Current Report No.: 26/2021
Current Report No.: 26/2021
Date of Preparation: 20 August 2021
Issuer's Abbreviated Name: ENEA S.A.
Subject: Information on preliminary financial and operating results for H1 2021
Legal Basis: Article 17(1) of the Market Abuse Regulation - confidential information
Body of the report:
In connection with the adoption, on 20 August 2021, by the Management Board of ENEA S.A. ("Company", "Issuer"), of information on preliminary financial and operating results of the ENEA Group for the first half of 2021, the Company hereby publishes the said preliminary results.
Consolidated financial results of the ENEA Group for H1 2021:
- Revenue from sales and other income: PLN 9,823 million,
- EBITDA: PLN 1,652 million,
- Profit before tax: PLN 929 million,
- Net profit for the reporting period: PLN 736 million,
- Net profit attributable to shareholders of the parent company: PLN 699 million,
- CAPEX: PLN 666 million.
EBITDA in the distinct operating areas:
- Mining: PLN 318 million,
- Generation: PLN 655 million,
- Distribution: PLN 687 million,
- Trading: PLN 9 million.
Selected operating highlights:
- Net coal production: 4.9 million tons,
- Total net electricity generation: 12.1 TWh,
- Sales of distribution services to end users: 10.2 TWh,
- Sales of electricity and gaseous fuel to retail customers: 12.2 TWh.
The EBITDA result generated by the ENEA Group in H1 2021 was driven largely by the following factors (compared to H1 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, partially offset by revenue earned on the Capacity Market. In the Heat Segment and the RES Segment, an increase in EBITDA was recorded.
In the Distribution Area, the higher EBITDA was driven by larger margins on licensed activities coupled with greater operating expenses and a lower result on other operating activities.
In the Trading area, the lower EBITDA results mainly from the lower average sales price of energy, a change in provisions related to onerous contracts, a revaluation of CO2 contracts and an increase in the costs of environmental obligations, partially offset by a lower average energy purchase price.
Consolidated financial results of the ENEA Group for Q2 2021:
- Revenue from sales and other income: PLN 4,778 million,
- EBITDA: PLN 730 million,
- Profit before tax: PLN 424 million,
- Net profit for the reporting period: PLN 330 million,
- Net profit attributable to shareholders of the parent company: PLN 314 million,
- CAPEX: PLN 358 million.
EBITDA in the distinct operating areas:
- Mining: PLN 155 million,
- Generation: PLN 288 million,
- Distribution: PLN 319 million,
- Trading: PLN -38 million.
Selected operating highlights:
- Net coal production: 2.3 million tons,
- Total net electricity generation: 6.0 TWh,
- Sales of distribution services to end users: 5.0 TWh,
- Sales of electricity and gaseous fuel to retail customers: 5.8 TWh.
Standalone financial results of ENEA S.A. for H1 2021:
- Revenue from sales and other income: PLN 3,515 million,
- EBITDA: PLN 32 million,
- Profit before tax: PLN 437 million,
- Net profit for the reporting period: PLN 507 million.
These preliminary results take into account the impact of the partial reversal of the provision of approximately PLN 114 million which the Issuer informed about in Current Report No. 23/2021 of 9 July 2021 in connection with the scheduled settlement of the investment project executed by Elektrownia Ostrołęka sp. z o.o.
The final results will be presented in the periodic report of the ENEA Group for H1 2021 scheduled to be published on 16 September 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 term CAPEX signifies capital expenditures on property, plant and equipment and intangible assets. CAPEX is a standard indicator, also in the Issuer's industry, that expresses the value of expenditures incurred in connection with the maintenance and growth of business by the respective entity. The foregoing definitions and methodologies for their calculation are the same as the definitions and methodologies for the calculation of these indicators applied in the Issuer's periodic reports. The definitions of these terms are also included in the glossary of terms and abbreviations available on the Company's website (https://ir.enea.pl/slownik).
