ONDE: harvest will come in successive quarters

In the first quarter of 2022, the ONDE Group achieved the income of PLN 179 million, and the later part of this year should be more promising. The Management Board is considering the first acquisitions in Germany, and issuing of “green” bonds.

In the first quarter of 2022, the leader of RES constructions in Poland noted an income of PLN 179 million, versus PLN 229.6 million in the comparable period. This translated to the PLN 900 thousand of profit on operations, and about PLN 20 thousand of the net result for the company.

‘In the previous quarter, the seasonal nature of our sector was noticeable. Usually, customers want to complete and settle the largest possible quantities of works at the end of the year, and this results in a gap at the beginning of a year. Additionally, many investors slowed projects to analyse the market environment, which undergoes dynamic changes’ explains Paweł Średniawa, ONDE President. ‘In the second quarter, the revival is already visible, and it should be much better, while the backlog provides us with a solid foundation for the entire year’ says Paweł Średniawa.

It is worth noting here that ONDE bought and has already delivered PV modules of ca. 140 MWp for the projects, and this is one of the largest orders in history among Polish RES constructors. Currently, the portfolio of orders, taking into account only construction orders for external entities, is worth over PLN 900 million, of which RES represent PLN 685 million. With developer projects that ONDE intends to construct itself added, the backlog exceeds PLN 1.7 billion. At the same time, the company continues expansion of a portfolio of developer projects. To finance those plans, it prepares for issuing of “green” bonds.

‘In the market, we still see a large number of projects of interesting parameters which available for sale. We have already used the majority of resources obtained from IPO, so we are considering issuing of “green” bonds, which will allow us to intensify expansion of the portfolio of own projects.’ explains Paweł Średniawa.

ONDE also considers entering the German market through acquisition of a local contractor.

‘The German market is definitely more mature than the Polish one, and its regulations also support investments in RES. Additionally, the German government prepares a package supporting the RES development in relation to the current geopolitical situation. Entering that market is quite natural for us, as we have strong business relationships with Germany through our parent company Erbud, which has been operating there for over 30 years. Currently, we are at a stage of negotiations with several selected entities’ informs Paweł Średniawa.