Enefit Green's unaudited financial results Q4 and 12 months of 2024
Enefit Green's consolidated Q4 2024 operating income increased by 5% and
operating expenses (excluding depreciation) decreased by 13% compared to the
same period last year. Group's EBITDA increased by 28% to EUR37.8m and net profit
for the period increased by EUR8.3m to EUR27.4m.
For the full year 2024, group's operating income decreased by 4%, while
operating expenses (excluding depreciation and amortisation) declined by 15%
compared to 2023. As a result, the group's EBITDA improved by 8% to EUR114.8m and
net profit increased by EUR14.5m to EUR70.3m. Earnings per share for 2024 grw by
26% to EUR0.266 (2023: EUR0.211).
Juhan Aguraiuja, Chairman of the Management Board of Enefit Green, comments:
"In 2024, we focused on finalizing construction and achieving stable operation
of our largest assets. Compared to a year ago, we have grown to become a large
power generation company. We have significantly more production assets in
operation, the volume of which now exceeds 1100 MW.
In 2024, we produced 1.9 TWh (+40%) of electricity and 415 GWh (-31%) of thermal
energy. The growth in electricity production was driven by our production
assets, which were gradually installed and reached more stable production,
including the start of full-capacity production at the Sopi-Tootsi wind farm in
Estonia (255 MW). This growth has significantly increased electricity production
and sales volume and helped to better fulfil PPAs.
The result of thermal energy production was affected by the fact that a year ago
we sold our biomass-based cogeneration and pellet businesses.
Although we ended the year with a strong production result, the financial
results for the whole year were influenced by the slower-than-planned completion
of new production assets and lower electricity prices. The addition of new
production capacities to the market is in some instances causing oversupply and
has led to higher renewable energy discounts. Digital solutions have allowed us
to flexibly adapt and avoid production and unprofitable energy sales during
periods of low electricity prices.
After several years of intensive growth, we are now focusing on ensuring a
steady cash flow and finding a balance between the company's growth and
profitability. Our focus is on the sustainable development of the company. It is
important for Enefit Green as a large power generation company that every
megawatt-hour of production volume creates maximum value. This means that we
need to keep the operational assets in high availability, the projects that are
still under construction must be completed on time, and the income potential of
all assets must be fully realised."
Webinar to present the results
Enefit Green is organising a webinar in English for investors today, 28 February
at 13:00 (EET) to present the unaudited 2024 results. To participate, please use
this link (https://worksup.com/app/#/event/EGR2025/agenda/plan).
Highlights in 2024
* The installed electricity production capacity exceeded 1.1 GW level by year
end
* Several important developments reached full capacity
* Fully commissioned Tolpanvaara (72 MW) wind farm in Finland
* Fully commissioned Debnik (6 MW) solar farm in Poland
* Loan agreements in total amount of EUR180 million signed and amended
* Cooperation agreement with RES Global Investments (early phase development
of 360 MW wind farm projects in Poland)
* Agreement with GE Vernova regarding Akmene wind farm incident (which
occurred in May 2023)
* Completion of the sale of biomass assets
Key indicators
+------------------------+-------+-------+--------+-+--------+--------+--------+
| |Q4 2024|Q4 2023|Change %| |12m 2024|12m 2023|Change %|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|PRODUCTION AND SALES | | | | | | | |
|VOLUMES | | | | | | | |
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Electricity production, | | | | | | | |
|GWh | 688| 413| 67%| | 1 883| 1 343| 40%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|incl. new wind and solar| | | | | | | |
|farms | 361| 112| 222%| | 821| 259| 216%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|incl. assets sold | -| 11| -100%| | 4| 43| -90%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Sales of electricity, | | | | | | | |
|GWh | 858| 520| 65%| | 2 417| 1 736| 39%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Heat energy production, | | | | | | | |
|GWh | 110| 172| -36%| | 415| 604| -31%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|incl. assets sold | -| 59| -100%| | 21| 188| -89%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
