Market announcement
Enefit Green AS
Category
Management interim statement or quarterly financial report
Attachments
Date
02.11.2023 09:00:00
Title
Enefit Greeni III kvartali 2023 vahearuanne
Message
Enefit Green grupi 2023. aasta III kvartali äritulud langesid 26% ja ärikulud kasvasid 4% võrreldes eelmise aasta sama ajaga, mille tulemusena EBITDA langes 51% võrra 15,9 mln euro tasemele. Kvartali puhaskasum kahanes 17,9 mln euro võrra 5,0 mln euroni. Enefit Greeni juhatuse esimehe Aavo Kärmase kommentaar: ?Mulluste erakordselt kõrgete elektrihindadega võrreldes on toimunud elektriturul hindade stabiliseerumine uutel tasemetel. Nord Pooli hinnapiirkonna päevasiste elektrihindade kõikumine on aga jätkuvalt suur. Tootsime kvartalis aastatagusega võrreldes 37% rohkem elektrit. Seda aitasid saavutada eeskätt uued ehituses ja juba kasutusele võetud tuule- ja päikesepargid. Ehituses tuuleparkidest alustas elektri tootmist Tolpanvaara tuulepark (72 MW) Põhja-Soomes. Pärast neljakuulist seisakut sai taaskäivitatud septembrist Akmene tuulepargis (75 MW) Leedus 11 tuulikut 14-st. Kasvanud tootmistulemustele vaatama jäi elektritoodang varem plaanitust siiski väiksemaks. Peamiseks põhjuseks oli puuduolev Akmene tuulepargi toodang, kuid oluline mõju oli ka töökindluse-alastel väljakutsetel. Elektrihinna langus ja oodatust madalam elektritoodang mõjutasid kokkuvõttes kolmanda kvartali majandustulemusi, kuna põhjustasid oodatust suuremaid elektriportfelli tasakaalustamiseks tehtavaid ostusid täitmaks pikaajaliste elektrimüügilepingutega võetud kohustusi. Sesoonsusest tulenevalt on aasta viimane kvartal Enefit Greeni jaoks väga tähtis ja meie peamiseks eesmärgiks on tootmisvarade kõrge töökindluse hoidmine, et saavutada kõrged toodangutulemused. Jätkame tööd lühi- ja pikaajalise arendusportfelliga ning hoiame fookuses hübriidlahendusi. Uute investeerimisotsuste tegemisel on meie eesmärgiks lubatud kapitalitootluse tagamine." Veebiseminar III kvartali 2023 tulemuste tutvustamiseks Enefit Green korraldab investoritele täna, 2. novembril 2023 kell 11.00 Eesti aja järgi ettevõtte III kvartali 2023 vahearuande tutvustamiseks eestikeelse veebiseminari, millel osalemiseks palume kasutada seda linki (https://teams.microsoft.com/l/meetup- join/19%3ameeting_YjBhNTExMWItNzAzNy00MTcyLWFhMmQtMzc4NzNkNWZkNDMw%40thread.v2/0 ?context=%7B%22Tid%22%3A%2215cd778b-2b28-4ebc-956c- b5977a36cd28%22%2C%22Oid%22%3A%22775ae01b-e561- 4cc9-8790-1290c7b28035%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a% 22%7D&btype=a&role=a). Olulisemad sündmused * Akmene tuulepargi taaskäivitamine * Uus 12-aastane 180 mln euro mahus investeerimislaen EIB-lt * Nurgakivi Sopi-Tootsi taastuvenergia tootmisalale (255MW tuule- ja 74MW päikesepark) * Esimesed tuulikud alustasid tootmist Tolpanvaara 72MW tuulepargis Soomes * Lääne-Nigula tuuleenergeetika eriplaneeringu esimese etapi heakskiitmine Peamised näitajad III kv 2023 III kv 2022 Muutus Muutus, % TOOTMIS- JA MÜÜGIMAHUD Elektrienergia toodang, GWh 259 189 70 37% sh. uutest tuule- ja päikeseparkidest 53 - 53 - Elektrienergia müük, GWh 364 201 164 82% Soojusenergia toodang, GWh 115 84 31 37% Pelletite toodang, tuh t 38 39 -1 -2% Pelletite müük, tuh t 17 39 -22 -56% ELEKTRIHINNAD, EUR/MWh Koduturgude elektrihind* 97,8 317,7 -220 -69% Arvutuslik teenitud elektrihind** 84,9 205,1 -120 -59% ÄRITULUD, mln EUR 44,5 60,3 -15,8 -26% Müügitulu 39,3 57,3 -18,0 -31% Taastuvenergia toetus jm äritulud 5,2 3,0 2,2 74% EBITDA, mln EUR 15,9 32,7 -16,8 -51% PUHASKASUM, mln EUR 5,0 22,9 -17,9 -78% EPS***, EUR 0,02 0,09 -0,07 -78% FINANTSVÕIMENDUS Netovõlg/EBITDA (12 kuud) 3,2 0,7 * Grupi koduturgude toodangutega kaalutud keskmine börsihind ** (Elektrimüügi tulud + taastuvenergia tasu ja tõhusa koostootmise toetus + rohesertifikaatide tulud - elektri ost Nord Pooli päev-ette ja päevasisel turul - bilansienergia ost) / toodang *** Puhaskasum aktsia kohta Müügi- ja muud