to EUR 100million later this year, a significant part of which
will be used to restructure the Company's balance sheet. Further details will be available when we publish a circular for shareholders to
approve the planned issue shortly."
ENDS
For further information please contact:
EuroTrust A/S
Robert Skj Tel: +45 7696 6099
Chief Executive Officer
Kaupthing Singer & Friedlander
Capital Markets Limited Tel: +44 (0)20 3205 5000
Jos Trusted
Richard Savage
West Hill Corporate Finance Tel: +44 (0)20 7464 8822
Alan Richards
John Terrando
Cubitt Consulting
Simon Brocklebank-Fowler Tel: +44 (0)20 7367 5100
Michael Henman
Allison Reid
Chief Executive's Review
Wind Energy Review
The Company's wind development activities significantly progressed in the 12 months ended 30 June 2008.
At 30 June 2008, the Company had an installed generation capacity of 85.9MW in Germany, 40.8MW in Spain and 2.6MW in Italy. The wind
farm portfolio produced a total of 189 GigaWatt hours (GWh) of electricity, slightly below expectations due to lower than normal wind levels
during the last part of the financial year but well within a range of expected outcomes taking into account seasonal and yearly variation of
weather conditions. The consolidated turnover is reported at EUR 9.4m for the 12 month period with an EBITDA of EUR 8.1m.
All new installations of turbines were completed towards the end of the financial year end and consequently the result cannot be
compared to last year. The turnover of the current portfolio of turbines on a consolidated basis, in a normal wind year, is expected to
amount to approximately EUR 16.5m with an EBITDA of EUR 15.6m.
The market opportunity remains strong across Europe. The production of wind energy continues to be supported by increasing electricity
prices and EU quota on the delivery of green fuels. In addition, fossil fuel prices remain high with little to suggest a sustained
reduction in prices will occur. As a result, wind energy operators continue to receive strong support from local/ national governments
throughout the European Union.
EuroTrust is well placed to take advantage of these considerable opportunities in its core target markets of Italy and Poland, as well
as developing its existing pipeline where applications for licences to operate are well advanced for over 200MW. Going forward, the Italian
market will be among EuroTrust's most important as Italy is expected to have almost 6,400MW of new wind farm capacity installed over the
next five years.
The Board is confident that it will be able to grow its operational portfolio to a total 400MW by the end of December 2010 as well as
maintaining momentum towards its previously announced target of 1,000MW commissioned before the end of the fiscal year 2012/13. Furthermore,
the Board will remain disciplined in progressing only those portfolio projects which offer an average 15% per year return on invested equity
after amortisation and interest on debt financing.
EuroTrust added own-share capacity of 50.2MW to its portfolio of operational wind farms in the fiscal year ended 30 June 2008, through
the following projects becoming commissioned:
WIND FARM NUMBER OF WTGS TOTAL MW EUROTRUST PARTICIPATION
Cortijo de Guerra - SPAIN 14 40.8 100%
Ottenhausen- Germany 8 16.0 20%
Wittstock Papenbruch - Germany 6 5.1 50%
Magdeburg III - Germany 9 18.0 20%
tOTAL 37 79.9 50.2MW
Cortijo de Guerra
Spain is the second largest wind energy market in Europe and the Cortijo de Guerra wind farm, among the largest in Spain, entered into
commercial operation at the end of March 2008 and obtained a premium tariff pricing for the next five years. The installed generation
capacity is 42MW with a grid connection capacity of 40.8MW. The wind farm is composed of 14, 3MW wind turbines. The project is expected to
deliver an estimated yearly average net production of 90.6 GWh.
This wind farm marks EuroTrust's entrance into the Spanish market and is EuroTrust's largest project to date. EuroTrust is very pleased
to be among the few non-Spanish based companies which have succeeded in establishing a wind farm on a private grid and have successfully
completed this in a shorter time frame than the majority of Spanish companies.
Poland and Agrowind
EuroTrust, amongst the first wind power developers active in Poland, is well positioned to continue to grow its market share with the
recent agreement with Agrowind ApS ("Agrowind"), a Danish windfarm developer, for the development of 400MW of wind farm projects in Poland.
