The Management Board of company operating under the business name Polenergia S.A. with its registered office in Warsaw, Poland (“Issuer”) hereby publicly announces selected initial and estimated consolidated financial results of the Capital Group of Polenergia S.A. (“Group”) for the first half of 2022.
In the first half-year of 2022, the adjusted EBITDA of the Group reached PLN 211.3 million and was higher by PLN 24.1 million as compared to the result in the analogous period of the previous year. This primarily followed from the higher result in the segment of onshore wind farms caused by higher volume of production following better wing conditions and increase in the generating capacity as compared to the analogous period of the previous year, which was partially compensated by the lower result of the gas and clean fuel segment primarily due to the lower result on optimisation of operation of the Nowa Sarzyna Co-generation Plant (“NSCP”) in 2022 (which had positive impact on the result in 2021) and a lower margin on sale of heat as a result of higher prices of gas and CO2 emission certificates.
In the first half of 2022, the Group’s adjusted net profit was at PLN 119.1 million, which is an increase by PN 24.0 million as compared to the result in the analogous period of the previous year.
The Group’s results accomplished in the second quarter of 2022 were influenced by the hitherto unprecedented scale of variability of electric energy and natural gas prices as well as the difficult situation of the electric power systems in Europe.
The adjusted EBITDA in the second quarter of 2022 reached PLN 32.4 million and was lower by PLN 79.0 million as compared to the result in the analogous period of the previous year. This was primarily caused by:
– lower result on the optimisation of the operation of NSCP (in relation to the lack of favourable market conditions) which positively affected the result in the analogous period in 2021,
– lower result on sale of electricity from the RES assets, following an increase in the cost of profile caused by a significant increase of both variability and the level of market prices with secured sale prices and,
– lower margin on sale to strategic clients in consequence of settlement of futures which are the object of assessment at the end of the first quarter.
The effects above were partially compensated by an increase in the sales volume of electricity caused by an increase in generating capacity as compared to the analogous period of the previous year.
In the second quarter of 2022, the Group’s adjusted net profit was at PLN 3.5 million, which is a drop by PLN 57.3 million as compared to the result in the analogous period of the previous year.
The presented values are estimates and may change. The final consolidated results will be presented in detail in the consolidated half-year report of the Group containing the half-year abbreviated consolidated financial statements of the Group for the first half of 2022, the publication of which was scheduled for 17 August 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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