Market announcement
Enefit Green AS
LEI code
485100EAUB2D0VTK1R43
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10154
Attachments
Submission date and time
28.02.2023 22:07:59
Content of announcement in Estonian
Title
Enefit Greeni IV kvartali ja 12 kuu 2022 auditeerimata finantstulemused
Message
Enefit Greeni IV kvartali 2022 konsolideeritud äritulud suurenesid aastaga 20 protsenti 82,8 miljoni euroni. Kvartali kulumieelne ärikasum (EBITDA) langes 8 protsenti 45,8 miljoni euroni. Puhaskasumit teenis grupp aasta viimases kvartalis 35,4 miljonit eurot, mida on 10 protsenti vähem eelmise aasta sama perioodiga võrreldes. 2022. aasta kokkuvõttes kasvasid Enefit Greeni konsolideeritud äritulud 40 protsenti 257,0 miljoni euroni, EBITDA 27 protsenti 154,8 miljoni euroni ning puhaskasum 38 protsenti 110,2 miljoni euroni. 2022. aasta kasum aktsia kohta (arvestades 2021. aasta oktoobris toimunud IPO järgset aktsiate arvu) oli 0,42 eurot (2021: 0,30 eurot). Enefit Greeni juhatuse esimehe Aavo Kärmase kommentaar: ?2022. aasta kinnitas, et kliimaeesmärkide kõrval on taastuvenergia tähtis ka energiajulgeoleku ja elektri hindade tõttu. Venemaa agressioon Ukrainas pani kogu Euroopa otsima lahendusi muutlikele energiahindadele ning varustuskindluse riskidele. Suurima mõjuga lahendus energiakriisile on taastuvenergia tootmise suurendamine. Lõppenud aastal tegi Enefit Green taskukohase hinnaga elektri turule toomiseks kokku poole miljardi euro ulatuses investeerimisotsuseid, millest kolm olid maismaatuulepargi ja kolm päikesepargi rajamise kohta. Nende hulgas alustasime Eestis 255-megavatise Sopi-Tootsi tuulepargi ehitust ja Leedus kolme-etapilise Kelme projekti esimese, 80 megavatise osa rajamist. Ehitame kokku praegu kümmet uut tuule- ja päikeseparki koguvõimsusega 596 megavatti. See tähendab, et ehituses olev tootmisvõimsus on suurem kui Enefit Greeni praegune tootmisvara. Enefit Green tootis 2022. aastal 1,1 teravatt-tundi elektrit ja 566 gigavatt- tundi soojusenergiat. Mõlema valdkonna toodang jäi alla aasta varasemale ning seda eelkõige tuulekiiruse ja madalama töökindluse tõttu. Vaatamata mõnevõrra väiksemale tootmismahule paranesid majandustulemused. Liikusime mullu kindlalt edasi strateegia kursil, et suurendada tootmisvõimsust neljakordseks 2026. aasta lõpuks. Töötame selle nimel, et jõuda oma meeskonnaga käesoleval aastal uute maismaatuule-ja päikeseparkide investeerimisotsusteni kogumahus kuni 480 megavatti. Meid toetab sel teel ligi 60 000 investorit, kelle usaldus annab kindlust jätkata investeeringuid roheenergeetikasse. Enefit Green juhatus teeb kooskõlastatult nõukoguga ettepaneku maksta aktsionäridele dividendidena 55,0 miljonit eurot ehk 0,208 eurot aktsia kohta." Veebiseminar 2022. aasta tulemuste tutvustamiseks Enefit Green korraldab investoritele homme, 01. märtsil kell 11.00 (eesti aeg) eestikeelse veebiseminari 2022. aasta tulemuste tutvustamiseks. Osalemiseks palume kasutada seda linki (https://worksup.com/app/#/event/EGR0103/) (vajaduse korral sisestage sündmuse ID: EGR0103). Olulisemad sündmused 2022. aastal * Kolm uue tuulepargi rajamise investeerimisotsust - kokku 356 MW * Kolm uue päikesepargi rajamise investeerimisotsust - kokku 41 MW * 2022 tehtud investeerimisotsuste koguväärtus ca 500 mln EUR * 4,9 TWh uusi pika-ajalisi fikseeritud hinnaga elektrimüügilepinguid (PPA) * Enefit Greeni jätkusuutliku arengu põhimõtete kinnitamine Peamised näitajad +--------------------+---------+---------+--------+-+--------+--------+--------+ | | IV kv| IV kv| | | | | | | | 2022| 2021|Muutus %| |12k 2022|12k 2021|Muutus %| +--------------------+---------+---------+--------+-+--------+--------+--------+ |TOOTMISMAHUD | | | | | | | | +--------------------+---------+---------+--------+-+--------+--------+--------+ | Elektrienergia,| | | | | | | | |GWh | 291| 385| -25%| | 1 118| 1 193| -6%| +--------------------+---------+---------+--------+-+--------+--------+--------+ | Soojusenergia, | | | | | | | | |GWh | 157| 174| -10%| | 566| 618| -9%| +--------------------+---------+---------+--------+-+--------+--------+--------+ | Pelletid, tuh t| 42| 38| 9%| | 154| 135| 14%| +--------------------+---------+---------+--------+-+--------+--------+--------+ | | | | | | | | | +--------------------+---------+---------+--------+-+--------+--------+--------+ |ÄRITULUD, mln EUR | 82,8| 68,9| 20%| | 257,0| 183,7| 40%| +--------------------+---------+---------+--------+-+--------+--------+--------+ | Müügitulu, mln | | | | | | | | |EUR | 76,4| 59,3| 29%| | 233,3| 153,0| 52%| +--------------------+---------+---------+--------+-+--------+--------+--------+ | Taastuvenergia | | | | | | | | |toetus jm äritulud, | | | | | | | | |mln EUR | 6,4| 9,6| -33%| | 23,7| 30,7| -23%| +--------------------+---------+---------+--------+-+--------+--------+--------+ |EBITDA, mln EUR | 45,8| 49,6| -8%| | 154,8| 121,5| 27%| +--------------------+---------+---------+--------+-+--------+--------+--------+ |PUHASKASUM, mln EUR | 35,4| 39,4| -10%| | 110,2| 79,7| 38%| +--------------------+---------+---------+--------+-+--------+--------+--------+ |EPS*, EUR (IPO järgse | | | | | | | | |aktsiate arvuga) | 0,13| 0,15| -10%| | 0,42| 0,30| 38%| +--------------------+---------+---------+--------+-+--------+--------+--------+ * - puhaskasum aktsia kohta Äritulud Grupi elektritoodang oli 2022. aastal 1 118 GWh (-75 GWh võrdlusperioodiga võrreldes). Grupi keskmine arvutuslik teenitud elektrihind oli aruandeperioodil 149 EUR/MWh (võrdlusperioodil 107 EUR/MWh). Äritulud kokku kasvasid summas 73,3 mln eurot, millest müügitulud 80,3 mln eurot ja taastuvenergia toetused ning muud äritulud -7,0 mln eurot. Müügitulude 80,3 mln euro suurusest kasvust 67,2 mln eurot tulenes elektrimüügist. Elektrimüügi kasvu mõjutas positiivselt enim Nord Pool Eesti elektrihindade kasv, vähemal määral ka Läti ja Leedu elektrihindade kasv. NP Eesti keskmine turuhind oli 192,0 EUR/MWh (86,5 EUR/MWh 2021. aastal). Grupi Eesti tootmisüksuste arvutuslik teenitud elektrihind oli 182,2 EUR/MWh (122,8 EUR/MWh 2021. aastal). Grupi Läti tootmisüksuste arvutuslikud teenitud elektrihinnad olid võrreldavatel perioodidel 208,7 EUR/MWh ja 100,6 EUR/MWh ning Leedu tootmisüksustel 86,9 EUR/MWh ja 78,9 EUR/MWh. Olulise faktorina mõjutavad arvutuslikke teenitud elektrihindu lisaks varasematele erinevatest toetusskeemidest tulenevatele mõjudele alates IV kvartalist 2022 ka PPA portfelli balansseerimisega seotud elektriostu tehingud. Kõrgete elektrihindade mõju müügituludele tasakaalustas madalam Eestis toodetud elektri kogus, mille mõju müügituludele oli -7,3 mln eurot. Toodangu languse põhjuseks olid tagasihoidlikumad tuuleolud ning Iru elektrijaama viienädalane remondiseisak. Madalamate töökindluste tõttu oli väiksem ka Leedus toodetud elektri kogus, mille mõju müügituludele oli -1,5 mln eurot. Märgatava mõjuga oli ka pelletite müük, mis suurenes 7,7 mln euro võrra. 