äritulud Äritulud kokku langesid 15,8 mln euro võrra, sh. müügitulud langesid 18,0 mln euro ja taastuvenergia toetused ning muud äritulud kasvasid 2,2 mln euro võrra. Müügitulude 18,0 mln euro suurusest langusest tulenes 11,0 mln eurot elektri müügist, mille peamiseks mõjuriks olid elektri turuhinnad. Grupi koduturgude keskmine elektrihind oli III kvartalis 97,8 EUR/MWh (võrdlusperioodil 317,7 EUR/MWh). Grupi keskmine arvutuslik teenitud elektrihind oli aruandeperioodil 84,9 EUR/MWh (võrdlusperioodil 205,1 EUR/MWh). Arvutuslik teenitud elektrihind on erinev koduturgude keskmisest turuhinnast, kuna selle arvutus võtab arvesse fikseeritud hinnaga pikaajalisi elektrimüügi lepinguid (PPA-sid), taastuvenergia toetusi, bilansienergia ostu, elektri ostu Nord Pooli päev-ette ja päevasisesel turul ning asjaolu, tuulepargid ei tooda igas tunnis samapalju elektrit. Grupi keskmine turule müüdud elektri hind oli III kvartalis 2023 82,2 EUR/MWh, aasta varem 285,2 EUR/MWh. 2023. aasta III kvartalis müüdi turule 163 GWh elektrit, võrdlusperioodil 120 GWh. PPA-dega oli III kvartalis meie portfellist kaetud 202 GWh keskmise hinnaga 80,9 EUR/MWh, aasta varem müüdi elektrit PPA-de ning FiT (Feed-In Tariff) taastuvenergia toetuse põhise tulumudeli kaudu 81 GWh keskmise hinnaga 72,1 EUR/MWh. PPA-dega kaetud toodangu osakaal ja hinnad järgnevate aastate lõikes on välja toodud kvartaliaruande riskijuhtimise peatükis. 2023. aasta III kvartalis ostsime turult elektrit 110 GWh keskmise hinnaga 116,5 EUR/MWh, aasta varem 16 GWh keskmise hinnaga 337,7 EUR/MWh (hinnad ja kogused ei sisalda pelletitootmiseks ostetud elektrit). 2022. aasta III kvartalis oli turult oste tunduvalt vähem, kuna osa toodangust oli fikseeritud hinnaga FiT toetusskeemi all ning PPA mahud olid väga väikesed. Suuremaid elektriostukulusid põhjustas ka oodatust madalam elektritoodang. Pelleti müügitulud olid kahe kvartali võrdluses 3,0 mln euro võrra madalamad. Pelleti keskmine müügihind tõusis aastaga 32%. 2022. aasta III kvartalis oli hind 182,6 EUR/tonni kohta, 2023. aasta III kvartalis 240,6 EUR/tonni kohta. III kvartalis müüdi pelleteid 17 tuhat tonni, võrdlusperioodil 39 tuhat tonni. Soojusenergia toodang suurenes 31 GWh tasemele 115 GWh (võrdlusperioodil 84 GWh) ning hind vähenes mullusega võrreldes 14% (-1,8 EUR/MWh). Kõrgema toodangu ning madalama hinna koosmõjul suurenes soojusenergia müügitulu 1,3 mln euro võrra. Võrdlusperioodi müügitulud olid 3,2 mln euro võrra kõrgemad, kuna müügituludes kajastus päikeseteenuse laovarude müügist saadud tulu. Võrdlusperioodil otsustasime loobuda päikeseteenuse ?võtmed kätte" lahenduste pakkumisest ning müüsime sellega seotud laovaru. Muid äritulusid mõjutas 2023. aasta III kvartalis enim taastuvenergia tasu suurenemine kvartalite võrdluses 1,4 mln euro võrra. Taastuvenergia tasu suurenemist III kvartalis mõjutas 0,7 mln euro ulatuses Poola päikeseparkide taastuvenergia tasu. Võrdlusperioodil maksime Poolas kasutusel olevate hinnavahelepingute (CfD - ingl k Contract for Difference) alusel taastuvenergia tasusid tagasi 0,7 mln euro ulatuses. 2023. aasta III kvartalis olid Poolast saadud taastuvenergia tasud 16 tuhat eurot. Poola taastuvenergia tasu mõjule lisaks kasvas taastuvenergia tasu Eesti opereerivates tuuleparkides (+0,3 mln eurot) ning Iru elektrijaamas (+0,4 mln eurot). Taastuvenergia tasu on seotud toodetud kogusega. Kuigi mullu kolmandas kvartalis lõppesid Vanaküla ja Virtsu III tuuleparkide taastuvenergia toetused (võrdlusperioodi ärituludes 0,2 mln eurot), ületas mõlemal perioodil toetust saavate tuuleparkide toodang võrdlusperioodi 13,6 GWh võrra (parkide mõju ärituludele +0,5 mln eurot). Iru elektrijaama taastuvenergia toodang 10,5 GWh (võrdlusperioodil 6,2 GWh) suurendas äritulusid võrreldes võrdlusperioodiga 0,4 mln eurot. Muid äritulusid mõjutas positiivselt summas 0,4 mln eurot 2021. aastal tekkinud tuletisvaba lepingulise kohustuse saldo