Interim Report 2022
tion-renewables.com
2022H1 Overview
€'000 | 2022H1 | 2021H1 |
Revenue | 17,811 | 6,311 |
Cash flow from operating activities | 12,067 | 4,121 |
Adjusted operating EBITDA | 14,158 | 4,998 |
Adjusted operating EBIT | 7,538 | 1,021 |
Earnings per share (€) | 0.03 | -0.23 |
166 | |||
44% | 18% | MW | |
Germany | Netherlands | ||
5% | 31% | 58% | 42% |
Czech Republic | Poland | ||
2%
Italy
Interim Report 2022
Contents
01. Preface Of The Management Board | 04 |
02. The Share of Tion | 06 |
03. Interim Group Management Report | 08 |
03.1. Company Profile | 09 |
03.2. Economic Report | 13 |
03.3. Segment Reporting | 24 |
03.4. Net Assets, Financial Position and Operational Results | 36 |
03.5. Opportunities | 39 |
03.6. Future Outlook | 39 |
04. Interim Condensed Consolidated Financial Statements | 41 |
04.1. Consolidated Statement of Comprehensive Income | 42 |
04.2. Consolidated Balance Sheet | 43 |
04.3. Consolidated Statement of Cash Flows | 45 |
04.4. Consolidated Statement of Changes in Equity | 46 |
04.5. Notes to Consolidated Financial Statements | 47 |
05. Review Report | 66 |
Interim Report 2022
01.
Preface of the Management Board
Dear Shareholders, Ladies and Gentlemen
The first half of 2022 was an exciting period for our company and similarly, a lot has happened between June 30, 2022, and today. All of this creates the basis for our future to be even more exciting and promising than our rapid growth in the last three years.
We are particularly pleased to present this half- year report as Tion for the first time, we expect the renaming to Tion Renewables AG to officially become effective shortly. Why are we renaming our company, even though we have grown so rapidly in recent years and this growth story is associated with our old name Pacifico Renewables Yield AG? The answer can be found in the keywords that are in our name:
"Tion" is the last part of the term energy transition. The energy transition offers us more opportunities than ever, and we want to embrace them and grow beyond simply operating solar and wind parks. In addition, the ending "-tion" can be found in other expressions, which can be used to describe our ambitions.
ACCELERATION: Our ambition is to accelerate the energy transition. The transaction with clearvise AG serves as an example of how we, together with the management of clearvise AG, want to reach the next level.
INNOVATION: The success of the energy transition will depend on new and innovative technologies. With our upcoming entry into the battery storage market, we want to make an active contribution to this.
MOTION: We want to be an agile and adaptable company. We want to remain dynamic as a company on the move in order to benefit from new opportunities.
In addition, the new name also contains the word "Ion". Ions are associated with electrical charge and are intended to describe the context of our corporate activity - energy.
The renaming of our company is thus an expression of our growing ambitions and goes hand in hand with the strategic development of our business model. We aim to develop our company into
a modern and dynamic company to become an energy transition investment company of tomorrow.
Investments in green, scalable technologies such as battery storage systems form the primary focus of this strategic expansion . The energy transition offers so many additional promising opportunities beyond the mere operation of solar and wind parks. While it is clear that renewables will be at the center of the energy transition, more and more investments will be needed beyond that as the expansion of renewables continues. It is expected that more than 70% of the investment needed
in the energy transition by 2050 will go to areas outside of renewables. This impressively represents the potential of these areas. In addition to topics that we currently believe are still on the way to economic scalability, such as CO2 storage, enabling the integration of more and more renewables into our power grid is already an important topic today. It is in this context that battery storage comes into play. Due to the rapid expansion of e-mobility, large- scale battery storage systems already represent cost-effective solutions for stabilizing the grid and are increasingly being expanded in certain markets.
Interim Report 2022 | 4
We see great future potential in this technology and therefore want to invest in this area at an early stage. The prospective bundling of the operation of utility-scale onshore solar and wind parks in Europe in clearvise AG serves to concentrate both monetary and human resources on this topic. As an anchor shareholder, we will continue to benefit from the operation of utility-scale onshore solar and wind parks in Europe through the investment in clearvise AG.
Our strategic expansion is based on the establishment of a profitable wind and solar portfolio with an installed capacity of 166 MW, which we built up in less than three years. In the first half of 2022, sales increased by almost 182% to €17.8 million (2021H1: €6.3 million). With adjusted operating EBITDA of €14.2 million (margin: 79%) and adjusted operating EBIT of €7.5 million (margin: 42%), our operating margins remained stable, while our portfolio and operating profit grew significantly compared to the first half of 2021. This operating result is accompanied by cash flow from operating activities of €12.1 million. After achieving a positive
Gruenwald, September 30, 2022
consolidated result for the first time in 2021 with a profit of €643,800 and earnings per share of €0.17, profitability will continue in the first half of 2022 with a half-year result of €128,230 and earnings per share of €0.03. Combining profitability and growth in the infrastructure sector is a challenge that we mastered early on. We will continue to apply financial discipline to the strategic expansion of our company. Our profitability is not only due to the positive impact of higher electricity prices, but also to the recent optimization of our capital structure and the simplification of our corporate structure as part of the issuance of our first green loan in February this year.
The need to address global warming and become independent of fossil fuels has never been greater. Our strategic evolution into a company dedicated to the whole energy transition is intended to be our response.
We thank you for your trust and look forward to continuing our growth path together with you.
Dr. Martin Siddiqui | Christoph Strasser |
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Tion Renewables AG published this content on 05 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2023 13:47:06 UTC.