2022.aastal müüdi pelleteid 149 tuhat tonni, 2021 171 tuhat tonni. Pelleti müügikogused olid küll väiksemad, kuid keskmine müügihind kasvas 55% võrra 203 EUR/tonnini. Soojusenergia toodang vähenes aastate võrdluses -9%, kuid müüdud soojuse hind tõusis 14%. Äritulude kasvu mõjutas 5,9 mln euroga ka kiirelt kasvav kuid madala kasumlikkusega ?võtmed kätte" päikeseteenus. Antud äri madal kasumlikkus viis meid aasta keskpaigas sellest ärist loobumiseni, millega kaasnes seonduvate laovarude müük. Kulud, EBITDA ja segmendiaruandlus Kaupade, toorme, materjali ja teenuste kulugrupp kasvas 42 mln euro võrra ehk 95%. Peamised muutused olid elektrienergia kuludes (suurenesid 24,5 mln eurot), mis kasvasid peamiselt suuremast bilansienergia kulust (tulenevalt elektrihinna tõusust) ja erakordselt madala IV kvartali toodangu tõttu PPA lepingute täitmiseks vajalikust elektriostust tingituna. Suurenesid ka tehnoloogilise kütuse kulud (10,8 mln eurot), tulenevalt oluliselt kõrgematest hakkepuidu ja puidujäätmete hindadest. Grupi tööjõukulud kasvasid 36% ehk 2,4 mln euro võrra võrreldes 2021. aastaga. Kasv tulenes täiskohaga töötajate arvu suurenemisest 165-lt 178-le ja olemasolevate töötajate tööjõukulude kasvust. Uued töötajad on lisandunud peamiselt arendusvaldkonnas, toetamaks meie kasvuplaani kõigil koduturgudel. Muud tegevuskulud kasvasid 2,6 miljoni euro võrra. Kasv leidis aset mitmetes kulurühmades: konsultatsiooniteenuste kuludes (0,8 mln eurot), IT kuludes (0,1 mln eurot), lähetuskuludes (0,2 mln eurot) ning maaga seotud kuludes (0,7 mln eurot). Maaga seotud kulud on tõusnud kõrgemate elektrihindade tõttu. Grupi EBITDA kasvu mõjutas enim elektrihindade kasv (+48,1 mln eurot, mis sisaldab ka oluliselt kasvanud elektri ostukulude mõju), aga ka kasvanud pelletimüügi tulud (+7,7 mln eurot) ja varude muutus (+7,0 mln eurot). Muutuvkulude kasvu mõju oli suurim negatiivne EBITDA mõjur (-20,5 mln eurot), mis tulenes kõrgetest biomassi hindade tõusust ning kõrgematest päikeseteenuse kuludest. Olulise negatiivse mõjuga (-8,7 mln eurot) EBITDA-le oli madalam elektritoodangu maht. Arendus- ning tööjõukulude kasv vedas püsikulude kasvu, mis samuti mõjutasid negatiivselt EBITDA-d (-5,1 miljonit eurot). Aruandeperioodil oli nii EBITDA kui äritulude vaatest grupi suurim tuulenergia segment (58% ärituludest ja 71% EBITDA-st). Koostootmise segment panustas ärituludesse 37% ja tõi 32% EBITDA-st. Aruandeperioodi väikseim raporteeritav segment oli päikeseenergia, mille äritulud andsid 5% grupi ärituludest ja 2% EBITDA-st. Põhivara kulum, amortisatsioon ja allahindlus Põhivara kulum jäi aruande perioodil eelmise aasta tasemele. Kuigi investeeringute maht oli 194,6 miljonit eurot 2022. aastal, ei mõjutanud see kulumit, kuna enamasti on tegemist alles ehitusjärgus tuule- või päikeseparkide arendustega. Puhaskasum Grupi puhaskasum kasvas aruandeperioodil 30,5 miljoni euro võrra 110,2 miljoni euroni. Puhaskasumi kasvule aitasid enim kaasa kõrged elektri turuhinnad. Investeeringud Grupi investeeringud olid 2022. aastal 194,6 miljonit eurot, mida oli 118,1 miljonit eurot rohkem kui võrdlusperioodil. Kasv tulenes arendusinvesteeringutest, mis ulatusid 188,1 miljoni euroni. Sellest 111,4 mln eurot oli seotud kolme tuulepargi rajamisega: 62,5 mln eurot investeeriti Akmene tuuleparki, 30,7 mln eurot Shilale II tuuleparki ning 18,3 mln eurot Tolpanvaara tuuleparki. Lisaks omandas Enefit Green 26,9 mln euro eest Tootsi tuulepargi arenduse Eesti Energialt. Päikeseparkide arendustest investeeriti kõige rohkem Vändra päikesepargi arendusetappi 10,0 mln