Greentech Energy Systems A/S reported consolidated unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenue of EUR 13,664,000 against EUR 3,203 million a year ago. Operating profit before impairment was EUR 3,139,000 against operating loss before impairment of EUR 361,000 a year ago. Operating profit was EUR 3,139,000 against operating loss of EUR 361,000 a year ago. Profit before tax was EUR 384,000 against loss before tax of EUR 1,168,000 a year ago. Loss for the period was EUR 939,000 against EUR 1,038,000 a year ago. Loss for the period attributable to shareholders of the company was EUR 756,000 or EUR 0.01 per diluted share against EUR 319,000 or EUR 0.02 per diluted share a year ago. Cash flows used in operating activities were EUR 262,000 against cash flows from operating activities of 64,000 a year ago. Purchase of property, plant and equipment was EUR 2,631,000 against EUR 20,008,000 a year ago. Negative return on equity was 0.4% against 1.4% a year ago. Net asset value per share as on March 31, 2012 was EUR 2.35 against EUR 1.22 as on March 31, 2011. EBITDA before impairment was EUR 8,104,000 against EUR 401,000 a year ago. The pro-forma consolidated revenue was EUR 8,529,000, increased 60% from first quarter of 2011. The increase is primarily related to the additional installed/acquired capacity during 2011 and also due to improved wind conditions in 2012 compared to 2011. The pro-forma consolidated EBITDA has been improved by 161% to EUR 8.1 million compared to EUR 3,104,000 for the same period last year. The increase of EBITDA is primarily related to the new operational capacity in Italy/Spain, which commenced in 2011, but only in 2012 is fully operational and also the implemented cost savings in the administration. For the full year 2012, the company expects net production of 375 GWh to 390 GWh. For the full year 2012, the company expects revenue (incl. associates) of EUR 72 million to EUR 80 million and EBITDA (incl. associates) of EUR 43 million to EUR 48 million.