Company type
Limited Corporation
Gross profit
-19,942,959 DKK
Operating Profit (EBIT)
-83,359,184 DKK
Profit for the year
2,062 MDKK
5,087 MDKK

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Rank Profit for the year

Rank in industry
"Top 10%"
Rank in Denmark
"Top 10%"

Top management top 3

Jens Rasmussen 101CEO
Søren Bæk Just 11Director

Board top 3

Gert Vinther Jørgensen 21Chairman of board
Søren Rasmussen 96Vice chairman
Jakob Kirkegaard Kortbæk 19Boardmember

Legal owners top 3

33.33-49.99%Ewe Holding Aps
33.33-49.99%Norlys Holding A/S

Rights certificate

Selskabet tegnes af den samlede direktion, bestyrelsesformanden sammen med den administrerende direktør, to næstformænd for bestyrelsen sammen med en direktør eller af den samlede bestyrelse.

Company information based on CVR

NameEurowind Energy A/S
Alternate namesEnergimidt Renewables A/S, Eniig Renewables A/S, Windpartners A/S Show more
AddressMariagervej 58B, 9500 Hobro
IndustryConstruction of utility projects for electricity and communications [422200]
Established20-11-2006 (17 yr)
First financial statement period20-11-2006 to 30-06-2007
Company typeLimited Corporation
Number of employees164 (man years:152)
Advertising protectionYes
AuditorBdo Statsautoriseret Revisionsaktieselskab since 20-11-2006
Financial statement period01-07 to 30-06
Bank connectionNykredit Bank
Company capital1,665,820 DKK
878,411 DKK (25-06-2012 - 09-01-2019)
860,085 DKK (14-07-2010 - 24-06-2012)
621,600 DKK (07-05-2009 - 13-07-2010)
619,528 DKK (11-02-2008 - 06-05-2009)
615,384 DKK (12-07-2007 - 10-02-2008)
Articles of assoc. last10-11-2021

Member of industries


Selskabets formål er udvikling, etablering, køb, salg, ejerskab samt drift og administration af anlæg, der producerer energi fra vedvarende energikilder, samt hermed beslægtet virksomhed inden for vedvarende energi

Financial Statement

Currency/unit000' DKK000' DKK000' DKK
Gross Profit
Profit for the year
Total Assets

Mangement review

Management's reviewLetter from the CEOHigh performance- Ramping up the businessDear reader,The financial year 2022/23 was positive for us as it wasfinancially rewarding; but also because it showed thatour long term strategy worked well – even through themost dramatic 12 months experienced in the Europeanenergy industry in the past 50 years.2022/23 was unique as it was what can best bedescribed as a “black swan event”. The black swantheory is a metaphor that describes an event thatcomes as a surprise, has a major effect, and is ofteninappropriately rationalised after the fact with thebenefit of hindsight. The term is based on an ancientsaying that presumed black swans did not exist – asaying that became reinterpreted to teach a differentlesson after they were discovered in Australia.The combination of drought in Southern Norway andFrance meant that the war in Ukraine and subsequentreduction of Russian gas to Europe made the energymarkets highly volatile. This was combined with highinflation and steadily growing interest rates.In this market we managed to make a healthy profiton our activities in Eurowind Energy, while our minorityownership in Norlys Energy Trading also providedsubstantial income.This allows us to report a gross profit of EUR 188 millionfor the year, compared to EUR 127 million in 2021/22. Theprofit before tax reached EUR 315 million, as opposedto EUR 115 million in the previous year, it is worth notingthat the revenue generated was without the sale of anyoperating assets in the past 12 months.For us it is also important to mention that we see theblack swan event of 2022/23 as an outlier. Already, inlate 2022, we could see the markets adjusting to thenew reality and the energy prices dropping accordingly.Although, we benefited from temporarily high energyprices, we believe that stable and affordable energyprices provides better long-term market conditions forthe energy transition.Our long-term strategy to be present in the full renewableenergy value chain also showed its value during thetumultuous period on the energy markets. We managedto increase our development pipeline from 25 to 34 GW,while we had a record high construction activity. This isreflected in our operating assets which grew to 1.1 GW –the majority being wind parks in Northern Europe.“ In this market wemanaged to make ahealthy profit on ouractivities in EurowindEnergy.In 2022/23, we built on our Energy Centre concept byofficially entering the biogas market. We acquireda portfolio of development projects in Denmark andto ensure we have the right competencies, we alsowelcomed the German biogas company, Greenline, intothe Eurowind Energy family. Being a solid player withinbiogas is a prerequisite to realising our plans of large-scale energy centres with solar, wind turbines, biogasproduction, PtX.Touching on acquisitions, it is important to note thatwe also acquired the majority stake in our French jointventure, Ventelys. Ventelys is already a well-knowncompany in the French energy industry, which meansthat we will continue to use the existing name and brandin France.In the financial year, we also inaugurated several newenergy facilities, namely Wind Park Overgaard inDenmark, Wind Park Knöstad in Sweden, WindparkKortekallio in Finland and Solar Park Triana in Portugal.Especially Knöstad, Kortekallio and Triana are worthnoting as they are our first operating assets in Sweden,FInland and Portugal. It is always an importantmoment for any market when it progresses from puredevelopment to actual power production. That is whenour colleagues, investors and other stakeholders can seetangible results in that specific market.These achievements are only possible because we havethe right strategy, owners with the right perspective onvalue creation and a unique group of employees thatcontinue to deliver at a very high level. We hired 196new employees in the financial year and we will spendsignificant resources to ensure that they get the rightintroduction to the company and the Eurowind EnergyDNA.Our portfolio of development projects combined witha strong financial position and a very special group ofpeople means we are confident that we will reach ourgoal of becoming a power major – even if we have toface more black swan events getting there.Jens Rasmussen,CEO of Eurowind Energy“ Our portfolio ofdevelopment projectscombined with a strongfinancial position anda very special groupof people means weare confident that wewill reach our goal ofbecoming a powermajor.Always in motion“ because we havethe right strategyand a unique groupof people

