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11/14/2019 9:36:12 AM
 
 
 

Current Report No. 36/2019

06.09.2019 17:40

Estimated results of TAURON Polska Energia Capital Group for H1 2019 and Q2 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 H1 2019 and Q2 2019.

Selected estimated consolidated financial results for:

(a) H1 2019:

Sales revenue: PLN 10 128 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 2 007 million, including:
- Distribution Segment’s EBITDA: PLN 1 337 million
- Generation Segment’s EBITDA: PLN 539 million
- Supply Segment’s EBITDA: PLN 222 million
- Mining Segment’s EBITDA: PLN (143) million
EBIT (operating profit): PLN 787 million
Gross profit: PLN 674 million
Net profit: PLN 523 million
CAPEX: PLN 1 642 million
Net debt as of June 30, 2019: PLN 8 818 million
Net debt/ EBITDA as of June 30, 2019: 2.77x

(b) Q2 2019:

Sales revenue: PLN 4 815 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 795 million, including:
- Distribution Segment’s EBITDA: PLN 656 million
- Generation Segment’s EBITDA: PLN 152 million
- Supply Segment’s EBITDA: PLN 57 million
- Mining Segment’s EBITDA: PLN (99) million
EBIT (operating profit): PLN 59 million
Gross profit: PLN 19 million
Net result: PLN (1) million
CAPEX: PLN 915 million

Selected operational data for:

a) H1 2019:

Distribution of electricity: 26.08 TWh (including to final consumers: 25.23 TWh)
Gross electricity production: 7.15 TWh
Heat production: 6.41 PJ
Retail electricity sales: 17.03 TWh
Commercial coal production: 2.26 million tons
Commercial coal sales: 2.19 million tons

b) Q2 2019:

Distribution of electricity: 12.54 TWh (including to final consumers: 12.14 TWh)
Gross electricity production: 3.33 TWh
Heat production: 1.66 PJ
Retail electricity sales: 8.10 TWh
Commercial coal production: 0.99 million tons
Commercial coal sales: 0.99 million tons

Material factors impacting Q2 2019 results:

a) write-downs due to the impairment of tangible and intangible fixed assets in the Mining segment in the amount of PLN 269 million. The total estimated impact on the reduction of the consolidated net financial result is PLN 218 million. Detailed information about the write-downs was presented in current report No. 30/2019 of August 19, 2019,

b) financial revenues due to positive exchange rate differences on euro-denominated debt, which increased the TAURON Group's gross financial result in Q2 2019 by PLN 42 million (no impact on EBITDA),

c) in Q2 2019 TAURON Group partly used the provision set up in 2018 in the amount of PLN 50 million PLN for onerous contracts related to energy supply to customers from the G tariff group. The Company informed about the creation of the provision in current report No. 6/2019 of March 15, 2019.

The Company indicates that the financial results for H1 2019 do not take into account – except for the abovementioned termination of part of the provision for onerous contracts – the possible impact of legal regulations regarding the stabilization of prices of electricity supply to end consumers in 2019 on the results of TAURON Group. The Company is in the process of calculating the impact of the above mentioned legal regulations on the financial results of TAURON Group.

The figures presented above represent estimated values and may be subject to change.

The final values will be presented in the consolidated report for H1 2019, scheduled to be published on September 30, 2019.

Legal basis: Article 17 item 1 of MAR – inside information
 

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