The Management Board of the company under the name Polenergia S.A. with its registered office in Warsaw (the “Issuer”) publishes selected preliminary, estimated, consolidated financial results of the Polenergia S.A. Capital Group (“Group“) for 2023.
The Group’s adjusted EBITDA result in 2023 amounted to PLN 547.6 mln and was higher by PLN 193.3 mln compared to the result in the same period of the previous year. This was mainly due to the higher result of the onshore wind farm segment, the start of production in the Dębsk, Kostomłoty, Grabowo and Piekło wind farms, high wind conditions in the 4th quarter of 2023 and higher sales prices of electricity and green certificates compared to the prices in 2022 (in which the prices resulting from hedging transactions concluded in previous years were valid). A higher adjusted EBITDA result compared to the previous year was also recorded in the trading and sales segment, which is mainly a consequence of higher results in the area of: energy trade from renewable energy assets, renewable energy aggregation, electricity trade and business services, as well as contract service Polenergia Elektrociepłownia Nowa Sarzyna Sp. z o.o. using Clean Spark Spread (CSS) short-term volatility. The above effects were partially offset by the lower result of the distribution segment due to the delayed entry into force of the new distribution tariff and lower unit margin on energy sales, as well as higher operating costs in the Headquarters resulting from the increase in the scale of operations.
In 2023, the Group’s adjusted net profit amounted to PLN 273.6 mln, which is an increase compared to the result in the same period last year by PLN 111.6 mln. The change in adjusted net profit in 2023 was mainly due to the factors affecting adjusted EBITDA described above, higher depreciation resulting mainly from the increase in production capacity, higher interest income on investments and an increase in financial costs resulting from the increase in debt levels and higher interest rates.
The adjusted EBITDA result in the fourth quarter of 2023 amounted to PLN 127.8 mln and was higher by PLN 17.8 mln compared to the result in the same period of the previous year. This was mainly due to a higher result in the onshore wind farm segment, mainly as a result of the start of production in the Grabowo and Piekło wind farms and higher sales prices of electricity and green certificates compared to the same period of 2022 (in which the prices resulting from the contracts concluded in previous years were applicable hedging transactions). The above result was partially offset by a lower result in the trading and sales segment, mainly as a consequence of lower results in the area of: trade in green certificates, aggregation of renewable energy sources, sales of prosumer energy solutions, higher operating costs due to the increase in the scale of operations.
In the fourth quarter of 2023, the Group’s adjusted net profit amounted to PLN 59.9 mln, which is an increase compared to the result in the same period last year by PLN 5.7 mln.
The presented amounts are estimates and may change. The final consolidated results will be presented in detail in the consolidated annual report of the Polenergia Capital Group for 2023, which is scheduled for publication on March 26, 2024.
legal basis: art. 17 section 1 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 (Journal of Laws EU L. of 2014, No. 173, p. 1, as amended).
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