2023년 미감사 최종 결과
좋은 에너지 그룹 PLC
("Good Energy" 또는 "회사")
Un-audited results for the 12 months ended 31 December 2023
Significant period of transformation from renewable supply to fully integrated energy services
Good Energy, the renewable electricity and energy services provider, today announces its preliminary results for the twelve months ended 31 December 2023.
재무 하이라이트
· Revenue increased 2.4% in the period to £254.7m (2022: £248.7m) driven by the high commodity cost and cost of sale environment present at the start of 2023.
· Reported gross profit increased 47.9% to £44.2m (2022: £29.9m). Gross margin increased to 17.4% (2022 12.0%). Gross profit and gross margin increased due to a strong H1 2023 performance and cost advantages from our power purchase agreements.
· Reported profit before tax of £5.7m compares with an underlying PBT of £1.4m in 2022. This improvement reflects recovery of margins in 2023 following 2022 wholesale price spikes.
· Good Energy recognised a loss of £2m in relation to its share of the losses recognised by Zapmap in the year.
· Reported profit after tax for the period of £2.9m (2022: £8.6m, 2022 included a one off £7.8m valuation uplift related to Zapmap)
· Reported basic earnings per share reduced to 17.1p (2022: 55.7p).
· Cash and cash equivalents of £41.3m (2022: £24.5m) reflecting strong profitable performance, but also a £9m year on year growth in customer credit balances.
· Following robust operational performance in 2023, and reflecting our confidence in the ongoing business, the Board recommend a final dividend for 2023 of 2.25p per ordinary share (2022 2.0p).
운영 하이라이트
· In just over 12 months we have successfully completed three acquisitions, enabling Good Energy to offer heat, EV charging and solar installation services:
o Fully integrated Good Energy heat pumps following December 2022 acquisition into wider business to offer unified premium, bespoke, end-to-end Good Energy heat pump installation services.
o Acquired solar installation company Wessex ECOEnergy Limited in June 2023, establishing high quality solar and storage services in the South West.
o Post year end in February 2024, delivered the acquisition of solar installer and wholesaler JPS Group, establishing solar and storage installation services across the South of the UK. Acquisition partially funded through the issue of new shares, of which approximately £2.1m were placed with new and existing shareholders.
· Good Energy is now established as a microgeneration specialist, offering quality, end-to-end solar and heat pump installation alongside tariffs and services to a premium segment of a rapidly growing market.
· Maintained differentiated 100% renewable electricity supply offering -
o Domestic supply accredited with top Which? Eco Provider ranking for third year running and achieved five-star TrustPilot rating from customers.
o Launched industry first hourly renewable matching service for business customers to provide greater transparency.
· Progressed innovative export product rollout, transitioning +60,000 Feed-in-Tariff customers to smart export and launching industry leading new export tariff for non-tariff customers out of beta, with enhanced rate for solar installation customers.
· Successfully trialled 'Power Pause' customer demand flexibility as part of the National Grid Demand Flexibility Service.
· Zapmap increased registered users by 41% to +780,000, maintaining +70% market share in growing electric vehicle market.
Outlook highlights
· Heat and solar markets continue to see rapid growth -
o UK solar market worth £1.9bn, installations increased 38% in 2023, anticipated to grow to £4.6bn by the end of 2030.
o Air source heat pump installations grew 20% in 2023, UK government targeting 600,000 installations per year to 2028.
· Good Energy now established to offer premium, end-to-end solar and heat pump installation services.
· Differentiated green supply and market leading export products position Good Energy to cross sell a 'greener whole home or business' proposition, providing carbon and running cost savings for climate conscious customers. Higher margin installation services lead to higher margins on recurring services including supply, flexibility and export.
· Trading in 2024 has started in line with management expectations. Both revenue and cost of sales are expected to be significantly lower in 2024 reflecting lower wholesale costs and associated tariffs in the supply segment of the business. 2024 is also expected to see a return to more normalised supply segment margin levels.
· Energy services segment to be a material driver of Group profitability by 2025.
Nigel Pocklington, CEO, Good Energy Group plc:
"Against a backdrop of continued volatility in the energy market, 2023 saw Good Energy undergo a transformation from pure renewable supply and Feed-in-Tariff administration to a fully-fledged clean energy services business.
"Following multiple acquisitions in the heat and solar space we can now offer customers premium services across supply, export, heat pumps, solar PV, storage and EV charging. Alongside this, we are now a leader in smart export for small scale solar and have trialled innovative flexibility services for businesses and consumers to shift their demand to cut their carbon further. Good Energy is establishing itself as the microgeneration specialist for the premium end of a rapidly growing market, offering everything a home or business needs to go greener, from a trusted brand with unparalleled expertise.
"Good Energy has had a strong financial performance in 2023 and we have a strong balance sheet to continue to invest in the future. We continue to see strong, sustainable growth in the clean energy services space which Good Energy is ideally positioned to capitalise on."
A video overview of the results from the Chief Executive Officer, Nigel Pocklington, is available to watch here:
https://www.fmp-tv.co.uk/2024/03/26/good-energy-ceo-interview/
문의
좋은 에너지 그룹 PLC |
|
Nigel Pocklington, Chief Executive Officer Ian McKee, 커뮤니케이션 책임자 | 이메일 : [이메일 보호] |
SEC 뉴게이트 영국 | |
엘리자베스 코웰 / 몰리 그레튼 | 전화 번호 : + 44 (0) 7900 248213 이메일 : [이메일 보호] |
Investec Bank plc(추천 고문 및 공동 Broker) |
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헨리 레스트 / 제임스 러드 / 마리아 고메즈 데 올레아 | 전화 : + 44 (0) 20 7597 5970 |
Canaccord Genuity Limited(공동 Broker) |
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헨리 피츠제럴드 - 오코너 / 해리 리스 | 전화 : + 44 (0) 20 7523 4617 |
좋은 에너지에 대하여 www.goodenergy.co.uk
Good Energy는 100% 재생 가능 전력 공급업체이자 에너지 서비스 혁신업체입니다. 2,000개 이상의 독립적인 영국 발전기로 구성된 커뮤니티와 장기 전력 구매 계약을 체결했습니다.
