ONDE – a strong end of the year

Income of nearly PLN 1.1 billion and EBITDA of PLN 30 million were noted by the ONDE Group in 2022. The company entered the new year with a strong backlog and a perspective for the increase in profitability.

In 2022, the listed company, specialising in construction of RES systems had sales of PLN 1,092.9 million, versus PLN 1,217.4 million in 2021. This allowed it to gain PLN 21.9 million of the operating profit and PLN 7.2 million net. It should be noted that the fourth quarter of the previous year brought for the company a strong bounce back in profitability. With income of PLN 237.4 million, EBIT was at the level of PLN 11.4 million, and the net profit amounted to PLN 5 million, representing as much as 70 percent of the annual result.

‘It was a very difficult year for conducting business operations, yet we had relatively good results. Especially, in the second half of the year, when material prices became stable, enabling us to calculate our bids adequately to costs. The fourth quarter also allowed us significantly supplement our backlog, which amounted at the end of the year to PLN 900 million, a value comparable with that of the previous year. Furthermore, at the beginning of 2023 we gained a significant number of contracts, of a total value exceeding PLN 370 million. A stable, healthy portfolio of orders allows us to look optimistically both at income and its profitability in 2023’, says Paweł Średniawa, President of ONDE SA.

 ‘Having stable foundations of our business, we can steadily develop it in other areas. We entered the Lithuanian market and want to continue our expansion abroad. We are analysing, among the others, Baltic states, Romania and, of course, the German marker, where we want to execute acquisition or develop organically. The offshore market may also be interesting for us, because we have competencies to construct onshore parts of these systems‘ adds Paweł Średniawa.

 ‘Concerning the developer sector, we are waiting for stabilisation of energy prices, to obtain a strategic partner for a portfolio of RES projects. At the same time, we are preparing for sale our first PV farm “Cyranka”. Resources obtained this way will allow us starting subsequent investments on own account,’ explains Paweł Średniawa.

The refinancing of the costs of “Cyranka” construction, just finalised, as well as its sales will provide resources to initiate construction of new own photovoltaic farms.

The Company’s development is supported by positive changes in the energy market. The 10H Distance Act, which has recently been liberalised, allows to construct wind plants closed to buildings that it was earlier. According to estimations of the sector organisations, this will release even 4 GW of the RES construction potential in Poland. At the same time, governments in Poland and the entire EU announce that hundreds of billions of euro will be designated for “green” energy, to make us independent of fossil fuels. This additionally justifies the Company plans for expansion abroad.