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Enefit Green AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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02.05.2024 09:00:00
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Enefit Greeni auditeerimata I kvartali 2024 vahearuanne
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Enefit Green grupi 2024. aasta I kvartali äritulud langesid 11% ja ärikulud langesid 22% võrreldes eelmise aasta sama ajaga, mille tulemusena EBITDA kasvas 3% võrra 42,4 mln euro tasemele. Kvartali puhaskasum kasvas 10% võrra 33,4 mln euroni (0,13 eurot aktsia kohta). Enefit Greeni juhatuse esimehe Aavo Kärmase kommentaar: ?Tootsime 494 gigavatt-tundi elektrit (+22%) ja 129 gigavatt-tundi soojusenergiat (-27%). Viiendiku võrra suurem elektritoodangu kasv tuli valminud ja ehituses tuule- ja päikeseparkidest (+131 gigavatt-tundi). Soojusenergia toodangu vähenemine tulenes eeskätt biomassi kasutavate varade müügist. Keskendusime ehituses tuule- ja päikeseparkide valmimisele ning investeerisime ligi 105 miljonit eurot. Lõpetasime ehitustööd Tolpanvaara tuulepargis Soomes. Leedus Akmene tuulepargis sai väljavahetatud kokkuvarisenud tuulik ja Kelm? I tuulepargis püstitatud esimesed tuulikud. Eestis Sopi-Tootsi taastuvenergiaalal oleme jõudnud tuulikute püstitamiseni ja käib päikesepaneelide paigaldus. Parandasime oluliselt töökindlust Shilut? pargis Leedus võrreldes eelmise aasta teise poolega ja hoiame head töökindlust WinWind tuulikutel Eestis. Kvartali tulemusnäitajatele avaldasid mõju madalamad elektri turuhinnad ja sõlmitud pikaajaliste elektrimüügilepingute hinnad. Ehituses tuuleparkide seadistustegevuste ja vähese tuulekiiruse tõttu jäi saavutamata seatud elektritoodangu eesmärk (-95 gigavatt-tundi), mis põhjustas jätkuvalt olulises mahus elektrioste. Meie fookus on sel aastal ehituses olevate parkide tähtaegsel valmimisel ja olemasolevate parkide kõrge töökindluse hoidmisel. Jätkame ka tööd arendusportfelliga, et kasvatada ettevõtte väärtust pikemas perspektiivis." Veebiseminar I kvartali 2024 tulemuste tutvustamiseks Enefit Green korraldab investoritele täna, 2. mail 2024 kell 11.00 Eesti aja järgi ettevõtte I kvartali 2024 vahearuande tutvustamiseks eestikeelse veebiseminari, millel osalemiseks palume kasutada seda linki (https://teams.microsoft.com/l/meetup- join/19%3ameeting_M2MxOGI5ZGEtNWZkYi00NzFiLTgxOWEtZWQzMjlhNWM5NmJm%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 * Ehitustööde lõpetamine Tolpanvaara tuulepargis Soomes * Akmene tuulepargis Leedus asendati mullu kokku kukkunud tuulik, algasid läbirääkimised GE-ga kahjude hüvitamiseks * Kelm? I tuulepargis Leedus algas tuulikute püstitamine * Sopi-Tootsi tuulepargis on ettevalmistused tuulikute püstitamiseks lõppemas * Koostööleping RES Global Investmentiga kuni 360 MW tuuleparkide arendamiseks Poolas * Elektri otsemüügileping Elcogeniga Eestis * Valka ja Paide koostootmisjaamade müügitehingu jõustumisega viisime lõpuni väljumine biomassivaradest * Juhatuse esimees Aavo Kärmas lahkub kokkuleppel nõukoguga ametist alates 1. juulist 2024 Peamised näitajad +--------------------------------------+---------+---------+------+---------+ | |I kv 2024|I kv 2023|Muutus|Muutus, %| +--------------------------------------+---------+---------+------+---------+ |TOOTMIS- JA MÜÜGIMAHUD | | | | | +--------------------------------------+---------+---------+------+---------+ |Elektri netotoodang | 494| 406| 89| 22%| +--------------------------------------+---------+---------+------+---------+ |s.h. uutest tuule- ja päikeseparkidest| 169| 38| 131| 343%| +--------------------------------------+---------+---------+------+---------+ |Elektri müük* | 627| 495| 133| 27%| +--------------------------------------+---------+---------+------+---------+ |Soojusenergia toodang | 129| 176| -47| -27%| +--------------------------------------+---------+---------+------+---------+ | | | | | | +--------------------------------------+---------+---------+------+---------+ |ÄRITULUD