World trends“ As a result, there is arising need for renewablepower producers tostabilise the output.Since the Russian invasion of Ukraine in February 2022,energy security has jumped to the top of the agendaall over the world. With no immediate end to the war insight, it has become clear that power sector policies andinvestments will increasingly bring energy security andthe energy transition together.The energy supply crisis that arose in 2021/22 will likelypersist in the years to come. Many of the underlyingreasons for the crisis remain, even though markets andnation states are getting better at mitigating theshort-term impacts. However, the world’s shortageof fuels and power - the result of underinvestment inenergy infrastructure, a strong post - COVID-19 economicrebound, and the Russia-Ukraine war - will bolster manypower markets’ energy transition.Indeed, as attention fell on energy prices and inflation,policymakers have passed momentous energy transitionpolicies, such as the Inflation Reduction Act (IRA) in theUnited States and REPowerEU in the European Union;and more will come that will rapidly translate into realinvestments in green energy.The power sector is sensitive to gas and coal pricefluctuations, and renewable energies offer governmentsand investors a cheap source of domestic generation ona levelised cost basis, a refuge from volatile fuel prices,and a safeguard against assets being stranded on theroad toward decarbonisation. Already in 2022, althoughgas and coal generation increased globally, generationfrom wind and solar grew much faster (nucleargeneration declined and hydro use remained stable).Renewable energy continued to grow strongly in 2022,with solar and wind reaching a 7.5% share of primaryenergy consumption. This was an increase of nearly1% over the previous year. Renewable power (excludinghydro) grew 14%, slightly below the previous year’s growthrate of 16%, according to Enerdata.While renewable power expanded at high rates, fossilfuels maintained an 82% share of total primary energyconsumption. Natural gas and coal demand stayednearly flat with oil rebounding close to pre-pandemiclevels. This is down from an 87% share in 2010. At that rateof decline, it would be nearly 200 years before fossil fuelconsumption reached zero.Human actions since the Industrial Revolution, primarilythe burning of fossil fuels, have caused greenhousegases to rapidly rise in the atmosphere. As carbondioxide, methane, and other gases increase, they actas a blanket, trapping heat and warming the planet. Inresponse, Earth’s air and ocean temperatures rise. Thiswarming affects the water cycle, shifts weather patterns,and melts land ice — all impacts that can make extremeweather worse.The Intergovernmental Panel on Climate Change (IPCC)Sixth Assessment Report (2023) showed that changes inmany extreme weather and climate events have beenobserved since about 1950. There is evidence of a humancontribution to changes in temperature extremes, heavyrainfall events, and an increase in extreme high sea levelsin a number of regions.As the global temperatures have risen, the frequency ofextreme weather events have increased along with it.Heatwaves, droughts and extreme rainstorms used tohappen once in a decade on average, but now• Heatwaves are 2.8x more frequent• Droughts are 1.7x more frequent• Extreme rainstorms are 1.3x more frequentBy 2030, the global surface temperature is expected torise 1.5°C above the Earth’s baseline temperature, whichmeans that• Heatwaves would be 4.1x more frequent• Droughts would be 2x more frequent• Extreme rainstorms would be 1.5x more frequentThe continued energy transition and developmentof new technologies are required to stop this climatedevelopment.Breakthrough for energy storageEnergy resilience is primarily thought of as ensuringenergy continuity at times of grid supply disruption – butthe energy landscape is now seeing disruption in all areasof energy strategy, and it is crucial to be resilient to avariety of challenges. Keeping energy prices stable amidvolatility is driving resilience to economic uncertainty;what industry experts call “economic resilience.”For instance, in some areas of the world, the energytransition is leading to significant changes in tariffsand pricing. This is especially true for markets with highelectricity needs at times of peak energy usage grid-wide. As a result, there is a rising need for renewablepower producers to stabilise the output, either fromstorage or combining generating technologies thatprovide a high number of full-load hours.Even after years of rapid growth, BloombergNEF predictsthat the global energy storage market will grow 30%annually to 2030, with the world’s biggest storage marketcurrently in the United States. The agency is projectingthat energy storage installation worldwide will reach 411GW by the end of 2030 – 15 times the 27 GW of storageonline at the end of 2021.The reason behind this massive growth projectionis that decarbonising the grid requires thousands ofmegawatts of baseload resources that run continuouslyfor an extended period – such as coal, nuclear, or naturalgas – to be replaced with resources like wind and solar.The switch will necessitate a widespread deploymentof energy storage. This technology complements andoptimises renewables while ensuring the grid can keepenergy supply and demand in balance.In markets like Europe, Texas and California, pumpedstorage and batteries increasingly temper the swings insolar and wind generation. By 2025, China is targeting 62GW of pumped storage (a 72% increase from today) and30 GW of batteries.Supply chains to slowly shift toward localisationIn 2022, supply chain disruptions owing to tradesanctions, China’s COVID-19 lockdowns, and materialshortages, raised the cost of the raw materialsand technologies used for power generation andtransmission. At the same time, the high pace ofinflation led central banks around the world to raiseinterest rates, in turn increasing the cost of financing forenergy infrastructure projects. Despite these hurdles,the competitiveness of renewables is increasing andinvestments in clean energy will accelerate in the comingyears.Supply chains will likely start seeing redefined traderoutes and a slow shift toward localisation in 2023 andbeyond. Sanctions on Russia, a top global supplier ofnickel, refined copper, and steel, are redirecting thecountry’s output toward China. The United States andEurope could meanwhile increase imports from Australiafor nickel, Chile and Peru for copper, and Southeast Asiafor steel, for example, although changes will be gradual.Of great consequence, concerns over growing tensionsbetween the United States and China are spurring policyambitions for domestic supply chains. The DefenseProduction Act and the IRA in the United States, as wellas the REPowerEU initiative in the European Union, aimto reduce the dependence on China for rare earths,photovoltaic modules, wind turbine components, andmore.