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EESTI ENERGIA ANNUAL REPORT 2017 Contents EESTI ENERGIA ANNUAL REPORT 2017 Contents Chairman’s Letter 3 Consolidated Financial Statements 106 Eesti Energia at a Glance 7 Consolidated Income Statement 108 Key Figures and Ratios 11 Consolidated Statement of Comprehensive Income 109 Highlights of the Year 12 Consolidated Statement of Financial Position 110 Operating Environment 13 Consolidated Statement of Cash Flows 111 Strategy 22 Consolidated Statement of Changes in Equity 112 We Care about Our Customers 33 Notes to the Consolidated Financial Statements 113 We are Environmentally Friendly 39 We Give Back to Society 48 Independent Auditor’s Report 186 Our People 53 Profit Allocation Proposal 193 Tax Footprint 61 Glossary 195 Corporate Governance 65 Investor Information 196 Risk Management 78 Financial Results 83 Electricity 85 Distribution 88 Shale Oil 90 Other Products and Services 92 Cash Flows 94 Investment 97 Financing 101 Outlook for 2018 104 Chairman’s Letter Eesti Energia Annual Report 2017 3 Dear reader Our operating environment is undergoing major changes. There is an understanding that energy production must become cleaner. At the same time, competition is intensifying in all market segments where Eesti Energia operates: even our last regulated activity – distribution service – is increasingly facing competition. To remain resilient and competitive in our operating environment, HANDO SUTTER I Chairman of the Management Board we update Eesti Energia’s strategic action plan on an annual basis. In 2017, we also carried out structural streamlining to better imple- ment a strategy aimed at delivering growth and cleaner energy. We divided the company into five business lines which all contribute We have been moving towards more efficient and cleaner energy to the achievement of our targets: Large-scale Energy Produc- production for years already, investing in new technologies and tion, Renewable Energy, Network Services, Customer Services and improving our older production facilities by installing state- Development. of-the-art pollution control equipment. Our efforts have borne fruit: studies reflect that air in Estonia, including Ida-Viru county where Competitive Large-scale Energy Production most of our production assets are located, is among the cleanest in Europe. Furthermore, the Estonian Ministry of the Environment The main challenge in Large-scale Energy Production is maintaining recently recognised Eesti Energia as the company with the most the competitiveness of our existing production assets. The more environmentally friendly production process. efficient and cleaner our energy production, the higher the assu- rance that we can use our existing energy production assets until In 2017, we began solving a major environmental issue. In Estonia the end of their expected useful lives. This is the most cost-effective over 10,000 tonnes and in Europe even more than 3 million tonnes way for society to change over to technologies that have a smaller of old tyres are scrapped every year. In 2017, we began turning old environmental footprint. tyres into energy in our Iru waste-to-energy plant. During the year, Eesti Energia Annual Report 2017 4 we also carried out different tests on old tyres at our oil plants which total electricity output. The key deliverer of this ambitious strategy reflected that on the co-use of old tyres and oil shale, emissions to will be Enefit Green, a subsidiary established in 2016. Our growth air remain within permitted limits and the quality of oil produced plan foresees expanding production in Estonia as well as in other does not deteriorate. Next, we will prepare documentation together markets where Eesti Energia is already operating. The management with the Ministry of the Environment to specify the conditions on board of Eesti Energia has received a mandate to raise capital on which old tyres are no longer classified as waste but as raw material. the stock exchange in order to implement the renewable energy After that we can start using old tyres for oil production. growth strategy. Last year we also succeeded in improving the efficiency of oil Expansion of Electricity Sales Operations to Poland, shale mining. At the Estonia mine, we began using the efficient Finland and Sweden longwall mining technology at full capacity. This helps to keep the cost price of oil shale competitive and has also increased We have decided to make rapidly developing technology and big our oil shale output – during the year we extracted from our data analytics work for our customers. In other words, our strategic Estonia mine and Narva opencast 16 million tonnes of oil shale, objective is to offer our customers innovative energy solutions and 19% more than in 2016. Moreover, our Estonia mine, which to do it in a considerably larger home market than before. In 2017, recently celebrated its 45th anniversary, set a new production we made substantial progress in this area. record, achieving an annual oil shale output of around 10 