Report on operations 1 January – 31 December 2025
Westenergy Ltd was entered in the Finnish Trade Register on 1 January 2008. The company’s trade register number is 2165379-9 and its domicile is Mustasaari. The company is owned by Oy Botniarosk Ab, Ab Ekorosk Oy, Lakeuden Etappi Oy, Loimi-Hämeen Jätehuolto Oy, Millespakka Oy, Ab Stormossen Oy and Vestia Oy. The past financial year was the 17th in the company’s history. Westenergy’s main line of business is operating a waste-to-energy plant. The company operates on a cost basis and does not pay dividends.
Westenergy has founded and owns 100 percent of Eccu Oy which is entered in the Finnish Trade Register on 14 March 2024. The company’s business activity is to construct and manage an industrial facility that captures and processes carbon dioxide generated during waste incineration, along with all related operations.
Westenergy Ltd has constructed a facility specialising in the energy recovery and processing of non-recyclable municipal waste on its own property in Koivulahti, Mustasaari. It provides services to its shareholders on a cost-price basis. The facility was completed and commissioned in August 2012. The energy produced by the facility is processed into electricity and district heating in a system owned by the partner company Vaasan Sähkö Oy.
The utilisation rate of Westenergy Ltd’s plant remained high in 2025. A couple of minor unscheduled outages caused availability to drop slightly compared to the previous year. The annual maintenance shutdown was completed on schedule and the maintenance work was carried out as planned. The above factors helped keep maintenance costs in line with the plan and at the previous year’s level. The most significant change from the previous year was seen in the waste market. When planning for the year, we were still considering importing waste, but over the course of the year the market turned on its head and our clients delivered significantly more waste to the plant than we had anticipated. Waste deliveries reached such amounts that it had to be baled and stored. This, of course, resulted in additional costs. The quality of the waste was quite good, at least in terms of calorific value. This, combined with unexpected downtime, meant that the plant was unable to reach the previous year’s waste processing volumes. During the year, 188,952 tonnes of waste were completely processed at the plant.
Changes in the energy market continue. Production and storage of district heating, as well as the electricity market, are becoming increasingly interconnected. Fluctuating electricity prices can mean that the district heating system will act as a flexible component. As electricity prices fluctuate, electricity production and supply will therefore fall significantly short of what we have become accustomed to in the past. In addition, Westenergy’s turbine underwent a 10-year overhaul, which meant that it was out of service for more than two months. As a result, electricity deliveries in 2025 were significantly lower than in previous years. However, the relatively high price of the supplied electricity compensated for the economic impact. For the same reasons, the delivered volumes of district heating were higher than in previous years. Overall, the value of energy sales was slightly higher than estimated and almost on par with the previous year.
Westenergy Ltd’s turnover decreased compared to previous years, but remained well in line with expectations. The following table presents the key financial figures for the past five years.
| KEY FINANCIAL FIGURES | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Turnover, MEUR | 16,7 | 18,9 | 14,4 | 16,6 | 19,7 |
| Amount of utilised waste, tonnes | 188 952 | 193 906 | 188 097 | 194 612 | 200 236 |
| Utilisation rate, % | 94,7 | 95,5 | 94,5 | 96,0 | 98,8 |
The consistency of waste quality, as well as the stability of plant production and high availability, have also helped maintain chemical consumption at a moderate level. There was no significant increase in the average prices of chemicals during the year. In fact, chemical costs remained at a good level, almost on par with the previous year.
The generation and processing of bottom slag continued as in previous years. Development efforts in the further processing of bottom slag have yielded positive results over the years in collaboration with our partners, Lakeuden Etappi Oy and Suomen Erityisjäte Oy. The handling of bottom slag, as well as the related operating models and processes, have been stabilised, making them cost-effective and predictable. Suomen Erityisjäte Oy was responsible for the treatment of bottom slag during the financial period.
During the 2025 financial year, the company’s total investments amounted to EUR 2,187,546. The most significant investment was the design of Eccu Oy, a carbon dioxide capture plant. Compensation paid by the landowner to the municipality for the increase in the value of the land resulting from the town plan was also recorded as an investment. Automation upgrades to the boiler grate also represent a significant investment, with completion scheduled for 2026. Otherwise, investments during the 2025 financial year were primarily focused on small-scale equipment and software acquisitions. Depreciation decreased slightly from the previous year, and no changes were made to the depreciation plan.
