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H1 net profit of Estonia’s Nelja Energia falls to EUR 3.6 mln

Estonian news - eteap July 27, 2018

Baltic News Service. 27th of July, 2018

Net profit of the Estonian renewable energy company Nelja Energia AS fell 36.4 percent on year to 3.6 million euros in the first six months of 2018.

At the same time the company’s revenue increased 10.3 percent to 36.7 million euros, the company told the Oslo stock exchange.

Earnings before interest, taxes, depreciation and amortization (EBITDA) declined 10.9 percent to 18.9 million euros and the earnings before interest and taxes (EBIT) fell 22 percent to 10.1 million euros.

The group produced 313.8 gigawatt-hours of electricity from wind in the first half-year, which is 14 percent less than in the same period in 2017.

In Estonia the output of wind farms decreased 21 percent on year to 131.3 GWh and Lithuanian wind farms produced 182.6 GWh of electricity, 9 percent less than a year before.

Eesti Energia announced at the end of May this year that it was planning to buy Nelja Energia for 289 million euros and would also take over Nelja Energia‘s liabilities worth 204 million euros. Eesti Energia is to acquire 100 percent in Nelja Energia from Norway’s Vardar Eurus and other shareholders. After entering into force, the transaction would bring along the sale of all Nelja Energia shares to Enefit Green, a subsidiary of Eesti Energia.

Nelja Energia owns 17 wind farms in Estonia and Lithuania with total capacity of 287 megawatts, being the biggest renewable energy produced in the Baltic countries. In addition, the company owns a pellet factory and combined heat and power plant in Latvia and has minority ownership in two biogas stations in Estonia. Nelja Energia produced 804 gigawatt-hours of renewable energy in 2017.

The transaction concerns 100 percent of the shares of Nelja Energia AS. Vardar AS has agreed, through its subsidiary Vardar Eurus AS, to sell its 77 percent holding of the shares in Nelja Energia . The remaining 23 percent of the shares is acquired from a number of Estonia based minority investors, including Solarcom OU owned by Martin Kruus and Atradius OU owned by Kalle Kiigske, both of whom are members of the Nelja Energia management, and Ivard OU owned by Peeter Mand, Vestman Energia AS owned by Aivar Berzin, JMB Investeeringute OU owned by Juri Mois, HTB Investeeringute OU, Ambient Sound Investments OU, United Partners Investments OU and Kakssada Kakskümmend Volti OU owned by Hannes Tamjarv.

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