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Current Report No. 15/2017

27.04.2017 17:15

Estimated results of TAURON Polska Energia Group for 2017 Q1

​The Management Board of TAURON Polska Energia S.A. (the “Company”) publicly presents selected estimated consolidated financial data and operational data of TAURON Polska Energia S.A. Capital Group for the 1st quarter of 2017.

Selected estimated financial data for the 1st quarter of 2017:

Revenue on sales: PLN 4,590 million

EBITDA (operating profit increased by depreciation, amortisation and write-offs for non-financial assets): PLN 1,185 million including:

a) EBITDA of the Mining Segment: PLN -29 million

b) EBITDA of the Generation Segment: PLN 191 million

c) EBITDA of the Distribution Segment: PLN 607 million

d) EBITDA of the Sales Segment: PLN 380 million

EBIT (operating profit): PLN 774 million

Net profit: PLN 641 million

CAPEX: PLN 636 million

Net debt: PLN 8,436 million

Net debt/EBITDA ratio: 2.31x

Selected estimated operational data for the 1st quarter of 2017:

Commercial coal production: 1.51 million tons

Commercial coal sale: 1.79 million tons

Gross electricity production: 4.89 TWh

Heat production: 5.30 PJ

Distribution of electricity: 13.31 TWh (including, to end consumers: 12.57 TWh)

Retail sales of electricity: 9.12 TWh

Significant one-off events which occurred in the 1st quarter of 2017:

- in the results of the 1st quarter of 2017, the reversal of provisions for agreements giving rise to liabilities has been recognised, associated with the Elektrociepłownia Stalowa Wola S.A. joint venture. The reversal of the provisions is the result of entry into force of the agreement concerning determination of key preconditions for the restructuring of the project on the construction of a CCGT Unit in Stalowa Wola and annexes to the power purchase agreement and the gas fuel supply agreement (current report no. 11/2017 of 31 March 2017). The reversal of the provisions affected the increase in the gross financial result of the Sales Segment by PLN 190 million,

- in the results of the 1st quarter of 2017, financial results due to exchange gains associated with the valuation of liabilities due to debt securities (bonds) and loans denominated in EUR have been recognised. The recognition of those revenues affected the increase in the gross financial result of the Group by PLN 75 million.

Other significant factors influencing the results of the 1st quarter of 2017 (as compared to the 1st quarter of 2016):

- growth in the volume of coal sold by 0.57 million tons, i.e. by 46.5 per cent (Mining Segment),

- growth in the volume of energy distributed by 0.57 TWh, i.e. by 4.5 per cent (Distribution Segment),

- significant decline in costs of redemption of property rights in connection with the price of green certificates purchase by the Sales segment (as a consequence of the decline in market prices of green certificates).

The Company reserves that the figures presented above represent estimated values and may be subject to change. The final values will be presented in the extended consolidated report for the 1st quarter of 2017, scheduled to be published on 10 May 2017.

Article 17 item 1 of MAR - confidential information

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