20년 전 설립된 이래로 회사는 더 깨끗하고 분산된 에너지 시스템을 향한 선두에 서왔습니다. 그 사명은 더 깨끗하고 친환경적인 세상에 전력을 공급하고 깨끗한 전력으로 생성, 공유, 저장, 사용 및 여행을 간단하게 만드는 것입니다. 그 목표는 2025년까지 XNUMX만 가구와 기업이 사용하는 에너지와 교통수단에서 탄소를 줄일 수 있도록 지원하는 것입니다.
Good Energy는 런던 증권 거래소의 녹색 연 인증을 통해 이 시장의 리더로 인정받고 있습니다. 모든 관세에 대한 Eco Provider 상태 및 Gold Standard Uswitch Green Tariff Accreditation.
의장의 검토
살펴보기
2023 was the year we set out to build on the progress made on our energy services strategy in 2022, and I'm pleased to say that this has been successful. We have launched new, innovative solutions, acquired further installation capability and delivered leading customer service levels. Against the backdrop of a stabilising energy market, we have delivered a year of strong financial performance.
Good Energy is dedicated to powering a cleaner, greener future. This year, the Company has advanced this mission with strategic acquisitions, strengthening our position as a leader in the UK's transition to net zero. Our efforts in solar services and installation across key regions underline our commitment to this vital shift, reflecting our role in driving forward the nation's decarbonisation agenda.
For our customers, they have access to a trusted partner which can now facilitate their ambition to install, consume and generate green power for their home or business, and which can also ensure they earn more from the power they generate. For our investors, they have exposure to a highly exciting growth market and are benefitting from the value creation achieved through our investment into Zapmap. This growth and expansion is underpinned by a stable energy supply business operating in a more steady UK energy environment with forward looking power and gas prices returning to levels seen prior to Russia's invasion of Ukraine.
Despite this environment, prices remain high in historic terms. The rising costs emphasised the need to shift away from fossil fuels and encouraged people to insulate themselves from the high prices by switching to solar power, with record numbers of rooftop installations taking place in 2023.
Also in the period, as part of Ofgem's compliance work Good Energy was ordered to pay £1.25m into the regulator's redress fund and an additional £368,404 in goodwill payments to customers. This was following the surfacing of an issue relating to payment method changes which originated from a process change made in 2019. The issue, which was self reported as soon as it was apparent, has since been addressed with new automated processes, standard and governance which the Board is confident will prevent any similar mistake in future.
We exited the year in a strong position. We have a robust balance sheet, continue to invest in high growth markets and are helping more homes and businesses save money and decarbonise.
전략적 개발
2023 was a transformational year for Good Energy. Last year, I talked about the strong platform that we had built to deliver our energy services strategy in 2023. We have accelerated progress through the acquisition of three installation businesses, roll out of innovative, market first, solar service solutions, whilst maintaining a high level of customer service and operational efficiency.
Supporting our ambition to help one million customers cut carbon by 2025, we have acquired a heat pump installation business, Igloo Works, and two solar installation businesses, Wessex ECO Energy and post period end, JPS Group.
Good Energy is now positioned as one of the leading installers in the South of the UK focused on a bespoke, high quality service offer.
자본 할당
Our substantially debt free position and strong cash balance allows us to continue to invest for sustainable growth and deliver potential further acquisitions in energy services, which is reflected in our capital allocation policy. Post period end, in February 2024, we raised £2.1m through a vendor placing as part of the JPS Group acquisition, testament to investor support for our ongoing energy services strategy. We welcome our new, supportive institutional shareholders.
We recognise the importance of a dividend to many shareholders. Following a strong operational performance in 2023 and reflecting our confidence in the ongoing business, the Board recommend a final dividend for 2023 of 2.25p per ordinary share, taking our full year dividend to 3.25p (2022: 2.75p).
교육 위원회
On behalf of the Board, I am delighted to welcome Fran Woodward to her new role as a Director on the Good Energy Board. Fran joined the Board on 20 October 2023 and is, currently, Good Energy's Chief Operating Officer. Fran has been an integral part of Good Energy since 2014, steering vital functions such as Sales and Energy Origination, Marketing, Customer Operations, and the People and Culture departments. Her extensive leadership experience, gained from notable organisations such as Marks & Spencer, Coca-Cola, Dyson, and EDF, has been instrumental in ensuring that our customers remain central to our strategy, operations, and culture.
앞서 찾고
The Board has confidence in Good Energy's strategic direction and future prospects. In the short term, trading has commenced in line with management's expectations. Further ahead, as a trusted brand with an array of high quality services under one roof, Good Energy is well positioned as a premium specialist in the rapidly growing microgeneration market. We have a proven track record of delivering on our strategy and we look forward to creating further value in 2024 and beyond.
Will Whitehorn, Chair
CEO의 리뷰
The energy market will be transformed in the next ten years. A mass transition towards small-scale, low carbon technologies is taking place. And Good Energy, with its purpose to create a cleaner, greener world and following a transformational year itself in 2023, is ideally positioned to help drive this transition.
Small scale solar (below 50kW) installations increased 38% in 2023 (MCS), from an already significant doubling in the install rate in 2022 as households and businesses looked to insulate themselves from rising energy costs. The UK solar market, worth £1.9 billion today (MCS), is anticipated to more than double to £4.6 billion by 2030 (LCP Delta). With only 8% of potential homes currently equipped with solar installations, there's a vast potential for increase. The South and South East regions of the UK are leading in market share and installation rates, demonstrating strong growth. Similarly, air source heat pump installations have increased, supported by government incentives.
Air source heat pump installations also grew 20% last year to over 35,000, with an enhanced government grant introduced late in the year. Whilst this market is more nascent than solar, the government remains committed to its target of hitting 600,000 installations per year with heat pumps being the primary method through which the UK will decarbonise its heating.
Against this backdrop energy supply remains a challenging business. Margins, especially for domestic supply, have long been slim. High prices over the past two years have not changed this, and whilst they have reduced somewhat from their highest heights the market remains volatile comparative to pre-energy crisis. In this period we have delivered another strong financial performance in 2023, whilst activating our strategy through the roll out of new tariffs and services alongside investment in our installation footprint.
