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Annual Report 2012
Annual Report 2012 Aastaaruanne 2012 Kaane kujundus alles tuleb Creating New Energy! We will release the Group’s consolidated interim reports for the financial year 2013 as follows: Corporate • 1st quarter – 30 April 2013 Social Responsibility 2012 • 2nd quarter – 31 July 2013 • 3rd quarter – 31 October 2013 The audited results for the financial year 2013 will be released on 28 February 2014 Click here to read the Corporate Social Responsibility Report www.energia.ee/en/investor Contents Address by the Chairman of the Management Board 5 In Brief 7 Strategy 11 Business Environment 15 Financial Results 22 Environment 45 Corporate Governance 49 Consolidated Financial Statements 71 Consolidated Financial Statements Consolidated Income Statement 71 23 Trade and Other Payables 131 24 Deferred Income 131 Consolidated Statement of Comprehensive Income 72 25 Provisions 132 26 Revenue 134 Consolidated Statement of Financial Position 73 27 Other Operating Income 134 Consolidated Statement of Cash Flows 74 28 Raw Materials and Consumables Used 135 29 Payroll Expenses 135 Consolidated Statement of Changes in Equity 75 30 Other Operating Expenses 136 31 Net Financial Income (-expense) 136 Notes to the Consolidated Financial statements 76 32 Corporate Income Tax 136 1 General Information 76 33 Cash Generated From Operations 137 2 Summary of Principal Accounting and Reporting Policies 76 34 Off-balance Sheet Assets, Contingent Liabilities and Commitments 137 3 Financial risk management 97 35 Assets and Liabilites of Disposal Group Classified as Held -
20120316 Eesti Energia Roadshow Presentation Final
Eesti Energia Investor Presentation 19 March 2012 Disclaimer This presentation and any materials distributed or made available in connection herewith (collectively, the “presentation”) have been prepared by Eesti Energia AS (the “Company”) solely for your use and benefit for information purposes only. By accessing, downloading, reading or otherwise making available to yourself any content of the presentation, in whole or in part, you hereby agree to be bound by the following limitations and accept the terms and conditions as set out below. You are only authorized to view, print and retain a copy of the presentation solely for your own use. No information contained in the presentation may be reproduced, redistributed or the contents otherwise divulged, directly or indirectly, in whole or in part, in any form by any means and for any purpose to any other person than your directors, officers, employees or those persons retained to advise you, who agree to be bound by the limitations set out herein. The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or of any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or of any member of its group, nor any other contract or commitment whatsoever. Any person considering the purchase of any securities of the Company must inform himself or herself independently before taking any investment decision. -
SOCIAL RESPONSIBILITY and SUSTAINABLE DEVELOPMENT REPORT 2008-2009 VKG – the Biggest Estonian Manufacturer of Shale Oils and Chemicals
VIRU KEEMIA GRUPP JSC SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT REPORT 2008-2009 VKG – The Biggest Estonian Manufacturer of Shale Oils and Chemicals Viru Keemia Grupp, established KEY EVENTS, 2008-2009 VKG obtained a research and mining license The year 2009 was difficult for the enterprise in 1999, belongs to the biggest chemical for 350 mln tons of oil shale in Boltyski comparing to previous years: many enterprises in Estonia producing and deposit in Ukraine. investments have been postponed, such as construction of a cement plant and a new marketing shale oils. May, 2008 – the first sulphur recovery unit at turbine generator set. But due to this fact VKG Energia started its operation. Its price the construction of Ojamaa mine could start amounted to appr. 150 mln kroons. and the new oil shale processing plant could be inaugurated. The present sustainable development December, 2009 – construction of a new oil shale processing plant was completed. report has been published for the first time This plant will increase the enterprise`s performance by 40 % in 2010. in the history of the enterprise. Construction of a slant shaft has been We would like to bring into focus the started at Ojamaa mine. importance of environment protection and regional development in the activity Thous. kroons 2006 2007 2008 2009* 2010 forecasT of our enterprise. sales revenue 1 503 614 1 787 066 2 057 776 1 667 275 2 000 000 commercial profit 307 308 330 821 295 830 188 447 360 000 net profit 299 027 293 924 230 625 120 676 300 000 * Non-audited data 3 SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT REPORT 2008-2009 sales revenue by services, 2009 During these last seven years Viru Keemia Grupp has spent over 900 mln kroons invested in environment protection and operational safety, as well as appr. -
