Current Report No.: 25/2020
Current Report No.: 25/2020
Date of Preparation: 9 June 2020
Issuer's Abbreviated Name: ENEA S.A.
Subject: Information on preliminary financial and operating results for Q1 2020
Legal Basis: Article 17 Section 1 of the Market Abuse Regulation - confidential information
Body of the report:
In connection with the adoption, on 9 June 2020, by the Management Board of ENEA S.A. ("Company", "Issuer"), of information on preliminary financial and operating results of the ENEA Group for Q1 2020, the Company hereby publishes the said preliminary results.
Consolidated financial results of the ENEA Group for Q1 2020:
- Revenue from sales and other income: PLN 4,592 million
- EBITDA: PLN 913 million
- Profit before tax: PLN 555 million
- Net profit for the reporting period: PLN 459 million
- Net profit attributable to shareholders of the parent company: PLN 445 million
EBITDA in the various operating areas:
- Mining: PLN 129 million
- Generation: PLN 472 million
- Distribution: PLN 307 million
- Trading: PLN 8 million
Selected operating highlights:
- Net coal production: 2.1 million tons
- Total net electricity generation: 5.4 TWh
- Sales of distribution services to end users: 5.0 TWh
- Sales of electricity and gaseous fuel to retail customers: 5.6 TWh
The EBITDA result generated by the ENEA Group in Q1 2020 was driven largely by the following factors (compared to Q1 2019):
In the Mining Area, the segment's lower result is attributable mainly to a decrease in revenue from the sale of coal in connection with the unfavorable oversupply of coal in the market.
In the Generation Area, the segment's result was favorably affected by the increase in revenue from sales of electricity and property rights.
In the Distribution Area, the higher result was driven by higher margins on licensed activities (affected by, among others, a higher rate of the fixed grid charge in the approved 2020 tariff) and a higher result on other operating activities.
In the Trading Area, the segment's result was favorably affected by the increase in the average sales price of energy. At the same time, the energy purchase prices increased (mainly due to the increase in the price of CO2 emission allowances) and so did the costs of environmental obligations.
Standalone financial results of ENEA S.A. for Q1 2020:
- Revenue from sales and other income: PLN 1,617 million
- EBITDA: PLN -15 million
- Loss before tax: PLN -37 million
- Net profit for the reporting period: PLN 14 million
The final results will be presented in the extended consolidated quarterly report of the ENEA Group for Q1 2020 scheduled to be published on 18 June 2020.
Please note that the term EBITDA is defined as the value of operating profit (loss) + depreciation and amortization + impairment losses on non-financial non-current assets (values for the reporting period). The above definition and methodology for its calculation are the same as those for the calculation of this indicator in the Issuer's periodic reports.
The definition in question is also provided in the glossary of terms and abbreviations available on the Company's website (https://ir.enea.pl/slownik).