The company’s cash position has improved positively during the review period. This has been influenced by the company decision not to amortise part of its loans, thereby accumulating funds in cash reserves for future investments. Westenergy has made a short interest investment of EUR 8 million from these funds. Westenergy’s financial position remains strong, and the company has met all its financial obligations. Regarding financing costs, interest rates have remained relatively stable, and the company has hedged approximately a third of its loans. The company has also restructured its financing over the past year.
The company’s long-term strategy is largely defined by the EU’s and Finland’s goals concerning climate and circular economy issues. Westenergy develops and seeks future solutions together with its owner companies and other potential partners. Westenergy is strongly committed to supporting studies and research projects based on circular economy thinking and climate-related issues. The company has closely collaborated with numerous partners in these areas. Based on our strategic work, we have advanced development projects during the financial year, focusing on carbon dioxide capture and utilisation, as well as improving waste identification and recycling.
Westenergy Ltd, CPC Finland Oy and Prime Capital AG have continued planning the development, construction and operation of a carbon dioxide capture plant to be located in connection with Westenergy’s plant. This work has been systematically advanced throughout 2025. The plant will recover carbon dioxide from the flue gases of Westenergy’s plant. The recovered carbon dioxide will be liquefied, and a significant part of it will be sent to Kristiinankaupunki, where it will be utilised in the power-to-x plant of Prime Capital and CPC. The FEED (Front-End Engineering Design) phase of the facility was completed during 2025 with selected partners Andritz AG and Ramboll Danmark A/S. The aim is to reach a final investment decision during 2026.
For the carbon dioxide recovery plant, Westenergy has established and currently fully owns Eccu Oy. Westenergy will be responsible for operating the carbon dioxide recovery process. The total investment in the plant amounts to approximately EUR 140 million, and the Finnish Ministry of Economic Affairs and Employment has decided to grant an energy investment subsidy of EUR 20 million to the project. The project supports Finland’s journey towards a carbon-neutral future in line with EU targets. The project promotes the transition away from fossil fuels and represents a step towards a carbon-neutral district heating solution for the Vaasa region. The project is a truly significant phase in Westenergy’s strategy towards carbon neutrality.
Another significant project that has continued throughout 2025 is the Ekoälyä project. The aim of this initiative is to collect and refine data on waste by utilising sensor fusion and artificial intelligence. The data obtained from the logistical chain will enable better and more efficient waste management in accordance with circular economy objectives. One of the key goals for Westenergy is to reduce harmful emissions at the plant, as non-combustible materials can be identified already during the collection phase and directed to the appropriate processing route. During 2025, the project has been able to test the identification of waste fractions in an authentic environment. The project is funded by the European Regional Development Fund (ERDF) and is part of the Renewing and Competent Finland 2021–2027 EU regional and structural policy program. The project will run until the end of 2026.
Westenergy is committed to following the quality, environmental and occupational health and safety policies that the company has defined. Through certified systems, Westenergy aims to continuously improve the overall quality and cost–efficiency of its operations. An occupational health and safety system is used to manage known risks, maintain the health and working ability of employees and improve occupational health and safety. Westenergy aims to manage environmental risks with actions and programmes defined in the environmental management system. Westenergy reports new developments concerning quality, the environment and occupational health and safety to stakeholders, primarily in its annual report. Westenergy’s management system complies with the requirements of the quality (ISO 9001:2015), environmental (ISO 14001:2015) and occupational health and safety (ISO 45001:2018) standards. The systems were re-certified through an assessment by an independent external auditor during 2025. During 2025, IT and cyber security were also systematically and purposefully developed with partners. Also, employees were trained and drilled in IT and cyber security. During 2025, Westenergy has developed an information security management system (ISO27001:2022), which has also been assessed by an external auditor. The aim is to have this system certified during the first half of 2026.