eurot ja lisaks omandati Enefit Green Solar OÜ summas 6,6 miljonit eurot. Baasinvesteeringuid tehti 2022. aastal 6,5 mln euro ulatuses (võrdlusperioodil 4,3 miljoni euro). Mullused baasinvesteeringud olid peamiselt seotud Eesti tuuleparkidega (2,3 miljonit eurot) ning Iru koostootmisjaamaga (1,8 miljonit eurot). Finantseerimine 2022. aastal keskendusime kapitali struktuuri optimeerimisele võttes välja ning refinantseerides varem sõlmitud laenulepinguid ning sõlmisime ja valmistasime ette uusi laenulepinguid, et finantseerida käimasolevat uute tuule- ja päikeseparkide investeerimisprogrammi. Grupi intressikandvate kohustuste maht 31. detsembri 2022 seisuga oli korrigeeritud soetusmaksumuses 279,6 miljonit eurot (123,5 miljonit eurot 31. detsembril 2021). Sellest moodustasid pangalaenud 275,0 miljonit eurot ja 4,6 miljonit eurot kapitalirendi kohustused. Keskmine välja võetud pangalaenude intressimäär (arvestades ka sõlmitud intressimäära vahetustehinguid) 31. detsembri 2022 seisuga oli 2,60% (1,44% 31. detsembril 2021). Võrreldes eelmise aastaga on 31. detsembri 2022 seisuga laenude baasintressimäärad oluliselt kasvanud. 3 kuu euribor tõusis 2,70 protsendipunkti võrra tasemele 2,13% ning 6 kuu euribor tõusis 3,24 protsendipunkti võrra tasemele 2,69%. 31. detsembri seisuga oli 61,2% Enefit Greeni välja võetud laenukohustustest kaetud intressimäära vahetustehingutega. Peale aruandlusperioodi lõppu jaanuaris 2023 allkirjastas Enefit Green 325 miljoni euro ulatuses laenulepinguid SEB ja Põhjamaade Investeerimispangaga. Põhjamaade Investeerimispangaga sõlmitud laenulepingu summa on 100 miljonit eurot ja laenu periood 12 aastat. SEB-ga sõlmitud laenulepingute mahuks on 225 miljonit eurot ja perioodiks 7 aastat. Dividendiettepanek Juhatus teeb kooskõlastatult nõukoguga ettepaneku maksta aktsionäridele 2023. aastal eelnevate perioodide kasumist dividendidena välja 55,0 mln eurot (0,208 eurot ühe aktsia kohta), mis moodustab 49,9% grupi 2022. aasta auditeerimata puhaskasumist. Lühendatud konsolideeritud kasumiaruanne tuhandetes eurodes IV kv 2022 IV kv 2021 2022 2021 Müügitulu 76 381 59 346 233 280 153 002 Taastuvenergia toetus ja muud äritulud 6 372 9 562 23 735 30 705 Valmis- ja lõpetamata toodangu varude jääkide muutus -1 304 -1 468 3 303 -3 708 Kaubad, toore, materjal ja teenused -30 486 -13 854 -85 954 -44 038 Tööjõukulud -2 470 -1 781 -9 111 -6 713 Põhivara kulum, amortisatsioon ja väärtuse langus -8 847 -9 553 -37 777 -38 146 Muud tegevuskulud -2 690 -2 236 -10 411 -7 790 ÄRIKASUM 36 956 40 016 117 065 83 312 Finantstulud 240 503 337 721 Finantskulud -1 688 -669 -2 342 -2 833 Neto finantstulud (-kulud) -1 448 -166 -2 005 -2 112 Kasum kapitaliosaluse meetodil investeeringutelt sidusettevõtjatesse 27 36 714 46 KASUM ENNE TULUMAKSUSTAMIST 35 535 39 886 115 774 81 246 Tulumaks -126 -516 -5 567 -1 585 ARUANDEPERIOODI KASUM 35 409 39 370 110 207 79 661 Tava ja lahustunud puhaskasum aktsia kohta Kaalutud keskmine aktsiate arv, tuh 264 276 256 405 264 276 86 707 Tava puhaskasum aktsia kohta, EUR 0,13 0,15 0,42 0,92 Lahustunud puhaskasum aktsia kohta, EUR 0,13 0,15 0,42 0,92 Tava puhaskasum aktsia kohta IPO järgse aktsiate arvuga IPO järgne aktsiate arv, tuh 264 276 264 276 264 276 264 276 Tava puhaskasum aktsia kohta, tuh 0,13 0,15 0,42 0,30 Lühendatud konsolideeritud finantsseisundi aruanne tuhandetes eurodes 31.12.2022 31.12.2021 VARAD Põhivara Materiaalne põhivara 776 870 612 503 Immateriaalne põhivara 60 382 68 239 Varade kasutusõigus 