“ Supply chains will likelystart seeing redefinedtrade routes and a slowshift toward localisation in2023 and beyond.“ Renewable energycontinued to growstronglyStrategyEurowind Energy’s long-term aspiration is clearTo become a power major by 2030.The power major aspiration was developed andapproved by the Board of Directors in the spring of2022 and the key elements of the strategy remainsunchanged: an aggressive growth strategy – and atthe same time Eurowind Energy has made the strategicdecision to hold on to operating assets in order to ensurea reoccurring revenue that can be re-invested in projectdevelopment and construction of new assets.Eurowind Energy has approximately 1 GW of wind powerassets in Europe and a 71 MW solar portfolio – locatedfrom Portugal in the south, to Finland in the north.Combined with the ownership share in Norlys EnergyTrading, the Group has an excellent financial position tocontinue the march towards power major status.The aspiration and the outset is unchanged, butEurowind Energy has still used 2023 to refine the meansthat will make the company a power major.There are, broadly speaking, three revenue streams asan independent power producer. The first is, the saleof power. The second is balancing services, where theindependent power producer sells ancillary services tothe grid provider, which helps stabilise the grid. The thirdrevenue stream is to provide security of supply to society.Today, all renewable independent power producers selltheir power. However, very few generate measurableincome from ancillary services and security of supply.The barriers are historical practices and are alsoregulatory and technical in nature. Eurowind Energyhas accelerated the work to find solutions to thechallenges keeping independent power producersout of the balancing market and to ensure incomefrom guaranteeing security of supply. The market forbalancing services is dominated by power plants runningon fossil fuels and the bidding system favours thosepower producers. But as the fossil fuels power plants arebeing phased out, the system will need to open for otherbidders, including independent power producers in therenewable energy industry. This is why Eurowind Energyis installing batteries at several parks, including thehybridpark Greenlab Skive in Denmark testing differentstorage solutions.Eurowind Energy estimates that making a business ofsecurity of supply will take longer. However, projects,such as Green Hydrogen Hub, are playing that role forthe system and will eventually be rewarded for it. Againit is a role that was previously taken by fossil-fuel-basedpower plants and interconnectors between markets. Theinterconnectors will still play a large role in the system,while power plants running on fossil fuels are getting fewand far between.Being a participant within security of supply andbalancing services, will extend our cooperation withNorlys Energy Trading, which again maximises theearnings potential of the Group’s power production.GeographyEurowind Energy is present in 16 countries, eitherthrough subsidiaries or through partnerships with localdevelopers. It is the ambition to expand to 1-2 newmarkets every year.In order to minimise the currency risk, navigate culturaldifferences and issues with time zones, Eurowind Energyhas previously seen the Eurozone as its primary area, butit has now expanded to the OECD area as the naturalgeographical boundary. In the future, this will remain thefocus for the establishment of new markets. However,should attractive opportunities arise outside these areas,these will be evaluated thoroughly. Throughout 2022/23,several markets have been evaluated to determine theattractiveness, but so far no decision has been maderegarding new market entries. The evaluation process isongoing and changes in political landscape, currencyrisk and business opportunities are always noted withinterest.TechnologyEurowind Energy is a wind developer that also has theability to develop, construct and operate solar, batteries,electrolysers and other PtX technologies. The distributionin technology for the development pipeline is close to50% wind and 50% solar capacity wise, with Denmarkand Poland carrying the majority of the solar portfolio.However production wise, the ratio will be closer to 75%wind and 25% solar.Eurowind Energy continuously work with the technologiesthat will form Energy Centres in the future. As a result,experts are working with batteries, heat pumps,electrolysers and other technologies in order to facilitatethe establishment of Energy Centres. However, the basisfor Energy Centres is still power-generating technologies,such as solar and wind turbines.In 2023, Eurowind Energy entered the biogas marketby acquiring a portfolio of Danish developmentprojects, with the most mature expected to be ready forconstruction in 2024. The biogas plants will, as a generalrule, be co-located with the Group's power-producingassets, most likely in Energy Centres. The geographicalstarting point will be Denmark and countries where theagricultural sector shares similarities with the Danishsector, e.g. Germany, Poland and United Kingdom.The biogas is expected to be produced without excessiveuse of accelerators, even though this could prolong thegasification process from 40 to 100 days. The facilitieswill produce oxygen, CO2, biogas, and fertiliser, butthe gases have the potential to be processed further,most likely in combination with hydrogen, to producee-fuels, methanol etc. Furthermore, the gas can beprocessed into different products to be used in industrialproduction. The final products will depend, to a greatextent, on the local off-taker.2023 was also the year where Eurowind Energy coulddocument the efficiency of hybrid parks with solar andwind. St. Soels went into operation in 2022 and less thana year later, data showed that the number of full loadhours was competitive with offshore wind.According to the Danish Energy Agency, the expectednumber of full load hours for the Thor Offshore WindPark in the North Sea, which is expected to come intooperation in 2026, is around 4,875 full load hours. TheThor Offshore Wind Park will consists of 72 Siemens-Gamesa 14 MW 14-236 DD turbines. The newest offshorepark in operation in Denmark is Kriegers Flak, located inthe Baltic Sea, with approximately 4,250 full load hoursduring a year. The onshore hybrid park, St. Soels, whichconsists of 7 V126-3.6 MW Vestas turbines and 19 MWsolar has, in its first year of operation, generated 4,650full load hours, making it more efficient than offshorewind farms in the Baltic Sea.