DOCSLIB.ORG

Nelja Energia AS Annual Report of the Consolidation Group for The

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nelja Energia AS Annual Report of the Consolidation Group for The Nelja Energia AS Annual Report of the Consolidation Group for the financial year ended on 31 December 2017 NELJA ENERGIA AS Annual Report of the Consolidation Group 2017 Translation of the Estonian Original Annual Report of the Consolidation Group NELJA ENERGIA AS Beginning of the financial year: 1 January 2017 End of the financial year: 31 December 2017 Business name: Nelja Energia AS Registry code: 11183009 Address: Regati pst 1 Tallinn 11911 County: Harju County Country: the Republic of Estonia Phone: +372 6 396 610 Fax: +372 6 396 620 2 NELJA ENERGIA AS Annual Report of the Consolidation Group 2017 Contents Management report ................................................................................................................................... 5 Highlights of the financial year .............................................................................................. ................. 5 Financial results ..................................................................................................................................... 7 Corporate overview ................................................................................................................................ 9 Operating environment ......................................................................................................................... 15 Environmental and Social Management .............................................................................................. 18 Research, development and innovation activities ..... ... ......... .. ...................... ....................................... 19 Risk Management ................................................................................................................................ 19 Consolidated financial statements .......................................................................................................... 27 Consolidated statement of comprehensive income ................................................................................ 27 Consolidated statement of financial position .......................................................................................... 28 Consolidated statement of cash flows .................................................................................................... 29 Consolidated statement of changes in equity ......................................................................................... 31 Notes to the consolidated financial statements ...................................................................................... 32 1. Corporate information ....................................................................................................................... 32 2.1 Basis of preparation .......................................................................................................................32 2.2 Basis of consolidation ... ..................................................................................................................32 2.3 Summary of significant accounting policies ................................................................................... 32 2.4 Changes in accounting policies and disclosures .......... .. ....... ............................. ........................... 43 3. Significant accounting judgements, estimates and assumptions ..................................................... 48 4. Segment information ........................................................................................................................ 50 5. Capital management ........................................................................................................................ 52 6. Group information .......................... ...... ..... .. .. .................... .................... .. .......................................... 53 7. Investment in an associate ............................................................................................................... 55 8. Fair value measurement. .................. ................................................................................................ 57 9. Sale of goods and services ......................................................................... ..... ........ ............. .... .... ... 58 10. Other income/expense and adjustments .................................................... .... .......... ... ...... .. .......... 58 10.1 Other operating income ......... ............................. .......................................................................... 58 10.2 Goods, raw materials and services .............................................................................................. 59 10.3 Other expenses ............................................................................................................................59 10.4 Employee-related expenses ........................................................................ : ................................ 59 10.5 Finance costs ...............................................................................................................................60 10.6 Finance income .............................................................. .............................................................. 60 11. Income tax ....................................................................................................................... ..... .......... 61 12. Property, plant and equipment ......................... .................... .. ........................................................ 63 12.1 Accepted wind farms ........................................ .............................................................. ........... .. 64 13. Intangible assets ............................................................................................................................64 14. Goodwill ........................................................................................ ................................. ................. 65 15.Financial assets and financial liabilities ........................................................................................... 66 15.1 Financial assets ............................................................................................................................ 66 15.1.1 Loans to associates ...................................................................................................................66 15.1.2 Accrued interest ............................................................................ ............................................ 66 15.1.3 Security deposits ....................................................................................................................... 67 15.2 Financial liabilities ........................................................................................................................ 68 15.2.1 Loans from banks ...................................................................................................................... 69 15.2.2 Other borrowings ....... ............................. ................................................................................... 70 15.3 Financial instrumen ......... .... ..... ... ................................................................................................. 71 15.4 Fair values ........................................................................................................................... ......... 73 15.5 Financial risk management objectives and policies ..................................................................... 74 16. Inventories ............................................................................................................................. ......... 75 17. Trade and other receivables ................................................................. ..... ...... ..... ......................... 75 18. Prepayments ......................... ....... ......... ..... ............................................... ............................ ... ...... 76 18.1 Prepayments and reclaims of taxes ........ ........................................................................... ......... 76 19. Cash and short-term deposits .......................................................................................... .. .. •......... 76 20. Issued capital and reserves ............................................. ..................................................... ......... 77 21. Distributions made and proposed ........................................................................................ .. ....... 78 3 NELJA ENERGIA AS Annual Report of the Consolidation Group 2017 22. Government grants ............ .. ........ .. .................................................................................... ... .......... 78 23. Deferred revenue ........................................................................................................................... 78 24. Trade and other payables .............................................................................................................. 79 25. Tax payable .................................................................................................................................... 79 26. Commitments and contingencies ..................... .............................................................................. 80 26.1 Operating lease commitments - Group as lessee .......................................................................