The company employed 38 people at both the beginning and end of the financial year. The average number of employees during the year was 39. Total salaries and remuneration paid in 2025 amounted to EUR 3.01 million. The following table includes some key figures related to the personnel.
Sickness absences decreased to 2.77% compared to the previous year. There were zero workplace accidents during the year.
| KEY FIGURES RELATED TO THE PERSONNEL | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Number of employees, 1 Jan | 38 | 37 | 36 | 34 | 33 |
| Number of employees, 31 Dec | 38 | 40 | 37 | 37 | 34 |
| Average number of employees | 39 | 39 | 40 | 39 | 36 |
| Salaries and remuneration, MEUR | 3.01 | 2,93 | 2,83 | 2,61 | 2,33 |
| Absences due to illness, % of total working time (* | 2.77 | 3,71 | 3,37 | 3,23 | 2,63 |
| Number of accidents at work | 0 | 1 | 0 | 0 | 0 |
| *) Including sick leave, absences due to the illness of a child and absences due to accidents during work and leisure time |
The company’s Annual General Meeting was held on 12 June 2025. During the meeting, the company’s financial statements for the financial year 1 January 2024 – 31 December 2024, were approved, and discharge from liability was granted to the members of the Board of Directors and the CEO. The General Meeting also elected the members of the Board of Directors, the Chairman and the Vice Chairman of the Board for a term ending at the closing of the second Annual General Meeting following the election. Paavo Eloniemi, Teuvo Suominen, Ragnvald Blomfeldt, Jarmo Pihlajaniemi, Jouko Huumarkangas, Stefan Storholm and Harri Virtanen were elected as members of the Board of Directors. Paavo Eloniemi was elected as Chairman of the Board and Teuvo Suominen as Vice Chairman.
The shareholders of Westenergy Ltd have also made unanimous decisions on 15 September 2025 without holding a meeting in accordance with Chapter 5, Section 1, Paragraph 2 of the Limited Liability Companies Act. The decisions granted the resignation of Harri Virtanen, member of the Board of Directors of Westenergy Ltd, and elected Juha Leppäpuska as a member of the Board of Directors.
In the past financial period, the Board of Directors consisted of Paavo Eloniemi (Chair), Teuvo Suominen (Vice-Chair), Ragnvald Blomfeldt, Paavo Hankonen (until 12 June 2025), Jarmo Pihlajaniemi (from 12 June 2025), Jouko Huumarkangas, Stefan Storholm, Harri Virtanen (until 15 September 2025) and Juha Leppäpuska (from 15 September 2025). The Board of Directors convened a total of 9 times during the past financial year. Olli Alhoniemi acted as the Managing Director of the company. The company’s regular auditor was the audit firm Ernst & Young Oy with Kristian Berg, Authorised Public Accountant (KHT), as the principal auditor.
The following table presents the company’s shareholders, the number of shares they hold, and their ownership percentage at the end of the financial year.
| SHARES AND OWNERSHIP STRUCTURE | Shares | Ownership, % |
|---|---|---|
| Oy Botniarosk Ab | 1 050 000 | 6,19 % |
| Millespakka Oy | 600 000 | 3,54 % |
| Vestia Oy | 3 100 000 | 18,27 % |
| Lakeuden Etappi Oy | 4 200 000 | 24,75 % |
| Ab Stormossen Oy | 3 953 873 | 23,30 % |
| Loimi-Hämeen Jätehuolto Oy | 3 000 000 | 17,68 % |
| Ab Ekorosk Oy | 1 062 819 | 6,26 % |
| Subscribed capital, EUR | 16 966 692 | 100,00 % |
There have been no other significant events after the end of the financial period.
The company’s registered share capital was EUR 16,966,692 and there were 16,966,692 shares in the company at the end of the financial period. The shares are subject to a redemption clause set in the Articles of Association, according to which other shareholders have the primary right to redeem shares, and the company itself has the secondary right if the shares are to be transferred to a third party.
Due to the cost basis, it is not appropriate to compare the key figures to profit-making companies when analysing Westenergy’s operations, financial position and results.
In accordance with Section 3 of the Articles of Association, the company does not distribute dividends. The Board of Directors proposes that the result for the period, EUR -30,088.48, be transferred to the profit and loss account under the company’s equity.
