Company type
Limited Corporation
Gross profit
-12,100,529 DKK
Operating Profit (EBIT)
-34,575,067 DKK
Profit for the year
107 MDKK
2,031 MDKK
Advertising protection
The company is advertising protected. This means that the information may not be used for marketing purposes.

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Rank Profit for the year

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

Top management Top 3

Board Top 3

Gert Vinther Jørgensen 18Chairman of board
Søren Rasmussen 80Vice chairman
Mads Brøgger 7Vice chairman

Legal owners Top 3

50%Ewe Holding Aps
50%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 (15 yr)
Company typeLimited Corporation
Number of employees72 (man years:62)
Advertising protectionYes
AuditorBdo Statsautoriseret Revisionsaktieselskab since 20-11-2006
Financial statement period01-07 to 30-06
Bank connectionDanske 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 ReviewGrowth marked the past year– and the years to comeIt really is that simple; 2020/21 was all about growth. Ourbusiness grew rapidly on all parameters: More markets,high construction activity and a lot of new colleagues tosustain the growth.We also saw financial growth as we achieved animpressive result for 2020/21. The Group’s EBITDA totalledEUR 66.9 million and the profit before tax was EUR 21.1million, this compared to an EBITDA of EUR 50.3 millionand profit before tax of EUR 13.2 million in 2019/20. Thereturn on equity for the financial year reached 6.0%.An additional achievement in the financial area was theissue of our EUR 60 million Hybrid bond. The bond hasprovided additional equity to the balance sheet andallowed a conversion of a subordinated loan from NorlysHolding. Both are steps that ensures financial strength tosupport further growth.As a renewable independent power producer we aresensitive to weather, like low winds or cloudy weather.We have also been impacted by low power prices, whichwe saw in the second half of 2020 and the start of 2021.Therefore, our strategy to hedge the majority of ourpower sales, on either long-term fixed price contractsor through long-term power-sale contracts, provedvaluable. Due to our expanding operating portfoliowe still experienced growth in the power sales of ournet operating assets of 2% despite lower prices andsignificantly lighter winds in Denmark and Germanyduring 2020/21.Our project portfolio pipeline was also subject to rapidgrowth. We managed to grow our portfolio of potentialfuture projects by more than 100% and we continue toaim to reach between one and two new markets everyyear. This year, we have entered the US market with fiveprojects totalling up to 2 GW wind and solar in Californiaand Texas. We are also now represented in the UnitedKingdom and Finland.For the first time, we have seen construction activitiesin eight markets within the same 12 months: namelyPoland, Italy, Finland, Sweden, the United Kingdom,Germany, Portugal and Denmark. To renewableprofessionals every project has its own characteristicsand points of interest. However it is worth underliningthe importance of the construction of three Danishprojects that all are hybrid parks with a combination ofsolar and wind utilizing the same grid connection – asetup in which we see great future potential.From an overall perspective, the past 12 months werespecial because of COVID-19. Without taking anythingaway from the seriousness of the pandemic, our marketshave not seen a severe impact from the disease. Therehas still been a need for green electricity from our powerplants; we are still seeing demand for our assets frominstitutional investors and funding for our projects is stillavailable. During the various periods of lockdown ouremployees embraced online work and made sure thecompany stayed fully operational. Lockdowns were alsoa very real stress test of our IT-systems, and showed themto be well suited for the task – a testament to the finework of our IT department.Looking ahead to the coming years, we believe we will bein a position to accelerate an already aggressive growthstrategy. Over the past 15 years, we have built a sizeableengine of operational solar and wind power plants andthey will have a key role in supporting our growth. From ourperspective, being a sizeable independent power produceris the sustainable way to grow the business in order to avoidgrowth becoming completely financed by a combination ofcontinuously selling assets and increasing debt.We also expect our investment in Norlys Energy Trading tobe at once financially beneficial in itself, while also creatingopportunities for Eurowind Energy to increase the earningsfrom our power production across Europe and the US. Asthe renewable industry moves away from subsidies andincreasingly competes on pure commercial terms, theability to increase the value of our production will be acrucial factor going forward. Ensuring value creation atportfolio level and leveraging our knowledge