Load more

Recommended publications
  • EUROPEAN COMMISSION Brussels, 6.12.2017 C(2017) 8456 Final
    EUROPEAN COMMISSION Brussels, 6.12.2017 C(2017) 8456 final PUBLIC VERSION This document is made available for information purposes only. Subject: State Aid SA.47354 (2017/NN) – Estonia Amendments to Estonian RES and CHP support scheme Sir, 1. PROCEDURE (1) On 19 January 2017, Estonia pre-notified amendments to their support schemes for renewable energy sources (RES) and highly efficient combined heat and power (CHP) plants. Those support schemes were approved by the Commission on 28 October 2014 by Commission decision SA.360231 (hereinafter the “2014 Decision”). (2) Following pre-notification contacts, Estonia formally notified the amended schemes to the Commission on 10 November 2017. (3) On the same day, 10 November 2017, the Estonian authorities also provided a language waiver and agreed that the decision will be adopted and notified in English as authentic language. 1 JOCE C/44/2015, SA.36023 – Estonia - Support scheme for electricity produced from renewable sources and efficient co-generation, available here: http://ec.europa.eu/competition/state_aid/cases/254765/254765_1614362_64_2.pdf Sven MIKSER Välisminister Islandi väljak 1 15049 Tallinn Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111 2. DETAILED DESCRIPTION OF THE MEASURE/AID: 2.1. Description of the proposed amendments (4) On 28 October 2014, the Commission adopted the 2014 Decision raising no objections to the Estonian schemes supporting the production of electricity from RES and highly efficient CHP. (5) In particular, the 2014 Decision concerned amendments to an existing scheme in Estonia, described at section 2.3 of the 2014 Decision (“existing scheme”). Those amendments concerned on the one hand changes to the existing aid scheme for existing RES and CHP producers (amendments described in sections 2.4.1 and 2.4.2 of the 2014 Decision), and on the other hand the introduction of a new support regime (“new scheme”) for new RES and CHP producers (amendments described in section 2.4.3 of the 2014 Decision).
    [Show full text]
  • Registration Document
    Registration Document Nelja Energia AS A public limited liability company organized under the laws of the Republic of Estonia Business Registration number 11183009 Listing on Oslo Børs Manager: 18 November 2015 This Registration Document does not constitute an offer to buy, subscribe or sell the securities described herein. This Registration Document combined with the relevant Securities Document and SUMMARY serves as a listing Prospectus as required by applicable laws and no securities are being offered or sold pursuant to this Prospectus. IMPORTANT NOTICE This Registration Document (the “Registration Document”) has been prepared by Nelja Energia AS (“Nelja Energia” or “the Company”) for use in connection with the listing of Company’s bonds on the Oslo Børs (the “Listing”). The Registration Document combined with the relevant Securities Note and SUMMARY constitutes a Prospectus (the “Prospectus”). For the definitions of terms used throughout this Registration Document, see Section 10 “Definitions and Glossary”. This Registration Document has been prepared to comply with chapter 7 of the Norwegian Securities Trading Act of 29 June 2007 No. 75 (Nw: Verdipapirhandelloven) (“Norwegian Securities Trading Act”) and related secondary legislation including the Prospectus Directive (EC Commission Regulation EC/809/2004). The Financial Supervisory Authority of Norway (Nw: Finanstilsynet) (“NFSA”) has reviewed and approved this Registration Document in accordance with Section 7-7 and 7-8 of the Norwegian Securities Trading Act per 18 November 2015. The Norwegian FSA has not verified or approved the accuracy or completeness of the information provided in this Prospectus. The NFSAs control and approval solely relates to the issuers descriptions according to a pre-defined list of requirements.
