Last updated on: 2016-11-15

News

31.08.2016

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

  

 

The continuation of the positive trends since the first quarter of 2016: improvement efficiency in terms of running costs and higher production volumes. Good liquidity situation of the Group, debt reducing.

  • In the first half of 2016, the ZE PAK Group in total has produced 4.95 TWh of electricity (an increase by 3.1% compared with the first half of 2015).
  • An electricity sale in the first half of 2016 year was 6.80 TWh (down 6.1% y/y). The drop in sales was due to lower sale of electricity from trading by 0.59 TWh (-24.2% y/y).
  • In the first half of 2016, consolidated sales revenues amounted to PLN 1368 million (a decrease by 9.3% compared with the first half of 2015).
  • The average price of electricity obtained in the first half of 2016 amounted to 174.99 PLN/MWh (-0.41% y/y).
  • The Group’s EBITDA for the first half of 2016 amounted to PLN 329 million (+47.2% y/y), it gives an EBITDA margin of 24.05% (+9.26 percentage points y/y).
  • In the first half of 2016, the Group recorded a net profit of PLN 140 million, which means an increase by 807.2% compared with the first half of 2015.
  • The total investment outlays implemented by the Group’s companies in the first half of 2016 amounted to PLN 28 million compared with PLN 227 million in the first half of 2015.
  • The Net Debt / EBITDA ratio at the end of the first half of 2016 at the level of 1.34 (down from 2.43 recorded at the end of the first half of 2015).

Significantly better financial results achieved by the ZE PAK Group in the second quarter and throughout the first half of 2016, than in the corresponding periods of the previous year, are the result of follow-up consistent actions, since the first quarter of the year, aiming to improve efficiency in terms of running costs and higher volume of production. Whereas external factors, beyond the Group's control, negatively acted, among which the most important is the sharp fall in market prices of green certificates and the appreciation of the EUR/PLN exchange ratio. It is worth emphasizing that the liquidity situation of the Group is good, and the net debt at the end of the first half of 2016 decreased by PLN 200 million compared to the end of June 2015 – said Adam Kłapszta, Vice President, Acting President of the Board.

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