Delivering on our vision
Good Energy has long set out a vision for a decentralised, decarbonised energy system in which suppliers are no longer purchasing electricity and gas from a few large generators and supplying it to customers, into one where smart, clean technologies create a more participatory system. We are now seeing this vision realised with the flaws in a fossil fuel based energy supply system now more apparent than ever; installations of small scale decentralised clean technology surging and smart meter adoption is now predominant. And Good Energy is poised to play an important part.
Following three acquisitions in a little over 12 months Good Energy now offers everything you need for a greener home or business. Renewable electricity supply, solar, storage and heat pump installation, EV charging, export tariffs and we are now introducing flexibility services to make all of this technology work for the customer.
What this creates is not only a business that remains committed to its purpose of creating a cleaner, greener future, but one that can provide more value to customers and greater returns. Installation services are significantly higher margin than supply. One off installations also pave the way for recurring revenues through other services including smart export, supply, flexibility and maintenance.
The Good Energy brand, with our 25-year history as a truly green renewable innovator, positions us ideally as a trusted partner for customers looking to go green.
Truly renewable supply
Renewable supply is the foundation on which Good Energy's strategy is built. Itself a model in decentralisation, as we source the power we supply customers via agreements with over 2,000 independent renewable generators across the UK. Good Energy's renewable electricity supply remains recognised as a greener product.
In 2023 we retained our Which? Eco Provider accreditation, the only supplier to have scored top in all three years the consumer rights organisation has been ranking the environmental credentials of green suppliers. We continue to hold the Uswitch Green Tariff Gold Standard for all of our tariffs too, and are the only supplier with Good Housekeeping's Getting Greener label for 100% renewable electricity. Our customers continued to provide positive feedback on our service too, pushing our rating on TrustPilot to five stars - one of only two UK energy suppliers which are rated so highly.
We made a significant step in differentiating our supply product for business customers too. As part of our criticisms of the current unit based certification system for renewable electricity Good Energy has supported a shift towards time-based matching. Now there is more widespread acceptance of the problems with unit based certification - Renewable Guarantees of Origin or REGOs in the UK - there is also a growing movement towards time based. Pioneered by tech giants like Google, which has set a 2030 goal to be powered by '24/7 carbon free energy', there is now a UN compact for the system, which the US government joined during COP28.
Good Energy already traded power with the aim of matching customer demand to the output from our renewable generators as closely as possible, achieving around 90% matching in half hour intervals on an annual basis for the past five years - a very high level enabled by our decentralised, distributed generation portfolio. In 2023 we partnered with technology platform Granular Energy to provide our half hourly business customers with the insight on how their energy use is being matched, creating a new level of transparency and paving the way for flexibility and incentivisation for new technologies such as storage.
As electricity supply in the UK moves towards market wide half hourly settlement and the location based pricing model proposed in the Government's second consultation on Review of Electricity Market Arrangements, Good Energy is ideally positioned.
This is a new frontier for renewable supply and Good Energy is leading the charge.
Solar and smart export
Good Energy is the UK's second largest solar power payments company. As the progenitor and largest voluntary administrator of the Feed-in-Tariff, we have long been a significant participant in the small scale solar market. But 2023 was the year we became an installer, closing the loop to become an all-in-one solar services provider.
In June, we acquired Wessex ECO Energy. Wessex is a registered MCS, RECC and Tesla Energy Certified solar installer and service provider, based in Dorchester, for domestic and commercial customers with an established team of engineers, technicians, and operations specialists. It has a strong brand predominantly covering the South West of England and a proven track record of high-quality installs with a 5* Google review rating.
Whilst in February 2024, we completed our largest acquisition to date of JPS Group, a specialist solar and storage installation and distribution business, and its wholly owned subsidiary, Trust Solar Wholesale Limited ("Trust"), a standalone distribution and procurement business based in Maidstone, Kent. The acquisition was partially funded through a £2.1m vendor placing. I would like to thank new and existing shareholders for their support.
The acquisition of JPS Group marks a pivotal moment in Good Energy's strategy, reinforcing our role as the UK's leading solar specialist. The solar sector is booming, reflecting its critical role in our energy transition. Good Energy, a key player since the Feed-in-Tariff era, now serves over 180,000 solar customers, illustrating our significant influence in this space. In 2023, the solar market reached £1.9 billion, with a 38% increase in installations, particularly in the South East, the fastest-growing region. JPS Group, known for its expertise in complex solar solutions for larger properties, complements our mission to supply high-quality, sustainable energy solutions.
By integrating JPS Group with our existing offerings, including solar, storage, and heat pumps, we're not only expanding our market presence but also introducing our comprehensive energy solutions to more customers. This strategic move consolidates our position as industry leaders and enhances our ability to meet the increasing demand for clean energy.
In tandem, we continued to innovate in the export tariff market. We converted over 60,000 Feed-in-Tariff customers to smart export and launched our market leading Solar Savings export tariff - open to FiT and non-FiT generator customers alike. We also introduced an enhanced Solar Savings rate for customers who install solar with us, providing an end-to-end customer benefit for choosing Good Energy.
열
Following the acquisition of Igloo Works in December 2022 we successfully integrated this heat pump installation business into Good Energy, rebranding and merging shared functions including marketing, sales, HR, finance and legal.
As with solar, Good Energy's positioning is at the premium end of the market. We offer customers bespoke design and end to end installations suiting more complex properties. In addition Good Energy heat pumps come with a 10 year warranty and a remote performance monitoring service that ensures their heating is running efficiently, providing reassurance to customers. Our average installation is 7.5% larger than the average system size compared to the top 200 UK installers, delivering at an average margin of 25% to 30%.
제품 파이프라인
In addition to the rollout of new tariffs, shift to smart export and increase in smart meters to over 46,000, Good Energy further innovated in 2023. We trialled flexibility through 'Power Pause', our implementation of National Grid's Demand Flexibility Service, paying customers to shift their energy usage away from peak times - a successful pilot we intend to build on in 2024. We implemented efficiencies in our digital services by refreshing our customer app and portal.
Looking ahead we plan to utilise digital to further drive efficiency whilst improving the customer experience, introducing new features like Apple and Google pay in our app.
We have new partnerships and tariffs planned including a tie in with Zapmap, offering Good Energy EV tariff customers free premium subscription to the app. And we will be introducing new recurring revenue streams through maintenance and servicing for our installation customers.
