polyczyno_poland_upper

Company Announcements

  • 18/2018: Monthly update for October 2018

    Wind

    • In October 2018, the total wind production was 18% above estimates.
    • In particular, due to extremely good wind conditions, production generated in all our countries was higher than expected.
    • Net wind production year-to-date was 4% lower than budget and in line with the same period last year.

     

    Solar

    • In October 2018, the total solar production was 10% below budget.
    • In particular, the irradiation was lower than expected both in Italy and Spain.
    • Net solar production year-to-date was slightly lower than estimates and lower than the same period last year (-10%).

     

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  • 17/2018: Arbitration against the Kingdom of Spain: final award

    In November 2015, the Company initiated an arbitration procedure under the Energy Charter Treaty (“ECT”) against the Kingdom of Spain related to certain changes in the Spanish renewable energy legal framework. These changes negatively affected the value of the investment made in the previous years in the solar technology and infringed article 10 of the ECT. At that time, the Company owned photovoltaic plants for a total installed capacity of 6.7MW.

    Today, the Company was granted the final award for this arbitration with a very positive outcome.
    The award covers damages, the cost of arbitration and certain costs incurred by the Company. Also, the award grants the Company the payment of interest on the damages assessed from June 30 2014 to the date of the final payment of the award.

    The net award for the Company amounts to approx. EUR 11M which will be accounted for as special items.

    A similar arbitration procedure under the ECT is currently in progress against the Republic of Italy but the Company is not in position to assess the outcome of this arbitration at the current point in time.

     

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  • 16/2018: Changes in the Board of Directors

    As announced in Company Announcement No. 15/2018, on 13 November 2018, Mr. Luca Rovati and Mr. Alessandro Rovati resigned from their position respectively as Chairman and member of the Board of Directors of the Company for personal reasons.

    The Board of Directors of Athena Investments A/S met today to decide on the new roles of its directors and reconstituted itself.

    The Board of Directors elected Peter Høstgaard-Jensen as its Chairman and Sigieri Diaz della Vittoria Pallavicini was confirmed as its Deputy Chairman.

    Following the above, the Board of Directors of Athena Investments A/S consists of:

    Mr. Peter Høstgaard-Jensen, Chairman
    Mr. Sigieri Diaz della Vittoria Pallavicini, Deputy Chairman
    Mrs. Michèle Bellon, Member of the Board of Directors
    Mr. Valerio Andreoli Bonazzi, Member of the Board of Directors
    Mr. Jean-Marc Janailhac, Member of the Board of Directors

     

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  • 15/2018: Changes in the Board of Directors

    Mr. Luca Rovati and Mr. Alessandro Rovati have resigned from their position respectively as Chairman and member of the Board of Directors of the Company for personal reasons.

    The Board of Directors will meet tomorrow to decide on the new roles of its directors and reconstitute itself.

    The Board of Directors thanks Mr. Luca Rovati and Mr. Alessandro Rovati for the work they have performed in the Group in the last years and wish them all the best in the prosecution of their professional careers.

    Following the above, the Board of Directors of Athena Investments A/S consists of:

    Mr. Peter Høstgaard-Jensen, Deputy Chairman
    Mr. Sigieri Diaz della Vittoria Pallavicini, Deputy Chairman
    Mrs. Michèle Bellon, Member of the Board of Directors
    Mr. Valerio Andreoli Bonazzi, Member of the Board of Directors
    Mr. Jean-Marc Janailhac, Member of the Board of Directors

     

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  • 14/2018: Sale of “Polczyno” wind farm

    As anticipated in Company Announcement No. 13/2018, Athena Investments A/S (“Athena”) completed the transaction for the sale of its wind farm located in Polczyno to a private Polish investor.

    Following the sale of the Polish turbines, Athena no longer owns renewable energy plants in Poland.

    The total price of the transaction was EUR 0.5M.

     

    Read the PDF file

     

  • 13/2018: Sale of “Polczyno” wind farm

    As anticipated in the Interim Financial Report for 2018, the Management of Athena has been pursuing opportunities for the disposal of the Company’s Polish assets and today signed an agreement for the sale of the wind farm located in Polczyno to a private Polish investor.

    The wind farm consists of 2 Enercon turbines for a total net capacity of 1.6 MW and was commissioned in August 2006.

    The total transaction price for the wind farm amounts to EUR 0.5M.

