In 2021, the Polenergia Group accomplished a record result on sales revenues: PLN 3999.4 million. This would not have been possible without the significant growth of revenues in the entire fourth quarter of the last year. From October to December 2021, the Group’s sale amounted to PLN 2066.9 million; the greatest impact on this result was exerted by sales revenues in trading and sale segments that were higher by PLN 1480 million, gas and clean fuels result that was higher by PLN 63.1 million and onshore wind farms result that was higher by PLN 24 million.
The adjusted EBITDA result throughout 2021 also accomplished a record level of PLN 361.2 million and was higher by PLN 104.4 million as compared to 2020. The growth of EBITDA was primarily caused by the result of the segment of gas and clean fuels that was higher by PLN 117 million, thanks to the performance of the process of optimisation of the Nowa Sarzyna CHP Plant. This growth was partially compensated by the result of the segment of onshore wind farms that was lower by PLN 9.8 million, caused by a lower level of production resulting from worse wind conditions as compared to 2020.
The growth of the result of the segment of gas and clean fuels from PLN 18.6 to 135.7 million was primarily due to the optimisation of the work of the Nowa Sarzyna CHP Plant, a higher result on sale of heat and system services (forced generation) and revenues from gas compensation. As part of optimisation, a “reversal” of short- and mid-term hedging transactions with respect to production and sale of electricity in Nowa Sarzyna was made, as well as “reversal” of full hedging for 2022 and partial one for 2023. Limitation of planned production and margin earned on the closing of positions on the futures market was possible due to changes in the level of margin resulting from changes in level of electricity, gas and certificates for CO2 emission prices, related to the production of electric energy in the Nowa Sarzyna CHP Plant.
Last year, the segment of trade and sale recorded a growth of the EBITDA result by PLN 0.4 million as compared to 2020, primarily in consequence of optimised hedging of production and sale of the Nowa Sarzyna CHP Plant, higher result on trading portfolio, sale to strategic clients and proprietary trading activities. The growth was compensated by a lower result on aggregation of RES and trading of energy from wind farms caused by higher costs of profile and balancing and on the trade with certificates, as well as higher operating costs related to the increase in the scale of operation.
The segment of onshore wind farms recorded EBITDA lower by PLN 9.8 million. The impact of the production volume, lower by 10% with respect to the database of projects of 2020, was partially compensated by production from the Szymankowo Wind Farm commissioned in 2021, production in the period of the start-up of the constructed Dębsk Wind Farm and higher prices of sale of green certificates and electric energy. Wind farms produced a net of 706 GwH of electricity last year, which eventually was only 1% worse than the result in 2020. Their productivity is at all times above the average of the entire domestic sector. Only in the fourth quarter of 2021, the productivity of the Polenergia farms reached the level of 38.5%, which was the best result in seven quarters.
In turn, the result in the segment of photovoltaics, lower by PLN 0.8 million, was primarily the consequence of an increase in costs related to the development of projects at the stage of development.
The EBITDA result, higher by PLN 4.2 million in the distribution segment, was mainly influenced by a higher margin on the distribution of electricity caused by growths in revenues from connection fees, higher unit margin on sale of electricity and entry of the new tariff into force. The result was partially compensated by higher operating costs, as well as costs sustained on implementation of a pilot project within the scope of electro-mobility.
Following the events described above, the adjusted EBITDA margin, excluding the trading and sale segment, was 50.1% and higher by 12.6 p.p. from the margin reported in the analogous period of the previous year. In the fourth quarter of 2021 only, the value of this index was 41% and was higher by 1.7 p.p. from the value earned in the fourth quarter of 2020.