vähendamine seoses vastavate PPA lepingute osalise täitmisega ning Shilute tuulepargi madala töökindluse eest saadav trahv summas 0,4 mln eurot. Tuletisvaba lepinguline kohustus tuleneb varasematest elektrienergia vahetuslepingutest, mis konverteeriti füüsilise elektrimüügi lepinguteks (PPA). Seoses sellega tuletisvaba lepingulise kohustuse vähenemine ei oma mõju rahavoole ning vastav elektrimüügi rahaline arveldus toimub PPA lepingute alusel. EBITDA ja segmendiaruandlus Suurimat mõju EBITDA langusele omas müüdud elektri hinna langus (-25,1 mln eurot), kuna elektrihinnad on võrreldes mulluse III kvartaliga märkimisväärselt langenud. PPAdest tulenevalt on võrreldes eelmise aastaga oluliselt kasvanud müüdud elektri kogus (mõju +15,5 mln eurot), millega kaasnevalt on suurenenud ka elektriportfelli balansseerimiseks tehtavate elektri ostude maht (mõju -11,2 mln eurot). Nimetatud mõjude koondtulemust EBITDA-le mõjutab nii vastava perioodi elektritoodangu maht kui ka -profiil, elektritoodang on võrreldes võrdlusperioodiga kasvanud 37%. Koostootmise segment ilma elektrihinna ja -koguse mõjudeta omas EBITDA-le positiivset mõju 1,9 mln euro ulatuses. Arvesse on võetud pelleti tulusid, varude muutust, tehnoloogilise kütuse mõju ning soojusenergia tulusid. Tuletisvaba kohustuse saldo suurendas kvartalite võrdluses EBITDA-d, täpsem selgitus on esitatud ülalpool äritulude kirjelduses. Püsikulud koosnevad kuludest, mis ei ole tootmismahtudest otseselt sõltuvad. Püsikulud on suurenenud 2,2 mln euro võrra ehk 24%. Püsikulude kasv tulenes hoolduskuludest, tööjõukuludest ning uuringute ja konsultatsioonide kuludest. Aruandeperioodi põhjal on nii EBITDA kui äritulude vaatest grupi suurim tuulenergia segment (61% ärituludest ja 64% EBITDA-st). Koostootmise segment panustas ärituludesse 33% ja moodustas 41% EBITDA-st. Aruandeperioodi väikseim raporteeritav segment on päikeseenergia, mille äritulud ulatusid 6% kogu grupi ärituludest ja EBITDA 10% kogu grupi EBITDA-st. Raporteeritavatest segmentidest kahanesid enim tuule ja koostootmise segmendi EBITDA-d. Täpsem analüüs raporteeritavate segmentide kaupa on esitatud lisatud aruandes. Puhaskasum Grupi puhaskasum langes 17,9 mln euro võrra, olles aruandeperioodil 5,0 mln eurot. Puhaskasumi langus on tingitud nii madalamatest elektrihindadest kui ka suurematest elektriportfelli balansseerimiseks tehtavatest elektriostu kuludest. Investeeringud Grupi investeeringud olid 2023. aasta III kvartalis 87,3 mln eurot, mida on 7,5 mln eurot rohkem kui võrdlusperioodil. Kasv tulenes arendusinvesteeringutest, mis ulatusid 85,6 mln euroni. Sellest 79,0 mln eurot oli seotud kolme tuulepargi rajamisega: 45,4 mln eurot investeeriti Kelme tuuleparki, 18,9 mln eurot Sopi- Tootsi tuuleparki ja 14,8 mln eurot Tolpanvaara tuuleparki. Päikeseparkide arendustest investeeriti kõige rohkem Sopi päikesepargi ehitusetappi 1,9 mln eurot. Baasinvesteeringuid tehti III kvartalis 1,7 mln euro ulatuses, mida on 0,8 mln euro võrra rohkem kui võrdlusperioodil. 2023. aasta III kvartali baasinvesteeringud olid peamiselt seotud Eesti tuuleparkidega. Finantseerimine Jätkuva investeerimistegevuse rahastamiseks võttis Enefit Green III kvartali jooksul kasutusse 60 mln eurot NIB investeerimislaenust lõpptähtajaga aastal 2035 ning sõlmis ühe täiendava 12 aastase tähtajaga investeerimislaenu lepingu Euroopa Investeerimispangaga (EIB) summas 180 mln eurot. III kvartali lõpu seisuga oli grupi intressikandvate kohustuste maht korrigeeritud soetusmaksumuses 411,3 mln eurot (279,6 mln eurot 31. detsembril 2022). Sellest moodustasid enamuse pangalaenud summas 407,0 mln eurot. Keskmine välja võetud pangalaenude intressimäär 30. septembri 2023 seisuga oli 3,80% (31. detsember 2022 2,60%). Intressirisk oli kvartali lõpu seisuga fikseeritud vastavate laenude tähtajani umbes 39% ulatuses välja võetud laenude mahust. Kvartali lõpu seisuga oli sõlmitud kuid veel kasutusele