Dublin, 31 May 2022 International Renewable Independent Power Producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) today announces its audited financial results for the 2021 fiscal year.
The 2021 annual financial report is attached to this OSE filing and is available to view on the Alternus Energy website here https://alternusenergy.com/reports-presentations/
Extracts from the audit report are outlined below:
Consolidated Statement of Comprehensive Income
For the year ended
December 31, 2021
(EUR millions)
Revenue 20,616
Cost of sales (5,554)
Gross profit 15,062
General and administration expenses (5,428)
Depreciation (5,558)
Amortisation (36)
Operating profit/(loss) 4,040
Finance costs (15,109)
Assets held for disposal (4,693)
Finance forgiveness 4,982
Gain on Bargain purchase 19,882
Profit/(loss) on ordinary activities before taxation 9,102
Income Tax (446)
Net profit for the financial year 8,656
Other comprehensive income for the year
Foreign exchange differences on translation of operations of foreign subsidiaries 3,391
Total comprehensive income for the year attributable to the owners of the Group 12,047
Consolidated Statement of Financial Position
As at December 31, 2021
(EUR millions)
Assets
Non-current assets
Goodwill 3,020
Property Plant and equipment, net 170,839
Current assets
Trade and other recdivables 17,434
Restriced cash 7,553
Cash and cash equivalents 16,068
Total Assets 214,914
Liabilities / SE Equity
Current liabilities
Trade and other payables 16,435
Capital lease - short term 117
Borrowing Short term 2,600
Non-current
Asset Retirement Obligation 552
Capital Lease - long term 3,896
Borrowings - long term 148,337
Total Liabilities 171,937
Non Controllling Interest 188
Capital and Reserves
Share Capital 263
Share Premium 44,780
Foregin Exchange Reserve 3,315
Accumulated Deficit (5,569)
Total Equity 42,977
Total Liabilities and Equity 214,914
About Alternus Energy
Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale solar parks. The Company also has offices in Rotterdam and America. Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.
Forward Looking Statements: Certain information contained in this letter, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company could differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.