Polenergia with an environmental decision for the first Polish offshore wind farm in the Baltic Sea and PLN 2 billion in sales revenues

• PLN 2.156 billion in sales revenues after three quarters of 2016, an increase by 6.1 percent y/y;
• PLN 155.3 million of the adjusted EBITDA after three quarters of 2016, a decrease by 5 percent y/y;
• PLN 23.7 million of the adjusted net profit after three quarters of 2016, a decrease by PLN 40 million y/y; 
• 35.5 percent adjusted EBITDA margin after three quarters of 2016 (trading activity excluded);
• The total installed capacity of 369 MW, an increase by 19.8 percent y/y;
• PLN 21 million investment in the area of distribution in the years 2017–2018;
• The segments of conventional energy, biomass, energy trading and distribution diversify the negative effects of the onshore wind farm market;
• The first in Poland environmental decision for the construction of an offshore wind farm in the Baltic Sea and Wińsko bioenergy plant construction permit.

Po trzech kwartałach 2016 roku Grupa Polenergia osiągnęła wynik na poziomie skorygowanej EBITDA wynoszący 155,3 mln PLN, co stanowi spadek o 5 proc. w stosunku do analogicznego okresu roku ubiegłego. Skorygowana EBITDA segmentu energetyki konwencjonalnej była wyższa o 14,4 proc. od ubiegłorocznej. Poprawę wykazał także segment dystrybucji. Niższy o 13,4 proc. wynik segmentu energetyki odnawialnej spowodowany był przede wszystkim gorszymi warunkami wietrznymi oraz niższą ceną zielonych certyfikatów. Efekt ten został częściowo skompensowany ujęciem wyników farm wiatrowych Mycielin oraz Skurpie, które nie operowały w pełni w porównywalnym okresie 2015 roku. Spadki cen zielonych certyfikatów również negatywnie wpłynęły na wynik segmentu obrotu, który okazał się niższy niż przed rokiem. Efekt ten został tylko częściowo skompensowany przez lepsze wyniki w obszarze handlu.

In the period January–September 2016 the segment of conventional energy, biomass, energy trading and distribution generated approx. 60 percent of EBITDA. The adjusted EBITDA margin, trading activity excluded (this segment is characterized by a relatively low unit margin at the very high volume of transactions), grew after three quarters from 30.8 percent the year before to 35.5 percent this year. Moreover, at the level of net profit the result was charged with write-downs adjusting the value of the project of Bernau–Szczecin pipeline and wind farms under development and receivables, which was associated with the entry into force of the so-called Distance Act.

The strategic project being developed by Polenergia is construction of offshore wind farms in the Baltic Sea with the total capacity of 1.2 GW. The company, as the first in Poland, obtained in July 2016 the environmental decision for the project of Central Baltic Sea III offshore wind farm

At present, the portfolio of Grupa Polenergia includes the onshore wind farm projects with the total capacity of approx. 270 MW, which are in the final phase of development and which are granted the construction permits. There are also works in progress preparing those projects for the auction process. The company is also preparing Wińsko biomass power plant project to participate in the auction – it obtained the construction permit in the third quarter of 2016.

At the end of the third quarter of 2016 Polenergia had the total installed capacity at the level of 369 MW, 245 MW of which was from wind farms, which in turn made the company one of the leaders on the Polish market. The remaining 124 MW came from gas-based cogeneration, giving Grupa a 15 percent share in the domestic market of energy generation from natural gas, mainly due to Nowa Sarzyna heat and power plant.