võtmata investeerimislaenude jääk 405 miljonit eurot. Lühendatud konsolideeritud kasumiaruanne ------------------------------------------------------------------------------- tuhandetes eurodes III kv 2023 III kv 2022 9 k 2023 9 k 2022 ------------------------------------------------------------------------------- Müügitulu 39 259 57 254 144 600 156 900 Taastuvenergia toetus ja muud äritulud 5 233 3 011 18 562 17 363 Valmis- ja lõpetamata toodangu varude jääkide muutus 3 434 2 028 3 266 4 607 Kaubad, toore, materjal ja teenused -26 011 -24 969 -71 386 -55 468 Tööjõukulud -2 634 -2 029 -8 025 -6 641 Põhivara kulum, amortisatsioon ja allahindlus -10 218 -9 637 -29 740 -28 930 Muud tegevuskulud -3 388 -2 574 -10 716 -7 721 ÄRIKASUM 5 675 23 084 46 561 80 110 Finantstulud 747 468 2 345 718 Finantskulud -1 115 -722 -1 897 -1 275 Neto finantstulud (-kulud) -368 -255 448 -558 Kasum kapitaliosaluse meetodil investeeringutelt sidusettevõtjatesse 45 120 85 687 KASUM ENNE TULUMAKSUSTAMIST 5 352 22 949 47 094 80 239 Tulumaks -326 0 -10 405 -5 441 ARUANDEPERIOODI KASUM 5 026 22 949 36 689 74 798 Tava ja lahustunud puhaskasum aktsia kohta Kaalutud keskmine aktsiate arv, tuh 264 276 264 276 264 276 264 276 Tava puhaskasum aktsia kohta, EUR 0,02 0,09 0,14 0,28 Lahustunud puhaskasum aktsia kohta, EUR 0,02 0,09 0,14 0,28 Lühendatud konsolideeritud finantsseisundi aruanne ---------------------------------------------------------------------------- tuhandetes eurodes 30.09.2023 31.12.2022 ---------------------------------------------------------------------------- VARAD Põhivara Materiaalne põhivara 978 497 776 870 Immateriaalne põhivara 60 275 60 382 Varade kasutusõigus 4 295 4 239 Ettemaksed põhivara eest 42 522 19 412 Edasilükkunud tulumaksuvara 1 379 1 321 Investeerinud sidusettevõtjatesse 568 506 Tuletisinstrumendid 9 310 11 277 Pikaajalised nõuded 0 40 Kokku põhivara 1 096 846 874 047 Käibevara Varud 19 177 14 227 Nõuded ostjate vastu, muud nõuded ja ettemaksed 59 765 41 091 Raha ja raha ekvivalendid 25 731 131 456 Tuletisinstrumendid 4 473 3 349 Kokku käibevara 109 146 190 123 Kokku varad 1 205 992 1 064 170 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------- tuhandetes eurodes 30.09.2023 31.12.2022 ----------------------------------------------------------------------------- OMAKAPITAL Emaettevõtja aktsionäridele kuuluv kapital ja reservid Aktsiakapital 264 276 264 276 Ülekurss 60 351 60 351 Kohustuslik reservkapital 5 555 3 259 Muud reservid 167 621 166 419 Realiseerimata kursivahed -709 -762 Jaotamata kasum 204 613 225 190 Kokku omakapital 701 707 718 733 KOHUSTUSED Pikaajalised kohustused Võlakohustused 334 639 255 755 Sihtfinantseerimine 6 745 7 115 Tuletisvaba lepinguline kohustus 18 086 18 086 Edasilükkunud tulumaksukohustused 12 445 12 326 Muud pikaajalised võlad 3 000 3 000 Eraldised 8 9 Kokku pikaajalised kohustused 374 923 296 291 Lühiajalised kohustused Võlakohustused 76 686 23 808 Võlad hankijatele ja muud võlad 51 107 20 215 Eraldised 2 2 Tuletisvaba lepinguline kohustus 1 567 5 121 Kokku lühiajalised kohustused 129 362 49 146 Kokku kohustused 504 285 345 437 Kokku omakapital ja kohustused 1 205 992 1 064 170 ----------------------------------------------------------------------------- Lisainfo: Sven Kunsing Finantssuhtluse juht investor@enefitgreen.ee (mailto:investor@enefitgreen.ee) 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.
Title
Enefit Green interim report for Q3 2023
Message