about tradingin our markets will be a focal point in the coming years.Overall, we believe 2020/21 was a confirmation of ourstrategy and our business model. This was a financial yearwhere we reaped the advantages of being a full-scalerenewable-energy company that develops new projects,constructs and ensures financing of the solar and windpower plants, and operates the power plants. Being ableto have the full renewable-energy value chain inhouse,while remaining agile and keeping the entrepreneurialmindset alive, requires special employees.We are fortunate enough to have that very special groupof people, who are responsible for the excellent result of2020/21 and for making Eurowind Energy a special place.Therefore, I would like to conclude by thanking all mycolleagues in Eurowind Energy for their great efforts.Jens RasmussenCEO of Eurowind Energy A/STechnology and marketdevelopment favoursmore growthEurowind Energy group expects the current growthtrajectory to continue or accelerate as the maincomponents for long-term growth have been secured.Therefore the Group expects significant growth in bothrevenue and EBITDA next year. The Group has seena net gain of 82.8 MW generation capacity, primarilywind power in Denmark, and that will contribute to anincrease in earnings in power sales. In 2021/22, the Groupexpects the profits before tax to reach EUR 25-35 millioncompared to EUR 21.1 million this year.Project developmentThe project development pipeline has more thandoubled, from 8,353 MW in 2020 to 17,921 MW this year.This build-up of potential projects will be realised in thecoming years in the form of high construction activityand later more operational capacity.Eurowind Energy group continues to aim for entry intoone to two new markets every year. In 2021, the USA hasalready been added and more potential markets areunder discussion.The growth of the development pipeline is alsoexpected to continue in the years to come. This will besupported by the fact that several markets see a trendtowards larger projects. The growth in the developmentpipeline will also be supported to some extent by morehybrid projects being developed.The main markets for development and constructionmeasured in MW will remain Denmark, Germany and Polandin the short term. However, a market like the USA couldquickly catch up due to the size of the individual projects.TechnologyThe distribution in technology for the developmentpipeline is 50% wind and 50% solar, with Denmark andPoland carrying the majority of the solar portfolio. Whilediscussing technologies, it is important to underline thatthe initial outset of Eurowind Energy group is unchangedEurowind Energy group is a wind developer that alsohas the ability to develop, construct and operate solar.The Group believe that the competences within winddevelopment will have a competitive advantage in thelong term. The advantage also allows the Group tohave hybrid solutions with both wind, solar and possiblystorage as the preferred technology solution.When combining solar, wind and storage, there are otherfactors that come into play depending on the blend oflocal conditions of sun, wind, rain, clouds, etc. When thesun is strong and temperatures are high, wind tends tobe weak. Conversely, when wind is strong and skies arecloudy with rain and moisture, sunlight is minimal.The ability to produce energy in a variety of weatherscenarios will allow the hybrid energy parks to provide morefull-load hours, which again makes them very suitable forPtX generation. The hybrid parks also gives substantialsavings on grid connections and potential reinforcementsof the grid, because wind and solar can share the same gridconnection, enabling a combined generation capacity thatis well above the capacity of the grid connection with only asmall power loss as a consequence.Power salesThe Eurowind Energy group also expects an increase inpower sales in the years to come. As more generationalcapacity comes online, the Group expects to see powersales rise in all our markets. This follows the decisionto act both as a developer and an independent powerproducer. Therefore, the portfolio of generationalcapacity has reached an earnings potential thatallows the Group to only farm down assets when itmakes sense from a portfolio perspective and not as arequirement for further growth.Our 50% stake in Norlys Energy Trading will also createopportunities for Eurowind Energy A/S to increase theearnings on power production across Europe. Therenewable-energy industry is now only contingent onsubsidies in a very few markets, and in most markets, theindustry competes on merchant terms. Therefore, theexperience and knowledge about power found in NorlysEnergy Trading will be a benefit to the Group.Asset managementThe Eurowind Energy group will continue to expand theasset management part of the business. In the past fiveyears, the Group has almost doubled the assets undermanagement to 1,425 MW as per 30 June 