Estimated financial and operational data of the Energa Group for Q4 2021 and for 2021
Belongs to:
- Current reports
Current report No. 3/2022
Date: 26 January 2022
Subject: Estimated financial and operational data of the Energa Group for Q4 2021 and for 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 fourth quarter of 2021 and for 2021.
Selected data for Q4 2021:
Revenues of the Group: PLN 3,780 million (vs. PLN 3 350 million in Q4 2020).
EBITDA of the Group: PLN 420 million (vs. PLN 482 million in Q4 2020), including:
EBITDA of the Distribution Business Line: PLN 523 million (vs. PLN 438 million in Q4 2020),
EBITDA of the Generation Business Line: PLN 48 million (vs. PLN 30 million in Q4 2020),
EBITDA of the Sales Business Line: PLN -127 million (vs. PLN 42 million in Q4 2020).
Operating result (EBIT) of the Group: PLN 127 million (vs. PLN 365 million in Q4 2020).
Net profit of the Group: PLN 68 million (vs. PLN 238 million in Q4 2020).
CAPEX of the Group: PLN 772 million (vs. PLN 532 million in Q4 2020).
Distribution of electricity: 5,835 GWh (vs. 5,652 GWh in Q4 2020).
Gross production of electricity: 1,172 GWh (vs. 977 GWh in Q4 2020).
Retail sales of electricity: 4 855 GWh (vs. 4 896 GWh in Q4 2020).
The Energa Group generated EBITDA (operating profit before amortization and impairment of non-financial non-current assets) of PLN 420 million in Q4 2021, a decrease of 13% compared to the same period of the previous year. This result was mainly influenced by:
a) EBITDA achieved by the Distribution Business Line of PLN 523 million (up by PLN 85 million y/y). EBITDA growth was fuelled by a higher margin on sales of distribution services due to solid volumes and lower operating costs due to a solid valuation of actuarial reserves.
b) EBITDA achieved by the Generation Business Line of PLN 48 million (up by PLN 18 million y/y). The improvement was mainly due to higher sales of electricity and system services for the Transmission System Operator, coupled with lower fixed costs. These drivers were partially offset by a higher variable cost (mainly cost of use of key production fuels with a parallel significant increase in the cost of purchase of CO2 emission allowances).
c) EBITDA achieved by the Sales Business Line of PLN -127 million (down by PLN 169 million y/y). The y/y decline in EBITDA and negative EBITDA in the reporting quarter were mostly driven by the situation on the electricity market in December 2021. Extremely high SPOT and balancing market prices for energy were recorded in that period. Furthermore, electricity consumption by customers increased more than usual in relation to the volume contracted by this Business Line. These factors contributed considerably to the balancing costs of the energy portfolio.
The Group's net profit in Q4 2021 was PLN 68 million (down by PLN 170 million y/y). The lower y/y result was mainly due to lower operating performance of the Group and an unfavourable balance of impairment losses on property, plant and equipment y/y (a significant reversal was recorded in Q4 2020).
Selected data for 2021:
Revenues of the Group: PLN 13,766 million (vs. PLN 12,458 million in 2020).
EBITDA of the Group: PLN 2,529 million (vs. PLN 2,038 in 2020), including:
EBITDA of the Distribution Business Line: PLN 2,026 million (vs. PLN 1,790 million in 2020),
EBITDA of the Generation Business Line: PLN 211 million (vs. PLN 165 million in 2020),
EBITDA of the Sales Business Line: PLN 347 million (vs. PLN 156 million in 2020).
Operating result (EBIT) of the Group: PLN 1,364 million (vs. PLN 664 million in 2020).
Net profit of the Group: PLN 1,031 million (vs. PLN -444 million in 2020).
CAPEX of the Group: PLN 2,137 million (vs. PLN 1,721 million in 2020).
Distribution of electricity: 23,029 GWh (vs. 21,763 GWh in 2020).
Gross production of electricity: 4,136 GWh (vs. 3,184 GWh in 2020).
Retail sales of electricity: 18,578 GWh (vs. 18,782 GWh in 2020).
In 2021, the Energa Group generated EBITDA of PLN 2,529 million, a 24% increase compared to 2020. The main contributors to this improvement were the Distribution Business Line (EBITDA growth by PLN 236 million y/y), mostly as a result of a higher distribution margin (due to an increased distribution volume) and lower operating expenses, as well as the Sales Business Line (EBITDA growth by PLN 191 million y/y), due to improved margins on electricity sales to end customers relative to the previous year (an increase in electricity sales margin by as much as PLN 283 million y/y). EBITDA of the Generation Business Line was also higher (by PLN 46 million y/y). The EBITDA growth of this Line was mainly due to higher sales of electricity and higher revenue from system services, however the positive effect of these drivers was partially offset by a higher cost of use of key production fuels and higher cost of purchase of CO2 emission allowances.
The data presented are estimates and are subject to review by the auditor, therefore they may change. The data for 2020 has been restated. The final financial and operational data of the Energa Group for Q4 2021 and for 2021 will be presented in the consolidated financial statements of Energa Group for 2021.