    After the satisfaction of some conditions precedent, Athena expects to complete the transaction within Q4 2018.

     

    Read the PDF file

     

  • 12/2018: Monthly update for September 2018

    Wind

    • In September 2018, the total wind production was 33% below estimates.
    • Net wind production year-to-date was 6% lower than budget and in line with the same period last year.

     

    Solar

    • In September 2018, the total solar production was in line with budget.
    • In particular, the average irradiation was higher than estimates in Italy and lower than expected in Spain.
    • Net solar production year-to-date was in line with estimates and lower than the same period last year (-9%).

     

    Read the PDF file

     

  • 11/2018: Monthly update for August 2018

    Wind

    • In August 2018, the total wind production was 33% below estimates.
    • In particular, due to extremely poor wind conditions, production generated in all our countries was lower than expected.
    • Net wind production year-to-date was slightly lower than budget and fairly higher than the same period last year (+5%).

     

    Solar

    • In August 2018, the total solar production was 9% lower than budget.
    • In particular, the average irradiation was lower than estimates both in Italy and Spain.
    • Net solar production year-to-date was slightly lower than estimates and lower than the same period last year (-10%).

     

    Read the PDF file

     

  • 10/2018: Monthly update for July 2018

    Wind

    • In July 2018, the total wind production was 8% below estimates.
    • In particular, due to poor wind conditions, production generated in all our countries was lower than expected.
    • Net wind production year-to-date was in line with budget and fairly higher than the same period last year (+9%).

     

    Solar

    • In July 2018, the total solar production was in line with budget.
    • In particular, the average irradiation was in line with estimates both in Italy and Spain.
    • Net solar production year-to-date was in line with estimates but lower than the same period last year (-10%).

     

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  • Interim Financial Report – Half Year 2018

    Positive trend in financials for H1 2018
    -4% decrease in revenue to EUR 27.2M mainly due to changes in perimeter (+2% excluding changes in perimeter)
    Stable EBITDA amounting to EUR 20.3M (EUR 24.3M including Joint Ventures)
    11% profit increase to EUR 5.4M

    Stable production trend in H1 2018
    +10% in total net production in H1 2018 vs H1 2017: 180 GWh (excluding change in perimeter)
    • Actual wind production in line with estimates
    -3% in actual solar production vs estimates

    Positive trend in Athena’s share price
    +25% six-month average H1 2018 (8.89DKK) vs H1 2017 (7.13DKK)

     

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  • 09/2018: Monthly update for June 2018

    Wind

    • In June 2018, the total wind production was 9% below estimates.
    • In particular, due to poor wind conditions all around Europe, production generated in all our countries was lower than expected. However, compared to June 2017, production was higher in Italy in general (+15%) and especially in the Minerva Messina plant (+82%).
    • Net wind production year-to-date was in line with budget and significantly higher than the same period last year (+15%).

     

    Solar

    • In June 2018, the total solar production was 5% lower than estimates.
    • In particular, the average irradiation was lower than expected both in Italy (-6%) and Spain (-10%).
    • Net solar production year-to-date was slightly lower than estimates and the same period last year (-13%).

     

    Read the PDF file

     

  • 08/2018: Monthly update for May 2018

    Wind

    • In May 2018, the total wind production was 33% below estimates.
    • In particular, due to poor wind conditions, production generated in all our countries was lower than expected.
    • Net wind production year-to-date was in line with budget and significantly higher than the same period last year (+15%).

     

    Solar

    • In May 2018, the total solar production was 6% lower than estimates.
    • In particular, the average irradiation was lower than expected both in Italy (-9%) and Spain (-5%).
    • Net solar production year-to-date was in line with estimates but considerably lower than the same period last year (-13%).

     

    Read the PDF file

     

  • 07/2018: Monthly update for April 2018

    Wind

    • In April 2018, the total wind production was 14% below estimates.
    • In particular, due to extraordinary poor wind conditions in Italy, production generated in our plants was 19% lower that expected. On the contrary, production from Spain (+21%) and Poland (+5%) was higher than expected due to good wind conditions.
    • Net wind production year-to-date was fairly higher than budget (+7%) and considerably higher than the same period last year (+26%).

     

    Solar

    • In April 2018, the total solar production was 3% higher than estimates.
    • In particular, the average irradiation was higher than expected in Italy and lower than expected in Spain.
    • Net solar production year-to-date was in line with estimates but considerably lower than the same period last year (-13%).

