Poland's Columbus closes 2022 in the red, optimistic about 2023

Polish photovoltaics (PV) installer and developer Columbus Energy SA said it made a loss for 2022 due to regulatory and one-off effects but expects positive earnings for the first quarter.

Last year, the company's sales went down 15% to PLN 595.2 million (USD 137m/EUR127m) and its net loss deepened drastically, to PLN 82.5 million from PLN 5.9 million a year earlier.

The management attributes the deterioration to the company's exposure to market turbulence such as the freezing of energy prices, high-interest rates and change of rules for prosumers which led to a decline in investments.

Columbus has estimated that last year it had over PLN 50 million in financial costs, which included interest, commissions and fees for changes in the financing structure. Write-offs, provisions and depreciation amounted to almost PLN 35 million.

Looking ahead, the company expects to book a profit in the first quarter of 2023 following the sale of 102.5 MW of solar assets to Engie Zielona Energia in December. In the first quarter, the deal will add over PLN 20 million to its earnings but the greater part will be booked in the next three months after the transfer of another tranche of PV facilities.

Columbus will continue investing in solar farms and energy storage. It plans to build over 300 MW of PV facilities which it will keep as its own assets or sell them at a profit. The developer intends to contract this year the construction of the first energy storage facility, estimating the potential of such projects at 398 MW.

The company hopes that 2023 will bring stabilization in direct sales in Poland. "Perhaps, after the first quarter we will rebuild the balance sheet, ie the ability to finance investment and working capital, which in turn will give us a breather and time to revise the strategy," the management added in the report.

(PLN 10=USD 2.30/EUR 2.13)

Choose your newsletter by Renewables Now. Join for free!