The energy group Andel is merging its subsidiaries Andel Energi, Clever, and Watts to create Denmark's largest energy company. At the same time, the top management is strengthened with Casper Kirketerp-Møller as commercial director and Christina Nielsen as the new finance director.
The merger is launched alongside the half-year financial report, where revenue increased by 27 percent to 53.7 billion DKK. The operating profit grew by 16 percent to 1.7 billion DKK, aided by progress in Infrastructure and Customer Solutions, while energy production was pressured by headwinds in the renewable energy market.
Massive loss on Ørsted shares
The result before adjustment of Ørsted shares was 117 million DKK, but an unrealised loss of 1.1 billion DKK on the Ørsted shareholding dragged the bottom line down to a pre-tax loss of nearly one billion DKK.
Andel maintains an expectation of an annual pre-tax result of around 200 million DKK but points out that difficult framework conditions for new renewable energy production can still negatively affect the accounts.
In the first half of the year, the group invested 2.3 billion DKK, of which 1.6 billion was in the electricity grid in Zealand, Lolland-Falster, and the islands. For the whole year, investments are expected to exceed 5 billion DKK.
CEO Jesper Hjulmand highlights that the merger is intended to unite the forces behind the electrification of Denmark and support the green transition, which is under pressure.
