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Current Report No. 10/2020

19.03.2020 19:15

TAURON Polska Energia Capital Group’s estimated results for 2019 and Q4 2019

TAURON Polska Energia S.A. (“Company”, “Issuer”) presents selected estimated consolidated financial results and operating data of TAURON Polska Energia S.A. Capital Group (“TAURON Group”, “Group”) for 2019 and Q4 2019.

Selected estimated financial results for:

(a) 2019

Sales revenue and compensations: PLN 20,511 million
EBITDA (operating profit increased by depreciation, amortization and write-downs for non-financial assets): PLN 3,599 million, including:
- Distribution Segment’s EBITDA: PLN 2,606 million
- Generation Segment’s EBITDA: PLN 984 million
- Supply Segment’s EBITDA: PLN 429 million
- Mining Segment’s EBITDA: PLN (500) million

EBIT (operating profit): PLN 295 million
Gross loss: PLN (15) million
Net loss: PLN (12) million
CAPEX: PLN 4,128 million
Net debt as of December 31, 2019: PLN 10,130 million
Net debt / EBITDA ratio as of December 31, 2019: 2.81x

(b) Q4 2019

Sales revenue and compensations: PLN 5,251 million
EBITDA (operating profit increased by depreciation, amortization and write-downs for non-financial assets): PLN 583 million, including:
- Distribution Segment’s EBITDA: PLN 606 million
- Generation Segment’s EBITDA: PLN 319 million
- Supply Segment’s EBITDA: PLN (105) million
- Mining Segment’s EBITDA: PLN (238) million
EBIT (operating loss): PLN (1,023) million
Gross loss: PLN (1,121) million
Net loss: PLN (866) million
CAPEX: PLN 1,387 million

Selected estimated operating data for:

(a) 2019

Electricity distribution: 51.73 TWh (including to the final consumers: 49.98 TWh)
Gross electricity production: 13.88 TWh
Heat production: 10.85 PJ
Retail electricity supply: 33.73 TWh
Commercial coal production: 3.78 million tons
Commercial coal sales: 3.80 million tons


(b) Q4 2019

Electricity distribution: 12.99 TWh (including to the final consumers: 12.58 TWh)
Gross electricity production: 3.46 TWh
Heat production: 3.71 PJ
Retail electricity supply: 8.70 TWh
Commercial coal production: 0.84 million tons
Commercial coal sales: 0.83 million tons


Material factors impacting the FY 2019 and Q4 2019 earnings:

- difficult mining and geological conditions at the Group’s three coal mines persisting throughout 2019, resulting in a low volume of commercial coal production,

- higher, year-on-year, margin on the sales of electricity from conventional sources (the effect of higher clean dark spread despite lower production volume primarily due to growing electricity imports) and from renewable sources (the effect of higher electricity sales prices and higher production volume due to favorable weather conditions and the acquisition of the wind farms with the capacity of 180 MW in Q3 2019),

- impairment tests of TAURON Group’s assets, carried out as of December 31, 2019 and as of June 30, 2019 (current reports no. 9/2020 of March 17, 2020 and no. 30/2019 of August 19, 2019), which demonstrated the legitimacy of booking net write-downs for impairment of tangible and intangible fixed assets as well as the rights to use assets, which led to a drop of the Group's EBIT by PLN 1,305 million. The booking of the above mentioned write-downs did not affect the Group's EBITDA,

- setting up, in Q4 2019, of a provision for onerous contracts in the Supply Segment (current report no. 56/2019 of December 17, 2019), as a consequence of the electricity sales price (tariff) for the G tariff groups consumers approved by the President of the Energy Regulatory Office on December 17, 2019, which led to a drop of the Group's EBIT and EBITDA by PLN 237 million,

- booking of a profit from the opportunistic acquisition of the wind farms with the capacity of 180 MW (current report no. 35/2019 of September 3, 2019), in connection with the completion on the day of filing this report of the main works related to the final settlement of the said transaction, which led to a rise of the Group’s Q4 2019 EBIT and EBITDA by PLN 120 million.

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

The final figures will be presented in the consolidated report for 2019, which is scheduled to be published on April 1, 2020.

Art. 17 sec. 1 of MAR - inside information
 

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