Fra årsrapport:
The drop in energy prices and the effect of regulatory changes in Italy and Spain have influenced the performance of 2014 negatively. The writedowns resulting from the impairment test (EUR – 16.3M including tax assets) explain the result of 2014 and show that the negative effect of price scenario should last. For this reason Greentech has started a cost-cutting process accounted for EUR -1.5M in the 2014 financial statements. In 2014, EUR – 3.8M were reclassified as Special Items (for more details see Note 9). For this reason the actual EBITDA is higher than the revised outlook and in line with the original outlook. During 2014, wind conditions, extraordinarily positive in 2013, were generally favourable in Southern Europe, while Northern Europe performed below expected level. Overall, the Wind production was in line with expectations. Solar conditions were average during the year and generated a solar production in line with expectations and with the year-earlier performance. Revenue for 2014 has also been adversely affected by a delay in the expected performance of the Environment business due to the weak Italian economy and to the delay in the strategic repositioning.
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