“ St. Soels went intooperation in 2022 andless than a year later,data showed that thenumber of full load hourswas competitive withoffshore wind.Power-to-X – the futureThe Power-to-X (PtX) sector has come to stay and haswitnessed significant expansion, not just within EurowindEnergy, but on a global scale as well. We are of the firmbelief that PtX will hold a fundamental role in the times tocome.Eurowind Energy holds a strong and proven track recordof accomplishments in the development, construction,and operation of renewable resources. By combiningour expertise in this area and embracing the potentialto convert green energy into hydrogen or e-methanol,Eurowind Energy will extend its coverage across the valuechain.In 2021/22, Eurowind Energy made substantialadvancements in the field of PtX (Power-to-X), which isparticularly marked by the commissioning of two hybridenergy parks and last summer’s declaration regardingthe construction of five energy centres in Denmark. Thesecentres will emerge as key facilities for the large scalegeneration and processing of green energy; collectivelypossessing a total power generation capacity of around2.5 GW.Last year, we made several strategic partnerships,through Green Hydrogen Hub and Greenlab Skivein particular. The objective for Green HydrogenHub is to develop the value chain for hydrogen andenergy storage networks to enable the integration ofrenewables. The project is progressing as planned. Thesame applies for Greenlab Skive – the wind park hasbeen fully constructed and commissioned. Further, thesolar part of the project will be operational during thecoming financial year. At both Greenlab Skive and thetwo hybrid energy parks in Veddum Kær and St. Soels,we see promising possibilities for further developmentcapabilities and growth, which can include theintegration of electrolysis and battery technologies.During this year, we continued to advance our EnergyCentre concept by officially entering the biogas marketthrough strategic acquisitions.Establishing a strong presence in the biogas domain isessential for the successful execution of our ambitionsconcerning large scale energy centres that includesolar, wind turbines, biogas generation, Power-to-Xtechnologies, and additional advancements up the valuechain.HeatingDuring the year, advancements have been made onprojects within Denmark's district heating sector. Ourinitiatives in Denmark are geared towards supportinggreen heating for households. This is achieved by utilisingheat pumps that derive power from the green energyobtained from our parks, subsequently generatingheated water for various uses.Our business model“ We build energy projects.“ We choose the proper“ We prepare infrastructure.Then we produce power.location. Then we implement.Then we deliver.1. Opportunities2. Development3. Local involvementIdentifying opportunities are essential for creating business.When an area is assessed as suitable, we carry out theLocal residents and stakeholder involvement is essentialIdentification and screening opportunities are done throughnecessary steps in cooperation with the authorities, bothas early as possible in the process. It is important toour own offices, our partnerships, joint ventures andnational and local, e.g. concerning permits. Our closeunderstand and address any concerns that they mayexternal parties. We have in-depth knowledge of screeningrelationship with landowners and developers ensureshave. At Eurowind Energy, the importance of a broadthe opportunities and only execute on the best. Oncethat we have a clear view of the risks involved in theinvolvement is vital. Typically, local involvement includesthe sites have been identified, a thorough resourcedevelopment of the projects.close contact with but not limited to: close neighbours ofassessment and analysis will be performed, includingsites, landowners, local residents and municipalities.wind measurements, negotiation of land leases, access tothe area with landowners and grid connection, as well asassessment of environmental impacts.New technologies - enablersPower-to-XHeatingSee page 20Renewable energy is used to power heatRenewable Energy is used in downstreampumps, which creates heated water fortechnologies to produce green hydrogendistrict heating to households.through electrolysis and by adding CO2creating e-methanol.“ We build energy projects.“ We manage your investment.Then we produce power.Then we make it grow.4. Construction5. Power purchase agreement6. OperationBefore construction, we secure that all necessaryAs more and more markets are moving away fromAs part of our strategy of being an independent powerpermits are available, including legal due diligence ofsubsidies, corporate power purchase agreements (PPA)producer, we aim to keep our ownership of the projectsthe project’s permits as well as a financial due diligence.have begun to fill the need for long-term and secureand assets. After construction, the management ofWe have a strong track record for delivering projectspower sales. PPAs are long-term contracts with a businessthe parks is handed over to our asset managementand infrastructure, such as cable and road, on time andto deliver renewable power at an agreed price. PPAs aredepartment to optimise the parks, which includes theon budget. The construction takes place in cooperationtypically made before the construction phase, but cantechnical, commercial and financial aspects.with, and in compliance with, all parties involved in thealso occur at a later project stage.project. After a successful and turn-key construction,the wind turbines or solar plants are prepared for gridconnection and commissioning.Key themes – marked byexceptional achievementsMilestones for the year• Highest electricity sales and profit in the history of the company• Record high construction activity• Highest installed capacity within one year• Reaching more than 1 GW of own installed capacity• Started construction of a 237 MW solar park - Eurowinds largest single projectAnother exceptional year - achieving the highestelectricity sales and profitThis year marked yet another remarkable year forEurowind Energy. For the second year in a row, wereached the highest sale of electricity and profitever generated in the history of the Group. This wasgenerated in a very turbulent year with volatile