Annual increase in sales by more than 60 percent to 1.72 billion euros (42 billion crowns) and increase in net profit by 82.5 percent to 186 million euros (4.57 billion crowns). Energy group Energo-pro of entrepreneur Jaromír Tesař boasted of these results for 2022 today. The main driver of profitability was hydropower plants in Bulgaria and Turkey.
As stated by Energo-pro in a press release, the total amount of electricity produced from hydropower plants reached 2.53 TWh, which is an increase of 5 percent compared to 2021. The increase is a consequence of the improvement of hydrological conditions in Turkey and Georgia. The average sales price of produced electricity sold on the free market in 2022 in euros in all countries where Energo-pro operates.
Another important activity of the Energo-pro Group is the distribution and sale of electricity. In 2022, the company distributed 5.5 TWh of electricity in Bulgaria and 5.13 TWh in Georgia. In terms of electricity sales, it delivered 6.65 TWh to customers in Bulgaria (down 9 percent from 2021) and 3.82 TWh in Georgia (down 1 percent). There was a warmer winter, but also an outflow of part of the original customers to the competition on the liberalized market.
Operating profit before depreciation and taxation (EBITDA) reached EUR 308 million in 2022, an increase of 49 percent compared to 2021. This is mainly due to the increase in the profitability of electricity generation in Bulgaria and Turkey, but also improvements in the area of distribution and electricity supply in Georgia. “Energo-pro achieved excellent business results in 2022. Last year, our EBITDA was the highest in the entire history of the group,” said Energo-pro Group CEO Petr Milev.
The level of gross indebtedness of the Energo-pro corporate group at the end of last year amounted to 716 million euros and was almost unchanged compared to December 2021. However, the company’s financial position has changed (for the better), the amount of free cash increased during the last year from 34, 2 million to 80.6 million euros.
Expansion into Colombia
While Energo-pro’s operations were previously focused on Bulgaria, Georgia and Turkey, now Tesař’s corporate group is expanding into Latin America. The Chorreritas hydroelectric pilot project has received all the necessary permits and approvals, and its construction has begun in recent weeks. Electricity generation at the 20-megawatt power plant on the San Andres River is scheduled to begin in 2025. Two other hydroelectric plants in Colombia are now in the preparation and approval stages.
Energo-pro is part of the larger business group DK Holding Investments, which is 100% owned by businessman Jaromír Tesař. In addition to the Energo-pro group, DK Holding Investments also includes the Turkish hydropower plants Alpaslan 2 and Karakurt, the Slovenian engineering company Litostroj Power, two smaller hydropower plants in the Czech Republic and a company with still unspecified plans for business in Indonesia. .
David Tramba