4 239 2 750 Ettemaksed põhivara eest 19 412 20 710 Edasilükkunud tulumaksuvara 1 321 442 Investeerinud sidusettevõtjatesse 506 578 Tuletisinstrumendid 11 277 0 Pikaajalised nõuded 40 78 Kokku põhivara 874 047 705 300 Käibevara Varud 14 227 9 529 Nõuded ostjate vastu, muud nõuded ja ettemaksed 41 091 22 373 Raha ja raha ekvivalendid 131 456 80 454 Tuletisinstrumendid 3 349 0 Kokku käibevara 190 123 112 356 Kokku varad 1 064 170 817 656 tuhandetes eurodes 31.12.2022 31.12.2021 OMAKAPITAL Emaettevõtja aktsionäridele kuuluv kapital ja reservid Aktsiakapital 264 276 264 276 Ülekurss 60 351 60 351 Kohustuslik reservkapital 3 259 479 Muud reservid 166 419 151 793 Realiseerimata kursivahede reserv -762 -965 Jaotamata kasum 225 190 157 673 Kokku omakapital 718 733 633 607 KOHUSTUSED Pikaajalised kohustused Võlakohustused 255 755 93 884 Sihtfinantseerimine 7 115 7 458 Tuletisvaba lepinguline kohustus 18 086 23 207 Edasilükkunud tulumaksukohustused 12 326 12 568 Muud pikaajalised võlad 3 000 3 000 Eraldised 9 13 Kokku pikaajalised kohustused 296 291 140 130 Lühiajalised kohustused Võlakohustused 23 808 29 572 Võlad hankijatele ja muud võlad 20 215 14 291 Eraldised 2 56 Tuletisvaba lepinguline kohustus 5 121 0 Kokku lühiajalised kohustused 49 146 43 919 Kokku kohustused 345 437 184 049 Kokku omakapital ja kohustused 1 064 170 817 656 Lisainfo: Sven Kunsing Finantssuhtluse juht [email protected] (https://www.globenewswire.com/Tracker?data=eahglFI0K4UUxwsmqXkQdO3N_ld1uojlGTE_ vteiKcyQu1wfu3r9tXxEfe64TI9iPjXXdLcA-1wKJKK402r4cwPqdjBXLG-Ga36PZFEEUJ4=) https://enefitgreen.ee/investorile/ (https://www.globenewswire.com/Tracker?data=2hvtWZj2Sah7P5FHBmegLeIoMx1_pu7PK9v_ TsWBkf-qdy705TQpwpl_2cNDmb3iCN- NkLHEs8SIwbSVVzso9h20XumT41kxmuMBN6kQDnpPywlTouLu7hjVZ5aMG9g6) Enefit Green on üks juhtivatest ja mitmekülgsematest taastuvenergia tootjatest Läänemere piirkonnas. Ettevõttele kuuluvad tuulepargid Eestis ja Leedus, koostootmisjaamad Eestis ja Lätis, päikesepargid Eestis ja Poolas, pelletitehas Lätis ning hüdroelektrijaam Eestis. Lisaks arendab ettevõte mitmeid tuule- ning päikeseparke ülalnimetatud riikides ja Soomes. 2022. aasta lõpu seisuga oli ettevõtte installeeritud elektritootmise koguvõimsus 457 MW ning soojusenergia tootmise koguvõimsus 81 MW. 2022. majandusaasta jooksul tootis ettevõte 1118 GWh elektrienergiat, 565 GWh soojusenergiat ja 154 tuhat tonni pelleteid.
Content of announcement in English
Title
Enefit Green unaudited financial results for Q4 and 12 months 2022
Message
In Q4 2022, Enefit Green group total revenues increased by 20% y-o-y to EUR82.8m.
EBITDA was down by 8% y-o-y at EUR45.8m. During the quarter, the group earned net
profit of EUR35.4m, which is 10% lower than in fourth quarter of 2021.
For the full year 2022, Enefit Green group total revenues increased by 40% y-o-y
to EUR257.0m and EBITDA was up by 27% y-o-y at EUR154.8m, net profit increased to
EUR110.2m or by 38% compared to the year before. Earnings per share (based on
post-IPO number of shares) for the full year was EUR0.42 (2021: EUR0.30).
Aavo Kärmas, Chairman of the Management Board of Enefit Green comments:
"2022 confirmed that in addition to climate goals, renewable energy is also
important due to energy security and electricity prices. Russia's aggression in
Ukraine led the whole of Europe to seek solutions to volatile energy prices and
security of supply risks. The greatest impact solution to the energy crisis is
to increase the production of renewable energy.