The projects are in various stages of development with planning permits expected for 100MW during summer 2009 and 50MW during winter
2009/2010. These wind farms are expected to be in operation at the end of 2010.
In addition EuroTrust has secured rights to all future developed Agrowind projects in Poland, which currently comprises an additional
approximately 250MW with secured land rights.
The Company's first Polish project, the 51MW Karcino wind farm, is expected to be among Poland's largest wind farms when fully
completed. Due to the Group's current weak overall financial condition and the state of the financial markets, construction finance has
proved difficult to arrange. However, the Group is in advanced talks which should be completed once the balance sheet has been restructured
though the equity issue to be announced shortly.
Italy
Italy continues to be a key market for EuroTrust's development and one in which management has considerable experience. EuroTrust now
has 245MW in its development pipeline located in Italy and of that, up to 100MW of capacity is in the final stages of authorization from
local government.
Whilst the authorization process timing in Italy can be difficult to predict, management are confident that at least 50 MW will be
constructed and completed by the end of 2010.
EWF
EuroTrust's development company EWF completed three smaller projects in Germany, where EuroTrust's share of these projects totalled
9.4MW. These included the 3.2MW Ottenhausen project in Thgen, the 2.6MW Wittstock Pappenbruch project in Brandenburg, and the 3.6MW
Magdeburg III (Gommern) project in Sachen-Anhalt.
Pipeline
EuroTrust generates its pipeline from multiple sources. Presently it has the right to participate in 50% of the EWF projects as they
come on line. It also has entered into a frame agreement with Agrowind and has relationships with a number of other developers. The MW
given below for the main countries of activity represent only the EuroTrust expected participation and economic interest. The size and
configuration of these projects is subject to change as development progresses. Beyond the projects mentioned, a number of small projects in
other countries are in early development.
AREA NUMBER OF PROJECTS NUMBER OF TURBINES TOTAL MW EUROTRUST MW
Italy 17 471 893 245
Poland 8 200 400 400
Total Under Development 25 671 1,293 645
2008-2009
New strategy
The Group has a valuable pipeline with secured land rights of over 645MW. The key focus of the Group is to continue to develop this
pipeline in its core markets of Poland, Italy, Germany and Spain. In these areas the Group possesses significant know-how, existing assets
and excellent relationships with authorities with whom the Group has previously operated successfully. The Group is well advanced with the
short term deliverable of 200MW before the end of December 2010 and continues to develop other projects with a view to achieving its medium
term goal with a target to grow the portfolio to 1,000MW by 2012/13. This will remain the core element of the EuroTrust strategy and the
best opportunity to drive shareholder value.
In addition, the credit squeeze has made financing for wind projects harder to obtain in some countries and consequently the Board has
seen a significant increase in the number of projects offered to it for acquisition. Often these offers are for projects only months from
operation and in markets which it understands well. Should there be clear strategic advantages to the Group from such acquisitions then the
Board is of the view that they should move to enhance its pipeline development by the acquisition of value creating assets. The Group has
the management and experience opportunistically to identify and acquire high quality assets. Whilst the Group does not expect to grow
significantly through acquisition, these opportunities to create shareholder value should be pursued.
PROPERTY REVIEW
During the financial year ended 30 June 2008 the organisation put substantial effort in the divestment of the underperforming property
development division in extremely challenging market conditions. After an extensive auction process, development activities were sold to CSV
Invest ApS / Olicom A/S in June 2008 at a maximum consideration of EUR 43.3m payable in stages. The initial cash consideration was EUR 10m
and the remaining earn-out based consideration of EUR 33.3m is payable upon successful completion of progressive phases of the Herning, St.
Rk and Skejby property development projects and can hence only be recorded in full once they have been paid. Until then the earn-out is
shown in the Balance Sheet on a discounted basis valued at EUR 13.3m. Debt of EUR 88.5m was transferred as a part of the transaction.
The impact of the sale and the discontinued operations is a loss of EUR 92.7m. Furthermore, in order to secure the ongoing financing for
the buyer of the property development division EuroTrust had to take on guarantees initially amounting to EUR 36.6m but through ongoing
negotiations these guarantees have been reduced to EUR 16.5m and further reductions are expected.
