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Current Report No. 3/2019

28.02.2019 07:10

Estimated results of TAURON Polska Energia Capital Group for 2018 and Q4 2018

TAURON Polska Energia S.A. (“the Company”) announces selected estimated consolidated financial results and operating data of TAURON Polska Energia S.A. Capital Group (“TAURON Group”) for 2018 and Q4 2018.

Selected estimated financial results for:

(a) 2018

Sales revenue: PLN 18,122 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 3,589 million, including:
- Mining Segment’s EBITDA: PLN (207) million
- Generation Segment’s EBITDA: PLN 731 million
- Distribution Segment’s EBITDA: PLN 2,517 million
- Supply Segment’s EBITDA: PLN 534 million
EBIT (operating profit): PLN 1,011 million
Negative exchange rate differences: PLN (83) million
Gross profit: PLN 737 million
Net profit: PLN 395 million
CAPEX: PLN 3,672 million

(b) Q4 2018

Sales revenue: PLN 4,820 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 617 million, including:
- Mining Segment’s EBITDA: PLN (113) million
- Generation Segment’s EBITDA: PLN 82 million
- Distribution Segment’s EBITDA: PLN 561 million
- Supply Segment’s EBITDA: PLN 83 million
EBIT (operating loss): PLN (294) million
Negative exchange rate differences: PLN (20) million
Gross loss: PLN (351) million
Net loss: PLN (459) million
CAPEX: PLN 1,347 million

Net debt as of 31 December 2018: PLN 8,629 million
Net debt/EBITDA as of 31 December 2018: 2.4x


Selected estimated operating data for:

(a) 2018

Commercial coal production: 5.01 million tons
Commercial coal sales: 4.87 million tons
Gross electricity production: 16.21 TWh
Heat production: 11.29 PJ
Distribution of electricity: 51.97 TWh (including to final consumers: 49.90 TWh)
Retail electricity sales: 34.52 TWh

(b) Q4 2018

Commercial coal production: 1.40 million tons
Commercial coal sales: 1.33 million tons
Gross electricity production: 4.30 TWh
Heat production: 3.86 PJ
Distribution of electricity: 13.13 TWh (including to final consumers: 12.65 TWh)
Retail electricity sales: 9.15 TWh

The Company announces that Q4 2018 financial results were materially impacted by the impairment tests related to TAURON Group’s assets conducted as of December 31, 2018. The tests demonstrated the need to recognize in the consolidated financial statements net write-downs related to the loss of tangible and intangible fixed assets in the amount of PLN 467 million. The total estimated impact on the decrease of the net consolidated financial result is PLN 378 million.

The financial results presented above are estimates and may be subject to change.

The Company notes that TAURON Group’s estimated Q4 2018 and 2018 financial results presented in this current report do not take into account a potential impact of the legal regulations related to stabilizing electricity prices for the final consumers in 2019 and of the interpretations or guidelines of the applicable public authorities on applying such regulations by electric utilities. As of the date of disclosing the report the Company is conducting legal and accounting analyses related to taking the above regulations into account in TAURON Group’s financial statements.

The final financial results will be presented in TAURON Polska Energia S.A. Capital Group’s 2018 audited consolidated financial statements.

Legal basis: Article 17 of MAR - inside information
 

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