MPC Energy Solutions publishes FY 2021 Annual Report and FY 2021 ESG Report
Amsterdam/Oslo – 20 April 2022 – MPC Energy Solutions N.V. today published its Annual Report and ESG Report for 2021.
“MPC Energy Solutions is extremely well-positioned with our renewable energy project portfolio of 114 MW and a development backlog of another 750 MW in the very attractive Latin America and Caribbean regions. Since our successful USD 100 million capital raise ahead of the listing on Euronext Growth in Oslo in January 2021, we have made good progress in moving our diversified portfolio forward, and in Q1 2022 we reached a very important milestone, as our first project started generating revenue,” said Martin Vogt, CEO of MPC Energy Solutions.
With the renowned German investment manager MPC Capital as its sponsor and largest single shareholder, MPC Energy Solutions is driving the transition to renewable energy concentrated in seven countries in Latin America and the Caribbean that are at the forefront of renewable energy ambitions. The market opportunity is estimated at more than 45 GW in wind and solar alone by 2030, with an annual growth rate exceeding 14%.
“2021 was an eventful and at the same time challenging year for our company. While facing certain delays related to the Covid-19 pandemic and global supply chain disturbances, we were able to continue with all of our projects and are on track to generate the anticipated return on capital,” said Martin Vogt.
MPC Energy Solutions’ first ESG Report is prepared in accordance with the Global Reporting Initiative (GRI) Standards and inspired by the Euronext guidelines for sustainability reporting.
“Implications of climate change are becoming increasingly concerning, and the recent months’ geopolitical events have illustrated significant challenges for the global energy supply. On this backdrop it is extremely inspiring and rewarding to dedicate all our efforts to rolling out renewable energy production. For us as a company it is vital to have a full overview of how we impact and get impacted by the environment we operate in, and we experience a growing interest in sustainability among our stakeholders, which we welcome. I am proud to present our company’s first sustainability report which aims to furnish our stakeholders with a transparent overview and allows for further insights into our efforts on material topics,” said Martin Vogt.
MPC Energy Solutions published its audited financial statements today as part of the annual report. The performance in 2021 was in line with management's expectations, in a year focused on ramping up the organization, progressing project development, and making first investments. The company did not generate revenues in its first full year of operations and ended 2021 with a negative operating income (EBIT) of USD 2.9 million and a net loss of USD 2.7 million. Total assets amounted to USD 86.1 million.
"We are well-financed to be able to deliver on our portfolio. We have no long-term financial debt, and at the end of 2021 we had a cash position of USD 56.9 million, part of which has now been invested in the first quarter of 2022 as planned," said Martin Vogt.
Compared to the preliminary and unaudited consolidated financial statements MPC Energy Solutions published on 3 March 2022, the following relevant changes were made as a result of the audit performed by Ernst & Young Accountants LLP Netherlands:
- The operating loss (EBIT) decreased from USD 3.1 million to USD 2.9 million, mainly following adjustments to foreign currency translations, with a subsequent impact on the net loss, which decreased from USD 2.8 million to USD 2.7 million.
- Total assets increased from USD 83.9 million to USD 86.1 million due to a recognition of rights-of-use-assets from land lease contracts in El Salvador and Colombia. Corresponding liabilities were also recognized, and there was no effect on the profit and loss.
- Cash and cash equivalents remain unchanged at USD 56.9 million. Only small adjustments were made following foreign currency translations of cash held in non-USD currencies.
|Cash and cash equivalents||56,807,230||56,915,951||108,721|
- ENDS -
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind assets, and other hybrid and energy efficiency solutions. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com
MPC Energy Solutions N.V.
Investor Relations & Public Relations
Jo Christian Lund-Steigedal
Corporate Communications AS
Phone: +47 415 08733
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