2024 PRELIMINARY CONSOLIDATED
FINANCIAL RESULTS
GREEN TECH INTERNATIONAL SA
2024 Financial Performance:
Solid Green Energy Infrastructure
Green Tech International S.A. owns one of Europe’s largest portfolios of deep geothermal wells and operates a platform for geothermal energy solutions. In 2024, we worked on the company’s listing project. The company’s vision is to become a leading provider of sustainable energy solutions, supporting the decarbonization of critical EU sectors such as sustainable horticulture, data centers, and district heating.
Our Initial Public Offering (IPO) on the Bucharest Stock Exchange Regulated Market took place in December and valued the company at RON 1,199 million (EUR 241 million).
Horia Pitulea, CEO Green Tech International S.A.:
“Our 2024 results follow our development strategy: sales revenues increased by 28% (RON 9.9 million), operating expenses reduced by 8% (RON 9.2 million), and net profit was RON 2.56 million, five times higher than the previous year. Following the expansion of our asset portfolio, our total assets reached RON 800 million, a 2.5-fold increase.
Currently, the company owns 42 geothermal wells. We are determined to become a European leader in geothermal energy. We aim to reduce CO₂ emissions by over 500,000 tons annually, with the potential to exceed 1 million tons.”
GROUP STRUCTURE
Green Tech International S.A. includes three subsidiaries: Geotherm Distribution S.A., Horti Green Invest S.A., and Apoterm Nădlac S.R.L.
Green Tech International S.A., together with its subsidiary Geotherm Distribution, controls 73.97% of Apoterm Nădlac S.R.L. (Green Tech International S.A. – 65.71% and Geotherm Distribution – 8.26%) and is in the process of acquiring the remaining 26.03% from the Nădlac Local Council. In July 2024, Green Tech International S.A. acquired 100% of the share capital of Horti Green Invest S.A., which owns 16 geothermal wells and 60 hectares of land fit for building greenhouses in Timiș County.y.
CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION
GREEN TECH INTERNATIONAL |
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| 31- Dec – 24 | 31- Dec – 23 | (%) |
Tangible fixed assets | 642,814 | 237,685[1] | 170% |
Right-of-use assets | 69,177 | 49,9061 | 39% |
Intangible fixed assets | 301 | 0 | n.m |
Investment properties | 604 | – | n.m |
Goodwill | 67,196 | – | n.m |
Financial fixed assets | 131 | 1,462 | (91)% |
Total long-term assets | 780,223 | 289,053 | 170% |
Inventories | 36 | 36 | n.m |
Trade receivables | 3,255 | 1,687 | 93% |
Other current assets | 16,764 | 12,085 | 39% |
Cash and cash equivalents | 284 | 92 | 209% |
Total current assets | 20,339 | 13,899 | 46% |
Total assets | 800,563 | 302,952 | 164% |
Equity and liabilities |
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|
|
Share capital | 7,939 | 4,671 | 70% |
Reserves | 646,483 | 264,989 | 144% |
Retained earnings | 5,572 | 5,235 | 6% |
Current result | 2,428 | 483 | 403% |
Non-controlling interests | 14,154 | 15,290 | (7)% |
Total equity | 676,576 | 290,668 | 133% |
Long-term liabilities | 302 | – | n.m |
Long-term lease liabilities | 4,443 | 1,5271 | 191% |
Loans from affiliated parties | 2,904 | 2,6851 | 8% |
Deferred income tax | 109,547 | – | n.m |
Provisions | 540 | 5331 | 1% |
Total long-term liabilities | 117,735 | 4,745 | 2,318% |
Trade payables | 2,410 | 1,7221 | 40% |
Short-term liabilities | 715 | –1 | n.m |
Short-term lease liabilities | 82 | –1 | n.m |
Current tax and social liabilities | 861 | (24) | n.m |
Other liabilities | 2,183 | 5,841 | (63)% |
Total current liabilities | 6,251 | 7,539 | (17)% |
Total equity and liabilities | 800,563 | 302,952 | 164% |
1To ensure the principle of comparability in presentation, reclassifications of certain items initially reported under different balance sheet positions were made as of December 31, 2024, in the Consolidated Financial Statements as of December 31, 2023.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
GREEN TECH INTERNATIONAL Group financials (thousands RON) |
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|
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| 31- Dec – 24 | 31- Dec – 23 | (%) |
Sales revenue | 9,935 | 7,744 | 28% |
Other revenues | 2,784 | 3,9571 | (93)% |
Total operating revenues | 12,719 | 11,701 | 9% |
Material expenses | (188) | (160) | 18% |
Depreciation | (2,592) | (2,571) | 1% |
Other operating expenses | (6,469) | (7,307)1 | (11)% |
Total operating expenses | (9,250) | (10,038) | (8)% |
Operating result | 3,469 | 1,664 | 108% |
Financial revenues | 1,225 | 578 | 112% |
Financial expenses | (1,282) | (1,361) | (6)% |
Profit before tax | 3,413 | 881 | 287% |
Income tax | (857) | (466) | 84% |
Net profit | 2,556 | 415 | 516% |
Chief Executive Officer Chief Financial Officer
Horia Pitulea LiviaBărăgan