kokku | 68,9| 77,5| -8,6| -11%| +--------------------------------------+---------+---------+------+---------+ |Müügitulu | 56,2| 69,7| -13,5| -19%| +--------------------------------------+---------+---------+------+---------+ |Taastuvenergia toetus jm äritulud | 12,7| 7,8| 4,9| 63%| +--------------------------------------+---------+---------+------+---------+ |EBITDA, mln EUR | 42,4| 41,1| 1,3| 3%| +--------------------------------------+---------+---------+------+---------+ |PUHASKASUM, mln EUR | 33,4| 30,5| 2,9| 10%| +--------------------------------------+---------+---------+------+---------+ |EPS*, EUR | 0,13| 0,12| 0,01| 10%| +--------------------------------------+---------+---------+------+---------+ * - puhaskasum aktsia kohta Müügi- ja muud äritulud Grupi I kvartali elektritoodang kasvas aastaga 89 GWh ehk 22% võrra 494 GWh-ni, uute valminud ja ehituses tuule- ja päikeseparkide toodang kasvas aastaga 131 GWh võrra. Kogu kvartali elektritoodang jäi siiski umbes 95 GWh võrra madalamaks prognoositust. Seda nii ilmast tulenevatel põhjustel (peamiselt prognoositust halvemad tuuleolud) kui ka ehituses tuuleparkide madalate töökindluste tõttu. Mõjud toodangule olid vastavalt -42 GWh ja -47 GWh võrreldes prognoosidega. Äritulud kokku langesid 8,6 mln euro võrra, sh. müügitulud langesid 13,5 mln euro ja taastuvenergia toetused ning muud äritulud kasvasid 4,9 mln euro võrra. 2023. aasta I kvartali ärituludest moodustasid 2023. aasta IV kvartalis ning 2024. aasta I kvartalis müüdud biomassivarade (edaspidi müüdud varad) äritulud 20,0 mln eurot ning 2024. aasta I kvartalis 8,0 mln eurot. Müüdud varade mõjuta olid grupi äritulud 2023. aasta I kvartalis 57,5 mln eurot ning 2024. aasta I kvartalis 60,9 mln EUR. Äritulud kasvasid 3,4 mln euro võrra, sh müügitulud kasvasid 4,1 mln euro ning muud äritulud langesid 0,7 mln euro võrra. Müügitulude 4,1 mln euro suurusest kasvust tulenes 4,9 mln eurot elektri müügist, mille peamiseks mõjuriks oli kõrgem toodang. Grupi koduturgude keskmine elektrihind oli I kvartalis 87,0 EUR/MWh (võrdlusperioodil 100,5 EUR/MWh). Grupi keskmine arvutuslik teenitud elektrihind oli aruandeperioodil 81,4 EUR/MWh (võrdlusperioodil 101,2 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 2024. aasta I kvartalis 77,6 EUR/MWh, aasta varem 82,4 EUR/MWh. 2024. aasta I kvartalis müüdi turule 292 GWh elektrit, võrdlusperioodil 234 GWh. PPA-dega oli I kvartalis kaetud 335 GWh elektritoodangut keskmise hinnaga 75,0 EUR/MWh, aasta varem müüdi elektrit PPA-de kaudu 260 GWh keskmise hinnaga 89,8 EUR/MWh. Võrreldes võrdlusperioodiga on PPA-de keskmine hind oluliselt langenud, kuna 2024. aasta I kvartalist alates algas 2021. aastal madalama hinnaga sõlmitud Leedu ja Soome PPA-de arveldusperiood. 2024. aasta I kvartalis ostsime turult elektrit 138 GWh keskmise hinnaga 106,1 EUR/MWh, aasta varem 92 GWh keskmise hinnaga 116,7 EUR/MWh (hinnad ja kogused ei sisalda pelletitootmiseks ostetud elektrit 2023. aasta I kvartalis). Ostetud elektri mahu kasv tuleneb suurenenud PPA kogusest ning kõrgemast osakaalust kogu toodangu suhtes, mille tõttu kasvab baaskoormuse PPA balansseerimiseks vajalike ostude maht. Ostuhind on seoses turuhinna langusega võrreldes 2023. aasta esimese kvartaliga langenud, kuid suurenenud profiili allahindluse tõttu kasvas ostuhinna ja turuhinna vahe. Leedu tuuleprofiili alahindlus kasvas eelmise aastaga võrreldes 3,3 protsendipunkti ning ulatus 2024 aasta esimeses kvartalis 15%-ni, samal ajal süvenes Eesti tuuleprofiili allahindlus 0,4 protsendipunkti võrra tasemele 13,5%. 2024. aastal algas ka Soome toodanguga seotud PPA, mille tõttu ostudesse lisandus Soome elekter. Soome tuuleprofiili allahindlus 2024. aasta esimeses kvartalis oli 28,1%. Muude äritulude 4,9 mln euro suurusest kasvust moodustas 5,4 mln eurot Paide ja Valka koostootmisjaamade müügikasum 2024. aasta I kvartali tulemustes. Täiendavalt mõjutasid muid äritulusid taastuvenergia tasu vähenemine kvartalite võrdluses 0,8 mln euro võrra. Taastuvenergia tasu on seotud toodetud kogusega. 