Estonian Electricity System Security of Supply Report 2019
ESTONIAN ELECTRICITY SYSTEM SECURITY OF SUPPLY REPORT 2019 Tallinn 2019 FOREWORD Where will electricity come from in Estonia in 2030? I have recently often been asked where electricity will come from if the Narva power plants are closed. It is clear that transmission lines do not generate electricity and, to generate electricity, there has to be a power plant somewhere on the same electricity market. In addition, sufficient connections from the power plant to consumption have to be built to transport electricity from and to consumers. Let it immediately be said that the Estonian electricity system has for a long time already no longer only been based on the Narva power plants and, bearing in mind our climate goals, the future of the security of electricity supply in Estonia is not oil shale-fired power plants. Even if the regrettable malfunction at the Balti substation near Narva in May had had an impact on the operation of the power plants of Eesti Energia, it did not pose any risk to the operation of the Estonian electricity system as a whole. The risk of one producer, one power plant, to the security of electricity supply in Estonia has reduced to an acceptable level by today. In Estonia, the consumption has recently been near 800 MW, of which that generated in Narva accounts for approximately 400 MW. Thus, the Estonian consumer’s security of electricity supply has to be analysed considering a more comprehensive picture of electricity generation and transmission lines than only Eesti Energia’s power plants or Estonia. We do that in everyday close cooperation with other electricity suppliers in Europe. -
ELERING AS (Incorporated As a Public Limited Liability Company Under the Laws of the Republic of Estonia) €225,000,000 0.875 Per Cent
PROSPECTUS ELERING AS (incorporated as a public limited liability company under the laws of the Republic of Estonia) €225,000,000 0.875 per cent. Notes due 2023 Issue price: 99.907 per cent. The €225,000,000 0.875 per cent. Notes due 2023 (the "Notes") are issued by Elering AS (the "Issuer"). The Issuer may, at its option, redeem all, but not some only, of the Notes at any time (i) at par plus accrued interest, in the event of certain tax changes, or (ii) at the Relevant Early Redemption Amount (as defined in, and all as further described under "Terms and Conditions of the Notes - Redemption and Purchase"). In addition, upon the occurrence of a change of control of the Issuer and, in certain circumstances, a related ratings downgrade (as further described under "Terms and Conditions of the Notes - Redemption at the Option of the Holders on a Change of Control") holders of the Notes may require the Issuer to redeem or, at the option of the Issuer, purchase (or procure the purchase of) the Notes at par plus accrued interest. The Notes mature on 3 May 2023. This document has been approved by the United Kingdom Financial Conduct Authority, in its capacity as the United Kingdom competent authority (the "UK Listing Authority") for the purposes of Directive 2003/71/EC, as amended (the "Prospectus Directive") and relevant implementing measures in the United Kingdom, as a prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of the Notes. -
Eesti Energia Interim Report
Eesti Energia Interim Report 1.4.2005 – 31.3.2006 Contents OVERVIEW 3 OPERATING RESULTS 5 INVESTMENTS 6 DEBT 7 SHORT-TERM OUTLOOK 8 DEFINITIONS 9 NOTES 10 FINANCIAL TABLES 11 2 Overview 1.4.2005- 1.4.2004- Change Key financial figures 31.3.2006 31.3.2005 Revenues, € th. 533 549 397 420 136 129 34,3% incl. domestic sales of electricity 315 914 284 310 31 604 11,1% EBITDA, € th. 264 998 148 983 116 015 77,9% EBIT, € th. 165 218 61 365 103 853 169,2% Net Profit, € th. 135 796 42 870 92 926 216,8% Net Fixed Assets, € th.1 1 252 427 1 199 979 52 447 4,4% Equity, € th.1 971 508 840 110 131 397 15,6% Net Debt, € th.1 195 879 268 675 - 72 795 -27,1% CAPEX, € th. 152 722 159 891 - 7 169 -4,5% FFO, € th. 235 848 127 697 108 151 84,7% Debt/(Debt+Equity)1 26,2% 26,9% -0,7% ROIC 14,4% 5,5% 8,9% EBITDA interest cover 8,9 8,1 0,8 FFO/Net Debt1 120,4% 47,5% 72,9% FFO/Interest Expense 7,9 7,0 1,0 FFO/Capex 152,1% 79,9% 72,3% EBITDA margin 49,7% 37,5% 12,2% EBIT margin 31,0% 15,4% 15,5% 1 - balance sheet figures are end of period Eesti Energia’s the most significant event in the FY 2 005/06 was the start of the building process of the Estonian – Finnish subsea cable Nordic Energy Link. -
