This release is a summary of Enersense's Financial Statements Bulletin 2021. The complete report is attached to this release as a pdf-file. It is also available on the company's website at www.enersense.com/investors.
 

• Turnover EUR 65.9 million (68.1), -3.2% year-on-year
• EBITDA EUR 6.2 million (3.8), EBITDA margin 9.4% (5.5)
• Operating profit EUR 4.0 million (1.2), profit margin 6.1% (1.8)
• Order backlog EUR 291.0 million (292.0) at the end of the fourth quarter
• Adjusted EBITDA EUR 7.5 million (5.2), or 11.4% (7.6) of turnover
• Adjusted operating profit EUR 5.8 million (3.2), or 8.8% (4.7) of turnover
• Adjusted key indicators include EUR 7.3 million negative goodwill from the Enersense Offshore Oy acquisition.

• Turnover EUR 239.1 million (147.5), +62.2% year-on-year
• EBITDA EUR 16.6 million (9.8), EBITDA margin 7.0% (6.6)
• Operating profit EUR 6.8 million (4.8), profit margin 2.9% (3.2)
• Adjusted EBITDA EUR 19.2 million (11.5), 8.0% (7.8) of turnover
• Adjusted operating profit EUR 11.9 million (7.5), or 5.0% (0.5) of turnover
• Adjusted key indicators include EUR 7.3 million negative goodwill from the Enersense Offshore Oy acquisition.
• Earnings per share EUR 0.35 (0.27)
• Total number of shares 13,397,729 (31 December 2021)
• Enersense's Board of Directors proposes to the Annual meeting to be held on 4 April 2022 that a dividend of EUR 0.1 (2020: no dividend) per share be paid for the financial year that ended on 31 December 2021.
• The figures concerning the business operations that were transferred to Enersense through the Empower acquisition are included in the Group's figures from August 2020.

Guidance for the 2022 financial period

According to the company's guidance, turnover is expected to be between EUR 245-265 million in 2022. Its adjusted EBITDA is expected to be EUR 15-20 million in 2022. Compared to the previous year, investments in the new ERP system will weigh on the result of 2022. In addition, investments in growing offshore wind power will have an impact on the result.

Key indicators

[][][][]
10-12/2021 10-12/2020 1-12/2021 1-12/2020
Turnover (EUR 1,000) 65,909 68,053 239,110 147,460
EBITDA (EUR 1,000) 6,188 3,751 16,639 9,775
EBITDA, % 9.4 5.5 7.0 6.6
Adjusted EBITDA (EUR 7,525 5,167 19,231 11,510
1,000) *[)]
Adjusted EBITDA, % 11.4 7.6 8.0 7.8
*[)]
Operating profit 4,047 1,213 6,834 4,780
(1,000 EUR)
Operating profit, % 6.1 1.8 2.9 3.2
Adjusted operating 5,800 3,205 11,909 7,474
profit (EUR 1,000)
*[)]
Adjusted operating 8.8 4.7 5.0 5.1
profit, % *[)]
Result for the period 3,349 -108 3,973 2,379
(EUR 1,000)
Equity ratio, % 35.6 15.7 35.6 15.7
Gearing, % 3.6 52.3 3.6 52.3
Return on equity, % 7.0 -0.6 8.3 19.3
Earnings per share, 0.26 -0.02 0.35 0.27
EUR

*) Reconciliation of adjusted key indicators note 10 includes the negative goodwill from the Enersense Offshore Oy acquisition. 
The figures concerning the business operations that were transferred to Enersense through the Empower acquisition are included in the Group's figures from August 2020.

Jussi Holopainen, President and CEO:

"Energy transition is progressing rapidly in our society. New zero-emission energy solutions are gaining ground quickly, and there is demand for operators with broad-based expertise in the energy sector. This was reflected in many ways in Enersense's operations in 2021: there was great interest towards the company.

In 2021 our turnover increased by more than 60% year-on-year. This was largely due to the Empower acquisition. The figures for these businesses have been included in the Group's figures since August 2020. We also updated our financial guidance in December, and eventually achieved EUR 239.1 million in turnover, EUR 19.2 million in adjusted EBITDA and EUR 11.9 million in adjusted operating profit. For the first time in Enersense's history as a listed company, its Board of Directors proposes a dividend to be paid for 2021.

