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 the first three months of 2024.
In the period of three months ended March 31, 2024, the Group’s EBITDA amounted to PLN 236.3 million and was higher by PLN 35.0 million compared to the result in the same period of the previous year. This was mainly due to:
– higher result of the wind farm segment, which is primarily a consequence of higher electricity prices obtained by the farms due to the lack of extension of the act freezing electricity prices until 2024, higher production related to the commencement of operation of the Grabowo and Piekło wind farms in the third quarter of 2023 and higher windiness in the analyzed period.
– higher result of the distribution segment, mainly as a consequence of a higher unit margin on energy sales in the first quarter of 2024, which results from a lower purchase price of electricity while maintaining sales prices at a similar level to the fourth quarter of 2023 and a higher margin on electricity distribution, mainly due to the delay in updating the distribution tariff in 2023.
The above effects were partially compensated by the lower result of the trading and sales segment, which is primarily a consequence of the lower result on trading in electricity from RES assets due to a change in the settlement model taking into account the higher sales price for RES projects resulting from, among others, concluded hedging transactions and a lower result on other activities taking into account the lower volume of sales of photovoltaic panels and heat pumps.
In the first quarter of 2024, the Group’s adjusted net profit amounted to PLN 141.9 million, which is an increase compared to the result in the same period last year by PLN 19.6 million. The change in adjusted net profit in the first three months of 2024 was mainly caused by the factors affecting EBITDA described above, higher depreciation resulting from the increase in production capacity and higher financial costs and revenues.
The presented amounts are estimates and may change. The final consolidated results will be presented in detail in the consolidated quarterly report of the Polenergia Capital Group for the first quarter of 2024, which is scheduled for publication on May 22, 2024.
legal basis: art. 17 section 1 of 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. 2014, No. 173, p. 1, as amended)
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