Vaasa, 26 February 2026
Board of Directors of Westenergy Ltd
Profit and loss statement
| Currency EUR | 1.1.2025 - 31.12.2025 | 1.1.2024 - 31.12.2024 | ||
|---|---|---|---|---|
| TURNOVER | 16 749 818,73 | 18 863 595,54 | ||
| Other income from operating activities | 186 063,25 | 186 721,02 | ||
| Raw materials and services | ||||
| Raw materials, supplies and consumables | ||||
| Purchases during the financial period | -2 828 600,13 | -2 660 129,80 | ||
| Increase/decrease in inventories | 112 948,32 | -981 688,88 | ||
| External services | -3 014 230,52 | -2 438 187,77 | ||
| Raw materials and services total | -5 729 882,33 | -6 080 006,45 | ||
| Personnel costs | ||||
| Wages and salaries | -3 005 380,26 | -2 951 836,59 | ||
| Social security expenses | ||||
| Pension expenses | -536 664,99 | -533 999,81 | ||
| Other social security expenses | -93 836,08 | -60 340,54 | ||
| Personnel costs, total | -3 635 881,33 | -3 546 176,94 | ||
| Amortisation, depreciation and impairment | ||||
| Depreciation according to the plan | -5 142 329,43 | -5 405 947,70 | ||
| Amortisation, depreciation and impairment total | -5 142 329,43 | -5 405 947,70 | ||
| Other operating expenses | -2 651 143,87 | -2 211 650,42 | ||
| OPERATING PROFIT (LOSS) | -2 407 756,45 | 1 806 535,05 | ||
| Financial income and expenses | ||||
| Other interest and financial income | 74 954,96 | 121 326,17 | ||
| Interest and other financial expenses | -879 826,17 | -948 162,18 | ||
| Financial income and expenses total | -804 871,21 | -826 836,01 | ||
| PROFIT (LOSS) BEFORE EXTRAORDINARY | -1 028 226,19 | 979 699,04 | ||
| APPROPRIATIONS AND TAXES | ||||
| Appropriations | ||||
| Increase (-) or decrease (+) in depreciation difference | 994 232,14 | -983 922,00 | ||
| Income taxes | 3 905,57 | 3 017,94 | ||
| PROFIT/LOSS FOR THE FINANCIAL PERIOD | -30 088,48 | -1 205,02 | ||
Balance sheet
| Currency EUR | 31.12.2025 | 31.12.2024 | |||
|---|---|---|---|---|---|
| ASSETS | |||||
| NON-CURRENT ASSETS | |||||
| Intangible rights | 219 612,94 | 149 388,11 | |||
| Intangible assets total | 219 612,94 | 149 388,11 | |||
| Tangible assets | |||||
| Land and waters | 1 451 216,90 | 1 297 460,86 | |||
| Buildings and structures | 19 060 750,23 | 20 694 922,78 | |||
| Machinery and equipment | 20 326 346,66 | 23 503 438,52 | |||
| Other tangible assets | 1 255 616,65 | 1 448 603,83 | |||
| Advance payments and construction in progress | 148 924,80 | 123 437,20 | |||
| Tangible assets total | 42 242 855,24 | 47 067 863,19 | |||
| Investments | |||||
| Participating interests | 2 320 226,12 | 520 226,12 | |||
| NON-CURRENT ASSETS TOTAL | 44 782 694,30 | 47 737 477,42 | |||
| CURRENT ASSETS | |||||
| Inventories | |||||
| Raw materials and consumables | 986 720,34 | 873 772,02 | |||
| Inventories total | 986 720,34 | 873 772,02 | |||
| Receivables | |||||
| Current | |||||
| Trade receivables | 1 232 775,50 | 1 226 844,92 | |||
| Other receivables | 64 449,23 | 40 924,82 | |||
| Accrued income | 76 279,19 | 218 558,93 | |||
| Receivables, current total | 1 373 503,92 | 1 486 328,67 | |||
| Financial securities total | 8 000 000,00 | 0 | |||
| Cash in hand and at banks | 774 553,57 | 7 935 785,16 | |||
| CURRENT ASSETS TOTAL | 11 134 777,83 | 10 295 885,85 | |||
| ASSETS TOTAL | 55 917 472,13 | 58 033 363,27 | |||
| LIABILITIES | |||||
