PGE POLSKA GRUPA ENERGETYCZNA S.A. Q4 and 2021 Preliminary Results
INVESTOR PRESENTATION February 23, 2022
2 Disclaimer: estimated data
The Management Board of PGE Polska Grupa Energetyczna (the "Company" or "PGE") emphasize that figures presented hereby are preliminary estimates, which may change. The financial statements of PGE Group are still in the preparation process. Consolidated report for 2021 will be released on March 22, 2022.
This presentation has been prepared by the Management of PGE. This presentation does not constitute or form part of and should not be constructed as an offer to sell or the solicitation or invitation of any offer to buy or subscribe for securities of the Company, any of its subsidiaries in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever.
3 Estimated operating volumes and sales data
[TWh] | Q4 2021 | Q4 2020 | y/y | 2021 | 2020 | y/y |
Net electricity generation. by fuels: | 18.23 | 15.28 | 19% | 68.77 | 58.13 | 18% |
Lignite | 9.84 | 7.34 | 34% | 37.19 | 29.79 | 25% |
incl. Turów 7 unit* | 0.51 | 0.00 | - | 1.33 | 0.00 | - |
hard coal (including) | 6.41 | 5.61 | 14% | 24.34 | 20.21 | 20% |
Conventional Generation segment | 4.97 | 4.53 | 10% | 20.17 | 16.70 | 21% |
incl. Opole 5/6 units | 1.94 | 2.16 | -10% | 8.36 | 7.39 | 13% |
District Heating segment | 1.44 | 1.08 | 33% | 4.17 | 3.51 | 19% |
natural gas | 1.13 | 1.43 | -21% | 4.22 | 5.05 | -16% |
pumped-storage plants | 0.19 | 0.26 | -27% | 0.69 | 0.76 | -9% |
Hydro | 0.08 | 0.08 | - | 0.45 | 0.41 | 10% |
Wind | 0.47 | 0.44 | 7% | 1.45 | 1.49 | -3% |
Biomass | 0.10 | 0.11 | -9% | 0.39 | 0.38 | 3% |
municipal waste | 0.01 | 0.01 | - | 0.04 | 0.04 | - |
Sales of heat [PJ] | 18.91 | 17.06 | 11% | 55.07 | 48.60 | 13% |
incl. Conv. Gen. segment | 1.21 | 2.19 | -45% | 4.48 | 4.86 | -8% |
Sales of electricity to final | 9.56 | 10.71 | -11% | 37.48 | 41.17 | -9% |
off-takers | ||||||
Distribution of electricity | 9.80 | 9.40 | 4% | 37.74 | 35.67 | 6% |
Average realized wholesale price of electricity | ||||||
[PLN/MWh] | Q4 2021 | Q4 2020 | y/y | 2021 | 2020 | y/y |
Conv. Generation segment | 289.8 | 286.4 | 1% | 270.9 | 286.2 | -5% |
District Heating segment | 212.5 | 255.5 | -17% | 235.5 | 250.1 | -6% |
Total (Conv. Gen. & District Heating) | 278.9 | 281.6 | -1% | 266.7 | 281.2 | -5% |
(Conv. Gen. & Dist. H.) Average cost of CO2 (PLN/t CO2) | 124.7 | 106.2 | 17% | 121.8 | 106.5 | 14% |
*Presented volume of electricity generated in new Turów unit 7 does not include start-up phase (0.18 TWh in 2021).
4 Estimated key financial data
[mln PLN] | Q4 2021 | Q4 2020 | y/y | 2021 | 2020 | y/y |
EBITDA PGE Group, including: | 2 384 | 1 615 | 48% | 9 748 | 5 966 | 63% |
Conventional Generation | 1 275 | 467 | 173% | 4 078 | 1 725 | 136% |
District Heating | -62 | 339 | - | 805 | 947 | -15% |
Renewables | 420 | 186 | 126% | 1 016 | 597 | 70% |
Distribution | 732 | 568 | 29% | 2 779 | 2 306 | 21% |
Supply | 40 | 126 | -68% | 1 062 | 612 | 74% |
Circular Economy* | 4 | 0 | - | 45 | 0 | - |
Other + consolidation adjustments | -25 | -71 | -65% | -37 | -221 | -83% |
One-off items, including: | 181 | 122 | 1 385 | -218 | ||
LTC compensations | -63 | -10 | -58 | 31 | ||
Change of reclamation provision | 1 039** | 128 | 1 463 | -306 | ||
Change of actuarial provision | 12 | 4 | 64 | -36 | ||
Reversal of provision for the risk of returning the | 0 | 0 | 0 | 121 | ||
equivalent of EUA received by ZEDO | ||||||
Reversal of provision for Voluntary Leave Programme | 0 | 0 | 11 | -28 | ||
Provision for prosumers | -95 | 0 | -95 | 0 | ||
Temporary items -rollover of the EUA contracts*** | -712 | 0 | 0 | 0 | ||
EBITDA recurring | 2 203 | 1 493 | 48% | 8 363 | 6 184 | 35% |
*In 2020 companies comprising the segment were allocated to segments of Conventional Generation, District Heating and Other operations. ** Including effect of change in discount rate PLN +1 361m and effect of change in other assumptions PLN -322m.
***Temporary effect of rollover of EUA contracts DEC-21 for JAN-22 without effect on FY results. Effect was increasing Q2-Q3 21 results and was reversed in Q4 21 (including PLN -641m in Conventional Generation and PLN -71m in District Heating).
5 One-off and temporary items in the operating segments
Conventional | District Heating | Renewables | Distribution | Supply |
Generation | ||||
(PLN m) | Q4 | Q4 | Q4 | Q4 | Q4 | |||||
2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | 2021 | |
EBITDA reported | 1 275 | 4 078 | -62 | 805 | 420 | 1 016 | 732 | 2 779 | 40 | 1 062 |
One-off events, including: | 388 | 1 465 | -127 | -39 | 2 | 3 | 9 | 33 | -92 | -78 |
LTC compensations | - | - | -63 | -58 | - | - | - | - | - | - |
Change of reclamation provision | 1 032 | 1 446 | 6 | 16 | 1 | 1 | - | - | - | - |
Change of actuarial provision | -3 | 19 | 1 | 3 | 1 | 2 | 9 | 33 | 3 | 6 |
Release of the provision for Voluntary Leave Programme | - | - | - | - | - | - | - | - | - | 11 |
Provision for prosumers | - | - | - | - | - | - | - | - | -95 | -95 |
Temporary items -rollover of the EUA contracts | -641 | - | -71 | - | - | - | - | - | - | - |
EBITDA recurring | 887 | 2 613 | 65 | 844 | 418 | 1 013 | 723 | 2 746 | 132 | 1 140 |
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PGE - Polska Grupa Energetyczna SA published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 16:48:09 UTC.
