Current report No.: 46/2018
Current report No.: 46/2018
Date of preparation: 7 August 2018
Short name of issuer: ENEA S.A.
Subject: Information on preliminary financial results for H1 2018
Legal basis: Article 17 item 1 of MAR - confidential information
Content of report:
In relation to the information obtained by the Management Board of ENEA S.A. ("Company") on 7 August 2018 concerning preliminary financial results of ENEA Capital Group for H1 2018, the Company hereby makes public the preliminary results, which are presented hereinbelow.
Consolidated financial results of ENEA Capital Group for H1 2018:
Net sales revenue: PLN 6 040 million
EBITDA: PLN 1 304 million
EBIT: PLN 633 million
Net profit: PLN 462 million
Net profit attributable to shareholders of the Parent PLN 431 million.
EBITDA in individual areas of activities:
Trading: PLN 29 million
Distribution: PLN 580 million
Generation: PLN 437 million
Mining: PLN 274 million
Selected operating data:
Net coal production: 4.52 million tonnes,
Total generation of electricity: 13.981 TWh
Sales of distribution services to end users: 10.047 TWh,
Sales of electricity and gaseous fuel to retail customers: 10.654 TWh.
The preliminary EBITDA generated by ENEA Capital Group in H1 2018 was affected by the following events:
- Trading Area - a higher volume of sales to end users with a simultaneous increase in costs of ecological obligations (predominantly the green obligation) and in purchase prices of electricity;
- Distribution Area - a higher sales volume of distribution services and a higher result on other operating activities mainly due to compensations received and lower, as compared to the corresponding period of 2017, provisions concerning the grid assets;
- Generation Area - besides increased generation capacity as compared to the year 2017 - the warranty inspection of Unit No. 11 at Kozienice Power Plant took place, while prolonged modernisation of Unit No. 10 was carried out alongside with stoppage on Unit No. 9, due to adaptation of generation units for BAT conclusions at Kozienice Power Plant. Market conditions concerning electricity prices and growing variable costs have a significant impact on the segment's results;
- Mining Area - after the difficulties of the first quarter, the subsequent period, on the back of an increase in the sales price, brought stabilization of the production level and reconstruction of the results in the segment.
Non-consolidated financial results of ENEA S.A. for H1 2018:
Net sales revenue: PLN 2 250 million
EBITDA: PLN 15 million
EBIT: PLN 14 million
Net profit: PLN 748 million
The preliminary non-consolidated net financial result generated by ENEA S.A. in H1 2018 was mostly affected by factors connected with energy trading, such as a higher volume of sales to end users, higher costs of ecological obligations (predominantly the green obligation) and purchase prices of electricity.
At the same time, the Issuer hereby informs that, as a result of IFRS 15 implementation, revenues from contracts, for which Companies belonging to ENEA Capital Group serve as agents, are recognised in net values, which significantly reduces the relevant income and expense items, but does not affect the operating results of the individual Companies.
The final financial results will be published in the extended consolidated half-year report of ENEA Capital Group for H1 2018, which is scheduled to be released on 13 September 2018.