| EQUITY | |||||
| Subscribed capital | |||||
| Subscribed capital | 16 966 692,00 | 16 966 692,00 | |||
| Other reserves | |||||
| Reserve for invested non-restricted equity | 5 485 072,00 | 5 485 072,00 | |||
| Fair value reserve | 0,00 | 65 526,35 | |||
| Retained earnings (losses) | -37 020,24 | -35 815,22 | |||
| Profit/loss for the financial period | -30 088,48 | -1 205,02 | |||
| EQUITY, TOTAL | 22 384 655,28 | 22 480 270,11 | |||
| ACCUMULATED APPROPRIATIONS | |||||
| Depreciation difference | 1 078 816,92 | 2 073 049,06 | |||
| Appropriations total | 1 078 816,92 | 2 073 049,06 | |||
| LIABILITIES | |||||
| Long-term | |||||
| Loans from credit institutions | 28 010 807,57 | 16 900 000,00 | |||
| Long-term, total | 28 010 807,57 | 16 900 000,00 | |||
| Long-term, total | |||||
| Loans from credit institutions | 889 192,43 | 13 700 000,00 | |||
| Deferred income | 1 054 939,10 | 549 988,79 | |||
| Accounts payable | 1 244 660,75 | 874 437,42 | |||
| Other liabilities | 581 661,08 | 782 267,30 | |||
| Accrued liabilities | 672 739,00 | 673 350,59 | |||
| Current, total | 4 443 192,36 | 16 580 044,10 | |||
| LIABILITIES TOTAL | 32 453 999,93 | 33 480 044,10 | |||
| LIABILITIES TOTAL | 55 917 472,13 | 58 033 363,27 | |||
Financial statement
| Currency EUR | 31.12.2025 | 31.12.2024 | ||
|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Profit (loss) before appropriations and taxes | -1 028 226,19 | 979 699,04 | ||
| Adjustments: | ||||
| Depreciation according to the plan | 5 142 329,43 | 5 405 947,70 | ||
| Financial income and expenses | 804 871,21 | 826 836,01 | ||
| Capital gains from fixed assets | 0,00 | 0,00 | ||
| Cash flow before change in working capital | 4 918 974,45 | 7 212 482,75 | ||
| Change in working capital: | ||||
| Increase(-)/decrease(+) in short-term interest-free receivables | 34 822,38 | 23 651,71 | ||
| Increase(-)/decrease(+) in inventories | -112 948,32 | 981 688,88 | ||
| Increase(+)/decrease(-) in short-term interest-free liabilities | 690 337,42 | 222 538,86 | ||
| Cash flow from operations before financial items and taxes | 5 531 185,93 | 8 440 362,20 | ||
| Interest paid and payments for financial expenses from operations | -879 826,17 | -948 162,18 | ||
| Financial income received from operations | 74 954,96 | 121 326,17 | ||
| Cash flow before extraordinary items | 4 726 314,72 | 7 613 526,19 | ||
| CASH FLOW FROM OPERATING ACTIVITIES (A) | 4 726 314,72 | 7 613 526,19 | ||
| CASH FLOW FROM INVESTMENTS: | ||||
| Investments in tangible and intangible assets | -387 546,31 | -463 463,63 | ||
| Investments in other financial assets | -1 800 000,00 | -520 226,12 | ||
| CASH FLOW FROM INVESTMENTS (B) | -2 187 546,31 | -983 689,75 | ||
| CASH FLOW FROM FINANCING: | ||||
| Repayment of long-term loans | -1 700 000,00 | -700 000,00 | ||
| CASH FLOW FROM FINANCING (C) | -1 700 000,00 | -700 000,00 | ||
| CHANGE IN CASH AND CASH EQUIVALENTS (A+B+C) INCREASE(+)/DECREASE(-) | 838 768,41 | 5 929 836,44 | ||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 7 935 785,16 | 2 005 948,72 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 8 774 553,57 | 7 935 785,16 | ||
* Cash and cash equivalents include short-term interest-bearing investments presented as financial securities on the balance sheet, which are considered as cash and cash equivalents in nature.
