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Current Report No. 6/2019

15.03.2019 20:00

Information about provision and a resulting change to TAURON Polska Energia Capital Group’s estimated results for 2018 and Q4 2018

TAURON Polska Energia S.A. (”Issuer”) announces that while drafting their consolidated financial statements for 2018, acting in accordance with IAS 37 Provisions, they identified the need to set up a provision in Q4 2018 related to contracts in the Supply Segment leading to charges in the financial statements in the amount of PLN 214 million.

The basis for setting up the provision was the estimation of the impact of the legal regulations related to stabilization of prices for electricity delivery to final consumers in 2019, and in particular of the act of December 28, 2018 on the amendment to the act on excise tax and amending some other acts (”Act”) on the financial results of the Issuer’s Capital Group’s Supply Segment. The provision is related, first of all, to the contracts for electricity delivery to households (the so-called G tariff).

The Issuer emphasizes that the provision was estimated based on the legal status in force as of December 31, 2018 and it will be updated as of the subsequent balance sheet dates in accordance with the legal regulations in force as of these dates.

The Issuer informed about conducting the legal and accounting analyses related to recognizing the above mentioned regulations in TAURON Group’s financial statements, in current report no. 3/2019 of February 26, 2019.

Taking into consideration the fact of setting up the provision and in reference to current report no. 3/2019 of February 26, 2019 the Issuer presents below TAURON Group’s updated estimated results for 2018 and Q4 2018.

(a) 2018

Sales revenue: PLN 18,122 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 3,375 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 321 million
EBIT (operating profit): PLN 791 million
Negative exchange rate differences: PLN (83) million
Gross profit: PLN 505 million
Net profit: PLN 207 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 403 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 (131) million
EBIT (operating loss): PLN (515) million
Negative exchange rate differences: PLN (20) million
Gross loss: PLN (584) million
Net loss: PLN (648) million
CAPEX: PLN 1,347 million

Net debt as of December 31, 2018: PLN 8,629 million
Net debt/EBITDA ratio as of December 31, 2018: 2,54x (the ratio calculation does not include PLN 1.54 billion of debt stemming from subordinated bonds issued).

The final financial results will be presented in the audited consolidated annual financial statements of TAURON Polska Energia S.A. Capital Group for 2018.

Art. 17 sec. 1 of MAR – inside information
 

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