| | | | | | | | |
+------------------------+-------+-------+--------+-+--------+--------+--------+
|OPERATING INCOME, mEUR | 70.2| 66.9| 5%| | 220.9| 230.1| -4%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Sales revenue, mEUR | 61.6| 59.6| 3%| | 185.5| 205.8| -10%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|Support for renewable | | | | | | | |
|energy and other | | | | | | | |
|business income, mEUR | 8.6| 7.3| 19%| | 35.4| 24.3| 46%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|OPERATING EXPENSES*, mEUR | 32.4| 37.3| -13%| | 106.1| 124.2| -15%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|EBITDA, mEUR | 37.8| 29.6| 28%| | 114.8| 105.9| 8%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|NET PROFIT, mEUR | 27.4| 19.1| 44%| | 70.3| 55.8| 26%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|EPS, EUR | 0.104| 0.072| 44%| | 0.266| 0.211| 26%|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|ROE | | | | | 9.2%| 7.8%| +1.4pp|
+------------------------+-------+-------+--------+-+--------+--------+--------+
|ROIC | | | | | 5.2%| 5.7%| -0.5pp|
+------------------------+-------+-------+--------+-+--------+--------+--------+
* excluding D&A
Impact of assets sold on group performance
The comparison of the group's performance indicators for 2024 with those for
2023 is affected by the sale of the Broc?ni CHP plant and pellet factory, which
was completed in Q4 2023, and the sale of the Paide and Valka CHP plants, which
was completed in March 2024 ('assets sold').
The group's results for 2023 include operating income of EUR43.9m, operating
expenses of EUR35.6m and EBITDA of EUR8.3m related to the assets sold. The same
figures for 2024 are operating income of EUR7.2m (including sales gain of EUR5.0m),
operating expenses of EUR1.6m and EBITDA of EUR5.6m. In following commentary, the
term 'continuing business' is used in the context of figures and indicators from
which the impact of the assets sold has been eliminated.
Operating income
The group's total electricity production increased by 540 GWh (+40%) to 1,883
GWh and production from new wind and solar farms completed and under
construction increased by 561 GWh during the year. Heat production decreased by
188 GWh (-31%) over the year. The decrease in heat production was mainly due to
the assets sold. The impact of the assets sold on electricity and heat
production is shown in the table below.
Operating income decreased by EUR9.2m in 2024, the figure reflecting a EUR20.3m
decrease in revenue and a EUR11.1m increase in renewable energy support and other
operating income. Operating income from the continuing business increased by
EUR27.6m, the figure including revenue growth of EUR19.9m and growth in other
operating income of EUR7.7m.
Revenue from the continuing business grew by EUR19.9m, driven by electricity
revenue, which grew by EUR20.0m due to higher electricity production (+579 GWh,
+45%). In 2024, the average electricity price in the group's core markets was
EUR83.3/MWh (2023: EUR92.7/MWh) and the group's average implied captured electricity
price was EUR67.1/MWh (2023: EUR89.0/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 the renewable energy generation profile
differs significantly from the baseload profile.
The group's average price of electricity supplied to the market in 2024 was
EUR60.9/MWh (2023: EUR73.0/MWh). The amount of electricity supplied to the market in
2024 was 1,129 GWh compared with 783 GWh in 2023.
In 2024, 1,288 GWh of the group's electricity production was covered by PPAs at
an average price of EUR67.7/MWh. In 2023, 953 GWh of electricity was supplied
under PPAs at an average price of EUR86.9/MWh. The average price of electricity
sold under PPAs has decreased significantly compared to 2023 because the supply
periods under the PPAs signed in Estonia, Lithuania and Finland in 2021 at
relatively low prices began in Q1 2024.
In 2024, we purchased 546 GWh of electricity from the market at an average price
of EUR99.0/MWh, compared with 411 GWh at an average price of EUR110.2/MWh in 2023
(the prices and volumes exclude the electricity purchased for pellet production
in 2023).
The increase in the volume of electricity purchased (+135 GWh) is the result of
both higher purchases for PPAs (+88 GWh) and an increase in production volume,
which increased the volume of other purchases (+47 GWh).
The volume of electricity purchased to meet PPA obligations was higher than
expected in 2024 due to delays in the start of production from wind farms under
construction.