Accounting principles
Applied provisions
The financial statements are prepared in accordance with the valid Accounting Act.
Derivates
The derivative contract signed by the company to manage interest rates was terminated by the bank during the financial year.
Valuation and matching principles and methodology
Tangible and intangible assets recorded in the fixed assets of the company are valued at the historical cost of acquisition.
The acquisition costs of reproducible assets are written off in accordance with the established plan. The depreciation plan is determined on the basis of economic life.
The estimated basis of planned depreciation and the changes thereof:
| CLASS OF ASSETS | Assumed life, years / residue of initial outlay, % | depreciation method | ||
|---|---|---|---|---|
| Intangible rights | 5 years | straight-line depreciation | ||
| Building | 7% | declining-balance depreciation | ||
| Administrative building’s share | 4% | declining-balance depreciation | ||
| Machinery and equipment, production machines and tools | 5 – 20 years | straight-line depreciation | ||
| Long-term expenditure | 10 years | straight-line depreciation | ||
Valuation of inventories
Inventories are valued at the historical cost of acquisition in accordance with the FIFO principle.
Valuation of current assets
Due to their nature, cash and cash equivalents are recognised under financial securities and cash and bank receivables. These investments have a maturity of less than one financial year and are valued at either their nominal value or, if lower, their market value.
Pensions
The pension cover of the company’s employees is managed by an external pension insurance company. Pension costs are recognised as expenses in the year of accrual.
Comparability of the result
The results for this and the previous period are comparable.
Group companies
The consolidated financial statements are not prepared in accordance with section KPL6:3.1, as the ownership in the subsidiary is intended to be temporary and the majority of the shares are to be divested.
Information on the subsidiary excluded from consolidation.
Eccu Oy, domiciled in Mustasaari, share of ownership 100 %, according to the financial statements at 31 December 2025, share capital was EUR 2 305 836,36 and the result EUR -14 494,96 euroa.
Notes to the profit and loss statement
| WAGES AND SALARIES | 2025 | 2024 | |
|---|---|---|---|
| In the financial period, the company employed an average of | 39 pers. | 39 pers. | |
| Remuneration for the member of Board and the Managing Director | 232 487,42 | 230 972,97 | |
| DEPRECIATION AND AMORTISATION | 2025 | 2024 | |
| Depreciation according to the plan | |||
| Intangible rights depreciation | 86 666,39 | 62 899,43 | |
| Depreciation of other long-term expenses | 192 987,18 | 192 987,18 | |
| Depreciation of buildings and structures | 1 634 172,55 | 1 817 577,10 | |
| Depreciation of machinery and equipment | 3 228 503,31 | 3 332 483,99 | |
| Total | 5 142 329,43 | 5 405 947,70 | |
| OTHER OPERATING EXPENSES | 2025 | 2024 | |
| Voluntary social security expenses | 290 960,85 | 239 082,95 | |
| Property and premises expenses | 1 067 616,03 | 793 376,48 | |
| Other expenses | 1 292 566,99 | 1 179 190,99 | |
| Total | 2 651 143,87 | 2 211 650,42 | |
| Auditors’ fees | 19 300,00 | 19 000,00 | |
| OTHER OPERATING EXPENSES | 2025 | 2024 | |
| Interest income | 74 954,96 | 121 326,17 | |
| Korkotulot | -879 826,17 | -948 162,18 | |
| Financial income and expenses, total | -804 871,21 | -826 836,01 | |
Notes to the balance sheet
| INTANGIBLE ASSETS | 2025 | 2024 | |
|---|---|---|---|
| Intangible rights | |||
| Historical cost, 1 Jan | 502 501,20 | 389 377,70 | |
