Zespól Elektrowni Patnów Adamów Konin S A : 1H 2021 Results Presentation
October 06, 2021 at 09:26 am EDT
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September 24th, 2021
Zespół Elektrowni Pątnów-Adamów-Konin SA
1H 2021 results
ZE PAK Group - 6M 2021 summary
Key operational and financial data
6M 2021
Change y/y
Sale of electricity:
2.61
TWh
-16.61%
•
Electricity from own production:
1.86
TWh
-19.48%
•
Electricity from resale:
0.75
TWh
-8.54%
Achieved average electricity sale price (1)
273.78
zł/MWh
-1.19%
Average purchase price of EUA
110.16
zł/EUA
-5.66%
Sale revenues:
986
mln zł
-6.10%
EBITDA:
83
mln zł
36.07%
Net result:
20
mln zł
-
CAPEX:
214
mln zł
3 466%
Indebtedness:
260
mln zł
237.66%
Cash (2):
85
mln zł
-55.03%
Net debt / EBITDA:
1.03
x
-
Average price, calculated as electricity sales revenues (own production, from resale and system service) divided by sales volume.
Cash and cash equivalents and other financial short-term assets.
2
ZE PAK Group - 2Q 2021 summary
Key operational and financial data
2Q 2021
Change y/y
Sale of electricity:
1.37
TWh
-14.38%
•
Electricity from own production:
1.06
TWh
-10.17%
•
Electricity from resale:
0.31
TWh
-26.19%
Achieved average electricity sale price
280.97
zł/MWh
2.74%
Average purchase price of EUA
116.11
zł/EUA
1.32%
Sale revenues:
523
mln zł
-0.57%
EBITDA:
57
mln zł
83.87%
Net result:
28
mln zł
-
CAPEX:
156
mln zł
3 020%
3
ZE PAK Group - 6M 2021 summary
[m PLN]
Revenue
EBITDA
Net result
986
⬇6,10%
1050
⬆ 48,09%
183
271
219
192
⬇ 12,33%
523
⬇ 19,29%
648
6M 2021
6M 2020
Electricity from resale Other Kolumna1
83
⬆36,07%
61
68
370
16
-309
6M 2021
6M 2020
Depreciation+impairment write-down
EBIT
20
-261
6M 2021
6M 2020
Revenues from sales of electricity, both from own production and from resale, were lower in the first half of 2021 than in the first half of 2020, mainly due to the lower volume of electricity production. The significant increase in revenues in the "other" category is due to revenues from the capacity market (PLN 92 million in the first half of 2021), which was not recorded in the first half of 2020.
In the first half of 2021, there was a significant improvement in results at the level of EBITDA and net profit, however, it should be remembered that the results of the first half of 2020 were burdened with write-offs related to the change in the directions of the Group's strategy (shortening the operating period of production assets and abandoning the exploitation of Ościsłowo deposit).
The factor adversely affecting the financial results in the first half of 2021 was the lower volume of electricity sales. First of all, the new revenue stream in the form of payments from the capacity market had a positive effect, in addition, the relation between the selling price of energy and the cost of purchasing emission allowances improved slightly in the first half of 2021 compared to the first half of 2020.
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SELECTED ELECTRICITY MARKET DATA
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Zespól Elektrowni Patnów-Adamów-Konin SA published this content on 06 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2021 13:25:07 UTC.
Ze Pak Sa is a Poland-based company engaged in the electricity sector. It operates four power plants: Patnow I Power Plant with six power units and a total capacity of 1,200 MW, Konin Power Plant, with a capacity of 248 MW, Adamow Power Plant, a brown-coal-fire utility thermal power plant with a capacity of 600 MW, and Patnow II Power Plant with a capacity of 474 MW. Its total installed generating capacity covers approximately 8.5% of the Polish market. The Company forms a Group, which includes such subsidiaries as Elektrownia Patnow II Sp z o o, PAK Serwis Sp z o o, PAK Infrastruktura Sp z o o, EL Pak Sp z o o and PAK Gornictwo Sp z o o, among others.
ZE PAK SA 