2021. Assetmanagement is very much a discipline where size doesmatter and consequently, the ambition is to substantiallyincrease the assets under management. In the shortterm, the asset management function will focus on thepreparation of new asset management markets followingEurowind Energy’s construction of projects in Sweden,Finland, Italy, Portugal and UK. The department will alsohave focus on the development of existing markets, suchas Germany and Poland for increased volumes withcustomers based outside Denmark.World trendsEurope saw its warmest year on record. Temperatureswere 0.4°C warmer than 2019, which was previously thewarmest year.The largest temperature anomalies were in the farNorthern Hemisphere. The largest annual temperaturedeviation from the 1981-2010 average was concentratedover the Arctic and northern Siberia, reaching to over 6°Cabove average.The 2020 wildfire season in the Arctic and northernSiberia was also unusually active. Fires were firstdetected in May, continued throughout summer, andpersisted well into autumn. Fires poleward of the ArcticCircle released 244 million metric tons of CO2 in 2020, athird more than the previous record year, 2019.Prior to the industrial revolution, atmospheric CO2 hadnever exceeded 300 parts per million in human history. Inthe 20th century, atmospheric CO2 concentration passed300 parts per million; in 2015, it passed 400 parts permillion.Despite a significant fall in global emissions during 2020,atmospheric concentration is rising unabated. The short-term impact of the pandemic is invisible in the longer-term atmospheric trend.Global atmospheric concentrations of carbon dioxide areat their highest levels in 800,000 years.At the beginning of 2020, a third of global emissions werecovered by some form of net-zero target. Most of thattotal was only ‘under discussion’ – having been raised bygovernments as a policy target.By the end of 2020, more than half of global emissionswere covered. The amount of emissions covered bya final, legislated target and in legislative processboth doubled, while the amount covered by a statedgovernment position increased four times.China, the EU, Japan and South Korea are all part of the‘net-zero club’. However, these bold ambitions are stilllacking in policy specifics in many cases.Our business model“We identify opportunities.Then we seize them.”1. OpportunitiesIdentifying opportunities are essential for creating business.Identification and screening opportunities are done throughour own offices, our partnerships, joint ventures andfrom external parties. We have in-depth knowledge ofscreening the opportunities and only execute on the best.Once the sites have been identified, a thorough resourceassessment and analysis will be performed, including windmeasurements, negotiation of land leases, access to thearea with land owners and grid connection, as well asassessment of environmental impacts.“We choose the proper location.Then we implement.”2. DevelopmentWhen an area is assessed as suitable, we carry out thenecessary steps in cooperation with the authorities, bothnational and local, e.g. concerning permits. Our closerelationship with land owners and developers ensuresthat we have a clear view of the risks involved in thedevelopment of the projects.“We prepare infrastructure.Then we deliver.”3. Local involvementLocal residents and stakeholder involvement is essentialas early as possible in the process. It is important tounderstand and address any concerns that they mayhave. At Eurowind Energy, the importance of a broadinvolvement is vital. Typically local involvement includesto but limited to: close neighbours of sites, landowners,local residents and municipalities.“We build energy projects.Then we produce power.”4. ConstructionBefore construction we secure that all necessary permitsare available, including legal due diligence of theproject’s permits as well as a financial due diligence. Wehave a strong track record for delivering projects andinfrastructure such as cable and road on time and onbudget. The construction takes place in cooperation withand in compliance with all involved parties in the project.After a successful and turn-key construction, the windturbines or solar plants are prepared for grid connectionand commissioning.“We manage your investment.Then we make it grow.”5. OperationAs part of our strategy of being an independent powerproducer we aim to keep our ownerships of the projectsand assets. After construction the management ofthe parks is handed over to our asset managementdepartment to optimise the parks which includestechnical, commercial and financial aspects.6. Operation – DivestmentWe also divest projects either partly or fully. Thedivestments are done to long-term investors. We oftentogether with the divestment enter into a long-term assetmanagement contract to optimise production, full valueof the money spend and minimise operating costs tocreate the highest value for the investors.