We know that flexibility is the key that unlocks much of the value of having a greener home or business. Shifting when and what you import, export, store or share to the benefit of the customer, grid, and Good Energy. Having trialled demand flexibility in 2023 we are looking to expand this into 2024.
Zapmap
As the adoption of electric vehicles continues to grow, now hitting over a million battery electric vehicles on UK roads, Zapmap has continued to maintain its leading position.
The business underwent a refreshed brand and strategy in 2023, now operating on three fronts. The first being the consumer app and web interface. With 1.4m downloads and 780k registered users, Zapmap serves 330k active users per month looking to search, plan and pay for EV charging.
Launched in 2023 came Zapmap Spark, an API product which enables partners to seamlessly integrate Zapmap's market leading services and data into their products.
Lastly Zapmap Insights provides another market leading service to other businesses and partners, providing Zapmap's unique data - from charge point operators and EV drivers - as a service. Zapmap provides data on 95% of public charging points in the UK, with 75% showing live data and 25% coverage for payments through the app too.
In late 2023 Zapmap piloted expansion into mainland Europe, allowing users to search for and find charge points in France, Germany, Belgium, the Netherlands and Luxembourg.
A further funding round is required in 2024 to deliver Zapmap's growth strategy, Good Energy remains a supportive shareholder.
Everything for a greener home or business
Good Energy's purpose has always been to power a cleaner, greener future. Throughout the company's history it has innovated in renewable supply and helping microgenerators, with the goal of making it simpler for customers to go green. In 2022 we announced an ambition to help one million homes and businesses cut their carbon by 2025. Following a productive year investing in new tariffs, acquisitions to offer installation services, offering market leading customer service and paving the way for a smarter, digitised customer experience, and continued growth from Zapmap, today Good Energy has achieved that target - a year ahead of time.
Our goal now is to go further in simplifying our offer, and make it easier than ever to come to Good Energy for everything you need for a greener home or business. We will be looking to bring all of our services under the Good Energy brand, so that it becomes a trusted hallmark for good, genuinely green energy services. With the work we have done in 2023 we are now well on the way.
Nigel Pocklington, CEO
운영 검토
도매 에너지 시장 상황
Whilst volatility remained last year, there was a strong bearish trend in the UK gas and power markets in 2023, with the day ahead gas and power contracts losing 48% and 59% respectively. Demand remained relatively subdued, as we witnessed a second consecutive mild winter, with 2023 being confirmed as the world's warmest year on record. LNG supply to Europe improved as the US LNG terminal Freeport returned to operations in March after it had been closed since June 2022 following an explosion. Competition for LNG supply was also limited owing to lower Asian demand due to the lack of extreme weather, and a slower than expected Chinese economic recovery following the end of Covid restrictions.
The UK power mix saw a shift in 2023, with wind generation increasing to supply 26% of the UK's power requirements, compared to 24% in 2022. There were also higher imports through the interconnectors, increasing from 6% to 14% of the UK power mix, aided by additional interconnector capacity along with a 24% increase in French nuclear output.
Overall, UK gas consumption was 12% lower, with the biggest reductions seen from industry, along with power generation due to the increase in renewables and imports. Reductions in UK electricity supply volumes were lower at 2%.
신재생에너지 공급사업
현금수금
· Cash collections through 2023 remained strong, despite significant regulatory pressure around domestic collection, in addition to continued economic pressures around inflation and the cost-of-living crisis.
· We continued to see rapid speed to cash from Key Accounts and larger business supplies, further demonstrating our ability to manage large and complex billing portfolios and broker relationships. We also saw significant reductions in SME debt, with aged debt reducing by 25% in the year.
· Direct Debit collections remained healthy through the year, with consistent payments made in line with consumption changes.
근무지에서 발생
Total business supply meters fell by 27% to 5,592.?The decline is part of our ongoing right-sizing of our business portfolio to align with the energy services strategy. In the same period, business supply volumes only reduced by 15%, reflecting an increase to the average customer on supply from 59MWh (2022) to 67MWh (2023).
국내의
We remain committed to ensuring that we offer a fair priced, transparent 100% renewable electricity proposition.
서비스 사업
Feed in tariff (FiT)
FiT administration provides the foundation of our energy services model. Despite the FiT scheme closing to new entrants in March 2019, we continue to administer the scheme for domestic and business customers.
Customer numbers increased 1.5% to 182,982 (vs 180,300 in 2022).
스마트 미터
Good Energy has now installed 47,000 meters, and as a result,?58.4% of domestic customer meters are now smart. We made strides in improving the health of our domestic smart meters, which is crucial for enabling our Smart enabled tariffs like Solar Savings, Power Pause and our EV tariff, and the accurate communication of meter readings.
태양광 설비
Good Energy Group PLC acquired Wessex EcoEnergy in June 2023. Revenue from the business in 2023 was £2.1m.
Heat pump installations
Revenue from heat pump installations in 2023 was £0.96m, strengthening into the second half of the year as marketing spend increased and buoyed by the enhanced government BUS grant which was introduced in October.
CFO 검토
살펴보기
The Group has delivered solid financial results for 2023 and a holds strong balance sheet to invest in the future of the business. The performance in 2023 provides a good springboard to move into 2024 and beyond with a more diversified business encompassing both supply and increasing levels of service income.
재무 성과
이익과 손실
Revenue increased 2.4% in the period to £254.7m (2022: £248.7m) driven by increased tariffs reflecting the high commodity cost environment present at the start of 2023. Cost of sales decreased by 3.8% to £210.5m (2022: £218.8m) with commodity costs ending 2023 materially lower than when the year started. Both cost of sales and revenue are expected to be significantly lower in 2024 reflecting lower wholesale costs and associated tariffs in the supply segment of the business.
Reported gross profit increased 47.9% to £44.2m (2022: £29.9m). Gross margin increased to 17.4% (2022 12.0%). The increase reflects a strong H1 2023 when low margins seen in 2022 were recovered as tariffs caught up with the wholesale cost rises seen in 2022. 2024 is expected to see a return to more normalised supply segment margin levels.