powerprices, high inflation and increasing interest rates provingour business model and strategy are strong, well foundedand resilient. The Group’s position as an independentpower producer and playing a substantial role in therenewable energy market, is further strengthened andconsolidated.The electricity sale increased by 43%, from EUR 148million to EUR 213 million; bringing the profit before tax toEUR 315 million from EUR 115 million last year.The main drivers for these results were• Continued high power prices, peaking in August 2022and decreasing and stabilising from January 2023and the remainder of the financial year• 258 MW new operational parks were grid connected• Strong result from Norlys Energy TradingThe power prices continued to rise, peaking in August2022 and hereafter the prices decreased and stabilisedin our core markets, Denmark and Germany, at aroundEUR 90 per MWh.During the year, 258 MW were grid connected, increasingboth our revenue and profits. We grid connected inseven countries, of which four were new countries,bringing further geographical diversity to our operationalactivities.Our affiliated company, Norlys Energy Trading continuedto expand its operations and its presence, and wasable to capitalise on the fluctuating energy prices in theEuropean market, which led to a strong profit.Ramping up the businessPipelineDuring the year, the Group grew the pipeline by 35% to34 GW. We expect to maintain strong growth in 2023/24,but will also have a strong focus on qualifying the currentpipeline.The expansion has been achieved through acombination of heightened focus and dedication todeveloping our in-house projects, acquisitions executedin both prior and ongoing years, and collaborativepartnerships and agreements with local developmentcompanies in Denmark, the United States, and Europe.With our diversified presence and our early engagementin projects, we are assured that we possess thenecessary scale and market variety to achieve our goals.Power-to-XBesides developing wind and solar projects, we arefocusing on maturing our presence within the Power-to-Xbusiness area. Last year we made strategic partnershipsespecially through Green Hydrogen Hub and GreenlabSkive. At Greenlab Skive, we commissioned 13 turbinesduring the year and are currently constructing the solarpark.The Power-to-X industry is expected to grow significantlyin the coming years, and we have a strong ambition toutilise our expertise and strong global presence to bringforward solutions on a global scale, which is exemplifiedby our hybrid parks and our Energy centre concept.Record high construction activityOur EPC-department (Engineering, Procurement andConstruction) have had yet another busy year energisingseveral new parks in seven countries. At the end of ourfinancial year, the EPC department was constructingat 22 sites in ten countries with a total capacity of 763MW. Our construction pipeline has larger projects bothwithin solar and wind where solar plays a larger role thanpreviously. Together with our Bulgarian partner, we haveinitiated construction of a 237 MW solar park - the largestsingle project to date.We expect this significant construction activity tocontinue in the years ahead as our robust pipelinecontinues to evolve and materialise.Reaching 1.1 GW of installed capacityThe net-owned MW increased during the year, throughorganic growth and the remainder through other minorstrategic acquisitions. The net-owned MW increasedfrom 857 MW to 1,118 MW, breaking the 1 GW of installedcapacity not only in total, but also for wind, whichreached 1,047 MW.In 2022/23, we commissioned a record high 258 MWto the grid in seven countries – this record-breakingachievement is a huge step in the development of theGroup. The increase is primarily driven by completionof our fully owned Danish project, Greenlab Skive, ourSwedish project, Knöstad, and our Portuguese project,Triana. We now have operational parks in ten countries,which gives geographical diversity and new possibilities.We expect to have more countries included within thenext couple of years.Corporate and project financingAs we are ramping up the business and setting recordhigh activity levels in our business, the Group continues tohave a focus on securing financing on a corporate levelas well as project financing.During the year, we changed one of our main corporatebanks to Nykredit and, together with Jyske Bank, wesigned a facility loan agreement for EUR 215 million,where also Spar Nord Bank participated in the facility.The loan is to further consolidate our capital position andto execute and materialise our projects and secure thecontinued growth of our business.The substantial activity within EPC necessitates anadequate level of project financing, both during theconstruction phase and for long-term project financing.During the year, we have seen increasing interest rates inall markets. This will impact and increase the investmentcost of our projects in development, construction and inoperation.CountriesOrganic growthAcquisitionsDivestment/MWMWdecommissioningMWGermany408-2Denmark781-4Finland11Italy5Poland59Portugal22Sweden43Total2589-6The banks’ interest in project financing is unchanged.The market needs renewable energy and banks seegreat potential, which ensures the possibility of financingas well as refinancing of our projects.The Project Finance department has, during the year,secured a total of 242 MW in four countries and expectsto close several financings during the second half of2023MWGermany25Denmark98Portugal73Sweden46Total MW242Our project finance department has substantialexpertise and experience in securing financing at optimalrates and timeframes. Further, the project financedepartment also has a focus on capital structure andis looking for new opportunities in the market. Given theexisting market volatility, this knowledge and experienceis key to the business.MarketsWe grid connected assets in four new countries this year,which gives us a strong footprint in Europe. In the nextcouple of years, we expect to increase the number ofcountries where we have operational parks, making ourposition even stronger.Since 2018, Eurowind have jointly owned a Frenchdevelopment company named Ventelys. During 2022/23,we acquired the majority of the company to furtherconsolidate the French market. We see great potential inthe company and its employees. With the acquisition, westrongly believe that we can accelerate and materialisethe development, and increase the development pipeline.Within the Power-to-X market, Eurowind made significantsteps, further advancing our Energy Centre conceptby formally