Estimated financial and operational data of the Energa Group for Q4 2022 and for 2022
Belongs to:
- Current reports
Current report No. 3/2023
Date: 15 February 2023
Subject: Estimated financial and operational data of the Energa Group for Q4 2022 and for 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 fourth quarter of 2022 and for 2022.
Estimated selected data for Q4 2022:
Revenues of the Group: PLN 5,268 million (vs. PLN 3,805 million in Q4 2021).
EBITDA of the Group: PLN -453 million (vs. PLN 340 million in Q4 2021), including:
EBITDA of the Distribution Business Line: PLN 393 million (vs. PLN 545 million in Q4 2021),
EBITDA of the Generation Business Line: PLN 21 million (vs. PLN -51 million in Q4 2021),
EBITDA of the Sales Business Line: PLN -846 million (vs. PLN -131 million in Q4 2021).
Operating result (EBIT) of the Group: PLN -745 million (vs. PLN 41 million in Q4 2021).
Net profit of the Group: PLN -633 million (vs. PLN -26 million in Q4 2021).
CAPEX of the Group: PLN 1,029 million (vs. PLN 742 million in Q4 2021).
Distribution of electricity: 5,751 GWh (vs. 5,880 GWh in Q4 2021).
Gross production of electricity: 1,126 GWh (vs. 1,172 GWh in Q4 2021).
Retail sales of electricity: 4,679 GWh (vs. 4,855 GWh in Q4 2021).
The Energa Group generated EBITDA (operating profit before amortization and impairment of non-financial non-current assets) of PLN -453 million in Q4 2022, which means a decrease by PLN 793 million compared to the same period of the previous year. This result was mainly influenced by:
a) EBITDA achieved by the Distribution Business Line in the amount of PLN 393 million (a decrease by PLN 152 million YoY). The reason for the decrease in EBITDA was primarily a lower margin on sales of distribution service with grid losses mainly due to the unfavourable volume and price of grid losses YoY. Operating costs, including employee benefit expenses, were also higher due to inflationary pressures.
b) EBITDA achieved by the Generation Business Line of PLN 21 million (an increase by PLN 72 million YoY). The reason for the higher EBITDA result was higher revenues from the sale of electricity. The positive impact of the above factors was partly reduced by the higher cost of consumption of key production fuels and the higher cost of purchasing emission allowances.
c) EBITDA achieved by the Sales Business Line in the amount of PLN -846 million (a decrease by PLN 715 million YoY). The reason for the negative EBITDA result and its strong decrease YoY was mainly the creation of a provision for onerous contracts in the amount of PLN 916 million in connection with the implementation of the regulation of electricity sales prices to end users and the approval by the President of the Energy Regulatory Office of the tariff for households for 2023.
The Group's net profit in Q4 2022 amounted to PLN -633 million. The decrease in the net profit YoY was mainly due to lower operating results of the Group.
Estimated selected data for 2022:
Revenues of the Group: PLN 20,292 million (vs. PLN 13,791 million in 2021).
EBITDA of the Group: PLN 2,645 million (vs. PLN 2,449 million in 2021), including:
EBITDA of the Distribution Business Line: PLN 2,044 million (vs. PLN 2,048 million in 2021),
EBITDA of the Generation Business Line: PLN 837 million (vs. PLN 112 million in 2021),
EBITDA of the Sales Business Line: PLN -166 million (vs. PLN 343 million in 2021).
Operating profit (EBIT) of the Group: PLN 1,439 million (vs. PLN 1,278 million in 2021).
Net profit of the Group: PLN 960 million (vs. PLN 937 million in 2021).
Capital expenditures: PLN 3,260 million (vs. PLN 2,107 million in 2021).
Distribution of electricity: 23,233 GWh (vs. 23,074 GWh in 2021).
Gross production of electricity: 4,533 (vs. 4,136 GWh in 2021).
Retail sales of electricity: 17,992 GWh (vs. 18,578 GWh in 2021).
In 2022, the Energa Group reported an EBITDA result of PLN 2,645 million, which means an increase by 8% YoY. The largest growth was recorded by the Generation Business Line (EBITDA higher by PLN 725 million YoY), which was mainly due to higher revenues from the sale of electricity. The positive impact of the above factor was only partly reduced by the higher cost of consumption of key production fuels and the higher cost of purchasing emission allowances. The valuation of open positions on electricity concluded by the Ostrołęka power plant also had a positive effect. The Sales Business Line reported an EBITDA result lower by PLN 509 million, which was mainly related to the creation of a provision for onerous contracts in the amount of PLN 916 million, referred to in the description regarding Q4 2022 above. The Distribution Business Line reported an EBITDA result at the same level as in 2021. The higher margin on sales of distribution service resulting from a higher average sales price YoY was offset by a higher level of operating costs due to inflationary pressures and a decrease in revenues from connections.
The data presented are estimates and are subject to review by the auditor, therefore they may change. The final financial and operational data of the Energa Group for Q4 2022 and for 2022 will be presented in the consolidated financial statements of the Energa Group for 2022.