Estimated financial and operational data of the Energa Group for Q1 2021

Belongs to:

  • Current reports
Current report No. 11/2021

Date: 28 April 2021

Subject: Estimated financial and operational data of the Energa Group for Q1 2021

Legal basis: Article 17 (1) of MAR - inside information

The Management Board of Energa SA hereby reports estimated selected financial and operational data of the Energa Group ("Group") for the first quarter of 2021.

Selected data for Q1 2021:

Revenues of the Group: PLN 3,460 million (vs. PLN 3,289 million in Q1 2020).

EBITDA of the Group: PLN 758 million (vs. PLN 568 million in Q1 2020), including:

EBITDA of the Distribution Business Line: PLN 520 million (vs. PLN 493 million in Q1 2020),

EBITDA of the Generation Business Line: PLN 104 million (vs. PLN 69 million in Q1 2020),

EBITDA of the Sales Business Line: PLN 144 million (vs. PLN 34 million in Q1 2020).

Operating result (EBIT) of the Group: PLN 484 million (vs. PLN 307 million in Q1 2020).

Net result of the Group: PLN 384 million (vs. PLN 111 million in Q1 2020).

CAPEX of the Group: PLN 345 million (vs. PLN 331 million in Q1 2020).

Distribution of electricity: 5,806 GWh (vs. 5,694 GWh in Q1 2020).

Gross production of electricity: 1,027 GWh (vs. 801 GWh in Q1 2020).

Retail sales of electricity: 4,917 GWh (vs. 4,922 GWh in Q1 2020).

In Q1 2021, Energa Group generated PLN 758 million in EBITDA (operating profit before amortization and impairment of non-financial non-current assets), up by 33% from the same period last year. This result was mainly influenced by:

a) EBITDA achieved by the Distribution Business Line of PLN 520 million (an increase of PLN 27 million y/y). EBITDA increased as a result of favourable one-off events related to a dispute and actuarial provisions, accompanied by a lower margin on distribution (with grid losses) due to higher costs of grid losses (primarily as a result of an unfavourable volume).

b) EBITDA achieved by the Generation Business Line of PLN 104 million (an increase of PLN 35 million y/y). The Line's results have been positively influenced mainly by higher power generation volumes at the Ostrołęka power plant and hydro sources, as well as higher electricity selling prices. Revenues from the sale of system services were also higher, mainly as a result of implementing the Capacity Market mechanism from the beginning of 2021. On the other hand, the increase in the purchase cost of emission allowances and lower revenues from the sale of green property rights had an unfavourable effect.

c) EBITDA achieved by the Sales Business Line of PLN 144 million (an increase of PLN 110 million y/y). The higher Q1 2021 result, compared to the same period of the previous year, was influenced by the low base effect (the tariff of the President of the Energy Regulatory Office for households, which was effective in 2020, was unfavourable) and an overall improvement of margins on sales to other clients.

The Group's net result in Q1 2021 amounted to PLN 384 million compared to PLN 111 million in the corresponding period of 2020. The increase in the result y/y was primarily due to an improvement of EBITDA.

The figures presented here are estimates and are subject to change. The final financial results will be presented in the consolidated statements for Q1 2021.

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