2024. aasta I kvartali toodang meie toetust saavates tuuleparkides oli 12,0 GWh madalam kui võrdlusperioodil. EBITDA ja segmendiaruandlus Suurimat mõju EBITDA langusele avaldas I kvartalis müüdud elektri hinna langus (-8,3 mln eurot). PPA-dest tulenevalt on võrreldes eelmise aastaga oluliselt kasvanud müüdud elektri kogus (mõju +12,3 mln eurot), millega kaasnevalt on suurenenud ka elektriportfelli balansseerimiseks tehtavate elektri ostude maht (mõju -4,7 mln eurot). Nimetatud mõjude koondtulemust EBITDA-le mõjutab nii vastava perioodi elektritoodangu maht kui ka -profiil, elektritoodang on võrreldes võrdlusperioodiga kasvanud 22% võrra. Müüdud varade EBITDA muutuse mõju EBITDA-le on +3,1 mln eurot, millest 5,5 mln eurot moodustab Paide ja Valka müügikasum. Iru koostootmisjaama ilma elektrihinna ja -koguse mõjudeta omas EBITDA-le negatiivset mõju. Arvesse on võetud soojuseenergia, jäätmete vastuvõtu müügitulud ning tehnoloogilise kütuse mõju. EBITDA languse põhjustas peamiselt jäätmete vastuvõtu tulu vähenemine 0,7 mln euro võrra väiksema jäätmete vastuvõtumahu tõttu. Täiendavalt vähendas Iru koostootmisjaama EBITDA-t suurenenud maagaasikulu (+0,3 mln eurot), mida põhjustas veebruaris jaama mitteplaaniline seisak, mille kestel tootsime asendussoojust maagaasist. Püsikulud ilma müüdud varade püsikuludeta on suurenenud 1,0 mln euro võrra. Püsikulude kasv tulenes hoolduskuludest ning infotehnoloogiliste kulude kasvust. Aruandeperioodi põhjal on nii EBITDA kui äritulude vaatest grupi suurim tuulenergia segment (73% ärituludest ja 76% EBITDA-st). Koostootmise segment panustas ärituludesse 25% ja moodustas 32% EBITDA-st. Aruandeperioodi väikseim raporteeritav segment on päikeseenergia, mille äritulud ulatusid 1% kogu grupi ärituludest ja EBITDA 1% kogu grupi EBITDA-st. Kõigi raporteeritavate segmentide EBITDA kasvas võrreldes võrdlusperioodiga (tuuleenergia, koostootmise ja päikeseenergia segmentides vastavalt 1,2, 0,6 ja 0,1 mln euro võrra). Koostootmise segmendi EBITDA muutust mõjutasid müüdud varad (+ 3,1 mln eurot) ja negatiivselt Iru elektrijaam (-2,5 mln eurot). Puhaskasum Grupi puhaskasum kasvas 2,9 mln euro võrra, olles aruandeperioodil 33,4 mln eurot. Puhaskasumi kasvu toetas EBITDA kasv, kulumi vähenemine 0,5 mln euro võrra (müüdud varade kulumi vähenemine, uute opereerivate varade kulumi lisandumine), neto finantstulude kasv 0,2 mln euro võrra ning tulumaksu kulu vähenemine 0,9 mln euro võrra. Investeeringud Grupi investeeringud olid 2024. aasta I kvartalis 104,8 mln eurot, mida on 12,9 mln eurot rohkem kui võrdlusperioodil. Kasv tulenes arendusinvesteeringutest, mis ulatusid 104,7 mln euroni. Sellest 77,6 mln eurot oli seotud kolme tuulepargi rajamisega: 64,8 mln eurot investeeriti Sopi-Tootsi tuuleparki ning 12,9 mln eurot Kelme tuuleparkidesse. Kelme piirkonna investeeringutest oli 10,4 mln eurot seotud Kelme I tuulepargiga ning 2,5 mln eurot Kelme II tuulepargiga. Päikeseparkide arendustest investeeriti kõige rohkem Sopi päikeseparki 17,6 mln eurot. Baasinvesteeringud jäid aruandeperioodil ebaolulisele 0,1 mln euro tasemele. Finantseerimine 31. märtsi 2024 seisuga oli grupi intressikandvate kohustuste maht korrigeeritud soetusmaksumuses 503,2 mln eurot (482,4 mln eurot 31. detsembril 2023). I kvartali jooksul võttis grupp kasutusse 30 miljonit eurot pangalaene ja kvartali lõpu seisuga oli kasutusele võtmata investeerimislaenude jääk 285 mln eurot. Keskmine välja võetud pangalaenude intressimäär 31. märtsi 2024 seisuga oli 3,79% (31. detsember 2023 3,75%). Netovõlg/EBITDA suhtarv oli kvartali lõpu seisuga tasemel 4,39 (3,97 31. detsembril 2023). Suhtarvu ootuspärane suurenemine on tingitud suurest hulgast ehituses olevatest arendusprojektidest. Lühendatud konsolideeritud kasumiaruanne ------------------------------------------------------------------------------- tuhandetes eurodes I kv 2024 I kv 2023 ------------------------------------------------------------------------------- Müügitulu 56 192 69 691 Taastuvenergia toetus ja muud äritulud 12 