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Profit of Nelja Energia drops 10.7 pct to EUR 7.5 mln

Estonian news - eteap February 5, 2018

Baltic News Service. 5th of Feb, 2018

Net profit of Estonian renewable energy generating company Nelja Energia AS in 2017 dropped 10.7 percent to 7.5 million euros due to a reduction of the estimated value of the company’s assets.

In 2017 the company’s net profit totaled 7.5 million euros, which is 900,000 euros less than in 2017. The company’s value declined by 5.6 million euros and without that the company’s net profit would have increased by 39 percent to 13.2 million euros.

The group’s revenue grew 40 percent to 69.9 million euros. The growth in revenue as well as profit is mainly the result of the launching of the 60 MW Silute wind farm in Lithuania, which resulted in additional revenue of 15.5 million euros and extra profit of 4.6 million euros last year.

EBITDA grew 24 percent to 45.2 million euros and EBIT 18 percent to 22.4 million euros.

The group produced 742 gigawatt-hours of electricity from the wind last year, which is a quarter more than in 2016. The average wind speed was 6.5 meters per second in Estonia and 6.4 m/s in Lithuania, compared with respectively 6.4 m/s and 6.0 m/s the year before.

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