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Current Report No. 44/2019

30.10.2019 22:00

​Estimated results of TAURON Polska Energia Capital Group for Q1-3 2019 and Q3 2019​

TAURON Polska Energia S.A. (“Company”) announces selected estimated consolidated financial results and operational data of TAURON Polska Energia S.A. Capital Group (“TAURON Group”) for Q1-3 2019 and Q3 2019.

Selected estimated consolidated financial results for:

(a) Q1-3 2019

Sales revenue and compensation: PLN 15 260 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 3 016 million, including:
- Distribution Segment’s EBITDA: PLN 2 000 million
- Generation Segment’s EBITDA: PLN 666 million
- Supply Segment’s EBITDA: PLN 534 million
- Mining Segment’s EBITDA: PLN (262) million
EBIT (operating profit): PLN 1 319 million
Gross profit: PLN 1 105 million
Net profit: PLN 854 million
CAPEX: PLN 2 741 million
Net debt as of September 30, 2019: PLN 9 674 million
Net debt/ EBITDA as of September 30, 2019: 2,83x


(b) Q3 2019

Sales revenue and compensation: PLN 4 862 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 808 million, including:
- Distribution Segment’s EBITDA: PLN 663 million
- Generation Segment’s EBITDA: PLN 126 million
- Supply Segment’s EBITDA: PLN 110 million
- Mining Segment’s EBITDA: PLN (119) million
EBIT (operating profit): PLN 330 million
Gross profit: PLN 230 million
Net profit: PLN 188 million
CAPEX: PLN 1 099 million

Selected operational data for:

a) Q1-3 2019:

Distribution of electricity: 38.74 TWh (including to final consumers: 37.40 TWh)
Gross electricity production: 10.41 TWh
Heat production: 7.14PJ
Retail electricity sales: 25.02 TWh
Commercial coal production: 2.94 million tons
Commercial coal sales: 2.96 million tons


(b) Q3 2019

Distribution of electricity: 12.66 TWh (including to final consumers: 12.18 TWh)
Gross electricity production: 3.26 TWh
Heat production: 0.73 PJ
Retail electricity sales: 8.00 TWh
Commercial coal production: 0.69 million tons
Commercial coal sales: 0.78 million tons

Material factors impacting Q3 2019 results:

a) financial costs due to negative exchange rate differences on debt denominated in EUR, which resulted in a decrease in the TAURON Group's gross financial result in the third quarter of 2019 by PLN 81 million (no impact on EBITDA),
b) in the Sales segment in the third quarter of 2019. TAURON Group:

- adjusted the estimation of compensations due for the third quarter of 2019 to the amount of PLN 158 million in connection with legal regulations regarding electricity prices for final consumers in 2019 (which, compared to the estimate included in the first half of 2019, resulted in an increase in revenues of the amount of PLN 59 million), recognized a compensation of PLN 26 million for October 2019 in accordance with IAS 37.53 up to the amount not created of the provision for contracts generating charges, and adjusted the value of compensation for the first half of 2019 (the amount of the price difference), which affected increase in revenues by PLN 15 million,

- partly used the provision of PLN 50 million created in 2018 in the total amount of PLN 214 million for contracts generating burdens related to energy supplies to recipients from the G tariff group, and partly used the provision of PLN 34 million created in the first half of 2019. in the total amount of PLN 68 million for contracts generating burdens related to customers who, in accordance with applicable legal regulations, exercised their right to reduce the purchase price of electricity in the second half of 2019,

- recognized revenue adjustments in the amount of PLN 52 million due to the decrease in electricity sales prices to customers who, in accordance with applicable legal regulations, exercised their right to reduce the purchase price of electricity in the second half of 2019 and updated the value of corrections reducing revenues from customers regarding the first half 2019, which reduced revenues by PLN 45 million.

The figures presented above represent estimated values and may be subject to change.
The final values will be presented in the consolidated report for Q3 2019, scheduled to be published on November 13, 2019.
Legal basis: Article 17 item 1 of MAR – inside information

 

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