While the directors would have preferred to sell these assets at a price closer to book value, they decided that it was in the best
interests of shareholders to complete the transaction within this financial year so that the company could be relieved of that division's
operating losses and re-launched as a focused wind energy developer and operator.
RM GOLF AND WELLNESS RESORT
In line with EuroTrust's stated strategy, the Company continues to seek a buyer for its leisure business, the RGolf & Wellness Resort.
Rexperienced construction delays resulting in a slow start but now is completed and trading actively. Management are confident that the
business will be profitable at the EBIT level in 2009/2010. Ms. Doris Neger, an experienced professional in hotel and resort management, was
appointed CEO along with a new management team and recent developments, including a substantial deal with a large travel and holiday group,
supports the more positive outlook. In the short term, the company continues to strengthen the organisation and is concentrating on
improving the profitability of the business and bringing in more revenue, including from the disposal of holiday units to individual
buyers.
The Company remains committed to the disposal of the operations at Rand advanced discussions with a number of interested parties are
continuing.
OUTLOOK
The Board believes that the growth opportunities for EuroTrust are significant. As a result, the outlook for the Group remains strong,
but the opportunities can only be grasped if the Group is refinanced by an equity injection in 2008. Without new capital the opportunities
for the Group will be lost and the Group will need to consider other less attractive options, including a disposal of key wind assets, to
meet upcoming repayment obligations.
The problems faced by the Group in the past year have been exclusively derived from the Group's underperforming property development
business. Now that this business has been sold, the Board believes that there is significant opportunity to build upon the Group's highly
regarded existing portfolio of wind assets and its substantial high quality pipeline. The Board expects to grow operating capacity from
129MW today to 400MW by December 2010 and that capacity will continue to grow rapidly from there.
PRELIMINARY CONDENSED CONSOLIDATED PROFIT AND LOSS STATEMENT
Annual accounts ended 30 June 2008
Fiscal year 2007/08 Fiscal year 2006/07
Year ended 30 June 2008 Year ended 30 June 2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
Revenue 82,508 11,063 53,148 7,141
Work performed by the entity 11,889 1,594 4,166 560
and capitalized
Raw materials, consumables -14,109 -1,891 -8,371 -1,125
used and other costs
Gross margin 80,288 10,766 48,943 6,576
Employee benefits expense -22,542 -3,023 -16,450 -2,210
Depreciation and amortisation -19,551 -2,622 -12,608 -1,694
expense
Other expenses -18,393 -2,465 -33,541 -4,507
Share of profits of associates 10,042 1,346 4,132 555
Earnings before interest and 29,844 4,002 -9,524 -1,280
tax
Financial income 22,736 3,048 3,577 481
Financial expense -68,576 -9,195 -30,756 -4,133
Loss before tax -15,997 -2,145 -36,703 -4,932
Income tax 0 0 9,093 1,222
Loss for the year from -15,997 -2,145 -27,610 -3,710
continuing operations
Loss for the year from -691,387 -92,705 -23,457 -3,152
discontinued operations
Loss for the year -707,384 -94,850 -51,067 -6,862
-711,150 -95,355 -55,067 -7,399
Attributable to:
Equity holders of the parent
