UAB “Atzinaudinantios Energy Investment” (company) publishes its 2023 audited annual consolidated financial statements and separate financial statements together with the Company's and Group's 2023 annual report.
Summary of financial results
Our objective is to provide our investors with benefits from their investments in renewable energy infrastructure equipment and related assets. Key financial indicators for this period are:
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As of December 31, 2023, our total assets were 186,793 thousand euros, total capital was 115,300 thousand euros and total liabilities were 71,493 thousand euros.
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As of December 31, 2023, our invested assets at fair value according to the income statement amounted to €180,060 thousand, an increase of €35,152 thousand or 24.26% compared to December 31, 2022.
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Our total comprehensive income in 2023 amounted to EUR 5,031 thousand, which was mainly due to the gains on our investment portfolio from the annual valuation of our shares.
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Shareholder contributions amounted to 6,763 thousand euros in 2023
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During 2023, we issued green bonds totaling 20,382 thousand euros.
Performance and development review
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2023 was a successful year for solar power projects in Poland and Lithuania. Results exceeded expectations, with revenue increasing by 9% and EBITDA increasing by 11% compared to budget. This was driven by favorable weather conditions. In the period from January to December 2023, the Group generated a total of 68,124 MWh of renewable energy.
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Construction of a solar power project with a total capacity of 67.8MW. The z oo portfolio is progressing towards completion. By the end of Q4 2023, 14 projects with a total capacity of 14 MW were commissioned. In 2024, 22 projects with a total capacity of 53.8 MW are expected to generate electricity. The Group generated 4,258 MW of renewable energy from projects generated from the date of completion to the end of the financial year.The group secured long-term financing from Bank Pekao SA in 2023
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PL SUN sp. z oo project portfolio with a total capacity of 114.5 MW is divided into two phases. Construction procedures will continue on all seven sites for the first 66.99 MW, expected to be completed in Q2 2024. Second 47.51 MW, balance of system module and inverter supply contract under negotiation
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The Company holds a 25% stake in UAB Žaliosios investicijos, which manages the construction of a 185.5MW portfolio of 34 wind turbines in Lithuania. The construction process for the wind farm portfolio was completed in the third quarter of 2023. The three wind farms generated 277,490 MW of renewable wind energy from January to December 2023.
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The development permit for the wind farm being developed by UAB Ekoelektra has been issued and the final grid connection conditions have also been received. The technical design process has begun and construction permits are expected to be obtained between Q4 2024 and Q1 2025.
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Final grid connection conditions for UAB JTPG 70 MW solar power project received during Q3 2023
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UAB KNT Holding has secured hybrid grid connection for 390 MW of wind power generation, 250 MW of solar power generation and 50 MW/200 MWh of battery storage capacity.
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Grid connectivity has been secured for the entire connected capacity of a 102 MW wind farm development project in Latvia managed by Zala Elektriba SIA. The final environmental impact assessment for the wind farm was obtained in the fourth quarter of 2023.Technical design procedure started
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On March 31, 2023, the Company closed its final share subscription period, with total investor commitments amounting to €91.5 million.
General meeting of shareholders
According to the Companies Law of the Republic of Lithuania, the annual financial statements prepared by the management are approved by the general meeting of shareholders. Shareholders have the right not to approve the annual financial statements and to request the preparation of new financial statements.
The Company's shareholders are expected to vote on the approval of the Group's and the Company's 2023 financial statements at the general meeting to be held on April 30, 2024. Profit distribution proposals were also considered at the general meeting of shareholders, and it was proposed that profits be distributed as follows: :
|
article |
thousand, EUR |
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Retained earnings (loss) – beginning of period |
21,113 |
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Comprehensive income for the year – Net income for the year |
5,005 |
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Transfer of profits to statutory reserves |
-668 |
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Retained earnings (loss) – at year end |
31,450 |
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Profit distribution: |
|
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Transfer of profits to statutory reserves |
-250 |
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Transfer of profits to other reserves |
– |
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Profits paid as dividends |
– |
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Retained earnings (loss) at the end of fiscal year 2022 and previous accounting periods |
31,200 |
Additionally, on April 30, 2024, the shareholders will decide to appoint an audit firm to audit the Company's financial statements for the years 2024 through 2026. The audit firm to be appointed is PricewaterhouseCoopers, UAB.
The agenda for the general meeting of shareholders also includes amendments to the articles of incorporation and approval of guidelines for the audit committee.
For more information please contact:
Grete Bukauskaite
investment company manager
grete.bukauskaite@lordslb.lt
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