The sales revenues of Polenergia Group for four quarters of 2022 were higher by PLN 3,090.20 million as compared to the revenues from 2021, which was primarily caused by higher revenues in the segment of trading and sale (by PLN 2,969 million), on-shore wind farms (by PLN 149 million) and distribution (by PLN 52.3 million), partially compensated by lower revenues in the segment of gas and clean fuels (by PLN 98.2 million).
Last year, we built or started to build eight new wind and photovoltaic projects. Their total capacity is 278 MW. This means that the Group’s generation capacity will be doubled as compared to the installed capacity at the end of 2021. The growth above allowed us to earn a historically high EBITDA result in the segment of wind farms.
The EBIDTA result of the on-shore wind farms was higher by PLN 140 million as compared to the result from the previous year. This is primarily the consequence of construction of the Dębsk Wind Farm (121 MW) and the Kostomłoty Wind Farm (27 MW), including all-year production of the Szymankowo Wind Farm in 2022 (38 MW) which was commissioned in the second half of 2021 and higher sale prices of electric energy and green certificates on the segment level.
The EBITDA result in the photovoltaic segment in 2022 was higher by PLN 11.1 million from the result in 2021 in relation to the fact that two new projects entered their operating stage in June and July 2022 – Sulechów II (11.7 MW) and Sulechów III (9.8 MW), while the Buk I (6.4 MW) entered into its operating stage in September 2022, the Sulechów I project accomplished better results and the solar conditions in the course of the year were favourable.
Attention should be paid to the fact that along with the publication of report for 2022, Polenergia prepared and adopted a non-financial report, for the first time in history. In line with the European Union directive, the obligation of preparing the ESG will apply to the Group only from 2023. Polenergia adopted the report one year before such obligation became binding.
– The Polenergia Group is successfully continuing performance of its mission, namely generation and delivery of zero emission energy, based on sustainable sources. In the face of challenges brought by energy transformation, Polenergia is consistently acting for the sake of environmental protection and sustainable development. Construction of our photovoltaic, wind and hydrogen projects is an important contribution to the fight with climate changes and allows for delivery of safe, clean energy to our clients.
The adjusted EBITDA result in 2022 reached PLN 354.3 million and was lower by PLN 6.8 million as compared to the result in the analogous period of the previous year. In 2022, the adjusted net profit of the Group was PLN 162.0 million, which is a drop as compared to the result in the analogous period of the previous year by PLN 25.2 million. The adjusted EBITDA result of the Group in the fourth quarter of 2022 only was PLN 110.0 million and was higher by PLN 31.1 million in comparison to the result in the analogous period of the previous year. In the fourth quarter of 2022 only, the Group’s adjusted net profit was PLN 54.3 million, which is an increase as compared to the result in an analogous period of the previous year by PLN 15.8 million.
In 2022, sudden changes were observed in the market environment in relation to Russia’s aggression in Ukraine and a tense situation at the resource markets. This was manifested by extremely high volatility of prices of financial instruments, resources and goods, including changes in prices of electric energy, natural gas CO2 emission certificates. Among financial factors significant from the Group’s point of view, increased inflation pressure has been observed, volatility of the PLN rate as compared to EUR and USD, as well as significant growth of costs related to the hedging of transactions entered at commodity markets.
In 2022, we witnessed an exceptionally difficult situation at the energy market, which primarily was the consequence of Russia’s invasion in Ukraine. The outbreak of the war has previously unimaginable consequences for every one of us, including Polenergia. Drastic limitation in the supply of key energy resources resulted in extreme volatility of prices of electric energy and natural gas. In spite of it, we retained the ability to develop in such difficult conditions.
As of 31 December 2022, the Polenergia Group performed work on three wind farm projects with a total capacity of 178 MW. The Dębsk Wind Farm project with a capacity of 121 MW received the certificate of occupancy in October 2022 and a permit to generate green energy in January 2023. The Piekło Wind Farm project with a capacity of 13.2 MW and the Grabowo Wind Farm project with a capacity of 44 MW are at the stage of construction. The end of construction in both projects is scheduled for the second half of 2023.
Development work in the offshore wind farm segment continues. The Group holds 50% of shares in Bałtyk I Sp. z o.o. Off-shore Wind Farm, Bałtyk II Sp. z o.o. Off-shore Wind Farm, and Bałtyk III Sp. z o.o. Off-shore Wind Farm that are preparing three off-shore wind farms located in the Baltic Sea with a total capacity up to 3,000 MW for construction.
In 2022, Polenergia S.A. purchased 100% shares in Edison Energia S.A., and the company’s name was changed to Polenergia Fotowoltaika S.A. As part of its operating activities, Polenergia Fotowoltaika installed 62.1 MW of photovoltaic panels, and in the heat pump sector, 689 pcs. of these devices were assembled. Given the growing demand for heat pumps and the insufficient supply on the European market, the Company entered into numerous contracts for supplies of heat pumps and is planning to set up cooperation with more distributors.
Major data from the consolidated report for 2022:
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