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INITIAL SELECTED CONSOLIDATED FINANCIAL RESULTS FOR...

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INITIAL SELECTED CONSOLIDATED FINANCIAL RESULTS FOR THREE MONTHS OF 2022

29/04/2022 17:40

The Management Board of Polenergia S.A. with its registered office in Warsaw (“Issuer”) publicly announces selected initial estimate and consolidated financial results for the first three months of 2022.

In the course of three months ended on 31 March 2022, the adjusted EBITDA of the Polenergia Group (“Group”) was PLN 178.9 million and was higher by PLN 103.2 million as compared to the result in an analogous period of the previous year. This was primarily caused by higher results of the segment of onshore wind farms (by PLN 49 million) and the segment of trading and sale (by PLN 62.5 million).

The increased result of the segment of onshore wind farms as compared to the segment in the analogous period of the preceding year was caused by high production of wind farms at the stage of exploitation (approx. 269 GWh), higher by over 50% in comparison to the production in the analogous period of the previous year; furthermore, the additional 45 GWh of electricity was generated as part of the start-up of the Dębsk wind farm.

The increase in the result of the segment of trading and sale as compared to the result in the analogous period of the previous year was caused by: i) higher result on trade of energy and certificates from wind farms as a result of higher wind production and increase in prices of energy and certificates (PLN 24.8 million); ii) increase in the result of the trading portfolio in relation to the servicing of other business lines, including sale and aggregation of RES (PLN 10.2 million); iii) assessment, as of the balance sheet date, of term transactions concluded as part of servicing of the trading portfolio and RES aggregation (PLN 28.1 million). The assessment of such transactions may change as a result of changes in the listings of futures contracts. These changes will be included in the results of the next periods.

In the period of three months of 2022, the corrected net profit of the Group was PLN 115.5 million, which is an increase as compared to the result in the analogous period of the previous year by PLN 81.3 million.

The presented values are estimates and may change. The final results will be presented in detail in the consolidated quarterly report of the Polenergia Capital Group for the first quarter of 2022, the publication of which was scheduled for 18 May 2022.

Legal basis: Art. 17(1) of Regulation of the European Parliament and Council (EU) No. 596/2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the European Union L of 2014, No. 173, p. 1)

 

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