The company has embarked on a strong investment cycle of almost one billion euros.

Zagreb, May 07, 2024 - In 2023, all divisions of the ENNA group, energy, logistics, and food, achieved excellent results characterized by an increase in revenue and profit, and investments are proceeding as planned.

The past year was marked by significant changes. In August, the former flagship and primary revenue driver of the ENNA Group, PPD, exited the group, and the process of preparing Enna for its initial public offering (IPO) on the capital market began. ENNA’s president of the management board since July 2023 is Mr. Boštjan Napast, and under his leadership the company started a strong investment cycle of almost one billion euros.

DIVISION ENERGY

In 2023, the company ENNA Opskrba achieved an operating income of 217.2 million euros and a profit of 12 million euros, while EBITDA was 15.2 million euros. The number of employees in 2023 increased by 51%, and the company ended the year with 59 employees. In 2023, ENNA Opskrba became the second-largest supplier of electricity to business customers in Croatia (after HEP Opskrba). During 2023, approximately 400 GWh of electricity from renewable sources was purchased, which is an increase of as much as 103% compared to the previous year.

ENNA Opskrba is the first market supplier to sell energy origin guarantees via a public auction on CROPEX.

In 2023, the company sold nearly 1,000 solar power plants for households, providing its customers with a complete turnkey service, after-sales support, and a 10-year warranty on the installed plants. Furthermore, the renewable energy sources (RES) segment has been significantly strengthened, with 8 times more capacity built in the B2B segment compared to the year 2022.

In 2024, an intense focus on renewable energy sources is planned.

In 2023, the company ENNA Geo invested 6 million euros in the exploration of geothermal sources in Croatia.

The company Geo Power Zagocha, as the holder of the geothermal water exploitation field "Slatina 2," carried out all necessary preparatory actions for the start of the drilling campaign during 2023. In the first half of 2024, the obtaining of an exploitation permit for geothermal water and the signing of the Exploitation Agreement is expected. This represents the final step in the preparatory actions and allows the commencement of drilling. The start of drilling the first well is expected at the end of August. Through the year 2023, the company Geo Power Babina Greda carried out hydrodynamic measurements on the investigation area "Babina Greda 1". By the end of 2023, the exploitation field "Babina Greda 1" was established, thereby confirming the reserves of geothermal waters and concluding the exploratory phase of the field. At the beginning of 2024, the company Geo Power Babina Greda became the majority owner of the company Geotermalni Izvori, and thus the holder of the geothermal water exploration area "Babina Greda 2". In Babina Greda, preparations will begin for the creation of an exploratory well, with the first works expected to start at the beginning of 2025.

The business model of the company ENNA Esco is oriented towards the installation of solar power plants on the roofs of business entities. In 2023, solar power plants with a total capacity of 2,594 kWp were installed, producing about 881 MWh of electricity annually. In the upcoming period, a significant increase is expected in the number of installed power plants, and consequently in electricity production, thereby making an undeniable contribution to the green energy transition.

The business model of the company ENNA Solar is oriented towards the development and construction of solar power plants on land, which operate as producers on the electricity market. During 2023, projects with an installed capacity of approximately 30 MW were developed through associated project companies, of which a project with a capacity of 10 MW was developed to the final stage and will produce around 13,500 MWh annually. In the upcoming period, ENNA Solar will work intensively on increasing electricity production capacities, and in addition to the Republic of Croatia, the development of projects on a broader regional level is also being considered.

LOGISTICS DIVISION

The logistics division records operating revenues of 43.6 million euros, with a profit of 5.3 million euros and an EBITDA of 6.3 million euros.

ENNA Logic and ENNA Transport continued their growth in the area of rail cargo transport in 2023. While the domestic market fell by 10%, Enna's logistics companies achieved a 3% growth in their operations, measured by gross ton-kilometer. The most significant growth was seen in intermodal freight transport and the transport of bulk cargo from the Port of Ploče.

In 2023, the company ENNA Transport Croatia ranked first among private railway operators with 3.3 million tons of freight transported and 168 permanent employees.

Last year in May, the first transports were also launched in Serbia, where around 100 trains were transported by own capacities by the end of 2023.

Additionally, this year ENNA Transport will obtain the necessary permits to become an active railway carrier in Slovenia as well, and the first ENNA transports on the railway market are expected there soon.

Investments in the Rijeka Gateway project continue, with the container terminal in Rijeka also being the most technologically advanced terminal in this part of Europe. In 2023, 63 million euros were invested in the project, of which the company ENNA Logic invested 31 million euros. The works are proceeding as planned, and the opening of the terminal is scheduled for mid-2025. With the start of the terminal's operation, a significant increase in the number of transports from Rijeka is expected.

FOOD DIVISION

In the ENNA group, the food division consists of the company ENNA Fruit, which became the owner of the companies Moslavina Voće and Naturala during 2023. Companies ENNA Fruit and Naturala achieved a revenue of 268.9 million euros, with a profit of 7.6 million euros and EBITDA of 14 million. During the year 2023, the division doubled the number of employees, concluding the year with 666 permanent staff members.

In 2023, main focus of this division was on the purchase and placement of domestic goods and on revitalizing domestic agricultural production. In Croatia, the products manufactured by Enna Fruit and Naturala are marketed in almost all retail chains.

During the year 2023, in addition to the domestic market, the company was also involved in expanding into the wider region, and an increase in revenue of 116% was recorded abroad.

In 2023, ENNA Fruit installed solar panels at all purchasing centers in the Republic of Croatia.

Negative trends in domestic production, increasingly difficult climatic conditions, and a shortage of labor represent the biggest challenges in the operations of this division.

In 2024, the focus is on digitalization and automation of processes with the aim of increasing efficiency and profitability.

Companies will continue to provide security and stability to the primary fruit and vegetable producers through production organization, guaranteed purchase, and timely payment, while simultaneously being a reliable partner to retail chains by ensuring continuity of supply quantities and a defined quality standard in the supply of fresh and processed fruits and vegetables.

In the future, ENNA Fruit intends to focus on maximizing the advantages of regional presence and becoming a center of information on prices and availability of goods, connecting supply and demand within and beyond the region.