PannErgy Plc.
QUARTERLY PRODUCTION REPORT Q4 2021
and
2022 - 2023 EBITDA plan
14 January 2022
2021 | PannErgy Plc. |
Quarterly production report - Q4 2021
Introduction
PannErgy Plc. publishes a production report on a quarterly basis, presenting green energy production and utilisation. In its report, the Company presents the green heat sales figures of its key geothermal energy production systems in the reporting period, alongside additional useful information. Each year, the production report for the fourth quarter is supplemented with a preliminary, quarterly heat sales plan for the following year (Figure 2) and the preliminary annual EBITDA plan (Chapter II), the values of which are either confirmed or adjusted, as appropriate, at the Company's annual General Meeting.
- Consolidated production information
Figure 1
Consolidated volume of heat sold (GJ)
The chart presents the aggregate volume of heat sold by the Miskolc, Győr, Szentlőrinc and Berekfürdő projects, in a
monthly breakdown.
2017 | 2018 | 2019 | 2020 | 2021 | 2021 | 2022 | |
TARGET | TARGET | ||||||
January | 172,758 | 205,199 | 209,999 | 209,678 | 221,966 | ||
February | 177,533 | 174,300 | 203,484 | 213,855 | 194,173 | ||
March | 194,634 | 199,090 | 215,693 | 189,195 | 211,762 | ||
Q1 | 544,925 | 578,589 | 629,176 | 612,728 | 627,901 | 660,769 | 646,020 | ||||||||
April | 171,294 | 104,033 | 160,548 | 130,407 | 192,053 | ||||||||||
May | 79,700 | 56,758 | 129,300 | 89,190 | 96,333 | ||||||||||
June | 45,936 | 41641 | 50,780 | 53,394 | 38,595 | ||||||||||
Q2 | 296,930 | 202,432 | 340,628 | 272,991 | 326,981 | 290,438 | 315,549 | ||||||||
July | 44,865 | 51247 | 52,406 | 45,297 | 42,919 | ||||||||||
August | 36,709 | 36,794 | 42,415 | 39,205 | 48,023 | ||||||||||
September | 61502 | 53,650 | 63,731 | 64,096 | 53,870 | ||||||||||
Q3 | 143,076 | 141,691 | 158,552 | 148,598 | 144,812 | 160,683 | 163,654 | ||||||||
October | 141270 | 119,652 | 159,888 | 136,460 | 180,427 | ||||||||||
November | 204,045 | 180,263 | 206,686 | 205,417 | 197,872 | ||||||||||
December | 205,251 | 213,267 | 221,248 | 225,688 | 221,198 | ||||||||||
Q4 | 550,566 | 513,182 | 587,822 | 567,565 | 599,497 | 620,679 | 626,790 | ||||||||
ANNUAL | 1,535,497 | 1,435,894 | 1,716,178 | 1,601,882 | 1,699,190 | 1732,569 | 1,752,012 | ||||||||
TOTAL | |||||||||||||||
Figure 2 | |||||||||||||||
Consolidated volume of heat sold, in a table format (GJ) and relevant target data |
2
2021 | PannErgy Plc. |
Quarterly production report - Q4 2021
30
25
20
15
10
5
0
-5
-10
2017 | 2018 | 2019 | 2020 | 2021 |
Figure 3
Average temperatures in 2017-2021
In the period under review the weather offered a heating potential at Group level comparable to the same period in 2020.
A comparison of the Q4 2021 heat sales figures with the average values of the same period in historical years indicates that the Company accomplished record heat sales in the period under review. The volume of heat sold in the quarter under review exceeded the corresponding value of the base period by 5.6%. However, it fell short of the quarterly target by approximately 3.4%, primarily due to the outage in Miskolc from 2-11 November as previously disclosed by the Company.
In consideration of the information presented in this production report, the Company confirms the expected fulfilment of the consolidated HUF 2,800-2,880 million EBITDA target range published previously for the 2021 business year.
- EBITDA projection for 2022 and 2023
In respect of the 2022 business year, the Company's management confirms the previously published preliminary consolidated EBITDA target in the range of HUF 3,000 - 3,100 million under the IFRS. The planned quarterly heat sale volumes assigned to the target are presented in the table of Figure 2.
The abovementioned EBITDA target range for 2022 represents an increase of approximately 7% compared to the target range of the base period, primarily reflecting the effect of completed or in-progress capacity expansion and efficiency improving projects.
In terms of the EBITDA forecast for 2023, the Company also confirms the previously published preliminary consolidated EBITDA target in the range of HUF 3,150 - 3,250 million under the IFRS, which is subject to the boring and commissioning of the third production well of the Miskolc Project in the current year. In the event of the omission of boring the well, the EBITDA target level for 2022 is currently also the baseline for 2023.
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2021 | PannErgy Plc. |
Quarterly production report - Q4 2021
- Main projects
Miskolc Geothermal Project
(Miskolci Geotermia Kft., Kuala Kft.)
Figure 4
Volume of heat sold in Miskolc (GJ)
The Geothermal System of Miskolc sold a total of 260,127 GJ of thermal energy in Q4 2021, down by 8.7% compared to the heat sales data of the same period in 2020, mainly due to the outage in November referred to previously.
Győr Geothermal Projects
(DD Energy Kft., Arrabona Koncessziós Kft.)
Figure 5
Volume of heat sold in Győr (GJ)
The Geothermal System of Győr sold a total record volume of 330,520 GJ of thermal energy in Q4 2021, representing an increase of 20.0% year-on-year. The reasons for the increase include
4
2021 | PannErgy Plc. |
Quarterly production report - Q4 2021
the return on investment activity in recent periods and the operational difficulties presented in the base period production report.
Geothermal Facility of Szentlőrinc
(Szentlőrinci Geotermia Kft. - company form under registration)
Figure 6
Amount of heat sold in Szentlőrinc (GJ)
In Szentlőrinc, the volume of heat sold in the period under review was 22.2% higher than in the base period, amounting to 8,568 GJ. The Geothermal Facility of Szentlőrinc can fully meet the heat demand of the local district heating system on its own; thus, the weather sensitivity of the geothermal heat input may be significantly higher than that of district heating systems with complex heat resources.
IV. Miscellaneous
PannErgy for the prevention of climate change
In line with global efforts, Hungary intends to take resolute action against climate change. The key energy sector action plan for these efforts is the new National Energy Strategy (NES) published in January 2020, which supersedes a similar strategy published in 2011. The NES presents the future of the Hungarian energy sector for the period until 2030 and, at the same time, it provides an outlook for the following decade. The NES takes into account the requirement of the European Union stating that the economies of EU Member States must become climate-neutral, overall, by 2050.
The NES is committed to decarbonisation, providing ample leeway for the further proliferation of green and other, emission-free energy production solutions. NES goals to be highlighted from the perspective of the geothermal energy production represented by PannErgy:
- reducing Hungary's gas consumption and thus, its reliance on energy imports;
- giving preference to district heating systems;
- reducing the share of natural gas sources below 50% in district heating systems;
- increasing the utilisation of geothermal sources and urban waste in district heating systems, implementation of the Green District Heating Programme.
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PannErgy Nyrt. published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 16:41:02 UTC.