15 years of the company

Dear colleagues, investors, friends,

In 2009, several important events happened. Slovakia adopted the Euro as its currency, Barack Obama became President of the USA, the Windows 7 operating system was released, Metallica was inducted into the Rock and Roll Hall of Fame and GEEN was founded.

From the beginning, the company had clear goals: to become an European-size energy and property development company that could build and operate power plants and deliver the energy they produce. It was also clear that due to its philosophy, based on the motto "Clean energy, clean future", it will inevitably lean on nothing else than renewable energy sources.

The company's first years were marked by development. We built photovoltaic power plants for foreign investors and learned not only how to build them properly and with reasonable financing, but also how to operate them in the optimal way. At the same time, we knew that aside from building the plants, we wanted to have them under our control, to own them. We bought our first power plant – near the village of Hrabišín – in 2013. It is a technologically beautiful photovoltaic power plant built in 2009 with an installed capacity of 200 kWp, which has the ability to automatically turn to the sun. In the following year, we purchased two power plants in the municipalities of Banín and Šumperk. By purchasing these two power plants we doubled our production capacity. Simultaneously, in 2014 we started our own servicing of power plants, we began looking at foreign markets, especially Georgia and Croatia, and we have also offered our bonds to early investors.

The fact that we first pumped the underlying asset into our portfolio, in our case power plants, and only then brought investors into the business model, sets us apart from most issuers in the market, because we guarantee with real assets and our debt does not and has never exceeded the value of the underlying asset. The assets are not only the power plants themselves, but also the contracts that these plants have, contracts with long-term guaranteed purchase prices.

In 2015, a large photovoltaic power plant was purchased at Štipoklasy and the value of the company had doubled again. We began working intensively on the GEEN Optim project, a company that audits energy performance, proposes energy-saving measures and then implements them. Among other things, we also launched our own controlling centre, which helps us to monitor and set optimal production conditions for our power plants.

Historically, we purchased the most power plants in 2016. To be specific, this year we added to our portfolio eight power plants, three hydro- and five photovoltaic. One of the photovoltaic power plants that we commissioned that year was the Chabařovice-Vyklice PV plant, our largest solar power plant with an installed capacity of 4.4 MWp. Such a plant would be able to cover the entire year's consumption of a small town. Simultaneously, we entered the field of electricity and gas supply to end customers. The value of the company thus skyrocketed, to CZK 1.61 bil. 

Development projects in Georgia and Croatia began to take shape the following year, in 2017. It was a significant year in terms of constructions. In Georgia, we started construction of a hydro power plant Jonouli 1 and in Croatia, the first biomass power plant, Benkovac. At the same time, we purchased one photovoltaic and three hydroelectric power plants in the Czech Republic, namely on the river Ploučnice. These are beautiful pieces of engineering, exactly 100 years old, and yet still fully operational today, with very little maintenance. We are convinced that this will be true for yet another 100 years. We strongly believe in building and pursuing underlying assets that make sense, have surpassed several historic financial crises, and that we can proudly pass on to the next generation.

Benkovac, our first biomass power plant in Croatia, and Jonouli 1, a hydropower plant in Georgia, were completed and commissioned in 2018. With this step, our company has become a fully-fledged international energy company. At this point, we haven’t achieved our goal yet – to become an international energy company on the European level – but this year, we clearly showed we are capable of it and that it is only a matter of time to get there. The value of the company has increased almost to a value of CZK 4 bil and in accordance with it rises the awareness of the company itself.

In the following years, we built two more such plants in Croatia, one in Županja and one in Gospić, conveniently the birthplace of one of the founders of energy and electrification, Nikola Tesla. These buildings were completed and commissioned in 2019–2021. And the value of the company has exceeded CZK 5.5 bil.

Between 2021 and 2023, we focused on intensifying our portfolio. The roofs of our power plants in Croatia were equipped with PV panels and we built a wood drying plant for the production of furniture lumber mill, where surplus heat is used. Even the ash from our power plants, which is particularly rich in calcium, potassium and phosphorus, is further utilised in fertiliser production. We have built a pelletizing line, which uses wood chips to create pellets. These are a very desirable commodity for domestic environments. In 2023, we obtained ENplus A1 certification, proving that our pellets are of the highest quality. Another complementary project, which we are launching in 2024, is a briquetting line in Gospić. Similarly to the pelleting line in Županja, it produces material for combustion, wood briquettes this time. These accompanying projects are very important for our thinking and our corporate policy – they enable us to make the most of the potential of our Croation power plants. We use heat, dust, ash, burn wood chips of various quality, both wood and sorted from waste biomass, we use the open areas of our roofs to reduce our own consumption and thus increase the efficiency of the power plant... All these steps follow our motto "Clean energy, clean future" to the fullest extent.

By integrating all of our projects, our company has nowadays achieved great values:

• The company's assets are worth CZK 6.3 bil.
• Equity (assets less all debts) is CZK 1.8 bil.
• Annual revenue makes CZK 1.22 bil.
• We own 20 power plants and other projects in progress.
• We service power plants for ourselves and other entities and provide round-the-clock supervision over them.
• In Croatia, we produce wood briquettes and pellets of the highest quality, we dry wood, help produce organic fertilizer for agriculture, collect dust and help to make the construction industry greener.
• We employ almost 200 people.
• We operate in 5 countries around the world.
• We serve over 25,000 customers.
• We help to save energy in both homes and businesses.
• In the ten years of our bond program, we earned money for our investors, paid them CZK 845,839,275 in coupons and CZK 3,096,805,976 in principal... In 2024 alone we have paid out over CZK 90 mil. in proceeds and over CZK 700 mil. in principal.

Our company's plans are not humble, who would set low goals either. However, they are well manageable. We have experience, we have become a strong and recognized player in the market, we know how to tell investment opportunities and how to turn them into reality, we are confident in dealing with unexpected situations, we think green and we are solvent. We have clearly demonstrated this over the course of our activities.

At the moment, we are looking forward to further expansion around Europe. We have dozens of projects in our sight. Most of them will fall through our net, because we choose our projects carefully, they have to make sense to us both economically and in terms of our philosophy. To give you an idea, we pick about 1 project out of 100 that “land” on our desk.

Presently, we focus on projects using the roofs of industrial buildings, which we will combine with other technologies. Solar energy still has great potential, however, maintaining a stable energy supply is very important as well. That is where our plans are now heading – to move in accordance with our energy concept of central and decentralised sources and the security of the transmission system at the same time. We have a huge amount of work ahead of us... and we look forward to it.

Dear friends. Fifteen years have gone by in a flash and more great years await. GEEN's success stems from our experienced team and the trust of our financial investor, who have enabled us to deliver our vision. 

We have never promised miraculously high returns because we know that safe and conservative investments like the power plants in GEEN's portfolio can guarantee just that. Thanks to GEEN, you have also grown successfully, so we believe in working together in the future.

We hope that we have brought joy and satisfaction to many people and we intend to continue to do so.

Ales Mokry Chairman of the Board	Petr Dezort Member of the Board