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. -
The Impact of Wind Power on Electricity Market Competition in the Baltic Countries
POLITECNICO DI TORINO Corso di Laurea Magistrale in Ingegneria Energetica e Nucleare Tesi di Laurea Magistrale The impact of wind power on electricity market competition in the Baltic countries Supervisors Candidate Prof. Ettore F. Bompard Alessio Coccia Prof. Sanna Syri Advisor M.Sc. Anahita Farsaei Academic Year 2019/2020 Summary In the 1990s, Nordic electricity market inaugurated as a pioneer regional market. Baltic countries (Estonia, Latvia, Lithuania) deregulated their power markets and joined the Nord-Pool market during 2010-2013. Today, major share of electricity in Baltic countries is produced from fossil fuels. Main energy source for electricity generation is natural gas, in Latvia and Lithuania respectively followed by oil shale in Estonia. Over the past few years, the increasing penetration of renewable energy systems intensified in order to meet EU-wide targets and policy objectives (40-27-27 target by 2030 within the EU). Regional cooperation is an opportunity to meet 2030 RES targets of Baltic countries. In particular, installing wind power dramatically rises as a result of a great potential especially in Northern Europe. In Baltic countries, Lithuania is forerunner in wind power by over 500 MW capacity followed by Estonia and Latvia with 309.96 MW and 78 MW respectively. A change in capacity mix could affect competition in the electricity market. This thesis attempts to provide an overview of the market power scenario over the years in Baltic countries. Herfindahl-Hirschman Index (HHI), a market concentra- tion index, is chosen to conduct this exploratory study. The Herfindahl-Hirschman Index (HHI) is a common measure of market concentration and is used to determine market competitiveness. -
WEC Congress IA Paper Final
Developments in Production of Synthetic Fuels out of Estonian Oil Shale Indrek Aarna Enefit Outotec Technology OÜ Abstract (100 words) Estonia is still the world leader in utilization of oil shale. Enefit has cooperated with Outotec to develop a new generation of solid heat carrier technology – Enefit280, which is more efficient, environmentally friendlier and has higher unit capacity. The breakeven price of oil produced in Enefit280 process is competitive with conventional oils. The new technology has advantages that allow easy adaptation to other oil shales around the world. Hydrotreated shale oil liquids have similar properties to crude oil cuts. Design for a shale oil hydrotreater unit can use process concepts, hardware components, and catalysts commercially proven in petroleum refining services. Keywords: oil shale, retorting, upgrading 1. Introduction The first written information about oil shale in Estonia was documented already in 1777 [1]. The occurrence of burning rock on the southern coast of the Gulf of Finland is present in the travel notes of the 18th century naturalist and explorer Johann Anton Güldenstädt [1,2]. Studies of Estonian oil shale resources and mining possibilities intensified in the beginning of 20th century due to industrial development of Saint Petersburg and a shortage of fuel resources in the region. In 1918 the first mine was opened in North-Eastern Estonia. At that time, oil shale was used primarily in the cement industry and as a household fuel. Shale oil production started in Estonia in 1921, when the first experimental oil shale processing retorts were built in Kohtla-Järve [2]. These retorts used vertical retort technology, the forerunner of the current Kiviter processing technology. -
EESTI ENERGIA AKTSIASELTS (Incorporated As a Joint-Stock Company Under the Laws of the Republic of Estonia)