expanding into the biogas sector throughthe acquisition of a portfolio of development projects inDenmark and a German biogas company.OrganisationThe fast pace and growth continued during this year andwe continue to see growth for the coming years. Thisyear, we have focused on the organisation as we havescaled up significantly over the last two years.Establishing a scalable organisational frameworksuitable for growth is focal. It will enable us to sustainour high growth and succeed with our goals andstrategy. This entailed directing our efforts towardsrefining and implementing consistent and uniformprocesses, systems, and structures throughout the wholeorganisation to support our growth strategy.Our ongoing commitment to enhancing and adaptingour organisation will improve the efficiency of cross-functional activities while ensuring greater transparencyfor both internal and external stakeholders. Maintainingour focus on strengthening our capabilities andcompetencies, tailoring our project management modelto align with our current circumstances is a key factor.Our most important asset is the people at Eurowind, aswe continue to grow, we need more passionate people.During the year, we have welcomed 196 new employees.The high number of new employees brings the Grouptotal to 442 employees in 2022/23. We are proud toattract so many new people to the Eurowind family andwe hope and expect to welcome more in the future.“ Establishing a scalableorganisational frameworksuitable for growth is focal.Operational activities– strong earningsOwnershipThe sale of electricity generates reoccurring revenue andreturns. Income from the sale of electricity is therefore animportant part of the business model and contributes toa significant proportion of the revenue.OperationThe proportionated EBITDA share (net ownership share)of wind and solar operations comprises EUR 216 million(EUR 138 million in 2021/22), which again is the highestprofit ever recorded in Eurowind Energy’s history.Our proportionated share (net ownership share) ofsale of electricity increased by 51% to EUR 257 million- compared to last year and this is the highest sale ofelectricity recorded within the Group. Contributing tothe high power sale and high result is that Eurowindgrid connected 258 MW during the year, mainly drivenby projects in Denmark, Poland, Sweden and Portugal.Eurowind grid connected projects in seven countrieswithin the same financial year and both the numberof countries and MW grid connected are records forEurowind.The main drivers behind the result of operating projects are• High power prices throughout the financial year• Record high capacity added during the year• Average wind index in our core market, Germany, waslower than normalLast year, the power prices reached an all time high levelduring the second half of 2021 and the first half of 2022.The high power prices continued to increase during Q3,peaking in August; from October and the remainder onthe financial year, the power prices in our core marketDenmark, Germany, as well as Poland, stabilised aroundEUR 90 per MWh in Denmark and Germany, and toaround EUR 123 per MWh in Poland, in the first half of2023The higher power prices was partly offset by lower thannormal wind conditions in our core markets. The overallwind index for Denmark for the period was 95% and forGermany, 86%. Denmark was characterised by consistentwinds both in the second half of 2022 and the first halfof 2023. Germany was characterised by low winds in thesecond half of 2022 and in line with the average for thefirst half of 2023.A satisfactory overall return on the portfolio is alsoexpected in the future.Like last year, no large divestments have been madeduring the year and Eurowind continues to build up theportfolio of our own developed assets in line with ourstrategy.As an independent power producer, Eurowind Energy,directly or indirectly, now owns 123 operational windand solar parks in ten countries with a total capacityof 1,118 MW. The net increase of 261 MW is primarilydue to organic growth. Eurowind has only made minoracquisitions and divestments of turbines during the year.Our total power production reached 2,067 GWh in2022/23, which is a significant increase compared tolast year with a split between solar and wind of 54 GWhand 2,013 GWh respectively. The full-year production ofour operational parks are expected to generate GWh2,676 compared to GWh 1,973 last year, increasing theexpected production by 35%.We expect to see an increase in the share of solar in ourportfolio, which will also tend to equal out the revenuestream during the year. Our own total portfolio's actualproduction and expected full-year production of 2,067GWh and 2,676 GWh respectively corresponds to theconsumption of close to 515,000 and 670,000 households.The banks’ interest in project financing is unchanged,which ensures the possibility for refinancing as wellas financing of our projects. The current events inthe market in 2022/23 in relation to increased energyprices and uncertainties due to the war in Ukraine haveincreased the inflation and also the interest levels.Approximately 50% of our operational parks have a fixedinterest rate. The fixed interest rate is lower than last yeardue to not all construction facilities at year-end havebeen converted to long-term financing.The Group owns a net total of 1,047 MW wind turbinesand 71 MW solar projects at the end of the financial year.We now have more than one GW wind in our portfoliowhere our core markets, Germany and Denmark, are stillpaving the way followed by Poland. Going forward, we willsee more diversified additions to our operational portfolio,as we have increased and diversified our constructionpipeline concerning both countries and technology.