Total administration costs increased 32.6% to £37.3m (2022: £28.1m). This increase relates to a £2m year-on-year growth in expected credit loss provisioning, alongside £4.2m investment supporting the expansion of the services business. Other factors include a £1.25m contribution to the voluntary redress fund and inflationary pressures experienced by all businesses during 2023.
Net finance income grew from £0.3m to £0.6m reflecting higher interest rates on offer for cash available to be placed on deposit.
Reported profit before tax of £5.7m compares with an underlying PBT of £1.4m in 2022 reflecting recovery of margins in 2023. (2022 PBT was £9.2m but included a one-off revaluation benefit of £7.8m associated with the ZAPMAP business)
2023 tax charge is £2.8m versus 2022 which was a tax charge of £0.6m. 2022 included the impact one-off benefits related to generation business sale.
The reported profit for the period was £2.9m (2022: £8.6m). Whilst underlying business is materially stronger in 2023 the non-repeat of the 2022 increase in value of the investment in Zapmap alongside a higher tax obligation in 2023 drive a lower profit after tax return.
*A profit bridge slide has been included in the Investor presentation, which is available on the Company's website. (https://group.goodenergy.co.uk/home/default.aspx)
현금흐름과 현금창출.
There was a net increase in cash of £16.9m, which includes the acquisition of Wessex Eco Energy in June 2023.
Cash and cash equivalents at the end of December 2023 were £41.3m, with a further £5.9m held in security and restricted deposit accounts. Within the cash and cash equivalents balance are £13.9m of customer credit balances (2022: £4.9m). These balances have grown materially in 2023 as a result of rapid increases and then decreases in wholesale costs and associated tariffs. These credit balances are expected and planned to fall to a more normal level in 2024 and the company is taking proactive steps to reduce this credit position.
자금 조달 및 부채
Our business is debt free on a net basis.
The remaining Good Energy Bonds II amount outstanding including interest is £4.9m split £0.2m short term liabilities and £4.7m within long term liabilities. This is due to an annual redemption request window for bondholders in December of each year.
그룹은 계속해서 자본 유연성을 유지하고 운영 요구 사항, 성장을 위한 투자 및 배당금 지급의 균형을 유지합니다. 우리 사업은 전략적 사업 개발과 투자 기회를 활용해야 할 필요성을 염두에 두고 있습니다. 신중한 대차대조표 관리가 여전히 최우선 과제입니다.
수입
Reported basic earnings per share reduced to 17.1p (2022: 55.7p). Whilst underlying business is materially stronger in 2023 the non-repeat of the 2022 increase in value of the investment in Zapmap alongside a higher tax obligation in 2023 drive a lower profit after tax return.
피제수
Following strong operational performance in 2023, and reflecting our confidence in the ongoing business, the Board recommend a final dividend for 2023 of 2.25p per ordinary share (2022 2.0p).
Good Energy continues to operate a scrip dividend scheme and the payment timetable of the final dividend will be announced in due course.
기대신용손실(ECL)
ECL charge in the year was £5.6m, this is an increase of £1.7m (2022: £3.9m).
The main impact of the year is elevated tariffs. Revenues have significantly increased but this has been partially offset by Government support schemes reducing the impact of higher prices on end customers.
연결포괄손익계산서(미감사)
31년 2023월 XNUMX일로 종료되는 연도에 대해 |
|
| 2023 | 2022 |
|
|
| £'000 | £'000 |
노트 |
| 감사되지 않음 |
| |
수익 | 2 |
| 254,703 | 248,682 |
매출원가 |
|
| (210,458) | (218,768) |
매출 총 이익 |
|
| 44,245 | 29,914 |
관리비 |
|
| (37,282) | (28,109) |
기타 영업 수입 |
|
| 171 | 66 |
영업 이익 |
|
| 7,134 | 1,871 |
금융 수입 | 3 |
| 897 | 633 |
금융 비용 | 3 |
| (321) | (351) |
Gain arising on loss of control of subsidiary |
|
| - | 7,767 |
동료 손실의 몫 |
|
| (2,027) | (712) |
이익 세금 전 |
|
| 5,683 | 9,208 |
과세 |
|
| (2,807) | (637) |
이익 올해 |
|
| 2,876 | 8,571 |
|
|
|
|
|
중단된 작업 |
|
|
|
|
이익 from discontinued operations, after tax |
|
| - | 64 |
이익 올해 |
|
| 2,876 | 8,635 |
|
|
|
|
|
원인 : |
|
|
|
|
좋은 에너지 그룹 PLC |
|
| 2,876 | 9,227 |
비 지배이자 |
|
| - | (592) |
|
|
|
|
|
기타포괄소득: |
|
|
|
|
해당 연도의 기타포괄손익(세금 제외) |
|
| - | - |
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY |
|
| 2,876 | 8,635 |
|
|
|
|
|
올해의 주당 순이익 | 4 | Basic | 17.1p | 55.7p |
4 | 희석 | 17.0p | 55.6p | |
|
|
|
|
|
Earnings per share for the year (continuing operations) | 4 | Basic | 17.1p | 51.7p |
| 4 | 희석 | 17.0p | 51.7p |
연결재무상태표(미감사)
31 년 2023 월 XNUMX 일 기준
|
| 2023 | 2022 |
| £'000 | £'000 | |