    [Show full text]
  • Lithuania Empowered Lives
    RENEWABLE ENERGY SNAPSHOT: Lithuania Empowered lives. Resilient nations. General Country Electricity Generating Information Capacity 2012 Population: 2,985,509 Surface Area: 65,300 km² 3,816 MW 7.5% Capital City: Vilnius Total Installed Capacity RE Share GDP (2012): $ 42.1 billion GDP Per Capita (2012): $ 14,097 287 MW Installed RE Capacity WB Ease of Doing Business: 17 Biomass Solar PV Wind Small Hydro Installed Renewable Electricity Capacity 2012 in MW 29 6.1 225 27 Technical Potential for Installed 1,400 60,000 2,200 70 Renewable Electricity Capacity in MW Sources : Gaigalis et al. (2013); EurObserv’Er (2013); WWEA (2013); EBRD (2009); ESHA (2013); EC (2013); EIA (2013); Hoogwijk and Graus (2008); Hoogwijk (2004); JRC (2011); and UNDP calculations. Key information about renewable energy in Lithuania In Lithuania the technical potential for renewable energy is huge, especially for biomass and wind. Renewable energy plants that were acquired after 24 May 2011 receive support through a combination of feed-in tariffs and a tender based auction system. Renewable wind, biomass, hydro and solar energy not exceeding in - stalled capacity of 10kW are eligible for the guaranteed tariff for 12 years. All other renewable energy plants exceeding this capacity have to compete through tenders in each region. Tenders take place quarterly and are organized by the National Control Commission for Prices and Energy, adjusting the maximum prices be - fore every tender. The lowest preferred tariff wins the tender (ResLegal, 2013). The feed-in tariff caused
    [Show full text]
  • Annual Report 2018
    Annual report 2018 We contribute to making the world a cleaner place 1 Large-scale energy production 35 Cash flows 94 Contents Network services 42 Investment 97 Development projects 46 Financing 100 Eesti Energia at a glance 3 We protect the environment 49 Outlook for 2019 104 80 years of innovative Eesti Energia 7 Our people 55 Chairman’s letter 11 We give back to society 59 Eesti Energia Highlights of 2018 15 Tax footprint 64 consolidated Operating environment 17 Corporate governance 67 financial Strategy 24 Risk management 79 statements 106 Customer services Financial results 27 83 Income statement 108 Statement of comprehensive income 109 Statement of financial position 110 Statement of cash flows 111 Renewable energy Statement of changes in equity 112 Notes to the financial statements 113 31 Revenue and EBITDA 84 Electricity 85 Independent auditor’s report 195 Distribution service 88 Profit allocation proposal 203 Shale oil 90 Glossary 205 Other products and services 92 Investor information 206 Eesti Energia 106 million euros: at a glance NET PROFIT for 2018 2.5 billion euros: INVESTMENTS 4 in the last BUSINESS LINES: 10 years customer services, renewable energy, large-scale energy production, network services 875 Established million euros: REVENUE in 1939 for 2018 5,763 6 employees* HOME MARKETS: Estonia, Latvia, Lithuania, Poland, Finland, Sweden 3 100% owner: REPUBLIC OF ESTONIA * number of employees at 31 December 2018. 8 5 6 7 2 3 9 1 4 4 BUSINESS LINES LARGE-SCALE ENERGY PRODUCTION: 1. Oil shale mines I 2. Thermal power plants I 3. Oil plants NETWORK SERVICES: 8.
