Terna Energy announced a 10% increase in revenue and 8.3% rise in adjusted operating profitability in 2023, mainly as a result of the greater installed capacity due to the gradual electrification of the Kafirea wind farm – the largest wind project in Greece with a total power of 327 MW.
It is noted that during the fourth quarter of the year (the first quarter of full operation of the Kafirea wind farm) revenues and adjusted operating profitability increased by 16.0% and 41.2% respectively compared to the corresponding quarter of 2022. In the same context and in combination with lower administrative expenses, net earnings per share from continuing operations for the full year increased to 0.51 euros compared to 0.17 euros in 2022.
The Group’s installed capacity increased to 1,224 MW at the end of the year (vs. 906 MW at the end of 2022) following the completion of the installations at the Kafirea project, which in 2024 will record its first year of full operation and contribution to the financial figures of the Group. Also, the waste management project in the Peloponnese is now in full commercial operation and the construction of the pumped storage project in Amfilochia (680 MW) is proceeding at an intensive pace. In 2024-2025, the Group plans to complete 10 new projects (mainly PV parks) with a total capacity of over 600 MW in Greece and abroad. At the same time, the Group is advancing the procedures for the maturation of projects with a total capacity of more than 3.5 GW and various technologies (e.g. hydroelectric, storage, hybrid, etc.) in Greece, which are expected to be able to gradually start construction. In this context and according to the Group’s investment plan, the total capacity is expected to exceed 6.0 GW by the end of the current decade.
As for the load factor, it stood at 28.6% in 2023 compared to 31.7% in 2022, mainly due to the wind conditions that prevailed in the country during the first part of the year, while a normalization was observed during the second half.
Total income from continuing operations amounted to 327.8 million euros compared to 298.0 million euros in 2022.
At the level of profitability from continuing operations, adjusted operating profitability (adjusted EBITDA) for 2023 was 178.4 million euros compared to 164.7 million euros in the previous year following higher sales. Adjusted net profit totaled 64.6 million euros compared to 69.7 million euros in 2022, impacted by higher depreciation and finance costs due to new investments.
It is noted that net profits from continuing operations amounted to 62.1 million euros compared to 21.7 million euros for 2022.
