A successful beginning of the year for the ENEA Group from Poznan

The first three months of 2012 proved very successful for the energy Capital Group. ENEA reported a two digit growth of EBITDA in comparison with the same period of 2011. A positive first quarter is a good forecaster for the subsequent months. 

After a record year 2011 the ENEA Group has again improved its financial results. Despite difficult market environment the key indicators improved in the Group. The Group's net revenues from sales in Q1 2012 amounted to PLN 2,646,000,000, which in relation to Q1 2011 constituted a growth by PLN 173,600,000, i.e. by 7 per cent. An even greater growth, i.e. by 11.4 per cent, was noted for EBITDA indicator (earnings before interest, taxes, depreciation and amortisation). At the end of the quarter it amounted to PLN 489,600,000. Operating profit and net profit were reported on the similar level as in Q1 2011 and amounted to respectively PLN 285,200,000 and PLN 249,400,000. The evidence of the very good economic standing of the ENEA Group is the rating maintained on 5 April. The Fitch Ratings agency confirmed long-term ratings for the energy group from Poznan in domestic and foreign currency at the level of "BBB" and a long-term domestic rating at the level of "A".

The greatest increase of the result at the level of EBITDA was reported in the segment of Generation. It amounted to over 41 per cent in relation to Q1 2011 (from PLN 167,200,000 to PLN 236,300,000). It was mainly due to: inclusion of sales of heat energy in the amount of PLN 64,700,000, increase in sales revenues of electricity by PLN 29,600,000 and increase in revenues from certificates of origin by PLN 25,900,000. Another segment which demonstrated a growth of operating result in Q1 2012 is Distribution. It amounted to 12.7 per cent, a growth from PLN 212,600,000 in Q1 2011 to PLN 239,700,000 in the same period of 2012. The generated result was mainly impacted by sales of distribution services to end users, which were higher by PLN 29,500,000. In the segment of Trade a decrease was noted by 46 per cent that is PLN 36,100,000. It was mainly caused by lower first contribution margin.

In Q1 2011 the ENEA Group Companies produced 2,987,646 MWh which means a 3 per cent increase. The key entity responsible for production of electricity in the Group is the Kozienice Power Plant which in Q1 2012 generated 2,763,646 MWh. The ENEA Group is planning construction of 11th unit on the premises of this power plant. At the end of April envelopes were opened with offers for the construction of a power unit with the maximum capacity of 1,000 MWe. The proposals were made by Hitachi Power Europe GmbH with Polimex – Mostostal S.A. and China National Electric Engineering Co. Ltd. with China Overseas Engineering Group Co. Ltd. This is the biggest investment being planned by the ENEA Group over the upcoming years.

A very dynamic growth, i.e. by 53 per cent, was reported in production of electricity from renewable energy sources (RES). It amounted to 219,186 MWh. The ENEA Group is still developing dynamically within this area and during last weeks it signed a final contract for the purchase of a wind farm in Bardy with the capacity of 50 MW. The object has substantially increased the Group's capacity of generation from renewable sources since the farm will generate around 150,000 MWh of green electricity annually.