The Enefit Green group's operating income for Q3 2023 decreased by 26% while operating expenses for the period grew by 4% compared with the same period last year. As a result, EBITDA dropped by 51% to EUR15.9m. Net profit for the period decreased by EUR17.9m to EUR5.0m. Aavo Kärmas, Chairman of the management Board of Enefit Green comments: "Compared to the exceptionally high electricity prices last year, prices on the electricity market have stabilized at new levels. However, the fluctuations in daily electricity prices in the Nord Pool price area continue to be high. We produced 37% more electricity in third quarter than a year earlier. New wind and solar parks under construction and those already in operation helped to achieve this. Among the assets under construction 72MW Tolpanvaara wind farm in northern Finland started producing electricity. After a four-month shutdown, 11 out of 14 wind turbines were restarted in September at the Akmene wind farm (75 MW) in Lithuania. Despite growing production results, electricity production was lower than previously planned. The main reason was the missing production of the Akmene wind farm, but availability challenges also had a significant impact. Overall, the decline in electricity prices and lower-than-expected electricity production affected the economic results of the third quarter, as they caused larger-than- expected purchases to rebalance the electricity portfolio to meet the obligations assumed under long-term PPAs. Due to seasonality, the last quarter of the year is very important for Enefit Green, and our main goal is to maintain high availability of production assets to achieve high production results. We will continue to work on the short- and long-term development portfolio and keep the focus on hybrid solutions. When making new investment decisions, our goal is to ensure the promised return on capital." Webinar to present the results of Q3 2023 Today, November 2, 2023 at 13.00 EET Enefit Green will host a webinar in English to present and discuss its Q3 2023 results. To participate, please follow this link (https://teams.microsoft.com/l/meetup- join/19%3ameeting_NzZlODJmYjctZDUyYy00NWNkLWE0MjAtYmNiMWU2MTMyN2Zh%40thread.v2/0 ?context=%7B%22Tid%22%3A%2215cd778b-2b28-4ebc-956c- b5977a36cd28%22%2C%22Oid%22%3A%22775ae01b-e561- 4cc9-8790-1290c7b28035%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a% 22%7D&btype=a&role=a). Significant events * Restart of Akmene wind farm * New 12-year EUR180m investment loan from EIB * Cornerstone to the Sopi-Tootsi renewable energy production area (255MW wind and 74MW solar farm) * First turbines started production in Tolpanvaara 72MW wind farm in Finland * Approval of phase one of a special spatial plan for wind power development in Lääne-Nigula Key figures Q3 2023 Q3 2022 Change Change % PRODUCTION AND SALES VOLUMES Electricity production, GWh 259 189 70 37% incl. new wind farms 53 - 53 - Electricity sales 364 201 164 82% Heat energy production, GWh 115 84 31 37% Pellet production, th t 38 39 (1) (2)% Pellet sales, th t 17 39 (22) (56)% ELECTRICITY PRICES, EUR/MWh Core markets average* 97.8 317.7 (220) (69)% Implied captured price** 84.9 205.1 (120) (59)% OPERATING INCOME, mEUR 44.5 60.3 (15.8) (26)% Sales revenue, mEUR 39.3 57.3 (18.0) (31)% Renewable energy support and other income, mEUR 5.2 3.0 2.2 74% EBITDA, mEUR 15.9 32.7 (16.8) (51)% NET PROFIT, mEUR 5.0 22.9 (17.9) (78)% EPS, EUR 0.02 0.09 (0.07) (78)% FINANCIAL LEVERAGE Net debt/EBITDA (LTM) 3.2 0.7 * Production weighted average market price on group's core markets ** (electricity sales revenue + renewable energy support and efficient cogeneration support + revenues from sale of guarantees of origin - day-ahead and intraday purchases on Nord Pool - balancing energy purchases) / production Sales revenue and other operating income Total operating income decreased by EUR15.8m year on year, the figure comprising a decrease in revenue of EUR18.0m and an increase in renewable energy support and other operating income of EUR2.2m. Out of the EUR18.0m decrease in revenue, EUR11.0m was attributable to electricity sales which weakened mainly because the market prices of electricity were lower than a year earlier. The average electricity price in the group's core markets in Q3 2023 was 97.8 EUR/MWh (Q3 2022: 317.7 EUR/MWh). The group's average implied