노트 | 감사되지 않음 | ||
자산 |
|
| |
비유동 자산 |
|
| |
재산, 식물 및 장비 |
| 326 | 117 |
무형 자산 |
| 5,694 | 3,503 |
자산 사용권 |
| 1,080 | 324 |
이연 법인세 자산 |
| 131 | 162 |
관계기업 지분 투자 |
| 10,551 | 12,578 |
비유동 자산 |
| 17,782 | 16,684 |
유동 자산 | |||
재고 |
| 11,026 | 9,212 |
매출 채권 및 기타 채권 |
| 35,858 | 57,497 |
제한된 예금 계좌 |
| 5,912 | 8,462 |
현금 및 현금성 자산 |
| 41,347 | 24,487 |
총 유동 자산 |
| 94,143 | 99,658 |
TOTAL 자산 |
| 111,925 | 116,342 |
자산 및 부채 |
|
| |
자본 및 준비금 |
|
| |
소집된 자본금 |
| 845 | 844 |
프리미엄 계정 공유 |
| 12,975 | 12,915 |
직원 복지 신탁 주식 |
| - | (7) |
이익 잉여금 |
| 28,185 | 25,234 |
총 자본 |
| 42,005 | 38,986 |
비유동 부채 | |||
차입금 | 5 | 5,687 | 4,927 |
비유동 부채 | 5,687 | 4,927 | |
|
| ||
유동 부채 |
|
| |
차입금 | 5 | 531 | 294 |
매입 채무 및 기타 채무 | 63,702 | 72,135 | |
총 유동 부채 | 64,233 | 72,429 | |
총 부채 | 69,920 | 77,356 | |
총 자본 및 부채 | 111,925 | 116,342 | |
연결자본변동표(미감사)
31년 2023월 XNUMX일로 종료되는 연도에 대해
| 주식 자본 | 프리미엄 공유 | EBT 주식 | 이익 잉여금 | 재평가잉여금 | Total equity attributable to members of the Parent Company | 비 지배 지분 | 금액 |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
1년 2022월 XNUMX일 | 840 | 12,790 | (444) | 4,773 | 11,693 | 29,652 | (325) | 29,327 |
올해의 이익
| - | - | - | 9,227 | - | 9,227 | (592) | 8,635 |
당해 년도 총 포괄 이익 | - | - | - | 9,227 | - | 9,227 | (592) | 8,635 |
공유 기반 지불 | - | - | - | 198 | - | 198 | - | 198 |
배당금 지급 | - | - | - | (297) | - | (297) | - | (297) |
스크립 배당금 발행 | 3 | 125 | - | (128) | - | - | - | - |
자회사 처분 |
| - | - | - | - | - | 917 | 917 |
옵션 행사
| 1 | - | 437 | (232) | - | 206 | - | 206 |
재평가를 이익잉여금으로 대체
| - | - | - | 11,693 | (11,693) | - | - | - |
지배기업 소유주에 대한 총 기여금 및 배당금은 자본에 직접 인식됩니다. | 4 | 125 | 437 | 11,234 | (11,693) | 107 | 917 | 1,024 |
31년 2022월 XNUMX일 | 844 | 12,915 | (7) | 25,234 | - | 38,986 | - | 38,986 |
1년 2023월 XNUMX일 | 844 | 12,915 | (7) | 25,234 | - | 38,986 | - | 38,986 |
이익 올해 | - | - | - | 2,876 | - | 2,876 | - | 2,876 |
당해 년도 총 포괄 이익 | - | - | - | 2,876 | - | 2,876 | - | 2,876 |
공유 기반 지불 | - | - | - | 341 | - | 341 | - | 341 |
Deferred tax movement charged to equity | - | - | - | 239 | - | 239 | - | 239 |
배당금 지급 | - | - | - | (444) | - | (444) | - | (444) |
스크립 배당금 발행 | 1 | 60 | - | (61) | - | - | - | - |
옵션 행사
| - | - | 7 | - | - | 7 | - | 7 |
지배기업 소유주에 대한 총 기여금 및 배당금은 자본에 직접 인식됩니다. | 1 | 60 | 7 | 75 | - | 143 | - | 143 |
31년 2023월 XNUMX일 | 845 | 12,975 | - | 28,185 | - | 42,005 | - | 42,005 |
연결현금흐름표(미감사)
31년 2023월 XNUMX일로 종료되는 연도에 대해
| 2023 | 2022 |
| £'000 | £'000 |
감사되지 않음 | ||
영업 활동으로 인한 현금 흐름 |
| |
운영에서 발생하는 현금 | 20,631 | 5,180 |
금융 수입 | 434 | 17 |
금융 비용 | (271) | (70) |
법인세 납부 | (550) | - |
영업활동에서 창출된 순현금흐름 | 20,244 | 5,127 |
투자 활동으로 인한 현금 흐름 |
| |
부동산, 플랜트 및 장비 구매 | (154) | (9) |
무형 자산 매입 | (12) | (125) |
준회원에 대한 투자 | - | (3,494) |
Proceeds from disposal of held for sale assets | - | 20,351 |
Acquisition of subsidiary, net of cash held in the subsidiary | (2,203) | (1,725) |
순현금흐름(사용)/투자 활동 | (2,369) | 14,998 |
금융 활동으로 인한 현금 흐름 |
| |
배당금 지급 | (444) | (297) |
차입금 상환 | (41) | (1,619) |
Capital repayment of leases | (580) | (626) |
주식 옵션 행사 수익 | 50 | 205 |
금융 활동에 사용 된 순 현금 흐름 | (1,015) | (2,337) |
| ||
현금 및 현금 등가물의 순증가 | 16,860 | 17,788 |
연초 현금 및 현금 등가물 | 24,487 | 6,699 |
연말 현금 및 현금 등가물 | 41,347 | 24,487 |
재무정보에 대한 참고사항(미감사)
1. 준비의 기초
Good Energy Group PLC is an AIM listed company, incorporated in England and Wales, and domiciled in the United Kingdom, under the Companies Act 2006.
The principal activity of Good Energy Group PLC is that of a holding and management company to the Group. More detailed information on the Group's activities is set out in the Chairman's statement, the Chief Executive's review and the Chief Finance Officer's review.
XNUMXD덴탈의 unaudited Preliminary Report has been prepared using consistent accounting policies with those of the previous financial year. It does not contain sufficient information to comply with the disclosure requirements of UK-adopted international accounting standards.
예비보고서는 승인위원회와 감사위원회의 승인을 거쳐 이사회에서 채택되었습니다. 예비 보고서는 434년 회사법 제2006조의 의미 내에서 법정 재무제표를 구성하지 않으며 감사를 받지 않았습니다.
On 22 June 2023, the Group acquired the entire share capital of Wessex EcoEnergy Limited, an established UK based solar panel installation business, for consideration of £2.55 million. The results of Wessex EcoEnergy Limited are consolidated within the financial statements.
The accounting policies adopted, other than as documented above, are consistent with those of the annual financial statements for the year ended 31 December 2022, 해당 재무 제표에 설명 된대로.
예비 보고서는 그룹이 운영되는 주요 경제 환경의 통화이기 때문에 파운드로 표시됩니다.
