TIDM75NN
RNS Number : 8823G
Tauron Polska Energia S.A.
19 March 2020
Estimated results for 2019 and Q4 2019
19 March 2020
TAURON Polska Energia S.A.
(LEI No: 259400NAPDFBOTNCRL54)
TAURON Polska Energia Capital Group's estimated results for 2019
and Q4 2019
TAURON Polska Energia S.A. ("Company", "Issuer") presents
selected estimated consolidated financial results and operating
data of TAURON Polska Energia S.A. Capital Group ("TAURON Group",
"Group") for 2019 and Q4 2019.
Selected estimated financial results for:
(a) 2019
Sales revenue and compensations: PLN 20,511 million
EBITDA (operating profit increased by depreciation, amortization
and write-downs for non-financial assets): PLN 3,599 million,
including:
- Distribution Segment's EBITDA: PLN 2,606 million
- Generation Segment's EBITDA: PLN 984 million
- Supply Segment's EBITDA: PLN 429 million
- Mining Segment's EBITDA: PLN (500) million
EBIT (operating profit): PLN 295 million
Gross loss: PLN (15) million
Net loss: PLN (12) million
CAPEX: PLN 4,128 million
Net debt as of December 31, 2019: PLN 10,130 million
Net debt / EBITDA ratio as of December 31, 2019: 2.81x
(b) Q4 2019
Sales revenue and compensations: PLN 5,251 million
EBITDA (operating profit increased by depreciation, amortization
and write-downs for non-financial assets): PLN 583 million,
including:
- Distribution Segment's EBITDA: PLN 606 million
- Generation Segment's EBITDA: PLN 319 million
- Supply Segment's EBITDA: PLN (105) million
- Mining Segment's EBITDA: PLN (238) million
EBIT (operating loss): PLN (1,023) million
Gross loss: PLN (1,121) million
Net loss: PLN (866) million
CAPEX: PLN 1,387 million
Selected estimated operating data for:
(a) 2019
Electricity distribution: 51.73 TWh (including to the final
consumers: 49.98 TWh)
Gross electricity production: 13.88 TWh
Heat production: 10.85 PJ
Retail electricity supply: 33.73 TWh
Commercial coal production: 3.78 million tons
Commercial coal sales: 3.80 million tons
(b) Q4 2019
Electricity distribution: 12.99 TWh (including to the final
consumers: 12.58 TWh)
Gross electricity production: 3.46 TWh
Heat production: 3.71 PJ
Retail electricity supply: 8.70 TWh
Commercial coal production: 0.84 million tons
Commercial coal sales: 0.83 million tons
Material factors impacting the FY 2019 earnings:
- difficult mining and geological conditions at the Group's
three coal mines persisting throughout 2019, resulting in a low
volume of commercial coal production,
- higher, year-on-year, margin on the sales of electricity from
conventional sources (the effect of higher clean dark spread
despite lower production volume primarily due to growing
electricity imports) and from renewable sources (the effect of
higher electricity sales prices and higher production volume due to
favorable weather conditions and the acquisition of the wind farms
with the capacity of 180 MW in Q3 2019),
- impairment tests of TAURON Group's assets, carried out as of
December 31, 2019 and as of June 30, 2019 (current reports no.
9/2020 of March 17, 2020 and no. 30/2019 of August 19, 2019), which
demonstrated the legitimacy of booking net write-downs for
impairment of tangible and intangible fixed assets as well as the
rights to use assets, which led to a drop of the Group's EBIT by
PLN 1,305 million. The booking of the above mentioned write-downs
did not affect the Group's EBITDA,
- setting up, in Q4 2019, of a provision for onerous contracts
in the Supply Segment (current report no. 56/2019 of December 17,
2019), as a consequence of the electricity sales price (tariff) for
the G tariff groups consumers approved by the President of the
Energy Regulatory Office on December 17, 2019, which led to a drop
of the Group's EBIT and EBITDA by PLN 237 million,
- booking of a profit from the opportunistic acquisition of the
wind farms with the capacity of 180 MW (current report no. 35/2019
of September 3, 2019), in connection with the completion on the day
of filing this report of the main works related to the final
settlement of the said transaction, which led to a rise of the
Group's Q4 2019 EBIT and EBITDA by PLN 120 million.
The financial results presented above are estimates and may be
subject to change.
The final figures will be presented in the consolidated report
for 2019, which is scheduled to be published on April 1, 2020.
Legal basis: Art. 17 sec. 1 of MAR - inside information
Enquiries to:
TAURON Polska Energia S.A.
3 Ks. Piotra ciegiennego Street
40-114 Katowice, Poland
Marcin Lauer - Head of IR
tel. no. +48 32 774 27 06
Pawe Gaworzyński - Chief IR
Officer
tel. no. +48 32 774 25 34
Miros aw Szczygielski - Chief IR
Officer
tel. no. +48 516 112 858
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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