Estimated financial and operational data of the Energa Group for Q3 and 9 months of 2022

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  • Current reports
Title: Estimated financial and operational data of the Energa Group for Q3 and 9 months of 2022
Date: 2022.15.11
Report no.:  Current report No. 44/2022

Current report No. 44/2022

Date: 15 November 2022

Subject: Estimated financial and operational data of the Energa Group for Q3 and 9 months of 2022

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 third quarter and 9 months of 2022.

Estimated selected data for Q3 2022:

Revenues of the Group: PLN 5,507 million (vs. PLN 3,317 million in Q3 2021).

EBITDA of the Group: PLN 1,080 million (vs. PLN 692 million in Q3 2021), including:

EBITDA of the Distribution Business Line: PLN 374 million (vs. PLN 424 million in Q3 2021),

EBITDA of the Generation Business Line: PLN 363 million (vs. PLN 14 million in Q3 2021),

EBITDA of the Sales Business Line: PLN 373 million (vs. PLN 263 million in Q3 2021).

Operating result (EBIT) of the Group: PLN 801 million (vs. PLN 430 million in Q3 2021).

Net profit of the Group: PLN 536 million (vs. PLN 295 million in Q3 2021).

CAPEX of the Group: PLN 1,296 million (vs. PLN 420 million in Q3 2021).

Distribution of electricity: 5,604 GWh (vs. 5,627 GWh in Q3 2021).

Gross production of electricity: 1,082 GWh (vs. 1,042 GWh in Q3 2021).

Retail sales of electricity: 4,360 GWh (vs. 4,407 GWh in Q3 2021).

In Q3 2022, the Energa Group generated PLN 1,080 million in EBITDA (operating profit before amortization and impairment of non-financial non-current assets), a 56% increase compared to the corresponding period of the previous year. This result was mainly influenced by:

a) EBITDA achieved by the Distribution Business Line in the amount of PLN 374 million (lower by PLN 50 million y/y). The reason for the decrease in EBITDA was mainly higher costs of employee benefits due to inflationary pressure and unfavourable valuation of actuarial reserves,

b) EBITDA achieved by the Generation Business Line in the amount of PLN 363 million (an increase of PLN 349 million y/y). The reason for the increase in value of this result was mainly higher revenues from electricity sales (among others due to higher production volume at the Ostrołęka power plant), partially offset by a higher cost of CO2 emission allowances driven by an increase in market prices of allowances, as well as a higher cost of fuel. The valuation of open positions for electricity by the Ostrołęka power plant also had a positive impact,

c) EBITDA achieved by the Sales Business Line of PLN 373 million (an increase of PLN 110 million y/y). The increase in EBITDA was primarily driven by an increased margin on electricity sales due to a higher average unit margin.

The Group's net profit in Q3 2022 amounted to PLN 536 million compared to PLN 295 million in the corresponding period of 2021. The y/y increase in the net profit was mainly due to higher operating results of the Group.

Estimated selected data for 9 months of 2022:

Revenues of the Group: PLN 15,024 million (vs. PLN 9,986 million in 9M 2021).

EBITDA of the Group: PLN 3,098 million (vs. PLN 2,109 in 9M 2021), including:

EBITDA of the Distribution Business Line: PLN 1,651 million (vs. PLN 1,503 million in 9M 2021),

EBITDA of the Generation Business Line: PLN 816 million (vs. PLN 163 million in 9M 2021),

EBITDA of the Sales Business Line: PLN 680 million (vs. PLN 474 million in 9M 2021).

Operating result (EBIT) of the Group: PLN 2,184 million (vs. PLN 1,237 million in 9M 2021).

Net profit of the Group: PLN 1,593 million (vs. PLN 963 million in 9M 2021).

CAPEX of the Group: PLN 2,231 million (vs. PLN 1,365 million in 9M 2021).

Distribution of electricity: 17,483 GWh (vs. 17,194 GWh in 9M 2021).

Gross production of electricity: 3,408 GWh (vs. 2,964 GWh in 9M 2021).

Retail sales of electricity: 13,313 GWh (vs. 13,723 GWh in 9M 2021).

During the first 9 months of 2022, the Energa Group achieved an EBITDA of PLN 3,098 million, which means an increase of 47% y/y. The increase was the strongest in the Generation Business Line (EBITDA increased by PLN 653 million), primarily due to higher revenue from electricity sales. The positive effect of this factor was only partially offset by a higher cost of key fuels in the generation business and higher cost of purchase of emission allowances. The valuation of open positions for electricity by the Ostrołęka power plant also had a positive impact. The Sales Business Line improved its EBITDA by PLN 206 million y/y, which was due to having generated a higher margin on electricity sales. The Distribution Business Line's result improved by PLN 148 million, mainly due to a higher distribution margin (with grid losses) driven by favourable volumes of distribution service sales and low grid losses.

The data presented are estimates and may change. The final financial and operational data will be presented in the consolidated quarterly report of the Energa Group for Q3 2022.

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