mil- In 2017, Eesti Energia grew from an electricity supplier operating lion tonnes. This is an exceptional result, taking into account in the Baltic region into an energy and energy services supplier that the mine’s original designed capacity is almost half smaller. operating in the Baltic Sea area. We began selling electricity and At the same time, we invested in safety: we supplied the natural gas in Poland. We became the second-largest natural gas Estonia underground mine with a mobile communication net- supplier in the Latvian gas market which was deregulated in the work. In addition to improving safety, mobile communication summer and in the last months of the year we launched gas sales helps make mining processes smarter. in Lithuania. Thus, in Latvia and Lithuania we are no longer just an Growing Renewable Energy Production electricity supplier but an energy supplier. At the end of the year, we set up subsidiaries in Finland and Swe- Eesti Energia has the most diverse electricity portfolio in the Baltic den where we will launch retail sales of electricity in the first half Sea area: we produce electricity from oil shale as well as wind, of 2018. In Latvia, Lithuania, Poland, Sweden and Finland we offer water, municipal waste and biomass. In 2017, we passed a new energy solutions under the Enefit brand and our offering is based milestone and added solar energy to our portfolio. Eesti Energia’s on smart e-solutions. strategy foresees that by 2021 the share of electricity produced from renewable and alternative sources should increase to 40% of Eesti Energia Annual Report 2017 5 Distribution Service is Changing Investments in Electricity Distribution Quality and Cleaner Energy Production What is contemporary high-quality distribution service like? Pre- viously, it was believed that centralised production is definitely more In 2017, our capital expenditures totalled 144 million euros, 2% competitive than micro or off-grid production. Today in many loca- up on 2016. Over half of this amount, that is 75 million euros, was tions the concept does not apply. New and competitive technologies invested in the electricity network. Through consistent and extensive have enabled consumers to become electricity producers and to sell investment, we have achieved that 64% of Elektrilevi’s network is excess amounts of their self-produced electricity via the distribu- now weatherproof. Compared to five years ago, the number of supply tion network. This sets new requirements to the electricity network. interruptions has decreased twofold. We will continue to improve In simple terms, previously electricity moved basically in one direc- our distribution network to be able to provide our customers with tion: from the producer to the consumer. Now, the network also reliable high-quality distribution service. accepts electricity from consumers. To support this development, we have made connecting to the network easier for micro pro- In Large-scale Energy Production, one of the most important invest- ducers and have started offering them turnkey solutions, which let ments was the reconstruction of generating unit 8 of the Eesti power customers focus on their core activities while Eesti Energia takes plant. After the work carried out in the second half of the year, the care of their energy-related matters. unit can use oil shale gas to the extent of 50% compared to pre- vious 13%. Using less oil shale and more oil shale gas, which is a In 2017, Elektrilevi, the Group’s distribution network operator, took by-product of shale oil production, helps reduce the environmental important steps in developing its non-regulated services. In this impacts of oil shale-based electricity production. In the first half of area, the biggest achievement of 2017 was the win of a procure- 2018, Foster Wheeler, which did the reconstruction work will carry ment for managing the street lighting network of the city of Tartu. out the necessary adjustments and tests. Delivery of the project to Elektrilevi has already been managing the street lighting network Eesti Energia has been scheduled for summer 2018. Last year, we of the city of Tallinn since 2015. Thanks to its extensive know-how invested 10 million euros in this project. The total budget of the and competence, Elektrilevi has the potential to develop into the project is 15 million euros. most efficient infrastructure operator in the Baltic Sea area that can offer efficient and smart street lighting, telecommunication, and Although the Auvere power plant has been producing electricity electricity network management services. Mostly efficiency growth since May 2015, General Electric has not yet delivered it to Eesti enabled us to lower network charges twice in 2017: from July by Energia. In 2016, it appeared that at high operating capacities the around 6.7% and from November by 2.3%. plant’s particle emissions exceeded the regulatory limit. To solve the problem, in 2017 General Electric built new fabric filters for the power plant.
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