2020 was off to a challenging start with rapidly falling energy prices and the COVID-19 virus affecting the society and economy in all countries. In the 1st quarter of 2020 the sale of the subsidiary Energi Danmark Vind A/S was completed and recognized in the financial statement with an amount of DKK 147.7 million. The effect of the COVID-19 virus resulted in lower energy consumption than expected, especially in the 2nd quarter of 2020 on the German and Swedish markets, resulting in a loss for the Group. The 2020 half-year result is in line with the plan, and the expectations for the year 2020 as a whole are maintained.
Despite intensive competition The Energi Danmark Group have had a solid first half-year in terms of sales to its customers in the Nordic and German markets for future delivery in the next five years. Like last year, the sale in our Norwegian subsidiary, Energi Salg Norge AS, have been strong.
In May the Group successfully extended the final maturity date of its issued DKK 750.0 million Senior Unsecured Floating Rate Notes from 22 June 2020 to 22 June 2021.
No audit or review has been made to the figures for the first half of 2020.
Aarhus, 20 August 2020
Board of Directors and Management,
Energi Danmark A/S
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During the first half of 2020 the Energi Danmark Group realised a profit before tax of DKK 130.6 million. This corresponds to a yearly return on equity before tax of 22%. The revenue of DKK 21.5 billion in the first half of 2020 is on the same level as the previous year.