“ Our total production reached2,067 GWh in 2022/23, which isa significant increase comparedto last year.Asset managementTechnical and commercial managementThe asset management team delivers a 360-degreeview and analysis of each park. The team is structured,dedicated and delivers optimal services optimising theindividual parks across Europe.The asset management team is continuously workingon creating a strong and efficient system for handlingthe operating companies, for the purpose of optimisingthe operation and management of each turbine andsolar park. Understanding our customers' expectations ishighly prioritised and our work is centralised around thisto ensure the best possible and most effective executionof the processes in the management of wind and solarassets. The asset management team monitors andanalyses the performance of the parks with a view toimproving the strategy for production and cost structure,including refinancing and repowering. The assetmanagement team strives to identify risks and otherfactors early to reduce any impact on the assets andperformance.Progress in 2022/23The growth in technical and commercial managementcontinues. The increase is mainly due to organic growthwithin in our portfolio driven by Poland, Denmark andGermany. Further, four new countries were added to theportfolio bringing the total up to eleven.Currently, the Group has 1,970 MW under management.Our portfolio under asset management will producea total of 4,591 GWh, which corresponds to more than1,140,000 households being supplied with green energy.The asset management portfolio increased by 22% andour gross revenue increased by 38% to EUR 12 million.In line with our strategy to become a power major, wehave a goal to significantly increase the MW undermanagement in the coming years. Asset managementwill continue to expand both organically through strongconstruction activities and by adding new customers.The asset management team stands ready to take overoperation and management of assets once constructionhas been completed. With Eurowind Energy’s presencein the full value chain, from development to operation,we have in-house competencies covering the full valuechain. These in-house competencies can be applied toour assets under management, to achieve the optimallifecycle for the assets, for the benefit of our customers.Asset Management ServicesOperationalAnalysis andContractMonitoringReportingManagement• Surveillance of wind• Analysis of performance• Securing complianceturbines and solar• Performance reporting• Negotiation of contracts• Analysis of data• Calculation of lost• Bargain power towards• Initiating necessaryproductionsupplierson-site works• Matches between• Pushing counterparties• Processing all technicalmeasured productionto maximumutility inquiriesand settled/soldperformance• Outage information toelectricitytraders, utilities andservice providers• Switching operationsFinancialEnergy TradingManagement(PPA)• Bookkeeping• Invoicing electricity• Invoice managementsales• VAT and duty• Negotiation of PPAs,managementGOO's and balancing• Preparation of financialagreementsstatements• Auxiliary services• Budgets and forecastsProjects in development and constructionDuring the year, the Group has continued to grow ourproject development pipeline activities by 35% to 34 GW.The pipeline includes projects starting from greenfield,acquisition of ready-to-build projects and partnering. Thediversity of the pipeline is also strengthened as biogas,battery and other PtX projects have been added andwe expect the pipeline to included more going forward.Further, we continue the development of our five energycentres in Denmark with a capacity of approximately 2.5GW, which we announced last year and we are in linewith the plan. All five projects will include wind turbines,solar, batteries, biogas, and PtX (hydrogen production).We are currently active in 16 countries globally and haveestablished local offices in almost all countries. It isimportant to have a broad geographical presence and tohave local presence for the projects to succeed and forsecuring new projects. This corresponds with our long-term approach of establishing a strong pipeline. Thispipeline is essential for ensuring a significant increasein MW ownership and the advancement of projects.The continued expansion of this pipeline has beenaccomplished through a strong focus on developingour own projects, both through organic growth andacquisitions. This effort also includes the establishmentof strategic partnerships in both Europe and the US.The dominant countries in the pipeline continue to beDenmark and Poland, but we see other countries such asRomania building a substantial pipeline and constructionwill start on some of these project in the coming financialyear. Our distribution in technologies have becomemore diversified where wind and solar are still thedominant technologies, but other technologies havebeen added such as biogas, batteries and other PtXprojects. Eurowind Energy is always seeking to optimiseour projects by looking at e.g. access to grid connectionpoints and where is it possible to combine both wind andsolar to create a hybrid park or looking at the possibilityof creating Power-to-X. This has been further acceleratedby the acquisition of Generator Agro, which holds landand biogas projects.With a strong and more diversified pipeline andknowhow, we believe the Group has a strong foundationfor the coming years, where we will see more changesin settlement systems and auction offerings to beimplemented in several countries.ConstructionOur EPC department (Engineering, Procurement andConstruction) had an even busier year comparedto last year as the Group's, construction activity in2022/23 reached a record high of gross 763 MW in tencountries and grid connected a record high of gross305 MW during the year. As the pipeline has becomemore diversified so is the construction pipeline. Theconstruction pipeline includes much more solar projectscompared to previous years and going forward it willinclude different PtX projects.To handle the increase in construction activity and theexpected high activity in the future, our EPC departmenthas significantly increased the number of people.WindAt the end of 2022/23, Eurowind Energy had ten windprojects under construction across seven Europeancountries. In total, the active construction activitiesconstitute some gross 229 MW of new renewablecapacity expected to be grid connected during 2023or 2024. The main construction sites are driven by largeprojects in Denmark, Poland, Romania and Sweden.During 2022/23, Eurowind Energy completed theconstruction of 24 wind projects across six countriesamounting to gross 283 MW.SolarDuring 2022/23, Eurowind Energy increased our solarconstruction projects significantly to gross 534 MW insix countries. The main construction sites are located inBulgaria, the US and Romania.One solar project of 22 MW was completed during2022/23 in Portugal.Grid connections in 2022/23During 2022/23, we grid connected gross 305 MW ofwhich 258 MW will be added to our net-owned capacityspread over seven countriesProjectMWGermany40Denmark78Finland13Italy5Poland104Portugal22Sweden43Total305We foresee that the high construction activity willcontinue in the years to come due to our strong pipelinebeing further developed and brought to the ready-to-build stage. The main focus is still on wind projects as, ingeneral, they have two to three times higher productioncapacity, per installed MW than