The realised purchase price decreased compared to 2023, in line with the overall
decrease in market prices, but the relative difference between the purchase and
sales prices increased due to a higher wind discount. Wind discounts increased
slightly compared to the previous year. Enefit Green's wind discounts in Estonia
and Lithuania were similar to the overall market level, increasing by 3.9 and
0.6 percentage points over the year in Estonia and Lithuania, respectively.
Heat energy revenue from the continuing business increased by EUR2.1m to EUR5.5m.
The increase in heat revenue was due to an increase in the heat price of
EUR5.9/MWh (+73%) compared to the previous year, while heat production from the
continuing business decreased by 21 GWh to 395 GWh (2023: 416 GWh).
Renewable energy support and other operating income
Other operating income from the continuing business increased by EUR7.7m to EUR30.3m
(2023: EUR22.6m). Renewable energy support for the continuing business increased
by EUR1.5m to EUR22.4m. The renewable energy support is linked to the amount of
electricity produced by eligible wind and solar farms in Estonia, the Iru CHP
plant and solar farms in Poland.
The renewable energy support received for eligible generation assets located in
Estonia increased by EUR0.9m. The eligibility period for the Purtse wind farm
started in Q2 2024, which increased the amount of support received by EUR1.2m
year-on-year, and the eligibility period for the Aseriaru wind farm ended in
October, which reduced the support received in Q4 by EUR0.6m year-on-year. The
support received in Poland increased by EUR0.6 million compared to 2023 because
the market price of electricity (EUR96.1/MWh) was lower than the prices fixed in
the Contracts for Difference (EUR125-134/MWh). As a result, Enefit Green was
compensated for the difference between the market price and the fixed price.
Other operating income in 2024 and 2023 was significantly influenced by gains on
the assets sold: the gain on the sale of the Broc?ni CHP plant and pellet
factory completed in Q4 2023 (EUR1.0m) and the gain on the sale of the Paide and
Valka CHP plants completed in Q1 2024 (EUR5.0m).
Other operating income for Q3 2024 included EUR5.3m of income related to a
settlement reached between Enefit Green and GE Vernova in connection with an
incident during the construction of the Akmen? wind farm, which resulted in the
collapse of a wind turbine. As a result of the negotiations, Enefit Green and GE
Vernova agreed on an amendment to the Akmen? wind farm turbine supply contract
signed between the parties, including compensation of EUR8.2m, of which EUR3.9m was
paid by GE Vernova to Enefit Green in cash and the remaining amount was offset
against reciprocal receivables and liabilities. Of the EUR8.2m, EUR5.3m was
recognised as other operating income and EUR1.6m as a reduction of previously made
investments. GE Vernova and Enefit Green also entered into additional agreements
totalling EUR1.3m, which had no impact on Enefit Green's financial results.
Operating expenses
Electricity purchase costs
Electricity purchase costs include the cost of purchases from the power exchange
and the balancing market as well as directly attributable administrative
expenses. Compared to 2023, electricity purchase costs increased by EUR8.3m.
Electricity purchase costs for the continuing business increased by 25% to
EUR56.6m in 2024. The increase in the volume of electricity purchased (+135 GWh)
is due to both purchases related to PPAs (+88 GWh) and growth in the production
volume, which increased the volume of other purchases (+47 GWh). An overview of
the volumes and prices of electricity purchases is presented in the revenue
section above.
Fixed costs
Fixed costs are costs that are not directly related to the production volume. In
2024, fixed costs decreased by EUR2.0m (-5%) to EUR42.0m.
The impact of the assets sold on the decrease in fixed costs was EUR5.4m.
Fixed costs for the continuing business increased by EUR3.4m (+9%) to EUR41.3m,
including an increase of EUR2.2m in the maintenance and repair costs of production
assets and an increase of EUR1.3m in land costs related to production assets and
development projects.
The increase in maintenance costs is related to the addition of maintenance
costs for assets that started production in 2023. The growth in land costs is
partly related to the addition of the land costs and taxes for new operating
assets and the land costs for projects in the pre-development stage. Payroll
expenses for the continuing business grew by EUR0.7m (+9%).
At the end of 2024, the group had 132 employees (2023: 154, including 133 in the
continuing business).
