Q2 & H1 2021
Financial and Operating Results
INVESTOR PRESENTATION
September 28, 2021
Financials
3 Key financial data
Consolidated | ||||||
[IFRS, PLN m] | Q2 2021 | Q2 2020 | y/y | H1 2021 | H1 2020 | y/y |
Sales | 10 008 | 10 185 | -2% | 21 908 | 22 776 | -4% |
including LTC compensations* | 4 | 41 | -90% | 4 | 41 | -90% |
EBITDA | 3 048 | 1 035 | 194% | 5 254 | 2 805 | 87% |
Recurring EBITDA** | 2 084 | 1 347 | 55% | 4 290 | 3 117 | 38% |
EBIT | 1 994 | -502 | n/a | 3 158 | 271 | 1 065% |
Recurring EBIT** | 1 055 | 403 | 162% | 2 263 | 1 207 | 87% |
Net profit (loss) to equity | 1 882 | -1 120 | n/a | 2 690 | -688 | n/a |
Net profit (to equity) - ex. impairments** | 1 902 | -158 | n/a | 2 746 | 299 | 818% |
CAPEX (including adjustments) | 1 408 | 1 547 | -9% | 2 247 | 2 504 | -10% |
Net cash from operating activities | 3 688 | 5 091 | -28% | 3 290 | 5 309 | -38% |
Net cash from investing activities | -1 231 | -1 186 | 4% | -2 076 | -3 449 | -40% |
EBITDA margin | 30% | 10% | 20 p.p. | 24% | 12% | 12 p.p. |
Recurring EBITDA margin | 21% | 13% | 8 p.p. | 20% | 14% | 6 p.p. |
Net Working Capital (core "NWC")*** | 4 791 | 5 191 | ||||
Net Debt/LTM EBITDA | 0.71 x | 1.71 x |
**without court verdicts, **one-off items are summarised at the next page, ***Core NWC = inventory + trading receivables - trading payables (distinguish from NWC stated as Current assets minus short term liabilities)
4 One-off items
Computation of recurring EBITDA and recurring EBIT:
[IFRS, PLN m] | Q2 2021 | Q2 2020 | y/y | H1 2021 | H1 2020 | y/y |
LTC adjustment (including court verdicts) | 4 | 41 | 4 | 41 | ||
Change of reclamation provision | 932 | -434 | 932 | -434 | ||
Change of actuarial provision | 17 | -40 | 17 | -40 | ||
Release of provision for the risk of returning | 0 | 121 | 0 | 121 | ||
the equivalent of EUA received by ZEDO | ||||||
Release of the provision for Voluntary Leave | 11 | 0 | 11 | 0 | ||
Programme | ||||||
One-off items - EBITDA level | 964 | -312 | 964 | -312 | ||
Impairments of TFA and IA (pre-tax)* | -25 | -593 | -69 | -624 | ||
One-off items - EBIT level | 939 | -905 | 895 | -936 |
Computation of net profit ex. impairments:
Impairments of TFA and IA (after-tax) and | -20 | -962 | -56 | -987 |
Investments** | ||||
- Impairment of Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets, including the impact of impairment tests in Q2 2020 in Conventional Generation segment (PLN 530m).
- Impairment of Property, Plant and Equipment, Intangible Assets, Right-of-Use Assets and Investments, including the impact of impairment tests in Q2 2020 in Conventional Generation segment (PLN 429m) and the loss of value of shares held in PGG. S.A. (PLN 482m).
5 One-off events in the operating segments
Conventional | District Heating | Renewables | Distribution | Supply | ||||||
Generation | ||||||||||
(PLN m) | Q2 | H1 | Q2 | H1 | Q2 | H1 | Q2 | H1 | Q2 | H1 |
21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | |
EBITDA reported | 1 538 | 2 049 | 205 | 715 | 189 | 382 | 724 | 1 382 | 354 | 706 |
One-off events, including: | 9 37 | 937 | 7 | 7 | - | - | 8 | 8 | 12 | 12 |
LTC compensations | - | - | 4 | 4 | - | - | - | - | - | - |
Change of reclamation provision | ||||||||||
930 | 930 | 2 | 2 | - | - | - | - | - | - | |
Change of actuarial provision | ||||||||||
7 | 7 | 1 | 1 | - | - | 8 | 8 | 1 | 1 | |
Release of the provision for Voluntary Leave | - | - | - | - | - | - | - | - | 11 | 11 |
Programme | ||||||||||
EBITDA recurring | 601 | 1 112 | 198 | 708 | 189 | 382 | 716 | 1 374 | 342 | 694 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
PGE - Polska Grupa Energetyczna SA published this content on 28 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2021 20:11:17 UTC.