Facts and figures
E-Star’s core activities remained essentially unchanged over the first decade of its operation, but the Company has seen a dramatic shift in the size and tenor of its projects and the sources of financing available to it, while its reach has extended beyond the country’s borders.
E-Star aims to fulfil a pioneering and market-leading role, at regional as well as local level, in the application of world-class technologies and the adaptation of green energy systems.
Despite the global economic crisis, E-Star has achieved considerable growth in recent years. In comparison with the 2007 business year, group-level sales revenue rose by 208.8% over the two following years, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 250%, and after-tax profit grew by 281.3% in the business year ending on December 31st, 2009.
In 2009, despite the economic crisis, E-Star decided to strengthen its capital position, expand the range of its financing sources and undertake a number of large-scale heating modernisation projects, and extend the scope of its existing investment contracts. This was accompanied by a program of corporate restructuring, most of which was completed in 2010, to prepare the group for the faster pace of growth.
There was also a shift in emphasis in the energy division, as from 2010 the use of renewable and sustainable primary energy sources took on an even greater importance, with the aim of basing as many developments as possible on biomass and geothermal energy.
International investments also began to take on a special significance in 2010, a year that favoured the launch of Romanian projects. Our goal is to become a world-class alternative energy company active in 5 countries of the East Central European region by 2015.
The financial performance of E-Star Alternative Plc. from 2007 to 2009
| (Figures are in thousands of HUF) | 31.12.2007 | 31.12.2008 | 31.12.2009 |
| Net sales revenues | 1,279,712 | 3,221,048 | 3,910,906 |
| Capitalised value of own performance | 0 | 0 | 0 |
| Other revenues | 27,046 | 10,211 | 74,533 |
| Material costs | 839,653 | 123,244 | 106,088 |
| Personnel costs | 16,227 | 148,257 | 121,620 |
| Depreciation | 66,707 | 129,708 | 187,951 |
| Other expenses | 25,181 | 0 | 0 |
| OPERATING PROFIT/LOSS | 358,990 | 550,350 | 1,287,255 |
| PROFIT/LOSS OF FINANCIAL TRANSACTIONS | -46,445 | -173,444 | -188,405 |
| PROFIT/LOSS ON ORDINARY BUSINESS | 312,545 | 376,906 | 1,098,850 |
| EXTRAORDINARY PROFIT/LOSS | 1,969 | 0 | 0 |
| Earnings before taxes | 314,514 | 376,906 | 1,098,850 |
| Minority Share | 0 | 9,510 | 4,951 |
| Tax liability | 34,532 | 97,757 | 297,837 |
| NET PROFIT PER BALANCE SHEET | 279,982 | 288,658 | 805,965 |
| Fixed assets | 3,252,017 | 2,214,201 | 4,882,382 |
| Intangible assets | 371 | 17,126 | 14,330 |
| Tangible assets | 2,248,824 | 2,177,874 | 4,830,113 |
| Financial investments | 1,002,822 | 19,201 | 37,939 |
| Current assets | 926,479 | 2,139,666 | 1,934,623 |
| Inventories | 5,456 | 93,291 | 20,774 |
| Receivables | 903,870 | 1,177,074 | 815,566 |
| Securities | 184 | 0 | 7,050 |
| Cash and cash equivalents | 16,969 | 141,493 | 146,577 |
| Prepaid expenses and accrued income | 195,330 | 727,809 | 944,656 |
| Total assets | 4,373,826 | 4,353,867 | 6,817,005 |
| Equity | 2,577,814 | 650,458 | 2,551,472 |
| Issued capital | 20,000 | 20,000 | 24,000 |
| Issued, unpaid capital | 0 | 0 | 0 |
| Capital reserves | 0 | 0 | 1,096,000 |
| Accumulated profit reserves | -16,487 | 624,191 | 1,430,156 |
| Fixed reserves | 78,336 | 0 | 0 |
| Revaluation reserves | 2,215,983 | 0 | 0 |
| Balance sheet profit/loss | 279,982 | 288,658 | 805,965 |
| Liabilities | 1,683,762 | 3,703,409 | 4,265,533 |
| Long-term liabilities | 1,116,325 | 2,079,228 | 3,023,547 |
| Short-term liabilities | 567,437 | 1,624,180 | 1,241,986 |
| Accrued expenses and deferred income | 112,250 | 247,737 | 130,413 |
| Total liabilities | 4,373,826 | 4,353,867 | 6,817,005 |