729 7 813 Valmis- ja lõpetamata toodangu varude jääkide muutus 0 -5 060 Kaubad, toore, materjal ja teenused -20 674 -24 792 Tööjõukulud -2 225 -2 486 Põhivara kulum, amortisatsioon ja allahindlus -9 342 -9 815 Muud tegevuskulud -3 595 -4 055 ÄRIKASUM 33 085 31 296 Finantstulud 570 407 Finantskulud -306 -380 Neto finantstulud (-kulud) 264 27 Kasum kapitaliosaluse meetodil investeeringutelt sidusettevõtjatesse -10 19 KASUM ENNE TULUMAKSUSTAMIST 33 339 31 342 Tulumaks 107 -820 ARUANDEPERIOODI KASUM 33 446 30 522 Tava ja lahustunud puhaskasum aktsia kohta Kaalutud keskmine aktsiate arv, tuh 264 276 264 276 Tava puhaskasum aktsia kohta, EUR 0,13 0,12 Lahustunud puhaskasum aktsia kohta, EUR 0,13 0,12 Lühendatud konsolideeritud finantsseisundi aruanne ---------------------------------------------------------------------------- tuhandetes eurodes 31.03.2024 31.12.2023 ---------------------------------------------------------------------------- VARAD Põhivara Materiaalne põhivara 1 123 597 1 027 057 Immateriaalne põhivara 59 857 59 891 Varade kasutusõigus 8 764 9 097 Ettemaksed põhivara eest 54 240 55 148 Edasilükkunud tulumaksuvara 2 095 2 013 Investeerinud sidusettevõtjatesse 538 548 Tuletisinstrumendid 5 169 5 054 Pikaajalised nõuded 1 826 0 Kokku põhivara 1 256 086 1 158 808 Käibevara Varud 3 402 3 180 Nõuded ostjate vastu, muud nõuded ja ettemaksed 40 930 55 082 Tuletisinstrumendid 3 720 3 806 Raha ja raha ekvivalendid 34 989 65 677 83 041 127 745 Müügiootel ettevõtte varad 0 15 370 ---------------------------------------------------------------------------- Kokku käibevara 83 041 143 115 ---------------------------------------------------------------------------- Kokku varad 1 339 127 1 301 923 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------- tuhandetes eurodes 31.03.2024 31.12.2023 ----------------------------------------------------------------------------- OMAKAPITAL Emaettevõtja aktsionäridele kuuluv kapital ja reservid Aktsiakapital 264 276 264 276 Ülekurss 60 351 60 351 Kohustuslik reservkapital 5 556 5 556 Muud reservid 164 566 163 451 Realiseerimata kursivahed -108 -162 Jaotamata kasum 257 163 223 718 Kokku omakapital 751 804 717 190 KOHUSTUSED Pikaajalised kohustused Võlakohustused 437 916 454 272 Sihtfinantseerimine 3 054 3 102 Tuletisvaba lepinguline kohustus 12 471 12 497 Edasilükkunud tulumaksukohustused 12 412 12 412 Muud pikaajalised võlad 5 239 5 239 Eraldised 8 8 Kokku pikaajalised kohustused 471 100 487 530 Lühiajalised kohustused Võlakohustused 67 685 32 126 Võlad hankijatele ja muud võlad 44 870 54 445 Eraldised 6 6 Tuletisvaba lepinguline kohustus 3 662 5 674 116 223 92 251 Müügiks hoitavate varadega otseselt seotud kohustused 0 4 952 Kokku lühiajalised kohustused 116 223 97 203 Kokku kohustused 587 323 584 733 Kokku omakapital ja kohustused 1 339 127 1 301 923 ----------------------------------------------------------------------------- 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 taastuvenergia tootjatest Läänemere piirkonnas. Ettevõte opereerib tuuleparke Eestis ja Leedus, päikeseparke Eestis ja Poolas, kütusena olmeprügi kasutavat koostootmisjaama Eestis ning hüdroelektrijaama Eestis. Lisaks arendab ettevõte mitmeid tuule- ning päikeseparke ülalnimetatud riikides ning Lätis ja Soomes. 2023. aasta lõpu seisuga oli ettevõtte installeeritud elektritootmise koguvõimsus 515 MW ning soojusenergia tootmise koguvõimsus 50 MW. 2023. majandusaasta jooksul tootis ettevõte 1 343 GWh elektrienergiat, 604 GWh soojusenergiat ja 156 tuhat tonni pelleteid. 2023. aasta lõpus väljus Enefit Green biomassi kütusena kasutavatest koostootmise ning pelletitootmise äridest.
Pealkiri
Enefit Green unaudited interim report for Q1 2024