Minority interest 3,766 505 4,000 537
Loss for the year -707,384 -94,850 -51,067 -6,862
DKK EUR DKK EUR
Basic and diluted loss per
weighted average common share
From continuing and -17.60 -2.36 -1.51 -0.20
discontinued operations
From continuing operations -0.49 -0.07 -0.86 -0.12
Number of shares (1,000): Number Number Number Number
Weighted average common shares 40,396 40,396 36,361 36,361
outstanding
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEET
Annual accounts ended 30 June 2008
Assets 30 June 2007
30 June 2008
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
Goodwill 123,016 16,495 314,270 42,228
Land, property and equipment 1,199 161 18,830 2,530
Investment property at cost 0 0 8,601 1,156
Property held for resale and development 0 0 203,835 27,389
Wind turbines 798,296 107,040 333,417 44,801
Wind turbines under construction 332,912 44,639 267,038 35,882
Investments in associates 160,350 21,501 124,734 16,760
Mortgage loans receivables 0 0 36,627 4,922
Other financial assets 101,109 13,557 76,611 10,294
Non - current assets 1,516,882 203,393 1,383,963 185,962
Inventories 0 0 1,081,095 145,266
Work in progress 0 0 56,362 7,573
Trade receivables 20,835 2,794 115,069 15,462
Other receivables 306,519 41,100 91,857 12,343
Other financial investments 13,472 1,806 306,184 41,142
Restricted cash 43,753 5,867 183,790 24,696
Free cash 27,356 3,668 79,591 10,695
411,935 55,235 1,913,948 257,175
Assets classified as held for sale 403,148 54,056 0 0
Current - assets 815,083 109,291 1,913,948 257,175
TOTAL ASSETS 2,331,966 312,684 3,297,911 443,137
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEET
Annual accounts ended 30 June 2008
Equity and liabilities 30 June 2008 30 June 2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
316,974 42,502 288,962 38,827
Share capital
Additional paid in capital 803,761 107,773 606,628 81,512
Investment revaluation reserve -64,010 -8,583 201,065 27,017
Foreign currency translation 22,096 2,963 -29 -4
reserve
Retained earnings (deficit) -663,068 -88,908 48,082 6,461
Equity attributable to equity 415,753 55,747 1,144,708 153,813
holders of the parent
Minority interest 69,301 9,292 65,588 8,813
Total equity 485,054 65,039 1,210,296 162,626
Borrowings (1) 318,241 42,672 614,190 82,528
Decommission 3,240 434 1,086 146
Deferred tax liabilities 14,750 1,978 76,453 10,273
Total non-current liabilities 336,231 45,084 691,729 92,947
Borrowings 962,003 128,991 1,070,529 143,846
Trade payable 29,622 3,972 198,818 26,715
Current tax liabilities 0 0 6,253 840
Debt associates 14,886 1,996 14,210 1,909
Other liabilities 98,489 13,206 106,076 14,253
1,105,000 148,165 1,395,886 187,564
Liabilities directly 405,681 54,396 0 0
associated with assets
classified as held for sale
Total current liabilities 1,510,681 202,561 1,395,886 187,564
Total liabilities 1,846,912 247,645 2,087,615 280,511
TOTAL EQUITY AND LIABILITIES 2,331,966 312,684 3,297,911 443,137
(1) Included in this figure is also the Spanish project * which is expected to be transferred to long term borrowing with DKK 372,7m (EUR
50,0m)
PRELIMINARY CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Annual accounts ended 30 June 2008
Share Share capital Additional Investment Foreign Retained
capital paid in revaluation reserve Currency earnings
capital Translatio (deficit)
n Minority interest
Total
Reserve
Number DKK DKK DKK DKK DKK DKK
DKK
1,000 1,000 1,000 1,000 1,000 1,000
1,000
Balance at 30 June 2006 33,342,760 250,071 238,315 -2,050 0 103,149 671
