Last updated on: 2018-05-07

News

15.11.2016

ZE PAK SA Group published financial results for the 9 months and 3Q 2016

Another quarter characterized by significant improvement in financial results compared to the same period last year. Main factors influencing an improvement remain the same as in the previous quarters of 2016. The most important include: improving the efficiency in terms of current activities costs, higher production volume. Liquidity situation remains stable. The Group continued to gradually reduce the debt.

 

  • In the 9 months period of 2016, the ZE PAK Group in total has produced 7.44 TWh
    of electricity (an increase by 3.5% compared with the 9 months of 2015). In the 3Q 2016 the production was 2.49 TWh of electricity (an increase by 4.2% compared with 3Q 2015)
  • An electricity sale in the 9 months of 2016 was 10.36 TWh (down by 6.4% compared with 9 months of 2015). In the 3Q 2016 the sale was 3.56 TWh of electricity.

        The drop in sales was due to lower sale of electricity from trading.

  • Consolidated sales revenues in 9 months of 2016 was 2 054 million zloty (decrease
    by 8.9% compared with 9 months 2015).
  • Electricity average price achieved in 9 months of 2016 was 174.02 zloty/MWh (-1.43% y/y).
  • EBITDA of the Group achieved in 9 months period of 2016 was 473 million zloty (+40.1% y/y), which constitutes EBITDA margin at the level 23.03%.
  • In the 9 months period of 2016 the Group achieved net result in amount of 219 million zloty, which is higher by 925.6% compared with corresponding period of 2015.
  • Total Capex of the Group in 9 months period of 2016 was 43 million zloty compared with 342 million zloty in corresponding period of 2015.
  • Net debt/EBITDA ratio at the end of September 2016 fell to the level 0.87 (down from the level of 2.2 at the end of September 2015).

 

Financial results of ZE PAK SA Group achieved in third quarter are caused by the same factors that affected the situation of the Group in the first half of this year. The effects resulting from the continuation of actions aimed at improving the cost-effectiveness of current operations and higher production volumes resulted in a significant improvement at both the operating and net levels of financial results. Negative factor, which is beyond the control of the Group is the observed tendency of decline in market prices of green certificates. The liquidity position of the Group is stable, and the debt gradually decreases. At the end of September 2016, the net debt / EBITDA ratio fell to 0.87, compared to 2.2 at the end of September 2015. - Said Adam Kłapszta, Vice President, Acting President of the Board.