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Enefit Green group's operating income for Q1 2024 decreased by 11% while operating expenses for the period decreased by 22% compared to the same period last year. As a result, EBITDA increased by 3% to EUR42.4m and net profit for the quarter increased by 10% to EUR33.4m (earnings per share EUR0.13). Aavo Kärmas, Chairman of the management Board of Enefit Green comments: "We produced 494 gigawatt-hours of electricity (+22%) and 129 gigawatt-hours of thermal energy (-27%). The increase in electricity production by a fifth was driven by newly completed wind and solar farms and those under construction (+131 gigawatt-hours). The decrease in heat output was mainly due to the sale of biomass assets. We focused on the completion of wind and solar farms under construction and invested nearly 105 million euros. We completed construction works at Tolpanvaara wind farm in Finland. In Lithuania at Akmene wind farm, the collapsed wind turbine was replaced and first wind turbines were erected in Kelm? I wind farm. At Sopi-Tootsi renewable energy area in Estonia, we have reached the installation stage of wind turbines, installation of solar panels is already ongoing. Compared to the second half of last year, we have significantly improved the availability of Shilut? wind farm in Lithuania and we continue to maintain good availability of the WinWind wind turbines in Estonia. Quarterly KPIs were affected by lower electricity market prices and the prices of the concluded power purchase agreements (PPA). Due to the setup activities at the wind farms under construction and low wind speeds, the electricity production target was not achieved (-95 gigawatt-hours), which continued to cause significant volumes of electricity purchases. This year our focus is on timely completion of the wind and solar farms under construction and maintaining the high availability of existing assets. We will also continue to work with the development portfolio to increase the value of the company in the longer run." Webinar to present the results of Q1 2024 Today, 2 May 2024 at 13.00 EEST Enefit Green will host a Webinar in English to present and discuss its Q1 2024 results. To participate, please follow this link (https://teams.microsoft.com/l/meetup- join/19%3ameeting_NzM5ZDc3NWEtOTdkZi00MzdkLTk4ZjgtODcxNjc1ZTE5OWU5%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 * Completion of construction works at the Tolpanvaara wind farm in Finland * At Akmene wind farm in Lithuania, wind turbine that collapsed last year was replaced, start of negotiations with GE regarding compensation for the damage * Installation of wind turbines started at Kelm? I wind farm in Lithuania * Preparations for the installation of wind turbines are being finalized at the Sopi-Tootsi wind farm * Co-development agreement with RES Global Investment regarding wind farms in Poland (up to 360 MW) * Direct line power purchase agreement with Elcogen in Estonia * With closing of the sale of Valka and Paide cogeneration plants, we have completed the exit from biomass assets * In agreement with the supervisory board, chairman of the management Board Aavo Kärmas will resign as of 1 July 2024 Key figures +---------------------------------------------+-------+-------+------+--------+ | |Q1 2024|Q1 2023|Change|Change %| +---------------------------------------------+-------+-------+------+--------+ |PRODUCTION AND SALES VOLUMES | | | | | +---------------------------------------------+-------+-------+------+--------+ |Electricity production, GWh | 494| 406| 89| 22%| +---------------------------------------------+-------+-------+------+--------+ |incl. new wind and solar farms | 169| 38| 131| 343%| +---------------------------------------------+-------+-------+------+--------+ |Electricity sales | 627| 495| 133| 27%| +---------------------------------------------+-------+-------+------+--------+ |Heat energy production, GWh | 129| 176| (47)| (27)%| +---------------------------------------------+-------+-------+------+--------+ | | | | | | +---------------------------------------------+-------+-------+------+--------+ |OPERATING INCOME, mEUR | 68.9| 77.5| (8.6)| (11)%| +---------------------------------------------+-------+-------+------+--------+ |Sales revenue, mEUR | 56.2| 