ENEA Capital Group sums up the year of 2012

During the past 12 months the power group generated PLN 10.1 bln revenues, PLN 1.6 bln EBITDA profit and PLN 712 mln net profit. In 2012 the construction of a key investment for the Company in the new power unit in Kozienice was also commenced.  

The published financial results confirm the strong position of the ENEA Group on the Polish energy market. Net consolidated sales revenues after a growth by 4.4% amounted to PLN 10.1 bln in 2012. EBITDA profit grew yoy by 4.4% to PLN 1.6 bln and the profitability on this level amounts to 15.8%. The greatest growth in EBITDA was reported in the segment of trade which generated PLN 242 mln, i.e. by 54.7% more than in the preceding year. EBITDA result grew also in the segment of distribution and in the whole 2012 amounted to PLN 774 mln - an increase by 14.2%. However, the result dropped by 16.0% yoy in the area of generation and during the period of January-December 2012 amounted to PLN 649 mln.

Operating profit of the Group was similar to the level generated in 2011 and in 2012 amounted to PLN 847 mln. Net result dropped yoy by 10.4% and totalled to PLN 712 mln.

In the completed year of 2012 the ENEA Group realised the adopted development strategy. ENEA Wytwarzanie commenced the construction of 1,075 MW gross bituminous coal fired power unit with the net capacity of 45.6%, which is the most modern in Europe. ENEA launched a unique on a national scale model of financing of the investment. The Company signed an agreement specifying the terms of the Bond Issue Programme totalling to up to PLN 4 bln. The parties to the agreement are banks - issue guarantors, i.e.: PKO Bank Polski, Pekao, Bank Zachodni WBK, Bank Handlowy and Nordea Bank Polska. ENEA also concluded a 15-year loan agreement valued PLN 950 mln with the European Investment Bank. In April 2012 the Fitch Ratings agency confirmed the long term rating issued for the Company in April 2011 on the present level of BBB (in the international scale) and A (in the domestic scale).

The ENEA Group also actively engaged in the so-called shale alliance and together with PGNiG, KGHM Polska Miedź, PGE and Tauron Polska Energia, declared an intention to cooperate on the exploration and subsequent extraction of shale gas.

At the end of December 2012 ENEA Wytwarzanie took over six companies from ENEA S.A. which operate within the generation of electricity and heat in the ENEA Capital Group: Elektrociepłownia Białystok S.A., Elektrownie Wodne Sp. z o.o., Dobitt Energia Sp. z o.o., Windfarm Polska Sp. z o.o., MEC Piła Sp. z o.o. and PEC Oborniki Sp. z o.o. Thus, the first stage of the process of the Integration of the Generation Area was completed. The integration of companies generating energy and heat will facilitate their management thanks to a common strategy, uniform business line, optimum use of resources and competences within the investment, and also effects of synergy.

In 2012 the ENEA Group realised investments within the area of energy renewable sources. The takeover of 50 MW wind farm in Bardy was completed and thus the generating capacity of the ENEA Group from renewable sources increased. The farm will generate around 150,000 MWh of green electricity annually. In 2011 ENEA S.A. purchased 100% shares in the special purpose vehicle Dobitt Energia established for the needs of the construction of an agricultural biogas plant with the capacity of 1.6 MW - the construction was completed in December 2012. Having been connected to the network and after a technological start-up the biogas plant in Gorzesław will commence the production of electricity in Q2 2013. The total capacity of biogas power plants in the ENEA Capital Group will reach 3.72 MWe at that time.

The financial statement for 2012 was approved by the Board of the previous term. On 11 March 2013 the Supervisory Board of ENEA S.A. nominated the Board of ENEA S.A. for the new term in the following composition: Krzysztof Zamasz – President of the Board, Grzegorz Kinelski – Member of the Management Board for Commercial Affairs, Paweł Orlof - Member of the Management Board for Corporate Affairs.