590,156
EUR EUR EUR EUR EUR EUR
EUR
1,000 1,000 1,000 1,000 1,000 1,000
1,000
Balance at 30 June 2006 33,342,760 33,525 31,949 -275 0 13,828 90
79,118
Reversal of carrying value - - 1,758 - - - -
1,758
related party entry 2005/06
Issuance of 915,500 common 915,500 6,866 63,759 - - - -
70,625
shares to acquire 50.25% of
European Wind Farms A/S
Minerity interest in European - - - - - - 59,700
59,700
Wind Farms A/S
Issuance of 3,600,000 common 3,600,000 27,000 268,703 - - - -
295,703
shares for cash
Transaction cost issuance - - -10,817 - - - -
-10,817
3,600,000 shares
Issuance of 400,000 common 400,000 3,000 24,936 - - - -
27,936
shares to acquire 50.50% of
Enerteq ApS and Enerteq
Vitalba ApS respectively
Issuance of 20,000 common 20,000 150 166 - - - -
316
shares upon the exercise of
warrants
Issuance of 250,000 common 250,000 1,875 19,808 - - - -
21,683
shares to acquire 100% of
Real Ejendomme A/S
Currency translation - - - -58 - - -
-58
adjustment
Unrealized loss on marketable - - - -774 - - -
-774
securities, net of deferred
taxes
Unrealized gain on marketable - - - 203,918 - - -
203,918
securities Europe Vision Plc,
net of deferred taxes
Result - - - - - -55,067 4,000
-51,067
Currency translation - - - 29 -29 - -
0
adjustment
Other changes in minority - - - - - - 1,217
1,217
interest
Balance at 30 June 2007 (DKK) 38,528,260 288,962 606,628 201,065 -29 48,082 65,588
1,210,296
Balance at 30 June 2007 (EUR) 38,528,260 38,827 81,512 27,017 -4 6,461 8,813
162,626
PRELIMINARY CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Annual accounts ended 30 June 2008
(continued*)
Share Share Additional Investment Foreign Retained
capital capital paid in revaluation reserve Currency earnings
capital Translatio (deficit)
n Minority interest Total
Reserve
Number DKK DKK DKK DKK DKK DKK DKK
1,000 1,000 1,000 1,000 1,000 1,000 1,000
Balance at 30 June 2007 38,528,260 288,962 606,628 201,065 -29 48,082 65,588 1,210,296
EUR EUR EUR EUR EUR EUR EUR
1,000 1,000 1,000 1,000 1,000 1,000 1,000
Balance at 30 June 2007 38,528,260 38,827 81,512 27,017 -4 6,461 8,813 162,626
3,735,000 28,013 203,099 - - -
Issuance of 3,735,000 common - 231,112
shares for cash
Transaction cost issuance - - -5,965 - - -
3,735,000 shares - -5,965
Currency translation - - - - 22,125 -
adjustment - 22,125
Unrealized gain on marketable - - - 1,902 , -
securities, net of deferred 1,902
taxes
-
- - - -270,274 - -
Unrealized loss on marketable
securities Europe Vision Plc, - -270,274
net of deferred taxes
- - - 3,296 - -
Transfer to loss on sale of
available for sale investments
- 3,296
Result - - - - - -711,150 3,766 -707,384
Decrease in minority interest - - - - - - -54 -54
42,263,260 316,974 803,761 -64,010 22,096 -663,068 69,301 485,054
Balance at 30 June 2008 (DKK)
42,263,260 42,502 107,773 -8,583 2,963 -88,908 9,292 65,039
Balance at 30 June 2008 (EUR)
PRELIMINARY CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Annual accounts ended 30 June 2008
Year ended 30 June 2008 Year ended 30 June2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
CASH FLOWS FROM OPERATING ACTIVITIES
Earnings before interest and 29,844 4,002 -9,524 -1,280
tax
Depreciation and amortisation 19,551 2,622 12,608 1,694
expense
Share of profits of associates -10,042 -1,346 -4,132 -555
Change in restricted cash -21,941 -2,942 -16,158 -2,171
Change in working capital -109,271 -14,652 43,378 5,829
Change in accounts payables, 20,409 2,737 41,879 5,627
etc.