EESTI ENERGIA AKTSIASELTS (incorporated as a joint-stock company under the laws of the Republic of Estonia) €500,000,000 2.384 per cent. Notes due 2023 Issue price: 100 per cent. The €500,000,000 2.384 per cent. Notes due 2023 (the “Notes”) of Eesti Energia Aktsiaselts (the “Issuer”) will, unless previously redeemed or purchased and cancelled, be redeemed by the Issuer at their principal amount on 22 September 2023. The Issuer may, at its option, redeem all, but not some only, of the Notes in the event of certain tax changes at their principal amount plus accrued interest, in each case as described under “Terms and Conditions of the Notes – Redemption and Purchase”. The Notes will bear interest from, and including, 22 September 2015 at the rate of 2.384 per cent. per annum payable annually in arrear on 22 September in each year. The first payment will be made on 22 September 2016. See “Terms and Conditions of the Notes – Interest”. Payments on the Notes will be made in euro without deduction for or on account of taxes imposed or levied by the Republic of Estonia (“Estonia”), to the extent described under “Terms and Conditions of the Notes – Taxation”. This document has been approved by the United Kingdom Financial Conduct Authority, in its capacity as the United Kingdom competent authority (the “UK Listing Authority”) for the purposes of Directive 2003/71/EC, as amended (the “Prospectus Directive”) and relevant implementing measures in the United Kingdom, as a prospectus issued in compliance with the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the issue of the Notes. -
Life Cycle Analysis of the Estonian Oil Shale Industry
Eestimaa Looduse Fond Tallinna Tehnikaülikool Estonian Fund for Nature Tallinn University of Technology Life Cycle Analysis of the Estonian Oil Shale Industry Olga Gavrilova1, Tiina Randla1, Leo Vallner2, Marek Strandberg3, Raivo Vilu1 1 Institute of Chemistry, Tallinn University of Technology, 2 Institute of Geology, Tallinn University of Technology 3Estonian Fund for Nature Tallinn 2005 CONTENT Introduction....................................................................................................................... 9 1. General characteristics of the energy sector in Estonia......................................10 1.1. Energy sector of Estonia and its comparison with the other European countries .................................................................................................. 10 1.2. Location of oil shale mining and oil shale consuming enterprises............. 13 1.3. Social indicators of Ida-Viru county......................................................... 16 1.4. Brief history of oil shale mining and consumption in Estonia................... 16 2. Oil shale – a resource for energy generation........................................................18 2.1. Oil shale deposits in the world.................................................................. 18 2.2. Chemical composition of oil shale............................................................ 18 2.3. Oil shale deposits in Estonia..................................................................... 19 2.4. Structure of oil shale beds ....................................................................... -
Oil Shale – the Unconventional Which Will Become Conventional by Sandor Liive, Chairman, Eesti Energia
Oil shale – the unconventional which will become conventional By Sandor Liive, Chairman, Eesti Energia efore I explain to you how countries like the US (not to been utilising this resource for almost 100 years. Estonians mention Brazil, Jordan, Morocco and others) will turn are quick to point out that they produce enough power to the tables of the energy world and become significant cover the domestic electricity demand as well as export Boil exporters, I want to make sure that one key term is clear to the neighbouring Baltic energy markets and Finland, all – oil shale. Oil shale is important, much more important than based on oil shale. Estonians have also been commercially most people realise and will become even more important producing shale oil dating back to 1924. China has had in the future. There is a lot of confusion today about what industrial production since 1930, with a reinvigoration in exactly people mean when they talk about oil shale – is it 1989 and the Brazilian company Petrobras has proven its in fact oil, a rock, or are we talking about the new boom shale oil technology since 1981. in shale gas? Oil shale is a sedimentary rock that contains With our long history of development, Enefit, known as significant amounts of kerogen, (organic matter formed from Eesti Energia in Estonia, has been seeking out market fossilised plant matter). Oil shale can be used for energy proven solutions to improve efficiency and environmental production in various ways, but the most common are either performance. In 2008 we started cooperation with Outotec, to produce electricity, through direct combustion of the a world-leading process and plant engineering company with shale rock similar to coal based power, or to produce liquid unsurpassed experience in metals and minerals processing, fuels, the all-important oil, or in this case shale oil.