PGE POLSKA GRUPA ENERGETYCZNA S.A. H1 2021 preliminary results
August 30, 2021
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 H1 2021 will be released on September 28, 2021.
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] | Q2 2021 | Q2 2020 | y/y | H1 2021 | H1 2020 | y/y |
Net electricity generation, by fuels: | 15.85 | 13.22 | 20% | 32.94 | 28.58 | 15% |
Lignite | 9.01 | 7.49 | 20% | 17.61 | 14.72 | 20% |
hard coal (including): | 5.14 | 4.10 | 25% | 11.34 | 9.83 | 15% |
Conventional Generation segment | 4.43 | 3.48 | 27% | 9.12 | 7.76 | 18% |
incl. Opole 5/6 units | 2.11 | 1.49 | 42% | 3.82 | 3.33 | 15% |
incl. Turów 7 unit* | 0.45 | - | - | 0.45 | - | - |
District Heating segment | 0.71 | 0.62 | 15% | 2.22 | 2.07 | 7% |
natural gas | 1.01 | 0.97 | 4% | 2.46 | 2.39 | 3% |
pumped-storage plants | 0.16 | 0.15 | 7% | 0.36 | 0.37 | -3% |
Hydro | 0.14 | 0.12 | 17% | 0.28 | 0.25 | 12% |
Wind | 0.32 | 0.28 | 14% | 0.71 | 0.78 | -9% |
Biomass | 0.06 | 0.10 | -40% | 0.16 | 0.22 | -27% |
municipal waste | 0.01 | 0.01 | 0% | 0.02 | 0.02 | 0% |
Sales of heat [PJ] | 9.16 | 8.01 | 14% | 32.12 | 27.75 | 16% |
incl. Conv. Gen. segment | 1.01 | 0.78 | 29% | 3.27 | 2.67 | 22% |
Sales of electricity to final | ||||||
off-takers | 9.08 | 9.38 | -3% | 18.75 | 20.12 | -7% |
Distribution of electricity | 9.11 | 8.12 | 12% | 18.64 | 17.29 | 8% |
Average realized wholesale price of electricity | ||||||
[PLN/MWh] | Q2 2021 | Q2 2020 | y/y | H1 2021 | H1 2020 | y/y |
Conv. Generation segment | 260.70 | 291.96 | -11% | 254.33 | 288.55 | -12% |
District Heating segment | 252.26 | 235.36 | 7% | 246.65 | 245.79 | 0% |
Total (Conv. Gen. & District | ||||||
Heating) | 259.79 | 285.72 | -9% | 253.27 | 282.44 | -10% |
*Presented volume of electricity generated in new Turów unit 7 does not include start-up phase (0.18 TWh in Q2 2021 and H1 2021).
4 Estimated key financial data
[PLN m] | Q2 2021 | Q2 2020 | y/y | H1 2021 | H1 2020 | y/y | |
EBITDA PGE Group, including: | 3 023 | 1 035 | 192% | 5 229 | 2 805 | 86% | |
Conventional Generation | 1 513 | 277 | 446% | 2 024 | 774 | 161% | |
District Heating | 205 | 151 | 36% | 715 | 493 | 45% | |
Renewables | 189 | 108 | 75% | 382 | 301 | 27% | |
Distribution | 724 | 554 | 31% | 1 382 | 1 127 | 23% | |
Supply | 354 | -31 | n/a | 706 | 187 | 278% | |
Circular Economy* | 15 | - | n/a | 24 | - | n/a | |
Other + consolidation adjustments | 23 | -24 | n/a | -4 | -77 | n/a | |
One-off items, including: | 964 | -312 | n/a | 964 | -312 | n/a | |
LTC compensations | 4 | 41 | -90% | 4 | 41 | -90% | |
Change of reclamation provision | 932 | -434 | n/a | 932 | -434 | n/a | |
Change of actuarial provision | 17 | -40 | n/a | 17 | -40 | n/a | |
Reversal of provision for the risk of | 0 | 121 | n/a | 0 | 121 | n/a | |
returning the equivalent of EUA received | |||||||
by ZEDO | |||||||
Reversal of provision for Voluntary Leave | 11 | 0 | n/a | 11 | 0 | n/a | |
Programme | |||||||
Recurring EBITDA | 2 059 | 1 347 | 53% | 4 265 | 3 117 | 37% |
*In H1'2020 companies comprising the segment were allocated to segments of Conventional Generation, District Heating and Other operations.
5 Estimated CAPEX and net debt
[PLN m] | Q2 2021 | Q2 2020 | r/r | H1 2021 | H1 2020 | r/r |
CAPEX* | 1 408 | 1 547 | -9% | 2 247 | 2 504 | -10% |
[PLN m] | 30.06.2021 | 31.03.2021 | ∆ q/q | 30.06.2021 | 30.06.2020 | ∆ y/y |
5 948 | 8 707 | |||||
Net debt** | 5 948 | 8 707 | 2 759 | 5 948 | 9 492 | 3 544 |
Net result to equity ex. Impairments
Currently, PGE Polska Grupa Energetyczna is undergoing impairment tests (as reported by the company in the current report No. 23/2021), the result of which may potentially have a significant impact on the level of the net result. Therefore, information on the estimated level of
the net result will be made public along with the test results.
*Capital expenditures and increases in Right-of-Use Assets (ROUA)
**In order to standardize the reporting of net debt (adjustment to the method of calculating covenants in loan agreements), starting from the results for H1 2021, there was a change in the presentation, which also results in a change in the comparable periods (as at March 31, 2021 and June 30, 2020), i.e. restricted cash items include only the funds in PGE Dom Maklerski S.A. clients' accounts as collateral for settlements with IRGiT (the Warsaw Commodity Clearing House).
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PGE - Polska Grupa Energetyczna SA published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 15:41:07 UTC.
