Sales increased and reached an all-time high at 350 GWh. Revenues exceeded expectations, although green energy generation decreased and costs of thermal energy production increased
The final result before taxes was DKK 75.6 million, compared to a budgeted DKK 76.5 million.
The result after taxes was calculated to be DKK 62.4 million, compared to DKK 62.7 million. Management is satisfied with this result.
NET REVENUE DKK 20 MILLION HIGHER THAN BUDGETED
Net turnover is now nearly one-half billion kroner and sales have reached a record 350.4 GWh.
The budget envisioned an increase in electricity sales of around 7%, which in the end increased by nearly 9%. In total, net revenue is DKK 20.1 million more than budgeted, and this increased income over budget stems from higher kWh sales and connection fees.
Income from kWh sales is DKK 470.0 million and this, in the main, is derived from increased sales to the fishing and aquaculture industries and the production and construction industries.
Sales to private customers also increased. Income derived from connection fees is DKK 24.0 million, which is DKK 13.0 million higher than budgeted and stems from several major connections.
The income from the fixed fee increased a little over the previous year.
OIL EXPENSES DKK 23 MILLION HIGHER THAN BUDGETED
Good weather in spring and summer, in addition to major growth in electricity demand, resulted in SEV using much more oil than budgeted, especially gasoil, which represents the largest portion of increased costs. To meet demand, it was necessary to support the heavy-oil thermal motors by producing electricity from the motors that use gasoil, which is considerably more expensive.
Annual Report 2019