예비 보고서는 런던 증권 거래소의 모든 주주들에게 발표될 예정이며 26일 그룹 웹 사이트에 게시됩니다. 2024월 XNUMX. Copies will be available to members of the public upon application to the Company Secretary at Good Energy, Monkton Park Offices, Monkton Park, Chippenham, Wiltshire, United Kingdom, SN15 1GH.
2. 부문별 분석
최고영업의사결정자는 이사회('이사회')로 확인되었습니다. 이사회는 성과를 평가하고 자원을 할당하기 위해 그룹의 내부 보고를 검토합니다. 경영진은 이 보고서를 기반으로 영업 부문을 결정했습니다. 이사회는 각 주요 거래 자회사가 각 비즈니스 클래스를 설명하는 비즈니스 클래스 관점에서 비즈니스를 고려합니다. 주요 세그먼트는 다음과 같습니다.
· 공급 회사(전기 공급, FiT 관리 및 가스 공급 포함)
· Energy as a service (including Good Energy Works, Wessex EcoEnergy and Zapmap)
· 지주 회사는 Good Energy Group PLC의 활동입니다.
이사회는 주로 요약 재무 정보를 기반으로 영업 부문의 성과를 평가하며 그 내용은 아래에 나와 있습니다. 보고된 결과에 대한 부문별 분석을 조정한 사업 분류별 손익, 자산 및 부채, 비유동자산 추가 분석은 다음과 같습니다.
Segmental analysis: 31 December 2023 (Unaudited)
전기 공급 | FIT Administration | 가스 공급 | 총공급업체 | 서비스로서의 에너지 | 지주회사/연결조정 | 합계 - 계속 운영 | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
수익 | |||||||
외부 고객으로부터의 수익 | 204,815 | 5,464 | 41,402 | 251,681 | 3,043 | (21) | 254,703 |
총 수익 | 204,815 | 5,464 | 41,402 | 251,681 | 3,043 | (21) | 254,703 |
|
| ||||||
지출 |
|
| |||||
매출원가 | (163,234) | (640) | (43,754) | (207,628) | (2,851) | 21 | (210,458) |
총 이익 | 41,581 | 4,824 | (2,352) | 44,053 | 192 | - | 44,245 |
관리비 | (33,049) | (3,424) | - | (36,473) | |||
기타영업이익
| 88 | 83 | - | 171 | |||
감가상각 및 상각 | (718) | (37) | (54) | (809) | |||
영업이익/(손실) | 10,374 | (3,186) | (54) | 7,134 | |||
순금융수익/(비용) | 754 | (16) | (162) | 576 | |||
동료 손실의 몫 | - | (2,027) | - | (2,027) | |||
세전 이익/(손실) | 11,128 | (5,229) | (216) | 5,683 | |||
자산과 부채를 분류합니다 |
|
| |||||
세그먼트 자산 | 38,822 | 1,516 | 71,587 | 111,925 | |||
부문 부채 | (7,779) | (4,985) | (57,156) | (69,920) | |||
순자산/(부채) | 31,043 | (3,469) | 14,431 | 42,005 | |||
비유동자산에 대한 추가 | 2,945 | 157 | 2,434 | 5,536 |
모든 매출은 영국 내에서 발생했습니다.
Segmental analysis: 31 December 2022
전기 공급 | FIT Administration | 가스 공급 | 총공급업체 | 서비스로서의 에너지 | 지주회사/연결조정 | 합계 - 계속 운영 | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
수익 | |||||||
외부 고객으로부터의 수익 | 205,942 | 5,588 | 36,500 | 248,030 | 652 | - | 248,682 |
총 수익 | 205,942 | 5,588 | 36,500 | 248,030 | 652 | - | 248,682 |
|
| ||||||
지출 |
|
| |||||
매출원가 | (190,391) | (688) | (27,516) | (218,595) | (196) | 23 | (218,768) |
총 이익 | 15,551 | 4,900 | 8,984 | 29,435 | 456 | 23 | 29,914 |
관리비 | (20,685) | (2,041) | (3,577) | (26,303) | |||
Net other operating (costs)/income | (156) | 170 | 52 | 66 | |||
감가상각 및 상각 | (1,806) | - | - | (1,806) | |||
영업이익/(손실) | 6,788 | (1,415) | (3,502) | 1,871 | |||
순금융(비용)/소득 | (96) | (3) | 381 | 282 | |||
Gain arising on loss of control of subsidiary |
| 7,767 | 7,767 | ||||
동료 손실의 몫 | - | (712) | - | (712) | |||
세전 이익/(손실) | 6,692 | 5,637 | (3,121) | 9,208 | |||
자산과 부채를 분류합니다 |
|
| |||||
세그먼트 자산 | 68,248 | 56 | 48,038 | 116,342 | |||
부문 부채 | (60,156) | (279) | (16,921) | (77,356) | |||
순자산/(부채) | 8,092 | (223) | 31,117 | 38,986 | |||
비유동자산에 대한 추가 |
| 133 | 133 |
모든 매출은 영국 내에서 발생했습니다.
3. 금융수입과 금융비용
금융 소득: | 2023 | 2022 |
| £'000 | £'000 |
| 감사되지 않음 | |
은행 및 기타 미수금 | 434 | 17 |
우선주 배당금 | 463 | 187 |
Discount on purchase of preference shares | - | 429 |
897 | 633 |
금융 비용: | 2023 | 2022 |
| £'000 | £000 |
| 감사되지 않음 | |
회사채에 대하여 | 220 | 237 |
기타 미지급금 | 18 | 70 |
리스부채에 대한 이자 | 83 | 44 |
321 | 351 |
4. 주당순이익
Basic
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares during the year. At the year end, there were no (2022: 79,924) shares held by Clarke Willmott Trust Corporation Limited in trust for the Good Energy Group Employee Benefit Trust. The Employee Benefit Trust was wound up during 2023.