captured electricity price for the period was 84.9 EUR/MWh (Q3 2022: 205.1 EUR/MWh). The implied captured electricity price differs from the average market price in the core markets, because it is calculated by taking into account long-term fixed-price PPAs, renewable energy support, purchases of balancing energy, electricity purchases from the Nord Pool day-ahead and intraday markets, and the fact that wind farms do not produce the same amount of electricity every hour. The group's average price of electricity sold to the market in Q3 2023 was 82.2 EUR/MWh compared with 285.2 EUR/MWh a year earlier. The group sold to the market 163 GWh of electricity in Q3 2023 compared with 120 GWh in Q3 2022. In Q3 2023, 202 GWh of the group's portfolio was covered with PPAs at an average price of 80.9 EUR/MWh. A year earlier, 81 GWh of electricity was sold under an income model based on PPAs and the Feed-in Tariff (FiT) at an average price of 72.1 EUR/MWh. The share and prices of production covered with PPAs in future periods are disclosed in the risk management chapter of the interim report. We purchased from the market 110 GWh of electricity at an average price of 116.5 EUR/MWh in Q3 2023, compared with 16 GWh at an average price of 337.7 EUR/MWh in the same period last year (the prices and quantities exclude the electricity purchased for pellet production). In Q3 2022, purchases from the market were substantially smaller because part of the production was covered with the fixed- price FiT support scheme and the volume of PPAs was very small. Electricity purchases were also increased by lower than expected electricity production. Pellet sales revenue decreased by EUR3.0m year on year. While the average sales price of pellets increased by 32%, rising from 182.6 EUR/t in Q3 2022 to 240.6 EUR/t in Q3 2023, pellet sales volume decreased from 39 thousand tonnes in the comparative period to 17 thousand tonnes in the reporting period. Heat production grew by 31 GWh to 115 GWh (Q3 2022: 84 GWh) but the price dropped by 14% (1.8 EUR/MWh). Through the combined effect of higher production and a lower price, heat sales revenue grew by EUR1.3m. Revenue for Q3 2022 was also EUR3.2m higher due the sale of the inventories of the turnkey solar solutions business. We decided to exit the turnkey solar solutions business and sold relevant inventories in the comparative period. Renewable energy support and other operating income for Q3 2023 were affected the most by renewable energy support, which grew by EUR1.4m year on year. The growth in renewable energy support was influenced by the support schemes of our solar farms in Poland: in Q3 2022 we had to repay renewable energy support of EUR0.7 million under the Polish CfD schemes. Renewable energy support received in Poland in Q3 2023 amounted to EUR16k. The renewable energy support received by our operating wind farms in Estonia and the Iru power plant grew by EUR0.3m and EUR0.4m, respectively. The amount of renewable energy support received is based on the quantity of energy produced. Although the eligibility periods of the Vanaküla and Virtsu III wind farms expired in Q3 2022 (contribution to operating income for the comparative period: EUR0.2m), the output of wind farms eligible for support in both periods grew by 13.6 GWh year on year (impact on operating income: +EUR0.5m). The renewable energy output of the Iru power plant grew from 6.2 GWh a year earlier to 10.5 GWh, increasing operating income by EUR0.4m. Other operating income was improved by the decrease in the non-derivative contract liability incurred in 2021 by EUR0.4m in connection with partial fulfilment of relevant PPAs and liquidated damages of EUR0.4m received for the low availability of the Shilute wind farm. The non-derivative contract liability results from earlier electricity derivatives (base load swaps) which were converted into fixed-price physical