Other variable costs
Other variable costs are costs related to the production volumes, which vary
according to the intensity of production. These costs include direct and
indirect costs incurred in the production process, excluding electricity
purchase costs and fixed costs.
In 2024, other variable costs decreased by EUR24.3m (-76%), of which EUR25.5m was
related to the assets sold.
Variable costs for the continuing business increased by EUR1.2m, of which EUR1.7m
was related to the Iru CHP plant. The main driver of the increase in the
variable costs of the Iru CHP plant was the increase in pollution charges
(EUR1.1m) - a new, 12 times higher CO(2) emission charge (EUR25/t) for heat
producers took effect on 1 July 2024. As heat energy prices are regulated in
Estonia, the increase in the pollution charge was passed on to the price of heat
energy sold by Enefit Green. The increase in the variable costs of the Iru CHP
plant is further explained in the chapter on the cogeneration segment.
EBITDA
In 2024, the decrease in the price of electricity sold reduced EBITDA by EUR33.0m
compared to the previous year. Due to the increase in production volume, the
amount of electricity sold increased significantly, improving EBITDA by EUR54.4m
compared to 2023. As the volume of electricity sold under PPAs increased
significantly, the volume of electricity purchased to balance the electricity
portfolio also increased, reducing EBITDA by EUR15.4m year-on-year. The overall
effect of these items on EBITDA was influenced by both the volume and profile of
electricity generation during the period.
The impact of the assets sold on EBITDA was negative at EUR2.7m.
The Iru CHP plant, excluding fixed costs and the impacts of electricity price
and volume, reduced EBITDA by EUR1.2m. The figure reflects the effects of heat
energy, gate fees and technological fuel (mainly natural gas). The results of
the Iru CHP plant are described in more detail in the chapter on the
cogeneration segment.
The increase in the fixed costs of the continuing business reduced EBITDA by
EUR3.4m compared to the previous year (the drivers were explained above).
Depreciation, amortisation and impairment (D&A)
D&A expenses decreased by EUR1.4m (-4%) compared to 2023, of which EUR4.7m was due
to the assets sold. The figure for the continuing business increased by EUR3.3m
(+9%) due to the recognition of new assets in 2024.
The Purtse wind farm (D&A for 2023 EUR0.6m, D&A for 2024 EUR1.0m) and the Purtse
solar farm (D&A for 2023 EUR0.3m, D&A for 2024 EUR0.5m) in Estonia were recognised
as depreciable non-current assets in Q3 2023 and the Zambrow solar farm in
Poland (D&A for 2023 EUR80k, D&A for 2024 EUR0.2m) and the Estonia solar farm in
Estonia (D&A for 2023 EUR7k, D&A for 2024 EUR86k in 2024) in Q4 2023.
The Tolpanvaara wind farm in Finland (D&A for 2024 EUR1.9m) and the Debnik solar
farm in Poland (D&A for 2024 EUR44k) were recognised as depreciable non-current
assets in Q3 2024.
D&A expenses are expected to increase in 2025 due to the completion of major
development projects in Estonia and Lithuania.
Net finance income and costs
The change in net finance income and costs was negative at EUR0.2m. Interest
expense on bank loans increased by EUR12.2m year-on-year to EUR25.1m, but 98% of the
loan interest was capitalised due to the construction period of the assets.
Interest expense recognised in the income statement is expected to increase in
2025, as the completion of development projects in Estonia and Lithuania will
reduce the share of interest expense that is capitalised.
Income tax expense
Income tax expense decreased by EUR4.4m compared to 2023 due to a lower dividend
distribution and therefore lower income tax expense in Estonia.
Net profit
The group's net profit increased by EUR14.5m (+26%) to EUR70.3m in 2024. The
Management Board will make a dividend distribution proposal from the net profit
for the financial year 2024 together with the publication of the audited annual
report and in its proposal, will adhere to the dividend policy described above.
The amount of the dividend and the payment procedure are decided by the general
meeting of the shareholders after the approval of the audited annual report.
Investments
The Group's investments in 2024 amounted to EUR388.4m, EUR32.7m more than in 2023.
