Current Report No.: 12/2021
Current Report No.: 12/2021
Date of preparation: 11 May 2021
Issuer's Abbreviated Name: ENEA S.A.
Subject: Information on preliminary financial and operating results for Q1 2021
Legal Basis: Article 17(1) of the Market Abuse Regulation - confidential information
Body of the report:
On 11 May 2021 the Management Board of ENEA S.A. ("Company", "Issuer") adopted information on preliminary financial and operating results of the ENEA Group ("ENEA Group") for Q1 2021; in connection with the above, the Company hereby publishes the said preliminary results.
Consolidated financial results of the ENEA Group for Q1 2021:
- Revenue from sales and other income: PLN 5 046 million,
- EBITDA: PLN 923 million,
- Profit before tax: PLN 505 million,
- Net profit for the reporting period: PLN 406 million,
- Net profit attributable to shareholders of the parent company: PLN 386 million.
EBITDA in the various operating areas:
- Mining: PLN 164 million,
- Generation: PLN 367 million,
- Distribution: PLN 369 million,
- Trading: PLN 47 million.
Selected operating highlights:
- Net coal production: 2.6 million tons,
- Total net electricity generation: 6.1 TWh,
- Sales of distribution services to end users: 5.2 TWh,
- Sales of electricity and gaseous fuel to retail customers: 6.3 TWh.
The EBITDA result generated by the ENEA Group in Q1 2021 was driven by the following factors (compared to Q1 2020):
In the Mining Area, the higher EBITDA was driven mainly by the higher sales of coal, partially offset by a lower sales price.
In the Generation Area, a significant decrease in EBITDA was recorded in the System Power Plants Segment, driven by the lower margin on generation and the margin on trading and the Balancing Market, while revenue was earned on the Capacity Market. EBITDA in the Heat Segment EBITDA increased, while declining slightly in the RES Segment.
In the Distribution Area, the higher EBITDA was driven by higher margins on licensed activities, affected among others by higher revenue from sales of distribution services, lower costs of purchasing transmission and distribution services, lower costs of purchasing electricity for the balance difference purposes.
In the Trading area, the lower EBITDA results mainly from the lower average sales price of energy, a revaluation of CO₂ contracts, change in provisions related to onerous contracts and an increase in cost of environmental obligations, partially offset by a lower average energy purchase prices.
Standalone financial results of ENEA S.A. for Q1 2021:
- Revenue from sales and other income: PLN 1 813 million,
- EBITDA: PLN 20 million,
- Profit before tax: PLN 21 million,
- Net profit for the reporting period: PLN 45 million.
The final results will be presented in the periodic report of the ENEA Group for Q1 2021 scheduled to be published on 27 May 2021.
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). EBITDA is a standard measure of efficiency of a business activity, in particular for the industry in which the Issuer's Group operates. The above definition and methodology for its calculation are the same as those used to calculate this indicator in the Issuer's periodic reports. The definition above is also included in the glossary of terms and abbreviations available on the Company's website (https://ir.enea.pl/slownik).