ENEA Capital Group publishes good results for Q1 2013

During the first three months 2013 the power group generated PLN 308.6 mln net profit and PLN 564.5 mln profit on the level of EBITDA. Revenues during that period amounted to PLN 2,380 mln. In Q1 2013 the Supervisory Board nominated the Management Board of ENEA for a new term, entrusting the position of the President of the Board to Krzysztof Zamasz.

Q1 2013 brought an improvement in the results of the ENEA Capital Group on most levels. The Company generated PLN 308.6 mln net profit, i.e. by 51.8% more than in the same period of the previous year. EBITDA totalled to PLN 564.5 mln, i.e. by 34.3% more than in Q1 2012. These results might be generated with revenues on the level of PLN 2,380 mln, which proved lower by 10%.

The greatest increase of the result on the level of EBITDA was reported in the segment of Trade. It amounted to 224.4% in relation to Q1 2012 (from PLN 42 mln to PLN 137 mln). What affected the increase was e.g. a growth of the first contribution margin on the electricity trading activities in ENEA S.A. by PLN 92.1 mln. Another segment which demonstrated a growth of EBITDA in Q1 2013 was Distribution. It amounted to 16.5%, from PLN 240 mln in Q1 2012 to PLN 280 mln in the same period of 2013. The main impact on the realised result had a drop in costs of the segment, in particular thanks to lower costs of transmission services and a decrease in the costs of energy purchase for resale. In the segment of Generation a drop was noted by 2.1% to the level of PLN 163 mln. It stemed mainly from a drop in revenues from certificates of origin by PLN 28.9 mln (a drop in the average selling price by 35.4%) and a drop in costs of materials yoy by PLN 10 mln.

Comparative data for Q1 2012 were restated as a result of introduction in 2012 of a change in the accounting policy relating to the rules of recognition, valuation and presentation of allowances for emissions of CO₂. The change resulted in the increase in costs of materials in Q1 2012 by PLN 69,3 mln, decrease in amortisation and depreciation by PLN 12,3 mln, which translates into the diminishing of the operating result by PLN 56,9 mln, and the net profit by PLN 46,1 mln.

Good results in 2012 were reflected in the rating of the Company. A long-term rating issued by Fitch in April 2011 on the level of BBB (on an international scale) and A (on a national scale) with a stable outlook was maintained on 4 April 2013. Also in April 2013 the shareholders of the ENEA Group decided to distribute the profit for 2012. Pursuant to the resolution of the Ordinary General Meeting of Shareholders of 24 April the Company will pay dividend amounting to PLN 158.9 mln from net profit for 2012, which means PLN 0.36 dividend per share. The record date was set on 23 July 2013 and the payment date on 12 August 2013.

During the completed quarter the Supervisory Board elected the Management Board for the new term. The function of the President of the Board was vested in Krzysztof Zamasz. The Member of the Board for Corporate Affairs is Paweł Orlof and the Member of the Board for Commercial Affairs is Grzegorz Kinelski. In April 2013 the Supervisory Board complemented the composition of the Management Board with a Member of the Board for Financial Affairs.  The position was vested in Dalida Gepfert who took the office formally on 23 April 2013.