For the last quarter of the year, our result was moderate compared to the corresponding period of the same year. The quarterly result was affected by the mergers and acquisition made, the upgrading of Enersense Offshore Oy's operations, ramp-down of the digital unit, the ongoing integration throughout the organization and write-downs made for cloud service investments whose accounting practices have changed. Their impact on the result totalled approximately EUR 3.0 million.

The strong interest in zero-emission energy solutions and the trust in our operations were evident when we transferred to the main list of the Nasdaq Helsinki in June. Our share issue was oversubscribed, and thousands of new owners who are interested in responsible business operations joined us. Through our directed share issues, significant and committed owners joined our journey towards a lower-emission society. In addition, our new financing package, which was negotiated in May, significantly strengthened our operational capabilities. The trust in our operations was further increased when Jaakko Eskola joined our Board of Directors as its Chair.

The year 2021 brought changes to our business areas, and we further strengthened our focus on zero-emission energy solutions in line with our strategy. In the summer, we divested Värväämö, a staff leasing company, as well as the entire Staff Leasing business area, and centralised our efforts to scale resources under the Smart Industry business.

In addition, the year 2021 was a time of strong integration for Enersense. The integration after the Empower acquisition in 2020 continued throughout the organisation. The integration of ways of working and the brand reform had largely been completed by the end of 2021.

We implemented our strategy for inorganic growth. Towards the end of the year, we announced our acquisition of Enersense Offshore Oy (former Pori Offshore Constructions Oy), a company specialising in offshore wind power, and Megatuuli Oy, an onshore wind power project developer. In addition, we agreed on an investment in and a primary partnership with P2X Solutions, a green hydrogen production company.

Wind power production will increase significantly in the near future, and the expertise of the project development company Megatuuli will bring us synergy benefits in offshore wind power projects. We can also develop wind farms with Megatuuli's partners and participate in their construction. We will also seek to build wind farms, serve as their owners and produce zero-emission energy in the future.

The increase in wind power production alone will not be sufficient to meet the growing need for energy, unless energy storage is further developed. Hydrogen plays a significant role in energy storage and in replacing fossil fuels. Our primary partnership with P2X enables us to participate in the construction of Finland's first green hydrogen production plant. This offers us a vantage point into the development of energy storage.

In line with our strategy, we are seeking to become a provider of zero-emission energy and a green energy company, but we are also implementing zero-emission energy solutions, from design and implementation to maintenance, as before. Our long traditions and highly competent employees are a cornerstone of our operations, and this has not changed. Enersense's strategy focuses on organic and inorganic growth. We are working to be a significant enabler of a zero-emission society and to operate broadly in the various sectors of the energy transition.

Finally, I would like to thank all our staff for their commitment and good work. The work we carried out in 2021 makes us better prepared for this historic green transition, ready to respond to our customers' rapidly changing needs."
Dividend proposal

Enersense's Board of Directors proposes to the Annual General Meeting to be held on 4 April 2022 that a dividend of EUR 0.1 per share be paid for the financial year that ended on 31 January 2021. With the current count of shares, this totals EUR 1,599,606.

The parent company's distributable funds amounted to EUR 46,554,137.3 in the end of the year 2021. There have been no significant changes in Enersense's financial position after the end of the financial year. The company's liquidity is good, and it is the Board of Directors' view that the proposed distribution of profits does not jeopardise the company's solvency.

Pori 28 February 2022
Enersense International Plc
Board of Directors

The financial statements bulletin has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

Webcast

The webcast for media representatives, investors and analysts will be held in Finnish starting at 2 p.m. on 28 February 2022 and can be followed here: https://enersense.videosync.fi/2021-q4-results.

Financial information 2022

Enersense's financial statements and board of directors' report for 2021 will be published in week 10 and will then be available on the company's website at www.enersense.com/investors.

• January-March business review April 29, 2022
• January-June semi-annual report August 4, 2022
• January-September business review October 28, 2022

Enersense's 2022 Annual General Meeting is scheduled for April 4, 2022.

A Capital Markets Day for shareholders, investors, analysts and representatives of banks and the media will be held on 3 May 2022.