Last year, Enefit Green made a total of half a billion euros of investment
decisions to bring electricity to the market at an affordable price, three of
which were for the construction of wind farms and three for the construction of
solar farms. Among them, we started the construction of the 255-megawatt Sopi-
Tootsi wind farm in Estonia and the construction of the first 80-megawatt stage
of the three-stage Kelme project in Lithuania. We are currently building a total
of ten new wind and solar farms with a total capacity of 596 megawatts. This
means that the production capacity under construction is larger than that of
Enefit Green's current production assets.
Enefit Green produced 1.1 terawatt-hours of electricity and 566 gigawatt-hours
of thermal energy in 2022. The output was lower than a year earlier in both
cases, mainly due to wind speed and lower availabilities. Despite the somewhat
smaller volume of production, the financial results improved.
Last year, we firmly moved forward on the course of our strategy to increase
production capacity fourfold by the end of 2026. We are working to reach
investment decisions for new onshore wind and solar farms with our team this
year in the total volume of up to 480 megawatts. We are supported on this
journey by nearly 60,000 investors, whose trust gives us confidence to continue
investing in green energy. The Management Board of Enefit Green, in coordination
with the Supervisory Board, proposes to pay the shareholders 55.0 million euros
or 0.208 euros per share in the form of dividends."
Webinar to present the results of 2022
Tomorrow, March 1, 2023 at 12.10 EET Enefit Green will host a webinar in English
to present and discuss its 2022 results. To participate, please follow this link
(https://worksup.com/app/#/event/EGR0103/) (if asked, please use event id
EGR0103).
Significant events during 2022
* Three investment decisions to build a new wind farm - total capacity of 356
MW
* Three investment decisions to build a new solar farm - total capacity of 41
MW
* Total value of investment decisions made in 2022 - ca EUR500m
* 4.9 TWh of new PPA sales
* Adopting of the Sustainability Principles of Enefit Green
Key figures
+------------------------+-------+-------+--------+-+--------+--------+--------+
| |Q4 2022|Q4 2021|Change %| |12m 2022|12m 2021|Change %|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|PRODUCTION VOLUMES | | | | | | | |
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Electricity, GWh | 291| 385| -25%| | 1 118| 1 193| -6%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Heat, GWh | 157| 174| -10%| | 566| 618| -9%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Pellets, th tonnes | 42| 38| 9%| | 154| 135| 14%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
| | | | | | | | |
+------------------------+-------+-------+--------+-+--------+--------+--------+
|TOTAL REVENUES, mEUR | 82.8| 68.9| 20%| | 257.0| 183.7| 40%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Sales revenue, mEUR | 76.4| 59.3| 29%| | 233.3| 153.0| 52%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Renewable energy support| | | | | | | |
|and other income, mEUR | 6.4| 9.6| -33%| | 23.7| 30.7| -23%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|EBITDA, mEUR | 45.8| 49.6| -8%| | 154.8| 121.5| 27%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|NET PROFIT, mEUR | 35.4| 39.4| -10%| | 110.2| 79.7| 38%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|EPS, EUR (post-IPO number | | | | | | | |
|of shares) | 0.13| 0.15| -10%| | 0.42| 0.30| 38%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
Total revenues
The group's electricity production in 2022 was 1,118 GWh (-75 GWh compared to
2021). The implied captured electricity price of the group was 149 EUR/MWh in the
reporting period (107 EUR/MWh in the reference period).
Total revenues grew by EUR73.3m, the figure reflecting growth in sales revenue by
EUR80.3m as well as a decrease in renewable energy support and other income by
EUR7.0 million. Electricity sales revenue contributed EUR67.2m to the EUR80.3m growth
in sales revenue. The increase in electricity sales revenue was mainly driven by
a rise in electricity prices in the Estonia price area and to a lesser extent by
rising electricity prices in the Latvia and Lithuania price areas of the Nord
Pool power exchange (NP). The average market price in the NP Estonia price area
was 192.0 EUR/MWh (2021: 86.5 EUR/MWh). The implied captured electricity price of
the group's Estonian production units was 182.2 EUR/MWh (2021: 122.8 EUR/MWh). The
average implied captured electricity prices of the group's Latvian and
Lithuanian production units were 208.7 EUR/MWh (2021: 100.6 EUR/MWh) and 86.9 EUR/MWh
(2021: 78.9 EUR/MWh), respectively. As an important factor, in addition to the
previous effects arising from various support schemes, the average implied
captured electricity prices are from Q4 2022 onwards also influenced by
electricity purchase transactions related to balancing the PPA portfolio
starting from the fourth quarter of 2022.
The effect of high electricity prices was counterbalanced by a lower electricity
production volume in Estonia, which lowered sales revenue by EUR7.3m. Production
volume decreased due to less favourable wind conditions and repair works lasting
for five weeks at the Iru power plant which required the facility to be offline.
