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

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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.