     

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  • 06/2018: Minutes of Annual General Meeting 2018

    The Annual General Meeting of Athena Investments A/S was held today.

    The shareholders at the General Meeting adopted the Board of Directors’ report on the activities, the Annual Report for 2017 and the distribution of the result for the year as proposed in the Financial Statements. The dividend will amount to DKK 0.259 (EUR 0.035) per share.

     

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  • 05/2018: Monthly update for March 2018

    Wind

    • In March 2018, the total wind production was 31% above estimates.
    • In particular, due to extraordinary favorable wind conditions, production generated in Spain (+44%) and Italy (+28%) was significantly higher than expected and higher that the same period in 2017, +94% and +65% respectively.
    • Net wind production year-to-date was considerably higher than budget (+13%) and the same period last year (+28%).

     

    Solar

    • In March 2018, the total solar production was 11% below estimates.
    • In particular, the average irradiation was lower than expected both in Italy (-16%) and Spain (-22%).
    • Net solar production year-to-date was in line with estimates but considerably lower than the same period last year (-16%).

     

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  • Notice of Annual General Meeting 2018

    Pursuant to article 8 of the articles of association, notice is given that the Annual General Meeting of Athena Investments A/S will be held on Tuesday, 24 April 2018 at 3.00 pm at Radisson Blu Royal Hotel, Hammerichsgade 1, 1611 Copenhagen, Denmark.

     

    Read the Notice

    Read the Complete Proposals

     

     

  • Annual Report for 2017

    Athena hereby publishes its Annual Report for 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

     

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  • 04/2018: Monthly update for February 2018

    Wind

    • In February 2018, the total wind production was 8% below estimates.
    • In particular, due to poor wind conditions, production generated in all our countries was lower than expected.
    • Net wind production year-to-date is still fairly higher than budget (+4%) and the same period last year (+10%).

     

    Solar

    • In February 2018, the total solar production was in line with estimates.
    • In particular, the average irradiation was higher than expected in Spain, raising the solar production by +17% compared to estimates. In Italy, the solar production was slightly lower than expected (-5%) due to a lower average irradiation.
    • Net solar production year-to-date is still fairly higher than expected (+5%) but lower than the same period last year (-5%).

     

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  • 03/2018: Monthly update for January 2018

    Wind

    • In January 2018, the total wind production was 14% above estimates.
    • On the one hand, due to favourable wind conditions, the Italian wind farms performed significantly above budget: 27%. On the other hand, the Spanish and Polish wind turbines performed lower than expected but fairly higher (+9%) than the same period last year.

     

    Solar

    • In January 2018, the total solar production was 8% higher than estimated.
    • The average irradiation was fairly higher than expected in Italy and slightly lower than expected in Spain which was compensated by a good availability of the La Castilleja plant. The Italian and Spanish solar plants delivered a production of +10% and +4% respectively compared to estimates.

     

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  • 02/2018: Sale of Gehlenberg wind farm

    As anticipated in Company Announcement No. 19/2017, Athena Investments A/S (“Athena”) completed the transaction for the sale of its German wind farm Gehlenberg to Energiequelle.

    Following the sale of the German turbines, Athena no longer owns renewable energy plants in Germany.

    The total price of the transaction was EUR 9.0M.

     

     

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  • 01/2018: Monthly update for December 2017

    Wind

    • In December 2017, the total wind production was 27% above estimates.
    • In particular, due to extraordinary favorable wind conditions in almost all our countries, production generated was considerably higher than expected in Italy (+34%), Poland (+30%) and Spain (+35%) where production was 151% higher compared to December 2016.
    • In 2017, the wind portfolio reached a total net production of approx. 310 GWh which was in line with 2016.

     

    Solar

    • In December 2017, the total solar production was 11% higher than estimated.
    • In particular, due to higher irradiation, the Spanish and Italian solar plants performed significantly above budget: 22% and 6% respectively.
    • In 2017, the solar portfolio generated a net production of approx. 64 GWh which was 3% higher than in 2016.

     

    In 2017, Athena’s wind and solar assets have delivered a combined production in line with the Outlook announced in the Annual Report for 2016 and slightly higher than the Revised Outlook for 2017 (Company Announcement No. 16/2017).

     

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