Consolidated revenues amount to 60.7 billion kuna (8 billion EUR), representing an increase of 62 percent compared to the previous year.

Zagreb, April 28, 2023 - ENNA Group’s financial results increased in 2022 compared to results from 2021. Revenue growth has been recorded in all business segments, with notable increases in sales revenue from abroad. Consolidated revenues amount to 60.7 billion kuna (8 billion EUR), representing an increase of 62 percent compared to the previous year. In this regard, companies based in Croatia generated 29.3 billion kuna (3.9 billion EUR), while companies based abroad generated 31.4 billion kuna (4.1 billion EUR). The total consolidated EBITDA of the ENNA group amounts to 628.9 million kuna (83.5 million EUR), representing an EBITDA margin of 1%. Profit tax of the ENNA group in Croatia for the year 2022 amounts to 129 million kuna (17 million EUR), of which the so-called windfall tax is 35.6 million kuna (4.7 million EUR).

During 2022, ENNA Group managed companies in the energy and logistics sectors as well as the food sector. The flagships of the ENNA Group in these segments are Prvo plinarsko društvo (PPD), ENNA Opskrba, ENNA Logic, and ENNA Fruit.

Record gas prices and robust LNG growth

PPD ended the year 2022 with revenues from operations of HRK 32.9 billion (EUR 4.4 billion), which is an increase of 56% compared to the previous year. However, 70 percent of the revenue comes from the sale of gas on the foreign market, while 30 percent of PPD's total revenue comes from the sale of gas to Croatian consumers.

The increase in PPD's revenue was most significantly influenced by the rise in gas prices on the global market, as well as the high business activity of the group in foreign markets.

Volatility on the European gas market continued in 2022, which was further fueled by the war in Ukraine. The security of supply for the whole of Europe has also been updated, while a record gas price of nearly 350 EUR/MWh was recorded in August. Simultaneously, throughout the entire year of 2022, PPD provided gas for the citizens of the Republic of Croatia at a price of 17 EUR/MWh, and later at 41 EUR/MWh, in accordance with HERA's methodology for calculating gas prices. Thanks to a strong portfolio, access to all European gas exchanges, and long-standing financial partners, PPD successfully navigated through the extremely financially challenging last year, during which one of the biggest challenges was maintaining the liquidity necessary for smooth trading.

Investment in RES and Geothermal

In the energy sector, ENNA Group continued with significant investments in renewable energy sources (RES) in 2022. In its second year of operation, the company ENNA Opskrba became one of the leading entities on the Croatian market for the construction of renewable energy sources and the supply of business customers with green electricity and natural gas. ENNA Opskrba recorded revenues of 866 million kuna (114.9 million EUR). The company also contracted the sale of more than 1000 solar power plants for households in Croatia.

Investments in RES are also realized through the companies ENNA Solar, ENNA Esco, and ENNA Geo. ENNA Geo is exclusively engaged in the development of projects aimed at utilizing geothermal energy, and during 2022, research began on two geothermal energy source wells in Slavonia, where the construction of geothermal power plants is planned.

ENNA Fruit - the largest purchaser of domestic fruits and vegetables in Croatia

In 2022, ENNA Fruit confirmed its status as the leading purchaser of fruits and vegetables in Croatia, with revenues exceeding one billion kuna (133 million EUR) and EBITDA amounting to 26 million kuna (3.5 million EUR). The company is engaged in the organization of production, purchasing, storage, packaging, and distribution of fresh fruits and vegetables in domestic and international markets. It cooperates with more than a thousand domestic partners and has increased the number of employees by 38 percent in the past year. Business growth is a result of expansion into the markets of Serbia, Slovenia, and Bosnia and Herzegovina, as well as investments in modernization. In Varaždin, additional storage capacities have been opened for storing carrots, onions, and potatoes, as well as a washing and packing facility for carrots and potatoes. During 2022, ENNA Fruit launched a loyalty program for partners, guaranteeing fruit and vegetable producers the purchase of contracted quantities of goods and stronger cooperation, while providing technological support through education and monitoring of all stages of production, all with the aim of increasing domestic fruit and vegetable production.

Business segment of logistics

ENNA Group also operates in the segment of logistics and rail cargo transportation through the companies ENNA Logic and ENNA Transport. Consolidated logistics segment revenues in 2022 amount to 220 million HRK (29 million EUR), which is 35 percent more than the previous year. ENNA Logic, in collaboration with Maersk, achieved an increase in container traffic. Additionally, during the past year, the development and investment in the Rijeka Gateway container terminal project continued. This is a terminal whose opening is expected in 2025. It is being jointly developed and will be jointly operated by ENNA Logic and APM Terminals, which is part of the Maersk Group (APM Terminals 51%, ENNA Logic 49%). Through the collaboration of Enna and Maersk, a logistics corridor will be established from Rijeka through Croatia to Central Europe. This is expected to shorten and reduce the cost of transporting goods from Asia to Central European countries, and to make Rijeka one of the more important ports on Europe's logistics map.

Corporate Social Responsibility

Throughout 2022, ENNA Group paid exceptional attention to the most vulnerable groups in society, providing assistance through its own Novo Sutra Foundation, as well as its companies. Since the start of the war in Ukraine, the foundation has organized the arrival of more than 70 refugees from Ukraine to Croatia and continues to pay for their accommodation and utility expenses. These are the families of employees of the Ukrainian state energy company Naftogaz, which collaborates with the First Gas Company. Additionally, in the fall of 2022, PPD launched a humanitarian campaign "Every Child Deserves a Warm Home," in which it covered the electricity and gas bills for all children's homes and SOS children's villages in Croatia during the six cold months (October – March). The project of providing scholarships to more than 50 children from the earthquake-affected Banovina area has continued.