Main activitiesOverall, the financial year 2020/21is characterised by growth on allparameters↑Growth in MW↑Growth on top and bottom line↑Growth in pipeline↑Growth in construction↑Growth in number of employees↑Expansion to new marketsFocused growthIt has been a satisfactory year for Eurowind Energygroup as measured on growth in net earnings, whichhave been realised at a satisfactory level despitelighter wind than expected and COVID-19 affecting theelectricity prices. Further, the Group experienced growthin construction activities, growth and a significantlystrengthened pipeline, and a positive development ofnew management agreements from external customers.All in all the Group’s performance underlines andconsolidates our long-term strategy of being anindependent power producer and being a significantrenewable player in the market.During the year, the Group has further developedthe opportunities of our acquisitions last year. This isespecially characterised by the construction of phaseone, and the ongoing construction of phase two of theOvergaard project, as well as our Polish constructionportfolio and ready to build projects. The Group hasstrengthened the development of projects in Denmark,Poland and Germany significantly.The Group is continuously working on creating astrong and efficient system for handling the operatingcompanies, for the purpose of optimising the operationof each turbine and the management thereof. Thework is done with the aim of managing the customers’expectations to the best possible extent and ensuring aneffective execution of the processes in the managementof wind and solar projects.Besides development of our pipeline, we have high focus onfurther development of our Power to X business area wherewe have made significant strategic partnerships especiallythrough Green Hydrogen Hub and Greenlab Skive.During the year, there has been an increase in operatingassets and development assets as well as projects underconstruction, which have led to an increase in the nettotal balance sheet by approx. 16% to EUR 882 million.The net-owned MW increased during the year, primarilythrough organic growth and the remainder throughother minor strategic acquisitions. The net owned MWincreased from 624 MW to 696 MW.Focus on financingOne of the Group’s main focus areas during the year hasbeen to secure financing: both long-term project financingas well as construction financing for our projects in theconstruction and ready-to-build phase. Close to all of ourconstruction and ready-to-build pipeline is financed andthe remainder is in progress.To strengthen the Group’s capital position and in supportof the strategy to build an increasing portfolio, the Grouphas, during the year, issued a Hybrid bond of EUR 60million. This Hybrid capital is being recognised as partof the equity, as the bondholder will step back for otherdebt. As the Hybrid capital is part of the equity, andthe interest payment will be considered and booked asdividend when paid. The interest amounts to 5.6% p.a.The solvency ratio, including the minority interest andHybrid capital at the end of the year, is 32% compared to28% at the beginning of the year. Including the Group’ssubordinated loan, the solvency amounts to approx. 37%.PipelineThe year has been characterised by focused work onensuring value creation and a strong pipeline of newprojects in the future as well as the continued build-upof our own portfolio.The Group’s development in the financial year supportsthe long-term strategy of a significant expansion ofMW ownership and project development. However, thefulfilment of this strategy is still subject to the objective ofpositive financial results as well as a solvency of 25-35%.The Group has been successful in ensuring a significantincrease in the level of MW in new potential developmentprojects (pipeline). This has been done partly throughincreased focus and efforts on the development of ourown projects, and acquisitions made in previous years,and partly through cooperation and partner agreementswith local development companies in Denmark, the USand in Europe.With this strong pipeline and knowhow, the Group iswell equipped for the coming years that will see theimplementation of new settlement systems/auctionofferings in several countries regarding the constructionof new renewable-energy facilities.In addition to the portfolio-expansion strategy, the Groupstill has a goal to continuously divest projects to strategicbusiness partners in order to ensure satisfactory resultsand to ensure sufficient funds for the organic growth ofthe portfolio. In the long term, however, it is expected thatthe share of sales in relation to newly developed MW willdecrease as a result of the strategy to increase our ownproject portfolio.DivestmentsTwo projects were divested during the year. 50% of theThorup-Sletten project, corresponding to 28 MW, hasbeen divested as well as 204 MW early stage projectrights in France.Despite the COVID-19 challenges, the Group hasmanaged to both divest, complete and start severalconstruction projects on different markets withoutmaterial time delays.New marketsThe Group has taken an important step and entered theUS market with five wind and solar projects totalling upto 2,000 MW and bringing a more global angle to theportfolio. With this entry into the US market, the Groupis following the strategy of expanding the business andpartnerships.- EmployeesDespite COVID-19, the Group has managed to attract50 new employees. The Group employed an averageof 162 employees in 2020/21 compared to last year'saverage of 121.- OwnershipAs an independent power producer, Eurowind Energy,directly or indirectly, owns approx. 