69.7|(13.5)| (19)%| +---------------------------------------------+-------+-------+------+--------+ |Renewable energy support and other income, mEUR| 12.7| 7.8| 4.9| 63%| +---------------------------------------------+-------+-------+------+--------+ |EBITDA, mEUR | 42.4| 41.1| 1.3| 3%| +---------------------------------------------+-------+-------+------+--------+ |NET PROFIT, mEUR | 33.4| 30.5| 2.9| 10%| +---------------------------------------------+-------+-------+------+--------+ |EPS, EUR | 0.13| 0.12| 0.01| 10%| +---------------------------------------------+-------+-------+------+--------+ Sales revenues and other operating income The group's total electricity production grew by 89 GWh (+22%) to 494 GWh in Q1, with electricity production at new wind and solar farms and wind and solar farms under construction increasing by 131 GWh. Nevertheless, electricity production was around 95 GWh lower than forecasted. This was due to weather conditions (mainly lower than expected wind speeds) as well as low availability of wind farms under construction. The negative impacts to production compared to the projections were -42 GWh and -47 GWh respectively. Total operating income decreased by EUR8.6m, the figure reflecting a decrease in revenue of EUR13.5m and an increase in renewable energy support and other operating income of EUR4.9m. Operating income for Q1 2023 includes EUR20.0m generated by assets sold in Q4 2023 and Q1 2024 EUR8.0m ('assets sold'). Excluding the impact of assets sold, the group's operating income was EUR57.5m for Q1 2023 and EUR60.9m for Q1 2024 and operating income grew by EUR3.4m, the figure reflecting revenue growth of EUR4.1m and a decrease in other operating income of EUR0.7m. Of the EUR4.1m revenue growth, EUR4.9m resulted from electricity sales revenue that was driven by higher production. In Q1 2024, the average electricity price in the group's core markets was EUR87.0 EUR/MWh (Q1 2023: EUR100.5/MWh). The group's average implied captured electricity price was EUR81.4/MWh (Q1 2023: EUR101.2/MWh). The implied captured electricity price differs from the average market price in the group's core markets, because it takes into account long-term fixed-price power purchase agreements (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 Q1 2024 was EUR77.6/MWh compared with EUR82.4/MWh a year earlier. The group sold 292 GWh of electricity to the market in Q1 2024 compared with 234 GWh a year earlier. In Q1 2024, 335 GWh of the group's electricity production was covered by PPAs signed at an average price of EUR75.0/MWh. A year earlier, 260 GWh of electricity was sold under PPAs at an average price of EUR89.8/MWh. The average price of electricity sold under PPAs has decreased significantly year on year because the settlement periods of PPAs signed in Lithuania and Finland in 2021 at lower prices began in Q1 2024. In Q1 2024, we purchased 138 GWh of electricity from the market at an average price of EUR106.1/MWh, compared with 92 GWh at an average price of EUR116.7/MWh in Q1 2023 (the prices and volumes exclude the electricity purchased for pellet production in Q1 2023). The volume of electricity purchased increased because sales under PPAs and the share of production covered by PPAs have increased and therefore the purchases needed to balance the baseload PPA portfolio have also increased. The purchase price decreased compared to Q1 2023 because the market price has declined, but due to a higher wind profile discount the difference between the purchase price and the market price increased. In Lithuania, the Q1 wind profile discount increased by 3.3 percentage points year on year, rising to 15%. In Estonia, the wind profile discount rose by 0.4 percentage points to 13.5%. In 2024, we started to supply electricity under a PPA in Finland, which is why we also started to purchase electricity in Finland. In Finland, the wind profile discount in Q1 2024 was 28.1%. Renewable energy support and other operating income increased by EUR4.9m. The figure reflects the gain on the