2023 | 2022 | |
감사되지 않음 | ||
이익 attributable to owners of the Company (£'000) | 2,876 | 9,227 |
기본가중평균보통주식수(천) | 16,793 | 16,575 |
주당 기본 수입 | 17.1p | 55.7p |
지속적인 운영 | 2023 | 2022 |
| 감사되지 않음 | |
|
| |
이익 attributable to owners of the Company (£'000) | 2,876 | 8,571 |
기본가중평균보통주식수(천) | 16,793 | 16,575 |
주당 기본 수입 | 17.1p | 51.7p |
희석
희석주당이익은 희석가능성이 있는 모든 보통주가 모두 전환되는 것을 가정하여 가중평균보통주식수를 조정하여 계산하고 있습니다. 잠재적으로 희석성이 있는 보통주는 그룹의 주식기준 인센티브 계획에 따라 지급된 보상에서 발생합니다.
이러한 보상의 가득이 서비스나 성과 조건의 충족을 조건으로 하는 경우 잠재적 희석성 보통주의 수는 기간 말의 조건 상태를 기준으로 계산됩니다.
잠재적 희석성 보통주는 해당 기간 동안 회사 보통주의 평균 시장 가격이 행사 가격(옵션) 또는 발행 가격(기타 보상)을 초과하는 경우에만 희석성을 갖습니다. 그러한 과잉이 많을수록 희석 효과는 더욱 커집니다.
The average market price of the Company's ordinary shares during the year was 209p (2022: 242p).
4. 주당순이익(계속)
The dilutive effect of share-based incentives was 169,580 shares (2022: 10,497 shares). The dilutive effect of share-based incentives for continuing operations was 169,580 shares (2022: 10,497 shares).
2023 | 2022 | |
감사되지 않음 | ||
이익 attributable to owners of the Company (£'000) | 2,876 | 9,227 |
가중평균희석보통주수(천) | 16,963 | 16,585 |
희석 주당 이익 | 17.0p | 55.6p |
희석(계속작업) | 2023 | 2022 |
| 감사되지 않음 | |
이익 attributable to owners of the Company (£'000) | 2,876 | 8,571 |
가중평균희석보통주수(천) | 16,963 | 16,585 |
희석 주당 이익 | 17.0p | 51.7p |
5. 차입금
| 2023 | 2022 |
| £'000 | £'000 |
Current | 감사되지 않음 | |
회사채 | 215 | 10 |
리스 부채 | 316 | 284 |
금액 | 531 | 294 |
2023 | 2022 | |
£'000 | £'000 | |
감사되지 않음 | ||
비유류 | ||
회사채 | 4,726 | 4,921 |
리스 부채 | 961 | 6 |
금액 | 5,687 | 4,927 |
XNUMXD덴탈의 current portion of the bond repayment represents the interest accrued and the amount of principal repayments requested prior to the year end. The latest redemption request deadline was in December 2023, for repayment of the remaining bond in June 2024.
The bank and other borrowings are made up of interest accrued and the amount of principal repayments under a Revolving Credit Facility.
6. 영업에서 발생한 현금
31년 2023월 XNUMX일로 종료되는 연도에 대해
| 2023 | 2022 |
| £'000 | £'000 |
| 감사되지 않음 | |
이익 세금 전 | 5,683 | 9,272 |
| ||
다음에 대한 조정 : |
| |
감가 상각 | 616 | 624 |
상각 | 478 | 951 |
Transfers from/(to) restricted deposit accounts | 2,550 | (1,515) |
공유 기반 지불 | 341 | 198 |
Deferred tax movement charged to equity | 239 | - |
Gain on closure of Employee Benefit Trust | (43) | - |
Gain arising on loss of control of subsidiary | - | (7,767) |
자산처분이익 | 15 | - |
Gain on sale of assets held for sale | - | (64) |
직원 손실 지분 | 2,027 | 712 |
Other finance costs/(income) - net | (576) | (281) |
| ||
운전 자본의 변화(인수 및 교환 차이가 연결에 미치는 영향 제외): |
| |
재고 | (1,882) | (1,509) |
매출 채권 및 기타 채권 | 22,345 | (21,253) |
매입 채무 및 기타 채무 | (11,162) | 25,812 |
운영에서 발생하는 현금 | 20,631 | 5,180 |
7. 사업결합
On 22 June 2023 the Group acquired 100% of the voting equity instruments of Wessex EcoEnergy Limited, a company whose principal activity is the provision of solar panel installations. The acquisition will enable the Group to build on its strategy to accelerate its capability in decentralised energy services.
식별 가능한 취득 자산 및 부채의 인식 금액:
책 값 | 공정 가치 | |
£'000 | £'000 | |
재산, 식물 및 장비 | 171 | 171 |
무형 자산 | - | 889 |
재고 | 362 | 362 |
채권 | 244 | 244 |
현금 | 350 | 350 |
채무 | (297) | (297) |
차입금 | (711) | (711) |
이연 법인세 | - | (223) |
식별 가능한 총 순자산 | 119 | 785 |
친선 |
| 1,768 |
고려 |
| 2,553 |
The fair value of trade receivables at the acquisition date is £103,911. The gross contractual amount for trade receivables due is £103,911. All amounts are expected to be collected.
지급한 대가의 공정가치 | £'000 | |
현금 | 2,553 | |
총 고려 | 2,553 | |
친선 |
| 1,768 |
The main factor leading to the recognition of goodwill is the presence of certain intangible assets, such as the assembled workforce of the acquired entity, which do not qualify for separate recognition. The goodwill recognised will not be deductible for tax purposes. Acquisition costs of £634,000 arose as a result of the transaction. These have been recognised as part of administrative expenses in the statement of comprehensive income. No issue costs have been recognised in respect of the transaction.
The results of Wessex EcoEnergy Limited since its acquisition are as follows:
Revenue: 2,073,572
(Loss): (38,106)
Since the acquisition date, Wessex EcoEnergy Limited has contributed £2,073,572 to group revenues and a loss of £38,106 to the group's results. If the acquisition had occurred on 1 January 2023 Good Energy's Group revenue would have been £256,432,000 and group profit for the year would have been £2,676,000.
8. 후속 이벤트
A final dividend of 2.25p per share (2022: 2.0p) was proposed on 19 March 2024, subject to shareholder approval at the Group's AGM.
On 12 February 2024, Good Energy Group PLC acquired the entire issued share capital of JPS Renewable Energy Ltd, a specialist solar and storage installation and distribution business, and its wholly owned subsidiary, Trust Solar Wholesale Ltd, a standalone distribution and procurement business, for an initial consideration of £7m.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.