Poland’s Columbus closes 2022 within the pink, optimistic about 2023

Polish photovoltaics (PV) installer and developer Columbus Vitality SA mentioned it made a loss for 2022 attributable to regulatory and one-off results however expects optimistic earnings for the primary quarter.

Final yr, the corporate’s gross sales went down 15% to PLN 595.2 million (USD 137m/EUR127m) and its web loss deepened drastically, to PLN 82.5 million from PLN 5.9 million a yr earlier.

The administration attributes the deterioration to the corporate’s publicity to market turbulence such because the freezing of power costs, high-interest charges and alter of guidelines for prosumers which led to a decline in investments.

Columbus has estimated that final yr it had over PLN 50 million in monetary prices, which included curiosity, commissions and charges for modifications within the financing construction. Write-offs, provisions and depreciation amounted to nearly PLN 35 million.

Trying forward, the corporate expects to ebook a revenue within the first quarter of 2023 following the sale of 102.5 MW of photo voltaic belongings to Engie Zielona Energia in December. Within the first quarter, the deal will add over PLN 20 million to its earnings however the higher half shall be booked within the subsequent three months after the switch of one other tranche of PV services.

Columbus will proceed investing in photo voltaic farms and power storage. It plans to construct over 300 MW of PV services which it would maintain as its personal belongings or promote them at a revenue. The developer intends to contract this yr the development of the primary power storage facility, estimating the potential of such tasks at 398 MW.

The corporate hopes that 2023 will carry stabilization in direct gross sales in Poland. “Maybe, after the primary quarter we’ll rebuild the stability sheet, ie the flexibility to finance funding and dealing capital, which in flip will give us a breather and time to revise the technique,” the administration added within the report.

(PLN 10=USD 2.30/EUR 2.13)

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