Financial payments received 22,736 3,049 3,577 481
Financial payments made -68,577 -9,195 -30,756 -4,133
Income taxes paid 0 0 0 0
Cash flows from operating -117,290 -15,727 40,872 5,492
activities - continuing
operations
Cash flows from operating -81,855 -10,976 -324,475 -43,599
activities - discontinued
operations
Cash flows from operating -199,145 -26,700 -283,603 -38,107
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business 0 0 0 0
Acquisition of property, plant 3,143 421 153 21
and equipment
Acquisition of wind turbines -486,464 -65,228 -372,476 -50,049
Acquisition of financial -28,412 -3,810 -84,004 -11,288
investments
Cash flows used for investing -511,733 -68,617 -456,327 -61,316
activities - continuing
operations
Cash flows used for investing -4,331 -581 -52,489 -7,053
activities - discontinued
operations
Cash flows used for investing -516,064 -69,198 -508,816 -68,369
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issued shares 225,146 30,189 285,201 38,322
Long-term borrowings 78,533 10,530 230,531 30,976
Instalment on long-term debt -20,564 -2,759 -3,338 -448
Change in interest bearing 522,371 70,043 154,784 20,798
debt
Cash flows from financing 805,486 108,003 667,178 89,648
activities - continuing
operations
Cash flows from financing -142,512 -19,109 75,714 10,174
activities - discontinued
operations
Cash flows from financing 662,974 88,894 742,892 99,822
activities
Changes in free cash -52,235 -7,004 -49,527 -6,654
Free cash at 1 July 2007 79,591 10,672 129,118 17,349
Free cash at 30 June 2008 27,356 3,668 79,591 10,695
Supplementary information to preliminary condensed consolidated Annual Accounts statement
Segment reporting
Year ended 30 June 2008 Year ended 30 June2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
WIND ENERGY PRODUCTION:
Revenue 69,761 9,354 45,814 6,156
Work performed by the entity 11,889 1,594 4,166 560
and capitalized
Raw materials, consumables -14,058 -1,885 -8,903 -1,196
used and other costs
Gross margin 67,592 9,063 41,077 5,519
-8,568 -1,149 -4,166 -560
Employee benefits expense
Depreciation and amortization -18,606 -2,495 -12,520 -1,682
expense
Other expenses -8,467 -1,135 -3,944 -530
Share of profits of associates 10,042 1,346 4,132 555
41,992 5,631 24,579 3,303
Earnings before interest and
tax
Total assets 1,279,736 171,595 752,459 101,107
Total external bank borrowing 953,824 127,894 605,224 81,323
WIND ENERGY DEVELOPMENT (EWF):
Revenue 12,263 1,644 6,959 935
Work performed by the entity 0 0 0 0
and capitalized
Raw materials, consumables 0 0 0 0
used and other costs
Gross margin 12,263 1,644 6,959 935
Employee benefits expense -7,024 -942 -2,736 -368
Depreciation and amortization -264 -35 -301 -40
expense
Other expenses -3,060 -410 -1,643 -221
Share of profits of associates 0 0 0 0
1,915 257 2,279 306
Earnings before interest and
tax
Total assets 237,885 31,897 143,079 19,225
Total external bank borrowing 81,823 10,971 26 3
Supplementary information to preliminary condensed consolidated Annual Accounts statement
Segment reporting (continued*)
Year ended 30 June 2008 Year ended 30 June2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
CORPORATE:
Revenue 483 65 374 50
Work performed by the entity 0 0 0 0
and capitalized
Raw materials, consumables -50 -7 532 72
used and other costs
Gross margin 433 58 907 122
-6,949 -932 -9,548 -1,283
Employee benefits expense
Depreciation and amortization -681 -91 213 29
expense
Other expenses -6,866 -921 -27,954 -3,756
Share of profits of associates 0 0 0 0
-14,063 -1,886 -36,382 -4,889
Earnings before interest and
tax
Total assets 814,345 109,192 2,402,373 322,804
Total external bank 607,275 81,427 1,079,469 145,047
borrowing(2)
Year ended 30 June 2008 Year ended 30 June2007
1,000 DKK 1,000 EUR 1,000 DKK 1,000 EUR
CONSOLIDATED:
Revenue 82,508 11,063 53,148 7,141
Work performed by the entity 11,889 1,594 4,166 560
and capitalized
Raw materials, consumables -14,108 -1,892 -8,371 -1,125
used and other costs
Gross margin 80,288 10,766 48,943 6,576
-22,542 -3,023 -16,450 -2,210
Employee benefits expense
Depreciation and amortization -19,551 -2,622 -12,608 -1,694
expense
Other expenses -18,393 -2,466 -33,541 -4,507
Share of profits of associates 10,042 1,346 4,132 555
29,844 4,002 -9,524 -1,280
Earnings before interest and
tax
Total assets 2,331,966 312,684 3,297,911 443,137
Total external bank 1,642,922 220,293 1,684,719 226,374
borrowing(2)
(2) Included in this figure is also the external bank borrowing related to the Romo project * which is included in Liabilities directly
associated with assets classified as held for sale in the balance sheet.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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