ENEA Group summarised H1 2013

ENEA Capital Group managed to handle the difficult situation on the energy market. In H1 2013 ENEA increased its profits. Despite lower revenues it reported growths on the key levels: EBITDA, EBIT and net profit.

In H1 2013 revenues of the ENEA Group amounted to PLN 4,596 mln, EBITDA result PLN 934 mln and the net profit to PLN 452 mln. Comparing to the data for the similar period of 2012 it means a drop in revenues by 8.5%, and simultaneously a growth of EBITDA by 8.2% and a growth in the net profit by 7.1%. The Group's operating cash flow increased considerably, i.e. by 39.5% and after 6 months of 2013 amounted to PLN 880 mln.

- Despite a disadvantageous situation on the energy market the ENEA Capital Group generated good financial results in H1 2013 - said Krzysztof Zamasz, President of the Board of ENEA S.A.

The greatest percentage increase of the EBITDA result was reported in the segment of trade. It amounted to PLN 213 mln, which means a result by 79% better as compared to the same period of 2012. The greatest impact on the improvement had the generation of a higher margin on a unit of energy sold to end users. It was possible thanks to a smaller average purchase price and maintaining of the average selling price of energy on a similar level compared to January-June 2012. 

Segment of distribution also managed well. Its EBITDA result amounted to PLN 512 mln, which means a growth by 14.5%. It was affected by lower costs of purchasing transmission services and purchasing energy needed to cover the book-tax difference. Additionally, higher revenues were generated on sales of distribution services, which reduced slightly lower revenues from connection fees.

A drop was however reported in the segment of generation. Its EBITDA result amounted to PLN 244 mln - i.e. by 27.8% less than a year before. It was an impact of: lower market energy prices, lower revenues from certificates of origin and lower allocation of allowances for emissions of CO₂. EBITDA in this segment was positively affected by: Elektrociepłownia Białystok and Windfarm Polska (the owner of Bardy Wind Farm).

- Stable results of the last quarters were reflected in a good rating of the company - emphasises Dalida Gepfert, Member of the Management Board for Financial Affairs of ENEA S.A. She reminded that on 4 April 2013 Fitch agency maintained the prior, long-term rating on the level of BBB (on an international scale) and A (on a national scale) with a stable outlook.