    [Show full text]
  • Green Growth in the Baltic Tiger in Latvia, Lithuania and Estonia, the Energy Mix Continues to Be Characterized by High Dependencies on Oil Shale and Nuclear Energy
    baltic states Green growth in al eci the Baltic Tiger In Latvia, Lithuania and Estonia, the energy mix continues to be characterized by high dependencies on oil shale and nuclear energy. The planned renewal of the power plant fleet offers ideal opportunities for the implementation of renewable energies. Experts believe that especially wind power and biomass have a large potential. Country Sp Country uring many years, the Baltic Tiger states have the end of 2008. But also for the utilization of bio­ been registering dynamic economic growth, mass energy, the Baltic states provide good condi­ Eesti Energia, the state-owned Dwhich has led the energy demand in Latvia, tions. More than 40 % of the surface in these coun­ Estonian electricity provider, is Lithuania and Estonia to drastically increase. At the tries is covered by forests. already active in the onshore same time, these countries are looking at massive wind sector. In the future the cuts in the energy supply in the next few years as the Estonia: Energy supply company is planning to build majority of the existing nuclear power plants are undergoing change offshore wind farms as well. scheduled to be shut down. 4 Energia, an Estonian Photo: Eesti Energia / Rain Dorbek operator of renewable energy plants, estimates that In the course of the next few years, Estonia is poised the Baltic states will be confronting a gap of 3 GW be­ to see a change among the energy providers. About tween production capacities and consumption until 75 % of the oil shale­fired power plants that togeth­ the year 2015.
    [Show full text]
  • Market Advisory Report by Wood Mackenzie
    IPO Support – Market Advisory Final Report August 2020 Trusted Power and Renewables Intelligence woodmac.com woodmac.com Executive Summary (1/2) Lithuania • The largest economy in the Baltic region is expected to see GDP grow at a CAGR of 2% from 2020 to 2040. This growth is largely driven by the manufacturing and industrial sectors, however, there is an expected progression towards science and pharmaceuticals in the future • Despite near term uncertainty as a result of the COVID-19 impact, electricity demand is expected to grow over the forecast period at a CAGR of 1% topping at 15TWh in 2040 compared to 12TWh in 2020. This demand is served mostly through thermal generation plants and hydro with some amounts of renewable energy, which makes up ~1.9GW of installed capacity • With the decommissioning of the Ignalina nuclear power plant in 2009, Lithuania went on to become a net importer of power depending heavily on Russia and Belarus. Since then major efforts have been made to improve and expand interconnections with neighboring countries Poland and Sweden to reduce dependency on the Russian and Belarusian imports • Decisions have been put in place to ban imports from Belarus surrounding the Astravets Nuclear facility, which Lithuania strongly opposes. This has also led to Latvia voicing concerns as the agreement between the three Baltic countries allows for flows only through Lithuanian connections • Key policies and regulations are being put in place to make a stronger push for growth in Renewable Energy Sources (RES). Lithuania has achieved an adoption of RES at a rate that is faster than the EU average.
    [Show full text]
  • Annual Report 2019
    Making the world a cleaner place 1 Annual report 2019 | Eesti Energia Annual Report | Operating environment | Contents MANAGEMENT REPORT FINANCIAL STATEMENTS Eesti Energia in 2019 .............................................. 3 Risk management ................................................. 63 Chairman’s letter ...................................................... 5 Consolidated financial Key figures and ratios ........................................... 9 Financial results statements Operating environment........................................ 10 67 Our long term plan ................................................ 15 90 Eesti Energia’s journey in 2019 Income statement ................................................. 92 Revenue and EBITDA .......................................... 68 22 Statement of comprehensive income ....... 93 Electricity..................................................................... 69 Statement of financial position ..................... 94 Distribution.................................................................. 72 Statement of changes in equity ................... 96 Shale oil ..................................................................... 75 Notes to the financial statements ............... 97 Other products and services ........................... 77 Protecting the enviroment .............................. 36 Independent auditor's report ........................ 177 Our people ................................................................... 41 Cash flows ................................................................
