ENNA Prepares for Stock Market Launch, PPD Remains in Vujnovac’s Hands

Energia naturalis (ENNA) is commencing the process of preparing for its initial public offering (IPO) on the capital market, as well as an investment process worth over one billion euros. The market entry process is expected to take five years, and the Zagreb Stock Exchange is also being considered, which would be a significant contribution to the development of the domestic capital market, according to the company’s statement.

This continues the process of changing the corporate structure and diversifying the business that the ENNA group has been implementing over the past six years by investing in new business segments and strengthening divisions whose operations are fully aligned with the European Union’s goals of achieving a low-carbon environment. The company’s focus remains exclusively on business divisions that include renewable energy sources, transport and logistics, and food, and in the future, it will further emphasize the values of energy independence, sustainability, and self-sufficiency in food production and distribution, the company stated.

During 2022, the ENNA group began a new strategic period characterized by a strong investment cycle. The company is developing large projects in the renewable energy segment, primarily solar and geothermal energy sources.

Investments in the development of transport and logistics continue through rail cargo transport and ports, particularly through the strategically important Rijeka Gateway project, which aims to become a new Central European logistics hub and the most important container terminal in the Adriatic. Rijeka Gateway is a joint project of ENNA Logica and APMT, a company within the Maersk group, with strong multiplicative effects on the future growth of Croatia’s GDP. It is worth noting that the investment itself is ultimately valued at 480 million euros and will bring more than one million new container units to the future terminal in the port of Rijeka, which will have a direct positive effect on the Croatian budget through customs revenues.

The company ENNA Opskrba has positioned itself over the past two years as one of the most significant traders of green electricity and intends to further develop in this direction. Ambitious projects are also planned that will bring energy management services to the market, as well as new significant partnerships with renowned global companies.

PPD Now Directly Owned by Blue Horizon

In the food sector, our efforts are directed through the company ENNA Fruit, which aims to stimulate the increase of domestic agricultural production and guarantees and organizes the purchase and distribution of goods from domestic agricultural producers. ENNA Fruit intends to strengthen its support for domestic fruit and vegetable producers and achieve sustainability in the coming period through increased production and quality in the fruit and vegetable segment in Croatia, and for the first time, Croatian food producers will receive a structured channel for exporting domestic food to foreign markets.

The company Prvo plinarsko društvo d.o.o. (PPD), the former flagship of the ENNA group, which has companies in several European countries, is exiting the Energia naturalis group in this process. PPD currently has developed operations in Italy, Hungary, Slovenia, and Romania, generating 70 percent of its revenue in foreign markets. Although the company has recorded strong revenue growth abroad in recent years, it is significantly conditioned by volatile gas prices in global markets. Profit does not follow revenue growth, and the gross margin achieved in recent years is stable.

The new structure will enable PPD to maintain sustainable growth and expand its business in existing as well as new European markets. The company’s headquarters will remain in Vukovar and will now be directly owned by Mr. Vujnovac’s company called Blue Horizon, also based in Vukovar.

Based on the new structure, the ENNA group expects significant interest from the capital market during the stock listing process, which is fully turning towards financing sustainable business models and green projects, according to the statement.