90 operational windand solar parks in six countries with a total capacity of696 MW. The sale of electricity generates continuousrevenue and returns. Income from the sale of electricityis therefore an important part of the business modeland contributes to a significant proportion of therevenue. However, part of the revenue is also realised inassociated companies or other equity investments. Thispart of the revenue cannot be read under “Revenue” in theconsolidated financial statements. For these companies,only the profit after tax is included and is classified underthe entries “Result of equity investments in associates”and “Income from investment that are fixed assets”.However, these entries also contain companies other thanoperational wind and solar projects.OperationThe result of wind and solar operations comprises EUR9.1 million (EUR 18.7 million in 2019/20), which is lowerthan expected but still acceptable. The MW amount hasincreased during the year (primarily Danish MW).The market price of electricity was low in the first ninemonths of the financial year due to COVID-19, but itnormalised throughout the last quarter. The Danish part ofthe portfolio has, therefore, not received the same averageprice as in the most recent financial year. The internationalpart of the portfolio has largely been at a fixed pricethroughout the year. In Denmark, as far as the larger partof the portfolio is concerned, we have participated in theregulatory market, which causes a postponement of thesubsidy to a later operation period.Besides the low Danish electricity prices, we haveexperienced significantly lighter winds and lowerproduction than was expected, primarily in Denmarkand Germany, which has caused lower revenues duringthe period. Taking into consideration the fact that theseconditions have negatively affected the profit beforetax by EUR 7.5 million, the portfolio has given an overallsatisfactory return during the period.A satisfactory overall return on the portfolio is alsoexpected in the future.The banks’ interest in project financing is unchanged,which ensures the possibility of attractive refinancing aswell as financing of our projects.Profit before tax has been realised at EUR 21.1 millionagainst EUR 13.2 million in 2019/20.The sale-of-electricity share of EBITDA is 78% for the year,which is in line with the strategy and ensures solid profit base.The long-term objective is still that the EBITDA from thesale of electricity continuously comprises significantlymore than 50% of the total EBITDA, which has beenrealised both in percentage and nominal terms for thelast five years. The result for the current year confirms theunderlying strong earnings from operating assets.The Group owns a net total of 682 MW wind turbines and14 MW solar projects at the end of the financial year.Our main markets are Germany and Denmark and thiswill continue to be the case, but we expect a significantincrease in our Polish portfolio in the coming years.Furthermore, we expect to increase the share of solar inour portfolio to have a more equal distribution of revenueover the year. Our own total portfolio will produce 1,572GWh, which corresponds to the consumption of morethan 390,000 households.Asset managementTechnical and commercial managementThe growth in technical and commercial managementcontinues. The increase this year relates mainly toorganic growth within our portfolio, based on our ownprojects that we have developed and built however,new customers have also been added. The trend ofan ongoing industry consolidation among the Danishadministrators continues, as critical mass is essential forensuring excellent service and profitability in the businessarea. In Denmark, the company is still the largestadministrator of land-based wind for Danish owners ofwind turbines in Denmark, Germany and Poland.Currently, the company has 1,425 MW undermanagement (1,327 MW in 2019/20). Our portfolio underasset management will produce a total of 3,103 GWh,which corresponds to more than 775,000 householdsbeing supplied with green energy.The increase in the portfolio amounts 7% or 98 MWcompared to last year. We continue to have a goal tosignificantly increase the MW under management in thecoming years to follow our strategy in this business area.The asset management will continue to expand bothorganically through strong construction activities and byadding new customers.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' expectationsis highly prioritised and our work is centralised aroundthis to ensure the best possible and most effectiveexecution of the processes in the management of windand solar projects.Critical mass is crucial to ensure a continuousimprovement of the customers’ agreements/prices ineach project. At the same time, we are experiencingincreased requirements for the management ofindividual energy parks, partly from authorities(legislation) and also from suppliers (digitalisation,etc.). There is a focused and continuous effort in theassessment and analysis of general agreements,such as service contracts, insurance, IT, expenses formaintenance/surveillance, and the sale of electricityare all parameters in which high MW has an impacton the potential for optimisation. This means that itis still possible to achieve synergy in a series of fields,also digitally, which is of benefit to both investorsand Eurowind Energy, despite the fact that we areexperiencing increased demands on the managementfrom authorities and suppliers.Projects in development and constructionDevelopmentDuring the year, the group has continued to expand ourpipeline, which now amounts to 17.9 GW. This is in linewith our long-term strategy to build a strong pipeline,which can ensure a significant increase of the ownershipof MW and the development of projects. The continuousincrease in the pipeline has been created by means ofa high focus on the development of our own projectsboth organic and from prior years' acquisitions, includingstrategic partnerships in Europe and the US.The pipeline spreads over 14 countries globally whereDenmark, Germany and Poland are the most significantmarkets. Our distribution in technologies are close to a50/50 split between wind and solar. Eurowind Energy arealways seeking to optimise our projects by looking at e.g.access to grid connection points and where is it possibleto combine both wind and solar to create a hybrid parkor looking at the possibility