Lower availability also reduced the quantity of electricity produced in
Lithuania, which lowered sales revenue by EUR1.5m year on year.
Pellet sales revenue supported total revenue growth with a strong EUR7.7m. Pellet
sales volume was 149k tonnes compared with 171k tonnes in 2021. While sales
volume was smaller, the average sales price grew by 55%, rising to 203 EUR/t.
Heat production decreased by 9% compared with 2021 but the price of heat sold
grew by 14%.
The growth in total revenues was also supported by rapidly expanding turnkey
solar services whose sales revenue grew by EUR5.9m year on year. Due to its low
profit margin, we decided to exit this business in the middle 2022 and sold
related inventories.
Expenses, EBITDA and segmental reporting
Expenses on raw materials, consumables and services grew by EUR42m, i.e. 95%. The
biggest change was in electricity costs, which grew by EUR24.5m due to higher
electricity prices which increased the costs on balancing energy and due to
extraordinarily low production outcome in Q4 2022 which drove electricity
purchases to fulfil PPAs. Expenses on technological fuel grew by EUR10.8m due to
significantly higher wood chip and waste wood prices.
The group's payroll expenses grew by EUR2.4m, i.e. 36% compared with 2021 due to
an increase in the average number of full-time employees from 165 to 178 as well
as growth in existing employees' payroll expenses. New people were mostly hired
to the development team to support the group's growth plan in all its core
markets.
Other operating expenses grew by EUR2.6m. Several cost items increased, including
consulting expenses by EUR0.8m, IT expenses by EUR0.1m, business travel expenses by
EUR0.2m and land-related expenses by EUR0.7m. Land-related expenses have increased
due to higher electricity prices.
The growth in Group EBITDA was mainly driven by the increase in electricity
prices (+EUR48.1m, which also includes the impact of significantly higher cost of
electricity purchases), as well as increased pellet sales revenue (+EUR7.7m) and
inventory changes (+EUR7.0m). Among negative contributors to EBITDA, the increase
of variable costs was the most important one (minus EUR20.5m) due to higher
biomass prices and higher solar service expenses. Another important negative
contributor (minus EUR8.7m) was lower volume of electricity production. The growth
in development and labour costs was the driver behind fixed costs, which also
had a negative impact on EBITDA (minus EUR5.1m).
Depreciation, amortisation and impairment (D&A)
D&A expense remained stable compared with a year earlier. Although the volume of
investments made in 2022 extended to EUR194.6m, this did not affect D&A expense
because investments were mostly made in wind and solar farm development projects
which are still in the construction phase.
Net profit
The group's net profit grew by EUR30.5m, rising to EUR110.2m. The key factor behind
the vigorous growth was high market prices of electricity.
Capital Expenditure
The group's capital expenditures grew by EUR118.1m year on year, rising to EUR194.6m
in 2022. Growth resulted from development investments, which extended to
EUR188.1m. Out of the total, EUR111.4m was invested in the construction of three
wind farms: EUR62.5m in the Akmene wind farm, EUR30.7m in the Shilale II wind farm
and EUR18.3m in the Tolpanvaara wind farm. In addition, Enefit Green acquired the
Tootsi wind farm development from Eesti Energia for EUR26.9m. The largest
expenditures on solar developments were investments of EUR10.0m made in the
development of the Vändra solar farm and additionally the group acquired Enefit
Green Solar OÜ for EUR6.6m. Base investments (expenditure on the improvement and
maintenance of existing assets) amounted to EUR6.5m compared with EUR4.3m in
2021. 2022 base investments were mainly made in the Estonian wind farms (EUR2.3m)
and the Iru cogeneration plant (EUR1.8 m).
Financing
In 2022, we focused on optimising our capital structure by drawing down and
refinancing previously secured loans as well as signing and preparing new loan
agreements to finance our ongoing wind and solar energy investment programme.
The amortised cost of the group's interest-bearing liabilities at 31 December
2022 was EUR279.6m (31 December 2021: EUR123.5m). The figure comprises bank loans
and finance lease liabilities of EUR275.0m and EUR4.6m, respectively.
The average interest rate of bank loans (considering also concluded interest
rate swaps) drawn down at 31 December 2022 was 2.60% (31 December 2021: 1.44%).
The base interest rates at the end of 2022 were significantly higher than a year
earlier. During the year, 3-month Euribor increased by 2.70 percentage points,
rising to 2.13%, and 6-month Euribor increased by 3.24 percentage points, rising
to 2.69%. At 31 December, the interest rate risk of 61.2% of the loans drawn
down by Enefit Green was hedged with interest rate swap agreements.