| Increase | 156 891,22 | 113 123,50 | |
| Historical cost, 31 Dec | 659 392,42 | 502 501,20 | |
| Accumulated amortisation, depreciation and impairment, 1 Jan | 353 113,09 | 290 213,66 | |
| Amortisation in the financial period | 86 666,39 | 62 899,43 | |
| Accumulated amortisation | 439 779,48 | 353 113,09 | |
| Carrying amount | 219 612,94 | 149 388,11 | |
| TANGIBLE ASSETS | 2025 | 2024 | |
|---|---|---|---|
| Land areas | |||
| Historical cost, 1 Jan | 1 297 460,86 | 1 297 460,86 | |
| Increase | 153 756,04 | 0,00 | |
| Historical cost, 31 Dec | 1 451 216,90 | 1 297 460,86 | |
| Buildings and structures | |||
| Historical cost, 1 Jan | 37 374 481,15 | 37 374 481,15 | |
| Increase | 0,00 | 0,00 | |
| Depreciations | |||
| Historical cost, 31 Dec | 37 374 481,15 | 37 374 481,15 | |
| Accumulated amortisation, depreciation and impairment, 1 Jan | 16 679 558,37 | 14 861 981,27 | |
| Amortisation in the financial period | 1 634 172,55 | 1 817 577,10 | |
| Accumulated amortisation | 18 313 730,92 | 16 679 558,37 | |
| Carrying amount | 19 060 750,23 | 20 694 922,78 | |
| Machinery and equipment | |||
| Historical cost, 1 Jan | 69 181 428,85 | 68 701 819,44 | |
| Increase | 51 411,45 | 479 609,41 | |
| Depreciations | |||
| Historical cost, 31 Dec | 69 232 840,30 | 69 181 428,85 | |
| Accumulated amortisation, depreciation and impairment, 1 Jan | 45 677 990,33 | 42 345 506,34 | |
| Amortisation in the financial period | 3 228 503,31 | 3 332 483,99 | |
| Accumulated amortisation | 48 906 493,64 | 45 677 990,33 | |
| Carrying amount | 20 326 346,66 | 23 503 438,52 | |
| Other tangible assets | |||
| Historical cost, 1 Jan | 1 931 071,78 | 1 931 071,78 | |
| Increase | 0,00 | 0,00 | |
| Depreciations | 0,00 | 0,00 | |
| Accumulated amortisation, depreciation and impairment, 1 Jan | 1 931 071,78 | 1 931 071,78 | |
| Accumulated amortisation, depreciation and impairment, 1 Jan | 482 467,95 | 289 480,77 | |
| Amortisation in the financial period | 192 987,18 | 192 987,18 | |
| Accumulated amortisation | 675 455,13 | 482 467,95 | |
| Carrying amount | 1 255 616,65 | 1 448 603,83 | |
| RECEIVABLES | 2025 | 2024 | |
|---|---|---|---|
| Current | |||
| Trade receivables | 1 232 775,50 | 1 226 844,92 | |
| Other receivables | 53 194,09 | 33 575,25 | |
| Deferred tax assets | 11 255,14 | 7 349,57 | |
| Accrued income | 76 279,19 | 136 650,99 | |
| Derivates | 0,00 | 81 907,94 | |
| Current receivables, total | 1 373 503,92 | 1 486 328,67 | |
| EQUITY | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| Committed | |||
| Share capital 1 Jan | 16 966 692,00 | 16 966 692,00 | |
| Change in the financial period | 0,00 | 0 | |
| Share capital 31 Dec | 16 966 692,00 | 16 966 692,00 | |
| Fair value reserve | 0,00 | 65 526,35 | |
| Committed capital, total, 31 Dec | 16 966 692,00 | 17 032 218,35 | |
| Free | |||
| Reserve for invested non-restricted equity at the beginning of the period | 5 485 072,00 | 5 485 072,00 | |
| Change in the financial period | 0,00 | 0 | |
| Reserve for invested non-restricted equity at the end of the period | 5 485 072,00 | 5 485 072,00 | |
| Retained earnings | -37 020,24 | -35 815,22 | |
| Distribution of dividends | 0,00 | 0 | |
| Profit/loss for the financial period +/- | -30 088,48 | -1 205,02 | |
| Unrestricted equity, total | 5 417 963,28 | 5 448 051,76 | |
| EQUITY, TOTAL | 22 384 655,28 | 22 480 270,11 | |
| Distributable equity | 5 417 963,28 | 5 448 051,76 | |
| Number of shares | 16 966 692 | 16 966 692 | |
| SPECIFICATION OF LIABILITIES | 2025 | 2024 | |
|---|---|---|---|
| Non-current | |||
| Loans from credit institutions | 28 010 807,57 | 16 900 000,00 | |
| Current | |||
| Loans from credit institutions | 889 192,43 | 13 700 000,00 | |
