Scaling up the business in an extraordinary year

EURm

Revenue

Revenue set yet another record and was up 33%, driven by sale of energy farms and projects as well as sale of energy.

EURm

EBITDA

EBITDA increased to EUR 135m, matching the outlook for 2022. This was the result of increasing gross profits across all income segments partly offset by higher operational expenditures.

EURm

Profit before tax

Profit before tax increased to EUR 110m, a growth of almost 75% and exceeding the outlook of EUR 100m.

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Project sales

Project sales originate primarily from solar farms in Italy, with a combined capacity of 160 MW, and in Denmark, with a combined capacity of 127 MW.

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Equity

Equity increased as a result of the full-year results, however partly offset by fair-value adjustments from hedge instruments.

EURm

Inventory

Inventories increased by 100%, a reflection of the significant ongoing and increasing activities within project development as well as construction of renewable energy farms and projects.

MW

Power producing assets

Our power producing capacity almost doubled compared to 2021, as a result of 655 MW of renewable energy farms being successfully grid-connected in 2022 and a slightly longer holding period of assets due to the high power prices.

GW

Development pipeline*

In 2022, we grew our development pipeline by more than 50% across our footprint. This will ensure a steady increasing flow of readyto- build project and constructions of renewable energy farms in the years to come. *Excluding screening phase

MW

Under construction

We continuously succeed in maturing projects and initiate the construction phase of our projects. During 2022, we began the construction of our first Power-to-X projects. A total of 1.3 GW is under construction end of 2022.

Renewable energy production

We are a 100% renewable energy company. In 2022, we produced a total of 779 GWh wind power and solar power, which is an increase of 29% compared to 2021.

Avoided greenhouse gas emissions

We avoided 181,195 tonnes CO2e GHG emissions through our 779 GWh renewable energy produced at our solar parks and wind farms in 2022, which is 29% more than in 2021.

(Scope 1 and 2)

Greenhouse gas emissions

Direct GHG emissions (Scope 1) and market- based indirect GHG emissions (Scope 2) increased in 2022 due to a growing organisation and increasing energy consumption.

(Scope 1 and 2)

Greenhouse gas emissions intensity

The greenhouse gas emission intensity (Scope 1 and 2) of our renewable energy was 0.33 g CO2e/kWh in 2022, which is an increase compared to 0.08g CO2e/kWh in 2021.

Full time equivalents

Employees

We saw an unprecedented increase in our workforce in 2022. By the end of the year, we employed a record number of 493 employees, which is a 58% increase in one year.

Gender diversity

We continue to have a strong focus on increasing diversity at all levels. In 2022, we welcomed the first female member of our Board of Directors.

Total recordable injury rate

Safety

In 2022, the total recordable injury rate of both our own employees and contractors’ employees declined by 100% and 41% respectively, well above our target of 10%.

Supplier due diligence

To ensure responsible business practices, we conducted due diligence of 39% of our critical suppliers in 2022 and aim to conduct due dilligence of 100% of these in 2023.