solar, but we still expectto see more solar projects and PtX projects in the future.Over the past few years, various disruptive elementshave come into play, including challenges in the shippingmarket and the ongoing conflict in Ukraine. Theseelements have exerted pressure on the inflation of rawmaterials and the lead time for e.g. wind turbines. Thisremains a variable that could influence the constructiontimeline on projects and potentially increase the total ofthe investment.The disruptions have had an impact on the energy pricemarket, resulting in uncertainty and volatile movements.Despite this year being exceptional and record-breakingin many respects, we continue to maintain focus onthe execution of our strategy, contributing to the greentransition and deliver affordable green energy.Financial performanceIncome statementRevenueIn 2022/23, revenue increased to EUR 232 million,corresponding to an increase of EUR 59 million,compared to last year.Sale of electricity increased by EUR 65 million and thetotal sales of electricity amounted to EUR 213 million in2022/23 (2021/22: EUR 148 million). The increase duringthe year was primarily impacted by high power prices,but also an increase in renewable energy capacity underour ownership. The high power prices were partly offsetby the lighter winds and lower than average productionin our core market, Germany.The revenue from our asset management segmentincreased to EUR 5.9 million in 2022/23 (2021/22: EUR4.7 million). The increase was a mix of an increase inour renewable capacity jointly owned or below 50%, thefull year effect from parks commissioned last year andhigher revenues in the parks.The revenue was obtained through our reoccurringactivities; sale of electricity and asset management,which accounted for 94% of the total sales as nosignificant divestment of operating parks were made in2022/23. This is in line with our strategy to increase ourreoccurring revenue.The portion of total profits attributed to the Group fromthe sale of electricity generated remains a substantialcomponent, forming a robust foundation for the Group.This share may fluctuate, depending on how wellthe operating portfolio performs and the number ofdivestments executed throughout the year.Gross profit The gross profit amounted to EUR 188 million (2021/22EUR 127 million) and a gross margin of 81%. Both grossprofit and margin increased significantly compared tolast year due to high power prices and increased ownedcapacity. The gross margin remains elevated becausethe sale of electricity yields has a high profit margin, andthere were no significant divestments made during thefiscal year 2022/23.Profit before tax The realised profit before tax is EUR 315 million, which ismore than 2.5 times higher than last year, which was avery profitable year.The main components are• High reoccurring revenue from operational parks• High profit from Norlys Energy TradingOur reoccurring revenue was high leading to an increasedprofit. Staff costs increased significantly due to increasedactivity and ramping up the business. Results fromassociated companies increased monumentally, primarilydue to Norlys Energy Trading, which delivered a veryhigh profit. Further, our jointly owned Polish wind parkshave increased significantly this past year and have alsoproduced a great result. The depreciation increased dueto the significant increase in our operational capacity.Net financial expenses were EUR 13 million (2021/22: EUR7 million), an increase of EUR 6 million. This increase in netfinancial expenses is primarily driven by the high interestrates and our added operational capacity, which haveincreased during the year.Balance sheetWTG/PV projectsDuring the year, we increased our WTG/PV projects byEUR 218 million to EUR 848 million and our assets underconstruction by EUR 21 million to EUR 261 million, whichconstitutes our strategy of being an independent powerproducer. The growth in our operational assets can beattributed mainly to the commencement of operationsat our Danish wind park, Greenlab Skive, our Swedishwind park, Knöstad, and our Portuguese solar park,Triana. Additionally, our assets under construction havedeveloped as anticipated, and we foresee the majority ofthese projects becoming operational in the coming year.Furthermore, we are engaged in multiple constructionprojects in which we hold a 50% stake, and theseare expected to contribute value to the Group in theforthcoming years, especially in Poland and Bulgaria.Equity investments in associatesOur investments in associated companies haveexperienced a substantial increase. This growth canmainly be attributed to our investment in Norlys EnergyTrading, which achieved exceptionally strong financialperformance during the period.Equity and capital positionEquity, including minority interests and the hybrid capital,amounts to EUR 688 million (EUR 417 million in 2021/22). Theincrease is the result of a very strong profit within the Group.The equity ratio of the Group including the hybrid capitaland minority interests, is 40% (37% in 2021/22). Thesolvency in the Group, incl. the subordinated loan, is 42%.Based on the ratios, the Group has a strong position forthe future.Long-term liabilitiesThe long-term liabilities amounted to EUR 840 million(2021/22: EUR 554 million) an increase of EUR 286 millioncompared to last year.The increase is mainly driven by the bank, mortgage debtand bond payable, which increased to EUR 777 million(2021/22: EUR 503 million). This is a result of increasedactivities both in our operational parks and constructionactivity under tangible fixed assets. We collaborate withvarious financial institutions to secure project financing,which varies based on the location of the constructionsite, the project's scale, and the involvement of co-investors.Cash flowThe cash flows from operating assets comprise EUR134 million for the Group (EUR 85 million in 2021/22). Thestrong cash flow from operating assets was driven by ourearnings during the year.Cash flow from investing activities amounts to EUR -282million due to our high construction activity, as we haveincreased our operational and construction capacity.Cash flow from financing activities amounting to EUR212 million are affected by our growing activity duringthe year, which can be seen in the significant increase inlong-term borrowing.The Group compiles monthly cash forecasts thatspan a minimum of 12 months ahead. These forecastsplay a crucial role in several aspects for seniormanagement, particularly when assessing the feasibilityof commencing new "ready-to-build" projects and theacquisition of additional projects.