    [Show full text]
  • Nordic Environment Finance Corporation
    Nordic Annual Environment Review Finance 2018 Corporation Contents 4 About NEFCO 6 Review by the Managing Director 8 Small steps to create greater impact 10 Highlights from our activities in 2018 14 Mobilising green finance 16 Key figures 2018 20 Environment & Sustainability 22 Green Growth in 2018 24 Climate in 2018 28 Arctic & Barents in 2018 32 Baltic Sea in 2018 34 Financing Options 36 Governance Editor: Josefin Hoviniemi Design: Staart / Annika Tenho Climate neutral printed matter ClimateCalc CC-000025/FI Hämeen Kirjapaino Oy L P TRA RIN U TE E D N M E T A T A T M E I R L C ClimateCalc CC-000025/FI HÄMEEN KIRJAPAINO OY 3 Photo: Tero Pajukallio Photo: Tero About NEFCO The Nordic Environment Finance own investment activities. Our financing Corporation (NEFCO) is an inter- has a catalytic role and high additionality, national financial institution (IFI) helping the Nordic governments and our established in 1990 by the five Nor- partners to reach their environmental and dic countries: Denmark, Finland, sustainability goals. Iceland, Norway and Sweden. We All our financing and We provide added value We help Nordic We offer risk capital for green invest- finance exclusively green growth ments to supplement other sources of activities are aimed to our stakeholders governments and our and climate projects in order to financing and create blended finance at green growth and through our focus on partners to reach their generate positive environmental opportunities through a combination climate action globally, small and medium-sized environmental and impact of interest to the Nordic of grants, loans and equity.
    [Show full text]
  • Tiiu Müürsepp Director of Tartu Consumer Advice and Information Centre, Riga, 20.08.2010
    Tiiu Müürsepp Director of Tartu Consumer Advice and Information Centre, Riga, 20.08.2010 Environmental influence of energy industry is biggest in the industry sector Europe Union climate policy: Emitted greenhouse gases diminish competitivity Europe Union energy police: focus on liberalisation of energy markets and use of energy sources with slender environmental impact 94% of electricity is produced from oil-shale Eesti Energia have to purchace quota ca 1 mln ton for 2010, price of quota ca 15 €/t In the situation when emitted CO2 amounts are not covered with corresponding number of quota have the company pay forfeit 100 €/t in years 2008-2012 Electricity and heat for our homes 2009/2010 Eesti Energia overview Source: www.energia.ee So is our electricity system mainly “0ne direction”, for transportation of electricity from North-East Estonia to the other parts of Estonia This eliminates electricity production working in principles of distributed generation, less till 2020 Estonian Electricity Market Act defines renowable energy sources as ◦ water, ◦ wind, ◦ sun, ◦ waves, ◦ tides ◦ geothermal energy, ◦ gas from landfils, ◦ gas from waste water treatment, ◦ biogas and biomass Eesti Energia produces currently electricity from wind, water and biomass Source: www.energia.ee /en /power/renewable Eesti Energia plans to produce electricity from multiple energy sources in oder to reduce the emission on greenhouse gases Source: www.energia.ee/en/power/renewable In the production of wind energy the remarkable sprung was in 2005, afterwards is the production grown but slowlier The production of hydro plants was stabiler and slowlier Although the importance of renewable electricity is relative small, it is grown from year to year and constituted 1,5% in 2008, 5,1% in 2010 In 2009, an application round of the measure "Extended use of renewable energy sources for the generation of energy" financed from the Europe Regional Development Fund ERDF was held.
    [Show full text]
  • 4Energia EUFORES 200917
    “Success stories in Estonia and a vision for the Baltic Region” Martin Kruus CEO, Nelja Energia AS Chairman of the board, EWPA Sept 2017 Nordic-Baltic renewable energy producer 12 y of experience in wind and bioenergy - Assets 450 MEUR - EBITA 37 MEUR 287MW 615 GWh 18MW 2005 2017 Baltic’s largest wind power producer 34% 4 ENERGIA Total Baltic wind 1,7TWh 2 Estonian pilot off-shore wind farm: Hiiumaa Fact sheet Hiiumaa General Developer Nelja Energia AS Tallinn Capacity 700MW - 1 100MW Nr. WTGs 100-160 Estonia Foundations Ice-proof gravity foundations Location Location Hiiumaa, Estonia Distance from shore Min. 12 km Sea dePth 10m - 30m Total area 200 km2 Distance to on-shore grid connection point 45 km Production Annual Production 3TWh-5TWh Capacity factor Ca 50% Status Average wind sPeed Ca 9 m/s Marine spatial planning and Strategic Environmental Impact Assessment (EIA) aPProved in 2016 Cooperation agreement with Hiiumaa MuniciPality in 2017. Detailed EIA report submitted for approval of Ministry of Environment Seabed right and building Permit Process ongoing 3 Regional cooperation to develop Baltic Sea offshore wind power since 2014 The Baltic sea declaration is about - Turning cost-effective offshore wind resources to the feasible renewable baseload, export of green electricity and this way boosting economy of the region. - To develop industry supply-chain, electricity market design, transmission grids, renewable energy cooPeration mechanisms, sPatial Planning - http://www.tuuleenergia.ee/wp-content/uPloads/Baltic-Sea-Declaration.Pdf 4 Baltic Sea advantage Large weather window and less extreme winds lowering CAPEX and OPEX Wind conditions Load hours Average wind sPeed in the west of Hiiumaa <1 000 1 000 – 1 250 islands is ca 9 m/s.
