Polenergia’s profit in 1Q 2022 grows...

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Polenergia’s profit in 1Q 2022 grows by 220 percent

Polenergia - the largest Polish private energy group - once again recorded a significant improvement of all key financial indicators in the first quarter of 2022. The adjusted net profit grew by 237 percent y/y to PLN 116 million, while the corrected EBITDA grew by 136 percent y/y to PLN 179 million. Sales revenues from January to March this year reached the level of PLN 2,476 million, which means a growth by 289 percent y/y.
  • PLN 2,476 million of sales revenues in the first quarter of 2022.
  • PLN 179 million of adjusted EBITDA in the first quarter of 2022.
  • PLN 116 million of adjusted net profit in the first quarter of 2022.
  • PLN 110 million of net profit in the first quarter of 2022.
  • 57% of adjusted EBITDA margin in the first quarter of 2022 (excluding the trade segment).
  • 43% average net productivity of wind farms in the first quarter of 2022.
  • 269 GWh of record net production of energy from wind farms in the first quarter of 2022.
  • 205 MW capacity of currently constructed onshore wind farm projects.

In the first quarter of 2022, Polenergia sustained the growing trend accomplishing results on the level of adjusted EBITDA and net profit amounting to PLN 178.9 million and PLN 109.6 million, respectively, which is an increase in relation to the first quarter of the previous year by PLN 103.2 million and by PLN 75.4 million, respectively. Improvement of the Group’s indicators in the reported period was caused, among others, by very good results of the segment of trading and sale primarily on account of an increase in the valuation of futures in the area of sale to strategic clients, as well as higher result on energy and certificates trading, and the segment of onshore wind farms caused by better wind conditions.

Polenergia’s revenues from January to March this year reached PLN 2,476 million and were higher from last year’s revenues by PLN 1,839 million, which was primarily caused by higher revenues in the segment of trading and sale by PLN 1,792 million and onshore wind farms by PLN 39 million. The adjusted EBITDA margin of the Group, excluding trading activities (this segment is characterised by a relatively lower unit margin with a very high transaction volume) grew in the first quarter of 2022 by 9.8 p.p. to 57.1 percent.

The beginning of the year was marked by very good windiness. Storm Franklin set Polenergia’s windmills in motion on the record levels. On 21 February, generation of the Group’s wind segment reached the capacity of 250 MW, which almost constitutes 89% of the total capacity of Polenergia’s wind arms. Net production of green energy from onshore wind farms in the first quarter of the year accomplished a record level of 268.5 GWh. As compared to the first quarter of the previous year, this means a growth by as much as 55 percent.  The average productivity of the entire sector in Poland in the first quarter of 2022 reached 41.7 percent. However, the company continues to exceed productivity of the entire wind industry by accomplishing a result on the level of 43.3 percent. The Group’s leader is the Mycielin Wind Farm with productivity in the reporting period at 51 percent. The Gawłowice Wind Farm recorded a slightly lower result, on the level of 47%. Commissioned in October last year, the newest investment – the Szymankowo Wind Farm – has the productivity at the level of 45 percent.

In relation to the ongoing armed conflict in Ukraine, events and risk factors which may affect the operation and the financial results of Polenergia are monitored and identified on an ongoing basis. In the assessment of the Management Board, the Group is not directly exposed to the negative effects of the conflict given the marginal engagement of the Group’s companies in operation in the area of Russia, Belarus and Ukraine and cooperation with partners who have their registered offices in these countries. The Segment of Gas and Clean Fuels remains largely resistant to the ongoing variability of prices at the market. The margin on the production of electricity in 2022 is not at risk in relation to reversal of contracts for sale of electric energy and purchase of gas and rights to CO2 emission in 2022.  On the other hand, supplies of gas in relation to the performed contracts for production of heat have already been secured until the end of 2023.

A key element of the plan of making Europe independent from fossil fuels in the course of the next eight years in raising the RES goal for 2030 by 8 p.p., from 32 percent to 40 percent. The persisting high prices of energy along with limited use of conventional resources such as coal, gas and petroleum may become an additional incentive for increasing the scale of investments in Renewable Energy Sources.

Ph.D. Michał Michalski

President of the Management Board of Polenergia

Implementation of Polenergia’s strategy is progressing without any significant disruptions. The Group is building four wind farm projects with a total capacity of 205 MW, which received support as part of RES auctions. Construction of the Dębsk and Kostomłoty wind farms is going according to the schedule and their completion is planned in the third quarter of this year. In the case of the Dębsk Wind Farm with a capacity of 121 MW, all 55 turbines were assembled and energised and the test run of individual turbines is under way. In case of the Kostomłoty Wind Farm with a capacity of 27 MW, all 9 turbines were assembled and test run has also started. The projects of Piekło Wind Farm with a capacity of 13 MW and Grabowo Wind Farm with a capacity of 44 MW are at the stage of construction which will last until the middle of the next year.

The project of Buk Photovoltaic Farms is at the final stage of construction. Its completion is planned in the third quarter of this year. In turn, two portfolios of photovoltaic projects, Sulechów II and Sulechów III, are waiting for relevant permits and their start-up is scheduled already in May.

Development work in the offshore wind farm segment continues. In February 2022, project companies Bałtyk II Offshore Wind Farm and Bałtyk III Offshore Wind Farm selected the preferred supplier of offshore turbines. Thence, Polenergia and Equinor jointly performing the Baltic investments were the first among companies performing offshore wind farm projects in Poland to select their supplier of generators.

In the first quarter of 2022, Polenergia Fotowoltaika assembled the photovoltaic installations with a total capacity of 22.9 MW, while Polenergia Pompy Ciepła installed 97 heat pumps. Both companies marketed the Polenergia 360 product aimed at guaranteeing a return from photovoltaic investments for the prosumers on the level comparable to the discount system, at the same time providing the clients with clean, renewable and zero emission energy produced in the Group’s generation assets in the exceptional standard of Energia 2051, confirmed with the TÜV SÜD certificate. In spite of a change in the support system by liquidation of the prosumer system of discounts and introduction of the net-billing system, high prices of energy and call for applications in the fourth edition of the “Mój Prąd” programme may motivate new clients to set up photovoltaic installations, which offer energy independence for households.

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