Annual report 2022
Scaling up the business in an extraordinary year
A strong business model fit for tomorrow
Growing a company by more than 60% on EBITDA, profit before tax and number of employees in a year, is a challenge in particular in a year with a historically high level of instability and uncertainty. We succeeded in upscaling our business on all parameters in 2022 – the most turbulent year in the history of European Energy.
Annual financial results
Financial highlights 2022
Revenue set yet another record and was up 33%, driven by sale of energy farms and projects as well as sale of energy.
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.
Profit before tax
Profit before tax increased to EUR 110m, a growth of almost 75% and exceeding the outlook of EUR 100m.
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.
Equity increased as a result of the full-year results, however partly offset by fair-value adjustments from hedge instruments.
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.
Annual business results
Business highlights 2022
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.
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
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.
Annual business results
ESG performance highlights
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
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.
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
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.
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