The increase was driven by development investments, which totalled EUR382.0m. Of
this, EUR324.1m was invested in the construction of new wind farms: EUR200.9m in the
Sopi-Tootsi wind farm and EUR102.7m in the Kelm? wind farms, including EUR47.4m in
Kelm? I and EUR52.5m in Kelm? II. As regards solar developments, the largest
investments were made in the Sopi solar farm (EUR28.4m) and the Latvian solar
farms (EUR6.8m). Baseline investments (expenditure for the maintenance and
improvement of existing assets) amounted to EUR6.4m in 2024 (2023: EUR5.1m) and were
mainly related to wind farms in Estonia (EUR5.4m) and the Iru CHP plant (EUR1.0m).
At 31 December 2024, the carrying amounts of the non-current assets of the
group's operating segments were as follows: Wind energy EUR1,245.9m (of which 53%
in construction), Cogeneration EUR90.8m (of which 0% in construction), Solar
energy EUR104.5m (of which 41% in construction) and Other EUR65.5m.
At 31 December 2024, the assets of the Wind energy segment included goodwill of
EUR23.6m (2023: EUR23.6m), the assets of the Cogeneration segment included goodwill
of EUR32.4m (2023: EUR32.4m) and the assets of the Solar energy segment included
goodwill of EUR2.2m (2023: EUR2.2m).
Financing
The Enefit Green group finances its activities through equity and debt. In
2024, we continued to raise additional capital by entering into new loan
agreements and drawing down previously secured loans to finance the development
programme of new wind and solar farms that was launched in 2021.
During the year, we signed new loan agreements and amended existing ones for a
total of EUR180m. In June, we signed an amendment to the loan agreement with
Swedbank, increasing the loan amount from EUR50m to EUR100m. In August we signed a
new 8-year loan agreement for EUR100m with EBRD and in September we signed a new
revolving credit facility agreement of EUR20m with OP Bank and extended the EUR10m
revolving credit facility agreement with SEB.
At 31 December 2024, the amount of investment loans raised but not yet drawn was
EUR165m.
In addition to the investment loans, Enefit Green has three revolving credit
facilities totalling EUR50m, which will mature in the period 2026-2027. At 31
December 2024, all the facilities were undrawn.
At 31 December 2024, the amortised cost of the group's interest-bearing
liabilities was EUR734.3m (31 December 2023: EUR486.4m). The figure consists of bank
loans and lease liabilities of EUR724.9m and EUR9.4m, respectively.
The average interest rate on bank loans drawn down as at 31 December 2024 was
3.90% (31 December 2023: 4.09%). The base rates at the end of 2024 were lower
than a year earlier. During the year, the 3-month EURIBOR decreased by 1.20
percentage points to 2.71% and the 6-month EURIBOR decreased by 1.29 percentage
points to 2.57%. At 31 December 2024, the interest rate risk of 19.8% of the
loans drawn by Enefit Green was hedged with interest rate swaps.
