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Current Report No. 39/2019

23.09.2019 18:00

Update of TAURON Polska Energia Capital Group’s estimated H1 2019 and Q2 2019 earnings

In reference to current report No. 36/2019 of September 6, 2019, TAURON Polska Energia S.A. (”Issuer”) presents an update of selected estimated financial results of TAURON Polska Energia S.A. Capital Group (”TAURON Group”) for H1 2019 and Q2 2019.

The update of the financial data is primarily due to the estimation of the impact of the Act of December 28, 2018, on the amendment to the act on the excise tax and some other acts, as subsequently amended (”Act”), on TAURON Group’s earnings.

Taking the above into account the Issuer will include the impact of the Act in the H1 2019 consolidated financial statements drawn up as of June 30, 2019, including:
• estimate of compensations due (i.e. the amount of the price difference and financial compensations) in the amount of PLN 722 million,
• electricity sales revenue decreasing adjustment in the amount of PLN 452 million. Adjustments are applicable to all the consumers to whom the prices as of June 30, 2018 are applicable in H1 2019 and for whom the prices in the contracts were not reduced as of January 1, 2019,
• setting up a provision in the amount of PLN 68 million for onerous contracts. This provision is applicable to the consumers who, in accordance with the provisions of the Act, took advantage of the right to reduce electricity purchase price in H2 2019.

At the same time, the Issuer informs that in H1 2019 TAURON Group realized a loss on the supply of electricity to the G tariff group consumers. As a result, in H1 2019 TAURON Group partially used the provision in the amount of PLN 101 million for onerous contracts. The said provision was included in the 2018 consolidated financial statements in the total amount of PLN 214 million.

The Issuer initially estimates that the overall impact of the Act on TAURON Group’s financial results should basically be neutral due to the fact that the amount of the compensations and the price difference to be received by TAURON Group should cover the electricity sales revenue decreasing adjustment and the lack of the increase of electricity sales prices under the G tariff approved by the President of the Energy Regulatory Office in 2019.

Due to the above the Issuer presents below selected estimated consolidated financial data for:

(a) H1 2019:

Sales revenue: PLN 10,398 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 2,208 million, including:
- Distribution Segment’s EBITDA: PLN 1,337 million
- Generation Segment’s EBITDA: PLN 539 million
- Supply Segment’s EBITDA: PLN 423 million
- Mining Segment’s EBITDA: PLN (143) million
EBIT (operating profit): PLN 989 million
Gross profit: PLN 875 million
Net profit: PLN 667 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: 2.60x

(b) Q2 2019:

Sales revenue: PLN 5,085 million
EBITDA (operating profit increased by depreciation, amortization and write-offs for non-financial assets): PLN 996 million, including:
- Distribution Segment’s EBITDA: PLN 656 million
- Generation Segment’s EBITDA: PLN 152 million
- Supply Segment’s EBITDA: PLN 258 million
- Mining Segment’s EBITDA: PLN (99) million
EBIT (operating profit): PLN 261 million
Gross profit: PLN 221 million
Net result: PLN 142 million
CAPEX: PLN 915 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 H1 2019, scheduled to be published on September 30, 2019.




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

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