electricity sales contracts (PPAs). The decrease in the non-derivative contract liability does not affect cash flow and monetary settlement of electricity sales takes place on the basis of PPAs. EBITDA and segmental breakdown The factor with the strongest impact on EBITDA development was the price of electricity sold, which fell steeply compared with Q3 2022 (negative impact: EUR25.1m). Due to PPAs the quantity of electricity sold grew considerably (positive impact: EUR15.5m), which also increased the volume of electricity purchased to balance the electricity portfolio (negative impact: EUR11.2m). The combined effect of the above factors on EBITDA development is influenced by the quantity and profile of electricity produced during the period. Electricity production grew by 37% compared with Q3 2022. Excluding the effects of the electricity price and quantity, the Cogeneration segment had a EUR1.9m positive impact on EBITDA. The calculation takes into account the effects of pellet sales revenue, the change in inventories, technological fuel, and heat sales revenue. The change in the non-derivative liability increased EBITDA. See the renewable energy support and other operating income description above for details. Fixed costs comprise costs not directly dependent on the production volume. Fixed costs grew by EUR2.2m (24%) year on year. The increase in fixed costs was attributable to higher maintenance costs, payroll expenses, and research and consulting expenses. Based on total operating income and EBITDA, the group's largest segment is Wind energy, which accounted for 61% of operating income and 64% of EBITDA for Q3 2023. The Cogeneration segment contributed 33% to operating income and 41% to EBITDA. The smallest reportable segment is Solar energy, which accounted for 6% the group's operating income and 10% of the group's EBITDA for Q3 2023. In terms of reportable segments, the EBITDA of the Wind energy segment and the Cogeneration segment decreased the most. A more detailed analysis by segment is presented in the attached report. Net profit The group's net profit decreased by EUR17.9m year on year to EUR5.0m. The decline is attributable to lower electricity prices and higher expenses on electricity purchased to balance the electricity portfolio. Capital Expenditures The group invested EUR87.3m in Q3 2023, which is EUR7.5m more than in Q3 2022. Growth resulted from development investments, which extended to EUR85.6m. Of the latter, EUR79.0m was invested in the construction of three wind farms: EUR45.4m in the Kelme wind farm, EUR18.9m in the Sopi-Tootsi wind farm and EUR14.8m in the Tolpanvaara wind farm. The largest solar energy development investment was made in the Sopi solar project in the amount of EUR1.9m. Expenditure on the maintenance and improvement of existing assets increased by EUR0.8m year on year, rising to EUR1.7m in Q3 2023. Maintenance expenditure of the period was mainly related to Estonian wind farms. Financing During Q3 2023, to finance its continuing investment activity Enefit Green drew down EUR60m of an investment loan raised from NIB which matures in 2035 and signed an additional 12-year investment loan agreement of EUR180m with EIB. The amortised cost of the group's interest-bearing liabilities at 30 September 2023 was EUR411.3m (31 December 2022: EUR279.6m). Loan liabilities to banks accounted for EUR407.0m of the total. The average interest rate of bank loans drawn down at 30 September 2023 was 3.80% (31 December 2022: 2.60%). For about 39% of loan liabilities, the interest rate risk has been hedged until maturity of the respective loan contracts. Investment loans raised but not drawn down at 30 September amounted to EUR405m. Condensed consolidated interim income statement ------------------------------------------------------------------------------- EUR thousand Q3 2023 Q3 2022 9M 2023 9M 2022 ------------------------------------------------------------------------------- Revenue 39,259 57,254 144,600 156,900 Renewable energy support and other operating income 5,233 3,011 18,562 17,363 Change in inventories of finished goods and work in progress 3,434 2,028 3,266 4,607 Raw materials, consumables and services used (26,011) (24,969) (71,386) (55,468) Payroll expenses (2,634) (2,029) (8,025) (6,641) Depreciation, amortisation and impairment (10,218) (9,637) (29,740) (28,930) Other operating expenses (3,388) (2,574) (10,716) (7,721) OPERATING PROFIT 5,675 23,084 46,561 80,110 Finance income 747 468 2,345 718 Finance costs (1,115) (722) (1,897) (1,275) Net finance income and costs (368) (255) 448 (558) Profit from associates under the equity method 45 120 85 687 PROFIT BEFORE TAX 5,352 22,949 47,094 80,239 Income tax expense (326) 0 (10,405) (5,441) PROFIT FOR THE PERIOD 5,026 22,949 36,689 74,798 Basic and diluted earnings per share Weighted average number of shares, thousand 264,276 264,276 264,276 264,276 Basic earnings per share, EUR 0.02 0.09 0.14 0.28 Diluted earnings per share, EUR 0.02 0.09 0.14 0.28 Condensed consolidated interim statement of financial position --------------------------------------------------------------------------- EUR thousand 30 Sept 2023 31 Dec 2022 --------------------------------------------------------------------------- ASSETS Non-current assets Property, plant and equipment 978,497 776,870 Intangible assets 60,275 60,382 Right-of-use assets 4,295 4,239 Prepayments for non-current assets 42,522 19,412 Deferred tax assets 1,379 1,321 Investments in associates 568 506 Derivative financial instruments 9,310 11,277 Non-current receivables 0 40 Total non-current assets 1,096,846 874,047 Current assets Inventories 19,177 14,227 Trade and other receivables and prepayments 59,765 41,091 Cash and cash equivalents 25,731 131,456 Derivative financial instruments 4,473 3,349 Total current assets 109,146 190,123 Total assets 1,205,992 1,064,170 --------------------------------------------------------------------------- ------------------------------------------------------------------------------- EUR thousand 30 Sept 2023 31 Dec 2022 ------------------------------------------------------------------------------- EQUITY Equity and reserves attributable to shareholders of the parent Share capital 264,276 264,276 Share premium 60,351 60,351 Statutory capital reserve 5,555 3,259 Other reserves 167,621 166,419 Foreign currency translation reserve (709) (762) Retained earnings 204,613 225,190 Total equity 701,707 718,733 LIABILITIES Non-current liabilities Borrowings 334,639 255,755 Government grants 6,745 7,115 Non-derivative contract liability 18,086 18,086 Deferred tax liabilities 12,445 12,326 Other non-current liabilities 3,000 3,000 Provisions 8 9 Total non-current liabilities 374,923 296,291 Current liabilities Borrowings 76,686 23,808 Trade and other payables 51,107 20,215 Provisions 2 2 Non-derivative contract liability 1,567 5,121 Total current liabilities 129,362 49,146 Total liabilities 504,285 345,437 Total equity and liabilities 1,205,992 1,064,170 ------------------------------------------------------------------------------- Further information: Sven Kunsing Head of Finance Communications investor@enefitgreen.ee (https://www.globenewswire.com/Tracker?data=eahglFI0K4UUxwsmqXkQdO3N_ld1uojlGTE_ vteiKcyQu1wfu3r9tXxEfe64TI9iPjXXdLcA-1wKJKK402r4cwPqdjBXLG-Ga36PZFEEUJ4=) https://enefitgreen.ee/en/investorile/ (https://www.globenewswire.com/Tracker?data=2hvtWZj2Sah7P5FHBmegLeIoMx1_pu7PK9v_ TsWBkf9HVGRVBco0gBWNAR8sTIf_RfHfPw1v74a_H6m3SjVkIBzGyIVVbjGOe57EOq9- agKg8ttz2h5EHYmF0la-hs-rAYHvQm2Fvlu3QknP8tcDCA==) Enefit Green is one of the leading diversified renewable energy producers in the Baltic Sea area. The Company operates 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 2022, 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.