    [Show full text]
  • Baltic M&A Monitor 2019
    BALTIC M&A MONITOR 2019 CONTENTS Foreword 3 M&A Overview 4 Sector Watch 8 Baltic Outlook 15 About Ellex 17 About Ellex M&A Team 18 About Mergermarket 19 Ellex | Baltic M&A Monitor 3 FOREWORD Welcome to the 2019 edition of the Baltic M&A financial services industry, the Luminor deal involved Monitor, a comprehensive review of M&A activity a merged regional bank, highlighting a process of in the Baltic region that is published by Ellex, in consolidation that has been ongoing in the region for association with Mergermarket. The report closely some years, thanks to commercial and regulatory examines M&A trends in the three Baltic countries changes. The costs of technology and capital – Estonia, Latvia and Lithuania – including country- requirements are pushing M&A across the financial and sector-specific insights, and forecasts for the sector. Locally, scandals at one small bank and one year ahead. larger one are already leading to tighter regulation – and this is resulting in divestment of assets. Despite an uncertain international environment, 2018 proved a record year for dealmaking in A mix of government and private initiatives has also the region. US-based private equity (PE) fund seen lively activity in the energy, mining and utilities Blackstone rocked the market with its acquisition (EMU) sector, as the three countries have looked to of a majority stake in Baltic bank Luminor. This diversify their energy sources, leading to the growth was not only one of the largest transactions on of renewables, as well as regional transit networks record in the region, but the biggest PE majority- and import infrastructure.
    [Show full text]
  • Successfully Financing Renewable Energy Projects
    Successfully financing renewable energy projects Amund Beitnes, Senior Investment Manager Nordic Environment Finance Corporation Vilnius 25 November 2015 Geographic NEFCO in brief mandate • International financial institution established by the Nordic countries • Loans and equity investments for environmental projects Helsinki • Operating in Eastern Europe, around the Baltic Sea as well as globally – Fund specific mandates • Funds to a total value of EUR 501 million • Headquartered in Helsinki with 34 employees • Locally contracted staff in Russia and Ukraine Renewable energy – financers' perspective • Partner – financial resources – human resources – experience • Project – maturity (development, construction, operati on) – framework conditions • Perception of risk – ownership structure – operational frame work and – evidence of effective risk management) Case: Wind power in Baltic Countries • Nelja Energia – 4Energy Ojaküla Viru-Nigula Aseri Paldiski • from pioneering wind venture to Pakri Vinni (biogas) Hiiumaa Vanaküla leading renewable IPP in the offshore Estonia Baltic states Tooma I Oisu (biogas) Tooma II Esivere • Vardar Eurus (77%) Joint- Virtsu II Virtsu I Virtsu III Venture Vardar AS of Norway Dundaga and NEFCO, cofinancing with Latvia Estonian Investors Broceni CHP • 233 MW Installed capacity, 66% Sudenai Estonia, 33% Lithuania Ciuteliai Lithuania Silute • 70 MW under construction Mockiai Operational Silale I & II Construction Development • from project financing to bonds listed at Oslo stock exchange Case: Biogas in Baltic
    [Show full text]