Highlights:

• -3% Net production decrease, excluding change in perimeter, to 313 GWh compared to 323 GWh in 2017
• -8% Revenue, excluding Joint Ventures, to EUR 51.7M compared to EUR 56.4M in 2017
• -6% EBITDA, excluding Joint Ventures and Special Items, to EUR 36.9M compared to EUR 39.3M in 2017
• The effect of the change in perimeter is EUR -3.4M on Revenue and EUR -2.3M at EBITDA level
• 71% EBITDA margin, excluding Joint Ventures and Special Items, compared to 70% in 2017
• Total cash flow from operating activities of EUR 27.1M, in line with 2017

+ 59% in Profit for the year to EUR 8.8M compared to EUR 5.5M in 2016

+ 1% in Net production to 374 GWh compared to 372 GWh in 2016

+ 12% in Revenue, including Joint Ventures, to EUR 66.1M compared to EUR 59.1M in 2016

71% EBITDA margin, including Joint Ventures and excluding Special Items, compared to 69% in 2016

+ 48% in Total cash flow from operating activities to EUR 23.8M compared to EUR 16.2M in 2016

• Profit for the period of EUR 5.5M compared to EUR 1.3M in 2015
• Proposed dividend for 2016 of DKK 0.162 (EUR 0.022) per share
• Net production of 372.4 GWh compared to 354.1 GWh in 2015 (+ 5%)
• Revenue, including Associates, of EUR 59.1M, in line with FY 2015
• EBITDA, including Associates, of EUR 40.6M compared to EUR 37.8M in 2015 (+ 7%)
• EBITDA margin including Associates of 69% compared to 64% in 2015
• Total cash flow from continuing operations of EUR 7.1M compared to EUR 1.3M in 2015
• Environment Protection: Gross Production in 2016 supplied 148,000 families, reduced the CO2 emissions by approx. 236,000 tons equalling the elimination of emissions from more than 98,000 cars.

Stable trend in financials for FY 2015

> Profit for the period of EUR 1.3M compared to EUR -24.4M in 2014
> Net production of 354.1 GWh compared to 374.9 GWh in 2014 (– 6%)
> Revenue of EUR 59.2M compared to EUR 64.4M in 2014 (– 8%) including revenue from Associatess
> EBITDA margin including Associates and excluding Special Items of 64% compared to 65% in 2014
> Total cash flow from continuing operations of EUR 1.3M compared to EUR – 1.0M in 2014
> Environment Protection: Gross Production in 2015 supplied 138,000 families, reduced the CO2 emissions by approx. 222,000 tons equaling the elimination of emissions from more than 90,000 cars.

> Net production  of 387.5 GWh compared to 405.2 GWh in 2013 (– 4%)
> Revenue of EUR 69.1M compared to EUR 75.4M in 2013 (– 8%) including revenue from Associates
> EBITDA of EUR 41.0M compared to EUR 45.4M in 2013 (– 10%) including EBITDA from Associates and excluding Special Items
> EBITDA margin including Associates and excluding Special Items of 59% and of 65% excluding Environment
> Environment Protection: Gross Production in 2014 supplied approx. 156,000 families, reduced the CO2 emissions by approx. 250,000 tons equaling the elimination of emissions from more than 100,000 cars

Positive trend in financials confirmed
> Year to date 2013 profit of EUR 1.4M
> 23% increase in revenue to EUR 73.9M for 2013
> 41% increase in EBITDA to EUR 44.6M*
> 6.5% increase in revenue to EUR 75.3M for 2013, including revenue from associates 
> 18% increase in EBITDA to EUR 45.4M for 2013, including EBITDA from associates

Stabilization in the production performance despite lower Q4
> Total production generated in Q4 2013: 98 GWh (net) – down 3 %
> Total production generated in 2013: 405 GWh (net) – up 12 %

Stable Outlook for 2014
> Net production: 390 – 400 GWh
> Revenue (including associates): EUR 71 – 76M
> EBITDA (including associates): EUR 40 – 42M

Financials 2012 confirm Greentech’s positive trend
– 31% increase in net production to 361.2 GWh
– 28% increase in pro-forma consolidated revenue for 2012 to EUR 59.9 M
– 25% increase in pro-forma consolidated revenue for 2012 including revenue from associates to EUR 70.7 M
– 67% increase in pro-forma consolidated EBITDA for 2012 to EUR 31.7M adjusted for non-recurring costs
– 48% increase in pro-forma consolidated EBITDA for 2012 including EBITDA from associates to EUR 38.6M adjusted for non-recurring costs
– 2012 loss before tax of EUR 7.5M (loss of EUR 4.0M before tax adjusted for non-recurring costs)

Significant production increase and positive trend in weather conditions
– Total production generated in Q4 2012: 126 GWh (gross) – up 7%
– Total production generated in 2012: 444 GWh (gross) – up 24%
– Actual wind production vs. estimates +8% in Q4 2012 and -5% for the full year 2012
– Solar conditions above expected level for 2012

New CFO appointed
– In the end of November 2012, Alessandro Reitelli was appointed new CFO of Greentech and continues to hold the position as COO ad interim

Cagliari II project in full operation
– The Cagliari II project (Energia Alternativa) entered into full operation in mid-November 2012

New operational solar plants
– 3 solar plants with an aggregate capacity of approx. 2 MW were acquired from Pirelli Group in the end of December 2012

Events occurred after 31 December 2012
– In January 2013 Greentech has sold its 50% stake of the Wojciechowo project in Poland to the partner PGE Energia Odnawlalna S.A.
– The financing of the project Cagliari II for EUR 14.5M was completed on 18 February 2013

Confirmation of the results published in relation to the Q4 results for 2011: – 2011 profit of EUR 11.3M – 32% increase in pro-forma consolidated revenue for 2011 to EUR 46.8M – 35% increase in pro-forma consolidated revenue for 2011 including revenue from associates to EUR 56.5M – 726% increase in pro-forma consolidated EBITDA before impairment for 2011 to EUR 19M – 313% increase in pro-forma consolidated EBITDA before impairment for 2011 including EBITDA from associates to EUR 26M.

Growth in production and capacity: – 67% increase in gross production for 2011 to 358.1 GWh – 31% increase in gross installed capacity to 290 MW.

Outlook for 2012: In relation to the publication of the Annual Report 2011, the Management foresees the following range of projections for 2012: – Net production: 375 – 390 GWh – Gross capacity: 380 MW – Revenues (incl. associates): EUR 72 – 80M – EBITDA (incl. associates): EUR 43 – 48M – EBITDA margin: 60%.

Strong increase in power generation and revenue
– Revenue for 2010 was up 44.5 % to EUR 14.6M
– Total net output reached 163.4 GWh, an increase of 68.5 %.

Growth in capacity
– Net installed capacity at the end of the year increased by 143 % to166 MW from the end of 2009
– Commencement of diversification by venturing into solar projects.

New strong management team and Board of Directors
– In October 2010 a new, international Board of Directors was elected
– In November 2010 a new strong management team was introduced.

Result for 2010
– The result for 2010 adjusted to exclude special, non-cash items related to the write-down of pipeline projects held in the balance sheet and other group restructuring expenses amounts to a loss of EUR 3.9M. The result for 2010 including other special items amounts to a loss of EUR 52.1M.

Outlook for 2011
The Management currently foresees the following range of projections for 2011:
– Production of 240 – 250 GWh
– Revenues of EUR 21 – 24M
– EBITDA of EUR 15 – 18M