| Accounts payable | 1 244 660,75 | 874 437,42 | |
| Accrued liabilities | 672 739,00 | 673 350,59 | |
| Other liabilities | 581 661,08 | 765 885,71 | |
| Deferred tax liabilities | 0,00 | 16 381,59 | |
| Deferred income | 1 054 939,10 | 549 988,79 | |
| TOTAL | 4 443 192,36 | 33 480 044,10 | |
| CONTINGENT LIABILITIES AND OTHER COMMITMENTS | 2025 | 2024 | |
|---|---|---|---|
| Debt guaranteed by a mortgage on the real estate or company | |||
| Financial loans | 28 900 000,00 | 30 600 000,00 | |
| Business mortgage | 110 000 000,00 | 110 000 000,00 | |
| Real estate mortgage | 110 000 000,00 | 110 000 000,00 | |
| The terms of the loan contain special conditions | |||
| Bank account limits | 0 | 200 000,00 | |
| of which used | 0 | 0 | |
| Other collateral | |||
| Bank guarantee | 3 100 000,00 | 3 100 000,00 | |
| OTHER LIABILITIES/ | 2025 | 2024 | |
| Leasing | 28 201,25 | 59 222,42 | |
| of which maturing in 2024 | 16 629,80 | 42 628,36 | |
| Liability to refund VAT for real estate investments | 1 295 509,79 | 1 551 682,14 | |
| LIABILITIES DUE IN MORE THEN FIVE YEARS | 2025 | 2024 |
|---|---|---|
| Financial institution loans | 23 587 295,00 | 5 100 000,00 |
The Board of Directors’ proposal on the use of the non-restricted equity
The Board proposes that no dividends will be paid.
ACCOUNTING BOOKS USED IN THE FINANCIAL PERIOD
Financial statements Digital in the archive for documents
Balance sheet specifications Digital in the archive for documents
Chart of accounts and balance list Digital in the archive for documents
General journal Digital in the archive for documents
General ledger Digital in the archive for documents
VOUCHER TYPES AND STORING METHODS
ACC – Matching Digital in the Fennoa system
BA1 – Bank account 1 Digital in the Fennoa system
GL – Memo Digital in the Fennoa system
IN – Sales invoice Digital in the Fennoa system
OLD – Import Digital in the Fennoa system
PU – Purchase invoice Digital in the Fennoa system
TI – Travel expense report Digital in the Fennoa system
VAT – Value added tax Digital in the Fennoa system
Signing of the financial statements
(signed electronically)
Paavo Eloniemi
Chair of the Board
Olli Alhoniemi
Managing Director
Ragnvald Blomfeldt
Board member
Jarmo Pihlajaniemi
Board member
Jouko Huumarkangas
Board member
Teuvo Suominen
Board member
Juha Leppäpuska
Board member
Stefan Storholm
Board member
Auditor’s note
Based on the audit performed, an audit report has been issued by the audit firm Ernst & Young Oy.
Vaasa 13.4.2026 Kristian Berg, CPA
Signed electronically
AUDITOR’S REPORT
To the Annual General Meeting of Westenergy Ltd
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Westenergy Ltd (business identity code 2165379-9) for the year ended 31 December, 2025. The financial statements comprise the balance sheet, income statement, cash flow statement and notes.
In our opinion, the financial statements give a true and fair view of the company’s financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the company’s ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the company or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other reporting requirement
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the annual report.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Our responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions.
If, based on the work we have performed, we conclude that there is a material misstatement of the report of the Board of Directors, we are required to report that fact. We have nothing to report in this regard.
Vaasa 13.4.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Kristian Berg
Authorized Public Accountant
