Estimated financial and operational data of the Energa Group for Q4 2023 and for 2023
Belongs to:
- Current reports
Current report No. 6/2024
Date: 21 February 2024
Subject: Estimated financial and operational data of the Energa Group for Q4 2023 and for 2023
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 2023 and for 2023.
Estimated selected data for Q4 2023:
Revenues of the Group: PLN 6,597 million (vs. PLN 5,420 million in Q4 2022).
EBITDA of the Group: PLN -496 million (vs. PLN -525 million in Q4 2022).
Operating result (EBIT) of the Group: PLN -816 million (vs. PLN -817 million in Q4 2022).
Net profit of the Group: PLN -855 million (vs. PLN -584 million in Q4 2022).
CAPEX of the Group: PLN 1,446 million (vs. PLN 1,029 million in Q4 2022).
Distribution of electricity: 5,801 GWh (vs. 5,751 GWh in Q4 2022).
Gross production of electricity: 971 GWh (vs. 1,126 GWh in Q4 2022).
Retail sales of electricity: 4,571 GWh (vs. 4,679 GWh in Q4 2022).
The Energa Group generated EBITDA (operating profit before amortization and impairment of non-financial non-current assets) of PLN -496 million in Q4 2023. This result was mainly influenced by a provisions for onerous contracts in the Sales Business Line (the result of the tariffs of the President of the Energy Regulatory Office for households and regulations on electricity sales prices) and the provision created by Energa Obrót SA due to penalties imposed by the President of the Energy Regulatory Office. The Distribution Business Line recorded lower y/y results, primarily due to the high price of electricity purchase to cover grid losses.
Estimated selected data for 2023:
Revenues of the Group: PLN 26,086 million (vs. PLN 20,444 million in 2022).
EBITDA of the Group: PLN 2,862 million (vs. PLN 2,573 million in 2022).
Operating profit (EBIT) of the Group: PLN 1,668 million (vs. PLN 1,367 million in 2022).
Net profit of the Group: PLN 764 million (vs. PLN 1,009 million in 2022).
Capital expenditures: PLN 4,334 million (vs. PLN 3,260 million in 2022).
Distribution of electricity: 22,411 GWh (vs. 23,233 GWh in 2022).
Gross production of electricity: 3,449 (vs. 4,533 GWh in 2022).
Retail sales of electricity: 17,117 GWh (vs. 17,992 GWh in 2022).
In 2023, the Energa Group reported an EBITDA result of PLN 2,862 million, which means an increase by 11% YoY. The largest impact on this increase had the Sales Business Line and one-off events influencing the result of this Line, including a favorable change in the balance of provisions for onerous contracts and income from exit fee for transferring wholesale trade processes to Orlen Energia. At the same time, negative events occurred, including: lower margin on the sale of electricity, including as a result of the Regulation on reducing energy prices for households. The Distribution Business Line recorded lower y/y results, primarily due to the high price of energy purchase to cover grid losses. In turn, the lower EBITDA of the Generation Business Line was the result of a significant decline in the result of the power plant in Ostrołęka due to significantly lower production by this asset and unfavorable market conditions affecting its profitability. In the case of lower results in the RES area, the main factor was the regulations in force in 2023, which limited the maximum energy sales prices.
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 2023 and for 2023 will be presented in the consolidated financial statements of the Energa Group for 2023.