sale of the Paide and Valka CHP plants of EUR5.4m and a decrease in renewable energy support of EUR0.8m. The amount of renewable energy support received is based on the quantity of energy produced by wind farms eligible for support, which in Q1 2024 was 12.0 GWh lower than a year earlier. EBITDA and segmental breakdown The factor with the strongest impact on EBITDA development was the price of electricity sold, which decreased compared to Q1 2023 (impact: -EUR8.3m). Due to PPAs, the quantity of electricity sold grew considerably (impact: +EUR12.3m), which also increased the volume of electricity purchased to balance the electricity portfolio (impact: -EUR4.7m). The combined effect of the above factors on EBITDA development is influenced by the volume and profile of electricity produced during the period. Electricity production grew by 22% year on year. The impact of assets sold on EBITDA development was +EUR3.1m. The largest item was the gain on the sale of the Paide and Valka CHP plants of EUR5.5m. Excluding the effects of the electricity price and volume, Iru cogeneration plant had a negative impact on EBITDA. The calculation takes into account the effects of heat energy, gate fees for waste received and technological fuel. The EBITDA of the Iru cogeneration plant decreased because gate fees decreased by EUR0.7m due to a decline in the volume of waste received and expenses on natural gas increased by EUR0.3m due an unplanned production interruption in February during which replacement heat was produced from natural gas. Fixed costs excluding the fixed costs of assets sold grew by EUR1.0m. The increase was attributable to higher maintenance costs and IT expenses. Based on total operating income and EBITDA, the group's largest segment is wind energy, which accounted for 73% of operating income and 76% of EBITDA for Q1 2024. The cogeneration segment contributed 25% to operating income and 32% to EBITDA. The smallest reportable segment is solar energy, which accounted for 1% the group's operating income and 1% of the group's EBITDA for Q1 2024. EBITDA of all reported segments increased compared to the reference period (by EUR1.2m, EUR0.6m and EUR0.1m for the wind, cogeneration and solar energy segments respectively). The change of EBITDA of the cogeneration segment was positively affected by assets sold (+EUR3.1m) and negatively by Iru power plant (-EUR2.5m). Net profit The group's net profit increased by EUR2.9m to EUR33.4m in the reporting period. The growth in net profit was supported by an increase in EBITDA, a decrease in depreciation of EUR0.5 million (increase of depreciation stemming from new operating assets, decrease of depreciation due to assets sold), an increase in net financial income by EUR0.2m and a decrease in income tax expense by EUR0.9m. Capital Expenditures The group invested EUR104.8m in Q1 2024, which is EUR12.9m more than in Q1 2023. Growth resulted from development investments, which extended to EUR104.7m. Of this, EUR77.6m was invested in the construction of three wind farms: EUR64.8m in the Sopi-Tootsi wind farm and EUR12.9m in the Kelme wind farms - EUR10.4m in Kelme I and EUR2.5 in Kelme II. The largest solar energy development investment was made in the Sopi solar project in the amount of EUR17.6m. Base investments remained on a negligible level of EUR0.1m. Financing At 31 March 2024, the amortised cost of the group's interest-bearing liabilities was EUR503.2m (31 December 2023: EUR482.4m). In Q1 2024, the group drew down bank loans of EUR30m and the level of investment loans raised but not drawn down at 31 March 2024 amounted to EUR285m. The average interest rate of bank loans drawn down at 31 March 2024 was 3.79% (31 December 2023: 3.75%). Net debt/EBITDA ratio stood at a level of 4.39 (31 December 2023: 3.97). The ratio's increase is corresponding to the expectation due to the large number of development projects under construction. Condensed consolidated interim income statement ------------------------------------------------------------------------------- EUR