Equinor-owned Danish energy trader Danske Commodities presents big news Friday upon the release of its annual report.
The company has appointed the replacement for founder and chief executive of many years, Henrik Lind. Current Chief Financial Officer Helle Østergaard Kristiansen is appointed as CEO, effective April 1.
Lind will hold a position as a member of the board of directors, writes Danske Commodities in a press release.
"Helle is the perfect choice as Danske Commodities' new CEO. Through her four years as CFO and total of eight years with Danske Commodities, she has been vital in shaping the successful company that Danske Commodities is today. Most recently, she has played a key role in developing the Company's new corporate strategy LEVEL UP – a strategy that she will now be responsible for executing," writes Danske Commodities Chair Tor Martin Anfinnsen.
Kristiansen says she is honored by and pleased with the appointment.
"We are an agile and adaptable company with an extraordinary company culture and highly skilled employees, and with our new strategy as our guiding point, I look forward to strengthening our business through digitalization and exploring opportunities for growth in global energy markets," the new CEO says.
Hitherto best result
Meanwhile, the energy trader's freshly published 2018 annual report shows its best results to date.
Earnings before interest and taxes increased to EUR 72 million, up 28 percent from 2017. Revenue in 2018 hit EUR 9.377 billion against EUR 5.472 billion from the preceding year.
The bottom line shows EUR 123 million, up 19 percent from 2017, and the cost base surged 9 percent.
Danske Commodities attributes its fine figures to higher power prices and a larger trading volume.
"In volatile energy markets characterized by periods of extreme weather conditions not foreseen by the markets, we benefited from our short response time and efficient operating setup, and we have exceeded our financial expectations for the year," Lind writes, adding:
"While we do not expect to repeat this performance in 2019, the coming years will be exciting and transformative. We are now part of Equinor and see great opportunities in combining our expertise in energy trading with Equinor's leading position in gas, growing renewables portfolio and strong balance sheet. We have a clear strategy in place and are strongly positioned for the future."
Danske Commodities was founded by Lind in 2004, and the trader is described as one the greatest success stories in the domestic energy sector in recent times. Equinor purchased the company last year for EUR 400 million plus "contingent payments depending on Danske Commodities' performance over the next couple of years."
English Edit. Daniel Frank Christensen
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