Condensed consolidated interim income statement
EUR thousand Q4 2024 Q4 2023 2024 2023
Revenue 61,589 59,656 185,489 205,757
-------------------------------------------------------------------------------
Renewable energy support and other
income 8,650 7,256 35,412 24,307
-------------------------------------------------------------------------------
Change in inventories of finished goods
and work-in-progress 0 (1,026) 0 2,210
-------------------------------------------------------------------------------
Raw materials, consumables and services
used (24,906) (28,944) (81,975) (100,330)
-------------------------------------------------------------------------------
Payroll expenses (2,330) (2,782) (9,077) (19,807)
-------------------------------------------------------------------------------
Depreciation, amortisation and
impairment (9,810) (10,819) (39,138) (40,559)
-------------------------------------------------------------------------------
Other operating expenses (5,188) (4,520) (15,036) (15,237)
-------------------------------------------------------------------------------
OPERATING PROFIT 28,005 18,781 75,675 65,341
-------------------------------------------------------------------------------
Finance income 215 1,134 1,307 1,960
-------------------------------------------------------------------------------
Finance costs (484) (1,481) (1,420) (1,858)
-------------------------------------------------------------------------------
Net finance costs (269) (347) (113) 102
-------------------------------------------------------------------------------
Profit (loss) from associates under the
equity method 25 (20) 38 66
-------------------------------------------------------------------------------
PROFIT BEFORE TAX 27,761 18,414 75,600 65,509
-------------------------------------------------------------------------------
Corporate Income Tax Expense (326) 690 (5,332) (9,716)
-------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 27,435 19,104 70,268 55,793
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
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 0.104 0.072 0.266 0.211
-------------------------------------------------------------------------------
Diluted earnings per share, EUR 0.104 0.072 0.266 0.211
-------------------------------------------------------------------------------
Condensed consolidated interim statement of financial position
EUR thousand 31 Dec 2024 31 Dec 2023
ASSETS
----------------------------------------------------------------
Non-current assets
----------------------------------------------------------------
Property, plant and equipment 1,394,343 1,027,057
----------------------------------------------------------------
Intangible assets 59,727 59,891
----------------------------------------------------------------
Right-of-use assets 8,525 9,097
----------------------------------------------------------------
Prepayments 37,536 55,148
----------------------------------------------------------------
Deferred tax assets 1,212 2,013
----------------------------------------------------------------
Investments in associates 548 548
----------------------------------------------------------------
Derivative financial instruments 3,400 5,054
----------------------------------------------------------------
Long-term receivables 1,330 0
----------------------------------------------------------------
Total non-current assets 1,506,620 1,158,808
----------------------------------------------------------------
----------------------------------------------------------------
Current assets
----------------------------------------------------------------
Inventories 2,011 3,180
----------------------------------------------------------------
Trade receivables 10,151 8,618
----------------------------------------------------------------
Other receivables 13,600 16,380
----------------------------------------------------------------
Prepayments 6,922 30,084
----------------------------------------------------------------
Cash and cash equivalents 44,023 65,677
----------------------------------------------------------------
Derivative financial instruments 3,274 3,806
----------------------------------------------------------------
Assets of a company held for sale 0 15,370
----------------------------------------------------------------
Total current assets 79,981 143,115
----------------------------------------------------------------
Total assets 1,586,601 1,301,923
----------------------------------------------------------------
EUR thousand 31 Dec 2024 31 Dec 2023
EQUITY
-------------------------------------------------------------------------------
Equity and reserves attributable to equity holder of
the parent
-------------------------------------------------------------------------------
Share capital 264,276 264,276
-------------------------------------------------------------------------------
Share premium 60,351 60,351
-------------------------------------------------------------------------------
Statutory reserve capital 8,291 5,556
-------------------------------------------------------------------------------
Other reserves 163,674 163,451
-------------------------------------------------------------------------------
Foreign currency translation reserve 182 (162)
-------------------------------------------------------------------------------
Retained earnings 263,502 223,718
-------------------------------------------------------------------------------
Total equity 760,276 717,190
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Borrowings 669,274 454,272
-------------------------------------------------------------------------------
Goverment grants 2,809 3,102
-------------------------------------------------------------------------------
Non-derivative contract liability 6,345 12,412
-------------------------------------------------------------------------------
Deferred tax liabilities 12,484 12,497
-------------------------------------------------------------------------------
Other non-current liabilities 8,098 5,239
-------------------------------------------------------------------------------
Provisions 194 8
-------------------------------------------------------------------------------
Total non-current liabilities 699,204 487,530
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 65,139 32,126
-------------------------------------------------------------------------------
Trade payables 36,926 29,464
-------------------------------------------------------------------------------
Other payables 18,888 24,981
-------------------------------------------------------------------------------
Provisions 8 6
-------------------------------------------------------------------------------
Non-derivative contract liability 6,161 5,674
-------------------------------------------------------------------------------
Liabilities of a company held for sale 0 4,952
-------------------------------------------------------------------------------
Total current liabilities 127,121 97,203
-------------------------------------------------------------------------------
Total liabilities 826,325 584,733
-------------------------------------------------------------------------------
Total equity and liabilities 1,586,601 1,301,923
-------------------------------------------------------------------------------
Additional information:
Sven Kunsing
Head of Financial Communication
[email protected]
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