Investing
in Energy
Security
2022 Annual Report and
Audited Financial Statements
for Kistos NL2 B.V.
The Hague, 30 May 2023
Contents
03 Summary of Financial Results and Production
04 Report of the Board
05 Business Review
07 Financial Review
10 Governance and Risk Management
17 Audited Financial Statements With Notes
18 Profit and Loss Account
18 Balance Sheet
18 Statement of Comprehensive Income
19 Statement of Changes in Equity
19 Statement of Cash Flow
20 Notes to the Financial Statements
46 Other Information
47 Independent Auditor’s Report
2022 2021
Gas production
1
MM Nm
3
254 268
Gas production
1
‘000 MWh 2,895 3,278
Revenue €’000 285,604 116,731
Average realised gas price
1
€/MWh 105.27 39.76
Unit opex
2
€/MWh 3.42 3.18
Adjusted EBITDA
3
€’000 273,038 104,310
Profit for the year €’000 69,563 34,359
Net cash flow from operations €’000 211,750 63,587
Cash capital expenditure €’000 17,183 20,778
Total cash €’000 153,615 44,422
1. Comparative Information has been restated to align with current year allocation methodology.
2. Calculated as production costs divided by production.
3. Non-IFRS measure. Adjusted EBITDA is defined on page 46.
Summary Report of the Board Audited Financial Statements Independent Auditor's ReportKistos NL2 B.V. 2022 Annual Report and Audited Financial Statements 02