PANNERGY NYRT. PannErgy Plc.
QUARTERLY PRODUCTION REPORT for 2022 Q4
and
fulfilment of the EBITDA plan for 2022, and the EBITDA plan for 2023
13 January 2023
2022 | PannErgy Plc. |
Quarterly production report - 2022 Q4
Introduction
PannErgy Plc. publishes a production report on a quarterly basis, presenting green energy production and utilisation. In the report, PannErgy presents the green heat sales figures of its key geothermal energy production systems in the reporting period, and 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
250,000
200,000
150,000
100,000
50,000
0
2017 2018 2019 2020 2021 2022
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 | 2022 | 2022 PLAN 2023 PLAN | ||||
January | 172 758 | 205 199 | 209 999 | 209 678 | 221 966 | 197 923 | ||||
February | 177 533 | 174 300 | 203 484 | 213 855 | 194 173 | 199 600 | ||||
March | 194 634 | 199 090 | 215 693 | 189 195 | 211 762 | 209 267 | ||||
Q1 | 646 020 | 627 259 | ||||||||
544 925 | 578 589 | 629 176 | 612 728 | 627 901 | 606 790 | |||||
April | ||||||||||
171 294 | 104 033 | 160 548 | 130 407 | 192 053 | 207 861 | |||||
May | 79 700 | 56 758 | 129 300 | 89 190 | 96 333 | 78 637 | ||||
June | 45 936 | 41 641 | 50 780 | 53 394 | 38 595 | 58 955 | ||||
Q2 | 315 549 | 322 084 | ||||||||
296 930 | 202 432 | 340 628 | 272 991 | 326 981 | 345 453 | |||||
July | ||||||||||
44 865 | 51 247 | 52 406 | 45 297 | 42 919 | 56 299 | |||||
August | 36 709 | 36 794 | 42 415 | 39 205 | 48 023 | 54 838 | ||||
September | 61 502 | 53 650 | 63 731 | 64 096 | 53 870 | 90 033 | ||||
Q3 | 163 654 | 193 174 | ||||||||
143 076 | 141 691 | 158 552 | 148 598 | 144 812 | 201 170 | |||||
October | ||||||||||
141 270 | 119 652 | 159 888 | 136 460 | 180 427 | 179 453 | |||||
November | 204 045 | 180 263 | 206 686 | 205 417 | 197 872 | 224 871 | ||||
December | 205 251 | 213 267 | 221 248 | 225 688 | 221 198 | 226 770 | ||||
Q4 | 626 790 | 647 180 | ||||||||
550 566 | 513 182 | 587 822 | 567 565 | 599 497 | 631 094 | |||||
Total | 1 752 012 | 1 789 697 | ||||||||
1 535 497 | 1 435 894 | 1 716 178 | 1 601 882 | 1 699 190 | 1 784 507 |
Figure 2
Table of consolidated volume of heat sold (GJ) and relevant target data
2
2022 | PannErgy Plc. |
Quarterly production report - 2022 Q4
30
25
20
15
10
5
0
-5
-10
2017 2018 2019 2020 2021 2022
Figure 3
Average temperatures in 2017-2022
The weather in the period under review represented a Group-level heating potential comparable to the corresponding period in 2022 and to the average of recent years.
A comparison of the 2022 Q4 heat sales figures with the average values of the same period in historical years indicates that PannErgy accomplished record heat sales in the period under review, exceeding the base period value by 5.3%. PannErgy also exceeded the quarterly target by approximately 0.7%. This outstanding performance was primarily due to appropriate weather conditions and the Group's ongoing investments into increasing efficiency, operational safety and capacity expansion.
In consideration of the information presented in this production report, PannErgy projects the overperformance of the consolidated HUF 3,250-3,350 million EBITDA target range published previously (30 March 2022) for the 2022 business year. Management expects consolidated EBITDA for 2022 to be in the range of HUF 3,600-3,650 million. The improvement in EBITDA is primarily attributable to reliable operation in 2022 Q4, strong sales data, efficient operations and regulated pricing that reflects the Company's cost increases.
- Fulfilment of the EBITDA plan for 2022 and EBITDA projection for 2023
The Company's management is defining a consolidated EBITDA target in the range of HUF 3,950-4,150 million under the IFRS for the business year of 2023. The planned quarterly heat sale volumes assigned to the target are presented in the table of Figure 2.
The above 2023 EBITDA target range represents an increase of approximately 12% compared to the expected range of the base period, which includes, inter alia, the impact of the implemented and ongoing capacity expansion and efficiency investments, including the successful boring of the third production well of the Miskolc Project in 2023 and its expected commissioning by the end of the year, as well as the recognition of the significant increases in material and personnel
3
2022 | PannErgy Plc. |
Quarterly production report - 2022 Q4
costs in the regulated pricing within the year, which have been recognised at all district heating providers and district heating producers as of 2022 Q4.
- Main projects
Miskolc Geothermal Project
(Miskolci Geotermia Kft., Kuala Kft.)
120,000
100,000
80,000
60,000
40,000
20,000
0
2017 2018 2019 2020 2021 2022
Figure 4
Volume of heat sold in Miskolc (GJ)
The Geothermal System of Miskolc sold a total of 273,325 GJ of thermal energy in 2022 Q4, which is in line the average of the corresponding period of previous years, and is 5.1% higher than the heat sales achieved in the same period of 2021, mainly due to the impact of prolonged service failure during the base period.
Győr Geothermal Projects
(DD Energy Kft., Arrabona Koncessziós Kft.)
120,000
100,000
80,000
60,000
40,000
20,000
0
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Figure 5
Volume of heat sold in Győr (GJ)
4
2022 | PannErgy Plc. |
Quarterly production report - 2022 Q4
The Geothermal System of Győr sold a historic seasonal record volume of 349,530 GJ of thermal energy in 2022 Q4, representing a rise of 5.8% year-on-year. The primary reasons for the increase were the investment activity in recent periods, appropriate weather conditions, as well as the Company's previously disclosed commercial agreement with GYŐR-SZOL Zrt. that ensures priority to geothermal energy.
Total annual heat sold in Győr in 2022 exceeded 1 million GJ (1,004,165 GJ) for the first time in PannErgy's history.
Geothermal Heating Facility of Szentlőrinc
(Szentlőrinci Geotermia Kft.)
5,000
4,000
3,000
2,000
1,000
0
2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Figure 6
Volume of heat sold in Szentlőrinc (GJ)
In Szentlőrinc, the volume of heat sold in the period under review was 15.6% lower than in the baseline period (7,235 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 geothermal heat input and the sensitivity of end-user heat consumption to changes in the current energy crisis are significantly higher than that of district heating systems with complex heat resources. The decrease in the quarter under review is also due to these reasons.
The Company informs the public that from 2023 onwards, only projects with a sales performance of more than 5% of consolidated sales revenue will be detailed in this chapter. Accordingly, the Szentlőrinc Project is excluded from the group of major projects presented.
IV. Miscellaneous
Change in PannErgy's regulated district heating producer tariffs
In Decree No. 20/2022. (IX. 30.) TIM of the Minister for Technology and Industry, published in Volume 159 of 2022 of the Hungarian Official Journal (Magyar Közlöny), the Minister announced the regulated district heat production tariffs (heat supply tariffs) effective as from
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PannErgy Nyrt. published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 16:39:01 UTC.
