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05/11/2021 10:06

The Management Board of Polenergia S.A. with its registered seat in Warsaw (the “Issuer”) publishes the selected initial consolidated financial results for nine months of 2021.

During the period of nine months which ended on September 30, 2021, the corrected EBITDA result of Polenergia Group (the “Group”) amounted to PLN 282.3 million and was up by PLN 81.5 million compared to the result for the same period of the previous year. This was mainly due to higher results in the Gas and Clean Fuels segment (up by PLN 89.3 million) and in the Trading and Sales segment (up by PLN 22.9 million) for the optimization of the Nowa Sarzyna CHP operating process by following the provisions of the Portfolio Management Services and Sale of Electricity, Gas Fuels and Emission Allowances (“SLA”). The higher result was partially compensated by lower results in the Onshore Wind Farms segment (down by PLN 29.1 million) due to lower production levels resulting from lower winds.

For three quarters of 2021, the corrected net profit of the Group amounted to PLN 148.8 million, up by PLN 62.9 as compared to the analogical period of last year.

The corrected EBITDA result in Q3 of 2021 amounted to PLN 95.1 million, up by PLN 42.0 million as compared to the analogical period of last year. This was caused by higher results in the Gas and Clean Fuels segment (up by PLN 33.9 million) and in the Trading & Sales segment (up by PLN 4.5 million) due to the implementation of the ENS operation optimization process by following the SLA.

In the third quarter of 2021, the Group’s corrected net profit amounted to PLN 53.7 million, which is up by PLN 36.8 million as compared to the result in the analogical period of last year.

A significant factor affecting the results of the first three quarters of 2021 and Q3 of 2021 was the process of “reversing” the forward transactions hedging ENS production and sales in Q3 and Q4 of 2021 and 2022 as part of the process of optimizing the operation of this CHP plant. Changes in margins levels due to changes in the price levels of electricity, gas, and CO2 emission allowances relating to the production of electricity in the ENS, the so-called Clean Spark Spread (“CSS”), have allowed a decision to be made to limit the planned production and future market positions to be closed for the aforementioned periods.

The valuation of the relevant financial instruments concerning the above transactions under IFRS 9 implies the recognition of the following in the Q3 2021 result at the Group level: (i) the result on the expected production of ENS for the aforementioned future periods covered by the transactions, i.e., PLN 7.5 million (YTD: PLN 18.7 million) – this is a time shift; (ii) the impact of additional optimizations and CSS changes amounting to PLN 22.5 million (YTD: PLN 45.8 million). The effect of the valuation of these transactions on EBITDA in 3Q 2021 is presented in the Trading and Sales segment in the amount of PLN 9.2 million (YTD: PLN 17.9 million), and the Gas and Clean Fuels segment amounting to PLN 20.7 million (YTD: PLN 46.6 million).

The result of carrying out transactions relating to 3Q 2021, the valuation of which was recognized in the financial statements for the first half of 2021, was included in the amount of PLN 17.1 million while decreasing the valuation as at September 30, 2021.

The presented figures are estimates and may be subject to change. The final results will be presented in detail in the consolidated quarterly report of Polenergia S.A. Capital Group for Q3 of 2021, which is planned to be published on November 23, 2021.

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

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