Last updated on: 2016-11-15

News

20.05.2016

ZE PAK Group published financial results for the 1st quarter of 2016

  

Better results achieved thanks to an increased volume of own generation as well as activities aimed at improving effectiveness in terms of current activities’ costs.

 

  • In the first quarter of 2016, the ZE PAK Group in total sold 3.38 TWh of electricity (a decrease by 5.3% compared with the first quarter of 2015), including:
  •        2.48 TWh of electricity from own generation (+6.0% Y-to-Y);
  •        0.90 TWh of electricity from the market (-27.4% Y-to-Y).
  • In the first quarter of 2016, consolidated sales revenues amounted to nearly PLN 680 million (a decrease by 9.9% compared with the first quarter of 2015).
  • The Group’s EBITDA for the first quarter of 2016 amounted to PLN 175 million (+34.6% Y-to-Y), giving an EBITDA margin of 25.74% (+8.52 percentage points Y-to-Y).
  • In the first quarter of 2016, the Group recorded a net profit of PLN 75 million, which means an increase by 120.6% compared with the first quarter of 2015.
  • The total investment outlays implemented by the Group’s companies in the first quarter of 2016 amounted to PLN 13 million compared with PLN 99 million in the first quarter of 2015.

In the first quarter of 2016, the ZE PAK Group’s electricity generation increased by 6.0% compared with the same period of the previous year. However, sales revenue decreased by 9.9%, which was caused by a significant reduction in the volume of energy from the market by 27.4% and a decrease in the achieved sales price by 1.3%. The average sales price of energy in the first quarter of 2016 amounted to 174.21 PLN/MWh.

 

The Group recorded result improvement in EBITDA by 34.6% compared with the same period of the previous year. ‘The factors supporting the result improvement were, in large part, the following: a greater volume of own generation, measures to improve efficiency in terms of current activities’ costs, including the cost of production assets maintenance, and lower costs of fuel purchase. The Group is undertaking further measures to reduce costs within the framework of the prepared programme of efficiency improvement. An additional factor supporting the increase of the net profit recorded in the first quarter of 2016 was depreciation lower by PLN 31 million resulting from the lower value of the assets after the write-down made at the end of 2015’ Aleksander Grad, the President of the Management Board, said.

 

Investment expenses in the first quarter of 2016 were significantly reduced in connection with the completion of modernisation of units 1 and 2 in the Pątnów Power Plant.

 

 

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