After the reporting period, in January 2023, Enefit Green signed loan agreements
of EUR325m in total with SEB and NIB. The amount of the loan raised from NIB is
EUR100m and the loan term is 12 years. The amount of the loans raised from SEB is
EUR225m and the loan term is seven years.
Dividend proposal
In coordination with the Supervisory Board, the Management Board proposes to
distribute to shareholders EUR55.0m in dividends (0.208 euros per share) from
earnings of previous periods in 2023, which is equivalent to 49.9% of group's
unaudited net profit in 2022.
Condensed consolidated interim income statement
EUR thousand Q4 2022 Q4 2021 2022 2021
Revenue 76 381 59 346 233 280 153 002
Renewable energy support and other income 6 372 9 562 23 735 30 705
Change in inventories of finished goods and
work in progress -1 304 -1 468 3 303 -3 708
Raw materials, consumables and services
used -30 486 -13 854 -85 954 -44 038
Payroll expenses -2 470 -1 781 -9 111 -6 713
Depreciation, amortisation and impairment -8 847 -9 553 -37 777 -38 146
Other operating expenses -2 690 -2 236 -10 411 -7 790
OPERATING INCOME 36 956 40 016 117 065 83 312
Finance income 240 503 337 721
Finance costs -1 688 -669 -2 342 -2 833
Neto finance costs -1 448 -166 -2 005 -2 112
Profit from associates under the equity
method 27 36 714 46
PROFIT BEFORE TAX 35 535 39 886 115 774 81 246
Income tax expense -126 -516 -5 567 -1 585
PROFIT FOR THE PERIOD 35 409 39 370 110 207 79 661
Basic and diluted earnings per share
Weighted average number of shares, thousand 264 276 256 405 264 276 86 707
Basic earnings per share, EUR 0.13 0.15 0.42 0.92
Diluted earnings per share, EUR 0.13 0.15 0.42 0.92
Basic earnings per share based on post-IPO
number of shares
Post-IPO number of shares, thousand 264 276 264 276 264 276 264 276
Basic earnings per share, EUR 0.13 0.15 0.42 0.30
Condensed consolidated interim statement of financial position
EUR thousand 31 Dec 2022 31 Dec 2021
ASSETS
Non-current assets
Property, plant and equipment 776 870 612 503
Intangible assets 60 382 68 239
Right-of-use assets 4 239 2 750
Prepayments for property, plant and equipment 19 412 20 710
Deferred tax assets 1 321 442
Investments in associates 506 578
Derivative financial instruments 11 277 0
Long-term receivables 40 78
Total non-current assets 874 047 705 300
Current assets
Inventories 14 227 9 529
Trade and other receivables and prepayments 41 091 22 373
Cash and cash equivalents 131 456 80 454
Derivative financial instruments 3 349 0
Total current assets 190 123 112 356
Total assets 1 064 170 817 656
EUR thousand 31 Dec 2022 31 Dec 2021
EQUITY
Equity and reserves attributable to owners of the
parent
Share capital 264 276 264 276
Share premium 60 351 60 351
Statutory capital reserve 3 259 479
Other reserves 166 419 151 793
Foreign currency translation reserve -762 -965
Retained earnings 225 190 157 673
Total equity 718 733 633 607
LIABILITIES
Non-current liabilities
Borrowings 255 755 93 884
Government grants 7 115 7 458
Non-derivative contract liability 18 086 23 207
Deferred tax liabilities 12 326 12 568
Other non-current liabilities 3 000 3 000
Provisions 9 13
Total non-current liabilities 296 291 140 130
Current liabilities
Borrowings 23 808 29 572
Trade and other payables 20 215 14 291
Provisions 2 56
Non-derivative contract liability 5 121 0
Total current liabilities 49 146 43 919
Total liabilities 345 437 184 049
Total equity and liabilities 1 064 170 817 656
Further information:
Sven Kunsing
Head of Finance Communications
[email protected]
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https://enefitgreen.ee/en/investorile/
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Enefit Green is one of the leading diversified renewable energy producers in the
Baltic Sea area. The Company wind farms in Estonia and Lithuania, cogeneration
plants in Estonia and Latvia, solar farms in Estonia and Poland, a pellet plant
in Latvia and a hydroelectric plant in Estonia. In addition, the Company is
developing several wind and solar farms in the mentioned countries and Finland.
As of the end of 2021, the Company had a total installed electricity production
capacity of 457 MW and a total installed heat production capacity of 81 MW.
During 2022, the Company produced 1,118 GWh of electricity, 565 GWh of heat
energy and 154 thousand tonnes of wood pellets.