of creating Power to X.Based on the strong pipeline and knowhow, the Groupis well prepared for the coming years where changesin settlement systems and auction offerings in severalcountries will be implemented.ConstructionThere are many potential repowering projects, both inour pipeline and projects, which are in the developmentphase, especially in Denmark and Germany. It isexpected that building permits for repowering projectswill be continuously obtained in the future.This line of business is supported by the increase of newtechnical and commercial management agreements, inwhich, in many cases, there may be a repowering potentialfor older wind turbines. At the same time, there may bea profit potential for the sale and/or operation of olderdismantled wind turbines that can be erected in countrieswhere the infrastructure and/or building permits are moresuitable for smaller wind turbines.In 2020/21, the Group started the construction of severalparks and for the first time, the Group has constructionactivities in eight countries. The construction activities ofwhich most are bank-financed are European projects andthe combined activities will total 631.5 MW where windand hybrid parks are the main drivers. Main focus is still onwind projects as, in general, they have two to three timeshigher production capacity, per installed MW, than solar.During the year, the Group constructed and gridconnected 82.8 MW in Denmark. The projects wereadded to our asset management area. With thecontinued high construction activity, we expect to see asignificant increase both in our own portfolio as well as inthe asset management portfolio.The people sideThe people side of Eurowind Energy matched growth ofthe business in the latest financial year.Substantial efforts were put into attracting the rightcompetencies in order to ensure that the Group has thefoundation to continue the growth in the coming years.The average number of employees was 162, while we endedthe year with 180 employees. In the period, we hired 50 newemployees while only saying goodbye to 10 employees.Financial performanceProfit and lossThe Group realised the 50% sale of the operating windpark, Thorup-Sletten, and 100% sale of 204 MW earlystage project rights in a French development project,which had been postponed from last year. The realisedprofit before tax of EUR 21.1 million is consideredsatisfactory despite low production due to light windsand the negative effect that COVID-19 had on the Danishelectricity prices in the first nine months of the fiscal year.During 2020/21, we have continued the execution of ourstrategy by increasing the pipeline, construction and thereoccurring revenue, despite COVID-19 challenges.The demand in general for renewable-energy projectsand power assets continues to increase. This meansthat a strong pipeline is a prerequisite for the company’srealisation of the growth potential and strategy in thecoming years. The fossil conglomerates are massivelywriting down fossil assets and aiming at renewable-energy projects.There is thus both an economic and environmentalincentive to implement the green transition.The renewable trend creates significant positive effectson the acquisition interest for both commissioned, andnewly developed projects (building permits), globally. Theinvestment regime continues to move towards a largershare of new investments in assets with a green profile.The rate-of-return expectation from investors investingin renewable-energy projects continues to be low, whichincreases the value of the portfolio in general.Furthermore, the increased interest in the green transitionalso has positive effects on external financing. The Grouphas seen an increased interest in both project and long-term financing, which ensures the possibility of attractiverefinancing as well as financing for new parks.The Group’s EBITDA share of the sale of electricity fromour operational wind and solar parks continues to be asignificant part of the total EBITDA, which creates a strongbasis for the Group. The share will vary, based on theperformance of the operating portfolio and on the numberof divestments made during the year. The current EBITDAlevel is expected to increase in the coming years.Capital positionEquity, including minority interests and the Hybrid capital,stands at EUR 280.6 million (EUR 217.8 million in 2019/20). Tostrengthen the Group’s capital position and solvency, andin support of the strategy to build an increasing portfolio,the company has, during the year, issued a Hybrid bondtotaling EUR 60 million. The equity ratio of the Groupincluding the Hybrid capital and minority interests, is 32%(28% in 2019/20).The solvency in the Group, incl. the subordinated loan, is 37%.Cash flowThe cash flows from operating assets comprise EUR38.2 million for the Group (EUR 9.7 million in 2019/20). Theoperating activities are positively affected by our projectsales during the year.Cash flow from investing activities amounts to EUR -164.7million due to our high construction activity. This is partlyoffset by the positive net cash flow from the sale of Thorup-Sletten including the sale of the French project rights.3994Cash flow from financing activities amounting to EUR135.5 million are positively affected by the issued Hybridbond of EUR 60 million. Furthermore, the long-termborrowings has increased due to our high activity levels.The Group prepares monthly cash forecasts for aminimum of 12 months ahead. Among other things, theforecast is used as a key management tool in connectionwith decisions to start new projects "ready-to-build" andpurchase of projects.Profit and loss for the yearcompared to future expectationsThe profit before tax is higher than the previous year byEUR 7.8 million. This is lower than expected, but is stillconsidered satisfactory. The decline in the expectedprofit before tax from the sale of electricity is primarilydue to the low production caused by light winds,especially in Denmark and Germany, combined with lowelectricity prices in Denmark mainly due to COVID-19.