UAB “Atsinaujinančios Energetikos Investicijos” (the Company) publishes its audited annual consolidated and separate financial statements for 2022 together with Company’s and Group‘s annual report for 2022.
Financial results
The Company’s objective is to earn a return for the Company’s investors from investments in facilities of the renewable energy infrastructure and related assets. The main financial indicators for the period were:
- As at 31 December 2022, the Company’s total assets were EUR 156,590 thousand, total equity was EUR 103,532 thousand, and total liabilities were EUR 53,058 thousand
- As at 31 December 2022, the Company’s investment assets at fair value through profit or loss were EUR 144,908 thousand, which compared to 31 December 2021, grew by EUR 78,227 thousand or 117.32%
- The Company’s total comprehensive income during 2022 was EUR 13,360 thousand, which was primarily driven by the gain on the investment portfolio due to the annual valuation of the Company’s shares
- During 2022, shareholders' contributions amounted to EUR 25,159 thousand
- During 2022, the Company issued bonds in the total amount of EUR 27,000 thousand and redeemed bonds for EUR 5,000 thousand
- The Green bonds are listed on the Nasdaq stock exchange since 19 July 2022
Review of performance and development
- 2022 was a successful year for operating projects in Poland and Lithuania. Consolidated revenues for 2022 amounted to EUR 10,900 thousand and EBITDA amounted to EUR 9,000 thousand, which exceeded forecasts
- Construction of a 67.8 MW solar PV portfolio in Poland is on track. As of the end of March 2023, the construction of 14 projects totalling 14 MW has been completed. These Projects are expected to start generating electricity by the end of April 2023
- The new portfolio of solar development projects in Poland has a capacity of 104.5 MW. The BoS contract for the first 66.5 MW has been executed, with the first stages of construction planned for the end of April 2023
- The Company holds 25% of shares of UAB Žaliosios investicijos, which manages the construction of a 185.5 MW portfolio, consisting of 34 wind turbines in Lithuania. Anykščiai wind park (49.5 MW) is already operational, according to the latest information provided by the contractor, Jonava wind park (50 MW) is expected to be operational in Q2 2023, while the Rokiškis wind park (66 MW) is expected to start generating electricity in Q3 2023
- As of 1 July 2022, fixed-price, monthly-fixed-volume electricity price hedging derivatives (the Price Hedging Agreement) entered into force for approximately 50% of production for Anykščiai (49.5 MW) and Jonava (70 MW) wind parks. The wind parks being developed by these companies did not yet produce electricity nor generated revenue to cover the unplanned Price Hedging Agreement costs at the time the Price Hedging Agreement came into force. An additional 3.75 mEUR equity capital injection was required by the Company to balance out cash flow for UAB Žaliosios investicijos wind park portfolio
- Share purchase agreement for a hybrid 250 MW wind and 250 MW solar PV plant in Lithuania has been signed. The grid was secured by signing the Letter of Intent (LOI) with the TSO in Q2 2022
- The rights to acquire 40 MW and 200 MW hybrid projects in Lithuania have been secured. The grid for both projects has been secured by signing the Letter of Intent (LOI) with the TSO in Q2 2022
- 70 MW solar PV development project has reached a development milestone - grid capacity has been secured
- The environmental impact assessment procedure was completed for 14 units of wind turbine generators (WTG’s) park. As of the end of Q4 2022, the application for the grid reservation has been submitted to the TSO and the grid was reserved in Q1 2023. Final grid connection conditions are expected to be received in Q2 2023, while the ready to build stage is planned to be achieved in Q1-Q2 2024
- Cooperation agreement with a major landowner was signed with the potential to develop a 150 MW wind park in Lithuania
- The Company has made initial investments into the early-stage 102 MW wind power project in Latvia
- In Q1 2023 PV Energy Projects sp. z o.o. secured long-term financing for its 67.8 MW solar project, which is currently under construction
- On the 31st of March 2023 the Company closed its final share subscription period with total investor commitments reaching 91,815,628.25 EUR
Shareholders’ meeting
According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power not to approve the annual financial statements and the right to request new financial statements to be prepared.
The shareholders of the Company will vote on approving the Group‘s and Company’s 2022 financial statements at a shareholders' meeting to be held on 20 April 2023. The meeting will also consider a proposal for the distribution of profits, it is proposed to allocate profits as follows:
| Article | Thousand, EUR |
| Retained earnings (loss) – at the beginning of financial year | 14,036 |
| Comprehensive income for the reporting period - net profit for the current year | 13,360 |
| Profit transfer to the legal reserve | -283 |
| Retained earnings (loss) – at the end of financial year | 27,113 |
| Profit transfer to the legal reserve | -668 |
| Profit transfer to other reserves | - |
| Profit to be paid as dividends | - |
| Retained earnings (loss) at the end of the financial year for 2022 and previous financial periods | 26,445 |
Also on 20 April 2023, Shareholders will decide on the appointment of an audit firm to audit the Company’s financial statements for 2023. The proposed audit firm to be appointed is UAB KPMG Baltics.
Contact person for further information:
Grėtė Bukauskaitė
Manager of the Investment Company
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