In 2017, the EWII Group realised a loss of DKK 14 million and a pre-tax profit of DKK 72 million, which is under budget. These results are not satisfactory. The pre-tax profits were affected by DKK 140 million due to the inclusion of the collection rights in TREFOR Vand A/S. This is the result of the trial tax case in the water sector.
EWII Invest realised profits of DKK 139 million, which is satisfactory given the market conditions and the risk profile chosen. This year’s return on financial investments is equivalent to a 6.6% return on invested capital.
In 2017, revenue totalled DKK 1,474 million, which is a loss of DKK 173 million compared to 2016.
This is the effect of the introduction of the wholesale model on 1 April 2016, according to which DKK 312 million of PSO charges and duties will no longer be included in revenue.
The results should be viewed in light of the DKK 65 million discount given to customers in TREFOR El-net A/S and given that TREFOR Vand A/S has charged DKK 75 million less than the price cap and that customers have been granted a further discount of DKK 10 million since transaction fees have not been charged. EWII achieved a positive operating profit with an EBITDA of DKK 256 million.
Balance sheet and equity
The consolidated balance sheet for 2017 stands at DKK 9,853 million. Equity, which totalled DKK 4,672 million in 2017, is a loss of DKK 46 million from last year. This is due to adjustments of equity in associates and group enterprises.