thousand Q1 2024 Q1 2023 ------------------------------------------------------------------------------- Revenue 56,192 69,691 Renewable energy support and other operating income 12,729 7,813 Change in inventories of finished goods and work in progress 0 (5,060) Raw materials, consumables and services used (20,674) (24,792) Payroll expenses (2,225) (2,486) Depreciation, amortisation and impairment (9,342) (9,815) Other operating expenses (3,595) (4,055) OPERATING PROFIT 33,085 31,296 Finance income 570 407 Finance costs (306) (380) Net finance income and costs 264 27 Profit (loss) from associates under the equity method (10) 19 PROFIT BEFORE TAX 33,339 31,342 Income tax income (expense) 107 (820) PROFIT FOR THE PERIOD 33,446 30,522 Basic and diluted earnings per share Weighted average number of shares, thousand 264,276 264,276 Basic earnings per share, EUR 0.13 0.12 Diluted earnings per share, EUR 0.13 0.12 Condensed consolidated interim statement of financial position --------------------------------------------------------------------------- EUR thousand 31 March 2024 31 December 2023 --------------------------------------------------------------------------- ASSETS Non-current assets Property, plant and equipment 1,123,597 1,027,057 Intangible assets 59,857 59,891 Right-of-use assets 8,764 9,097 Prepayments for non-current assets 54,240 55,148 Deferred tax assets 2,095 2,013 Investments in associates 538 548 Derivative financial instruments 5,169 5,054 Non-current receivables 1,826 0 Total non-current assets 1,256,086 1,158,808 Current assets Inventories 3,402 3,180 Trade and other receivables and prepayments 40,930 55,082 Derivative financial instruments 3,720 3,806 Cash and cash equivalents 34,989 65,677 83,041 127,745 Assets classified as held for sale 0 15,370 --------------------------------------------------------------------------- Total current assets 83,041 143,115 --------------------------------------------------------------------------- Total assets 1,339,127 1,301,923 --------------------------------------------------------------------------- ------------------------------------------------------------------------------- EUR thousand 31 March 2024 31 December 2023 ------------------------------------------------------------------------------- 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 5,556 5,556 Other reserves 164,566 163,451 Foreign currency translation reserve (108) (162) Retained earnings 257,163 223,718 Total equity 751,804 717,190 LIABILITIES Non-current liabilities Borrowings 437,916 454,272 Government grants 3,054 3,102 Non-derivative contract liability 12,471 12,497 Deferred tax liabilities 12,412 12,412 Other non-current liabilities 5,239 5,239 Provisions 8 8 Total non-current liabilities 471,100 487,530 Current liabilities Borrowings 67,685 32,126 Trade and other payables 44,870 54,445 Provisions 6 6 Non-derivative contract liability 3,662 5,674 116,223 92,251 Liabilities directly associated with assets classified as held for sale 0 4,952 Total current liabilities 116,223 97,203 Total liabilities 587,323 584,733 Total equity and liabilities 1,339,127 1,301,923 ------------------------------------------------------------------------------- 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 renewable energy producers in the Baltic Sea area. The Company operates wind farms in Estonia and Lithuania, waste-to-energy CHP plant in Estonia, solar farms in Estonia and Poland and a hydroelectric plant in Estonia. In addition, the Company is developing several wind and solar farms in the mentioned countries, Latvia and Finland. As of the end of 2023, the Company had a total installed electricity production capacity of 515 MW and a total installed heat production capacity of 50 MW. During 2023, the Company produced 1,343 GWh of electricity, 604 GWh of heat energy and 156 thousand tonnes of wood pellets. In the end of 2023, Enefit Green exited the biomass based CHP and pellet production businesses.