DTEK RENEWABLES BV’s net loss last year amounted to UAH 0.547 billion, which is 29 times less than in 2022 (UAH 15.841 billion).
According to the company’s report published on the stock exchange, its revenue increased by 26.5% (by UAH 0.782 billion) compared to 2022 to UAH 3.728 billion, and gross profit amounted to UAH 2.57 billion against a gross loss of UAH 12.157 billion.
In particular, the group increased revenue from electricity sales by solar power plants (SPPs) at the feed-in tariff by 68% due to its increase and the impact of the hryvnia’s appreciation against the euro, while a 65% decrease in revenue from sales by wind power plants (WPPs) was due to the absence of generating stations located in the occupied territories.
According to the report, at the end of last year, DTEK RENEWABLES’ total assets amounted to UAH 25.841 billion against UAH 26.331 billion a year earlier, and its equity decreased from UAH 3.394 billion to UAH 2.93 billion.
The company states that it has violated certain financial and non-financial covenants on bank and non-bank debt obligations with a nominal amount of EUR222 million as of the end of 2023, and these debts have been classified as current liabilities.
The green bonds are scheduled to mature on November 12, 2024. The Group’s management intends to start negotiations with the bondholders to extend the maturity of the green bonds to a later date and expects to reach a compromise on the terms.
In 2023, the group produced 999 GWh, which corresponds to the estimated amount of avoided CO2 emissions of 1062 thousand tons, compared to 881 GWh and 937 thousand tons of CO2 in 2022, and 2117 GWh and 2250 thousand tons of CO2 in 2021.
DTEK Renewables plans to continue its operations in line with current plans and its long-term strategy until 2030. The Group plans to develop projects in Poltava region (650 MW) and in the south of Ukraine (up to 650 MW) over the next 5 years.
In the first half of 2023, DTEK Renewables reduced its gross revenue by 5.2% compared to the same period in 2022 to UAH 1.787 billion, which happened in the absence of generation at the temporarily occupied wind farms and the crisis of non-payment for renewable energy.
As noted in the company’s report published on the Irish Stock Exchange on Friday, the level of payments to renewable energy companies in Ukraine for the period February-August is in the range of 42-52%, which is significantly lower than expected.
The company clarified that the nominal debt of SE Guaranteed Buyer to it for the sold electricity as of June 30, 2023 amounted to UAH 2.57 billion against UAH 1.53 billion at the beginning of the year.
At the same time, DTEK Renewables received UAH 179 million of net profit in the first half of 2023 against UAH 18 billion of loss in the same period of 2022 due to the absence of impairment charges on non-current assets in the amount of UAH 17.36 billion last year.
“The loss in the first half of 2022 was caused by the accrual of expenses in connection with the occupation of some of DTEK Renewables’ power plants, revision of plans for the construction of Tiligulska wind farm and economic depreciation due to the deteriorating economic situation,” the company said.
At the same time, exchange rate differences in financial and investment activities in January-June this year turned out to be negative for DTEK Renewables – UAH 285 million, while in January-June 2022 they were recorded plus UAH 300 million.
The amount of debt for the reporting period decreased from UAH 21.57 billion to UAH 20.31 billion, and the amount of free cash increased from UAH 3.44 billion to UAH 4.69 billion.
It is noted that during the reporting period, solar power plants increased electricity output due to more favorable weather conditions, a decrease in dispatch restrictions in the face of electricity shortages, and a decrease in the level of imbalances. It is specified that sales of SPPs were four times higher than sales of wind farms.
It is also indicated that in early spring, DTEK Renewables commissioned 19 wind turbines at Tiligulska WEP with a total capacity of 114 MW.
