The net profit of the parent company of the PGE group in the third quarter of 2021 amounted to PLN 561 million compared to PLN 273 million profit a year earlier, the company announced in its quarterly report. The company previously estimated the consolidated net result of jd at about PLN 561 million.
The operating profit of the PGE group in the third quarter was PLN 972 million compared to PLN 469 million profit a year earlier, and EBITDA amounted to PLN 2.11 billion, which means an increase by 36%. yy.
PGE informed that the increase in EBITDA result mainly from operating factors, such as higher production of electricity and heat, increase in heat prices, revenues from the capacity market, higher volumes of distributed energy and an improvement in the margin in the sales segment.
Recurring EBITDA amounted to PLN 1.941 billion in the third quarter, i.e. it was higher by 23%. yy.
As stated in the report, the segments: Conventional Generation (36%) and Distribution (32%) had the largest share in the group’s EBITDA for the third quarter. The Turnover segment was responsible for 15 percent. EBITDA, Renewable Energy segment for 10 percent EBITDA, while the District Heating segment generated 7 percent. EBITDA.
EBITDA of the Conventional Generation segment in the third quarter amounted to PLN 754 million (increase by 56% y-o-y), EBITDA of the District Heating segment PLN 152 million (increase by 32%), the result of the Distribution segment PLN 665 million (increase by 9%), of the Trade segment PLN 316 million (increase by 6%), and in the Renewable Energy segment PLN 214 million (increase by 95% y-o-y).
Sales revenues amounted to PLN 10.94 billion and were higher by 6%. yy.
PGE informed that the improvement of results was influenced by the market situation: an increase in domestic demand for electricity as a result of economic growth and a change in the international trade balance – resulting from a sharp increase in fuel prices on world markets.
The net electricity production volume in PGE’s generation units was 23% higher in Q3 2021. year on year and amounted to 17.6 TWh. Production in coal-fired power plants increased by 38%. yoy, up to 6.6 TWh. Lignite generation increased by 26 percent. y / y to 9.7 TWh. Renewable energy sources produced a total of 0.5 TWh (an increase of 22% y-o-y). Energy production in gas-fired CHP plants fell by 49%. up to 0.63 TWh.
The volume of distributed electricity in the third quarter of 2021 amounted to 9.30 TWh (an increase by 4% y / y, due to the higher demand for electricity in the Polish Power System). Electricity sales to end users amounted to 9.17 TWh (down by 11% y-o-y). Heat sales volume increased by 7%. up to 4.1 PJ.
“The basis for building sustainable value of the company is to use better periods to properly prepare the company financially and organizationally for more difficult times. CO2 emissions “- said Wojciech Dąbrowski, president of PGE, quoted in the press release.
After three quarters of 2021, the PGE group has a net profit of PLN 3,251 million of the parent company and PLN 7,364 million of EBITDA with revenues of PLN 32,850 million. A year earlier, PGE had a PLN 415m net loss and PLN 33.1bn in revenues.
The group’s investment outlays after three quarters of 2021 amounted to PLN 3.069 billion and were 19 percent lower. lower year on year. In the third quarter alone, CAPEX amounted to PLN 0.8bn and was PLN 0.4bn lower year on year.
Net cash from operating activities after three quarters amounted to PLN 7.805 billion and was lower by 5%. yy.
Net debt at the end of September amounted to PLN 2.6 billion, which means a decrease by PLN 3.4 billion compared to the end of the first half of 2021, while – as the company announced – this level of debt does not include future payments for CO2 emission allowances, and which are related to this year’s emissions.
The net debt to EBITDA ratio was 0.29x at the end of September compared to 1.22x at the end of December 2020.
On November 9, PGE estimated that after 9 months of 2021 it had approximately PLN 7,364 million EBITDA and approximately PLN 3,251 million of consolidated net profit of the parent company, while in the third quarter alone, the estimated net profit of jd was PLN 561 million, and EBITDA was 2.11 PLN billion. (PAP Biznes)
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