Enersense changes the accounting of wind power projects and publishes comparison figures for 2022
Enersense International Plc
Stock exchange release, 27 July 2023 at 2:00 p.m.
Enersense changes the accounting of wind power projects from the beginning of 2023 so that realised sales gains from completed wind power projects are recognised in revenue in the income statement, whereas they were previously included in other operating income. In addition, distribution of funds to minority shareholders which is based on a shareholder agreement are recognised in financial expenses in the income statement, while they were previously treated as decreases in equity.
These changes are related to the specification of accounting principles the aim of which is to provide clearer and more comparable information about Enersense’s wind power projects and their impact on the company’s financial results.
Impact of the change in accounting on the group’s turnover, financial expenses and earnings per share
As a result of the change, revenue increased by EUR 6.4 million for the first quarter and by EUR 7.5 million for the fourth quarter of 2022. The full-year revenue increased by EUR 14 million in total. Other operating income decreased correspondingly. The change had no impact on operating results for 2022.
Financial expenses increased by EUR 2.5 million for the first quarter and by EUR 4.9 million for the fourth quarter of 2022. Full-year financial expenses increased by EUR 7.4 million.
Earnings per share decreased by EUR 0.16 for the first quarter and by EUR 0.30 for the fourth quarter of 2022. Full-year earnings per share decreased by EUR 0.46.
Impact of the change in accounting on the Power segment’s revenue and EBITDA-%
The Power segment’s revenue increased by EUR 6.4 million for the first quarter and by EUR 7.5 million for the fourth quarter of 2022. The full-year revenue increased by EUR 14 million in total. The change had no impact on EBITDA, but it decreased the EBITDA-% by 18.8 percentage points for the first quarter and by 14.3 percentage points for the fourth quarter of 2022.
Key comparison figures for 2022 by quarter are presented below for the Group and the Power segment following the changes defined above.
The group’s changed key figures for 2022
| 1–3/2022 | 4–6/2022 | 6–9/2022 | 10–12/2022 | 1–12/2022 | |
| Revenue (EUR 1,000) | 60,202 | 59,827 | 64,390 | 97,578 | 281,997 |
| EBITDA (EUR 1,000) | 5,410 | -614 | 4,047 | 3,367 | 12,210 |
| EBITDA, % | 9.0 | -1.0 | 6.3 | 3.5 | 4.3 |
| Adjusted EBITDA (EUR 1000) | 5,479 | -431 | 4,255 | 4,350 | 13,653 |
| Adjusted EBITDA, % | 9.1 | -0.7 | 6.6 | 4.5 | 4.8 |
| Operating result (EUR 1,000) | 3,227 | -2,772 | 1,929 | 1,095 | 3,479 |
| Operating result, % | 5.4 | -4.6 | 3.0 | 1.1 | 1.2 |
| Financial income and expenses | -3,707 | -678 | -786 | -5,336 | -10,507 |
| Result for the period (EUR 1,000) | -1,294 | -4,133 | 1,169 | -5,577 | -9,835 |
| Return on equity, % | -2.6 | -6.3 | 2.9 | -9.9 | -17.5 |
| Earnings per share, undiluted, EUR | -0.06 | -0.25 | 0.08 | -0.34 | -0.57 |
| Earnings per share, diluted, EUR | -0.06 | -0.25 | 0.08 | -0.34 | -0.57 |
The Power segment’s changed key figures for 2022
| EUR million | 1–3/2022 | 4–6/2022 | 6–9/2022 | 10–12/2022 | 1–12/2022 |
| Revenue | 20,763 | 14,043 | 14,556 | 25,596 | 74,958 |
| EBITDA | 8,756 | 599 | 1,147 | 8,735 | 19,237 |
| EBITDA, % | 42.2 | 4.3 | 7.9 | 34.1 | 25.7 |
ENERSENSE INTERNATIONAL PLC
Tommi Manninen
SVP, Communications and Public Affairs
More information:
Jussi Holopainen, CEO
Tel.: +358 44 517 4543
Email: [email protected]
Mikko Jaskari, CFO
Tel.: +358 40 053 5337
Email: [email protected]
Distribution:
Nasdaq Helsinki
Major media
www.enersense.com
