Consolidated Profit and Loss Statement - 2016
| [PLN ‘000] | 2015 | 2016 | Change | Change % |
|---|---|---|---|---|
| Revenue from sale of electricity 1) | 5 696 818 | 6 548 229 | 851 411 | 14.9% |
| Revenue from sale of heat energy | 275 118 | 312 625 | 37 507 | 13.6% |
| Revenue from sale of natural gas 1) | 121 965 | 179 476 | 57 511 | 47.2% |
| Revenue from sale of distribution services | 2 964 470 | 3 001 032 | 36 562 | 1.2% |
| Revenue from certificates of origin 1) | 24 931 | 13 739 | -11 192 | -44.9% |
| Revenue from sales of CO2 emission allowances | - | 32 780 | 32 780 | 100.0% |
| Revenue from sale of goods and materials 1) | 106 141 | 87 004 | -19 137 | -18.0% |
| Revenue from sale of other services 1) | 146 254 | 176 369 | 30 115 | 20.6% |
| Recovery of stranded costs | 293 147 | - | -293 147 | -100.0% |
| Sale of coal | 219 548 | 904 424 | 684 876 | 311.9% |
| Net sales revenue | 9 848 392 | 11 255 678 | 1 407 286 | 14.3% |
| Amortisation/depreciation | 790 375 | 1 110 350 | 319 975 | 40.5% |
| Employee benefit costs | 989 489 | 1 490 752 | 501 263 | 50.7% |
| Consumption of materials and raw materials and value of goods sold | 1 791 115 | 1 361 884 | -429 231 | -24.0% |
| Costs of energy purchases for resale | 3 282 923 | 4 074 797 | 791 874 | 24.1% |
| Transmission services | 769 503 | 860 991 | 91 488 | 11.9% |
| Other outsourced services | 423 204 | 664 644 | 241 440 | 57.1% |
| Taxes and charges | 290 201 | 326 537 | 36 336 | 12.5% |
| Cost of sales | 8 336 810 | 9 889 955 | 1 553 145 | 18.6% |
| Other operating revenue | 99 102 | 144 038 | 44 936 | 45.3% |
| Other operating expenses | 262 040 | 261 625 | -415 | -0.2% |
| Profit / (loss) on sales and liquidation of tangible fixed assets | -9 148 | -30 662 | -21 514 | -235.2% |
| Non-financial fixed assets impairment write-down | 1 501 621 | 98 160 | -1 403 461 | -93.5% |
| Operating profit / (loss) | -162 125 | 1 119 314 | 1 281 439 | - |
| Financial costs | 81 751 | 127 010 | 45 259 | 55.4% |
| Financial revenue | 84 497 | 76 350 | -8 147 | -9.6% |
| Write off of goodwill | 251 432 | - | -251 432 | -100.0% |
| Dividend revenue | 1 833 | 148 | -1 685 | -91.9% |
| Profit / (loss) before tax | -408 978 | 1 068 802 | 1 477 780 | - |
| Income tax | -10 100 | 219 889 | 229 989 | - |
| Net profit / (loss) for the reporting period | -398 878 | 848 913 | 1 247 791 | - |
| EBITDA | 2 129 871 | 2 327 824 | 197 953 | 9.3% |
1) Change in presentation of data published for 2015
2016:
Enea CG’s EBITDA change drivers:
(+) higher revenue from sales of electricity by PLN 851 mln stems from higher volumes of sales by 5,509 GWh despite the average selling price lower by 4%
(+) higher revenue from sales of natural gas by PLN 58 mln stems from the reported higher volumes of sales by 577 GWh despite the average selling price lower by 11%
(+) higher sales of distribution services by PLN 37 mln stem from:
(+) higher volume (806 GWh) of sales of distribution services to end users and higher rates of shifted charges, e.g. in relation to the entry into force of RES fees since 1 July 2016 (PLN 63 mln)
(–) lower revenue from grid connection fees (PLN 31 mln)
(+) higher revenue from sales of heat energy by PLN 38 mln stems from higher volumes by 613 TJ (e.g. the impact of LW Bogdanka acquisition)
(+) higher revenue from sales of the other services as a result of LW Bogdanka acquisition
(+) sales of coal as a result of LW Bogdanka acquisition
(–) lower average price of proprietary interests (RES 22%) with higher volumes (10 GWh) affects lower revenue from proprietary interest trading
(–) higher costs of employee benefits as a result of LW Bogdanka acquisition and as a result of higher provisions for employee benefits
(+) lower costs of materials and value of goods sold stems from the acquisition of the key coal supplier, LW Bogdanka
(–) higher costs of purchasing transmission services related to a higher PSE fee and in relation to the greater volume of supplied gas to end users
(–) higher costs of outsourced services due to LW Bogdanka acquisition
(–) higher taxes and charges mainly as a result of the investment realisation in the area of grid assets and as a result of LW Bogdanka acquisition
(+) higher costs of purchases of electricity and gas by PLN 792 mln as a result of:
(+) higher volumes of electricity (5,318 GWh), despite lower average purchase price of electricity by 2.9%
(–) higher costs of ecological and cogeneration obligations by PLN 3 mln (e.g. entry into force of blue obligations)
(+) higher costs of purchasing gas in relation to greater volumes (544 GWh)
(+) higher result on the other operating activity by PLN 24 mln:
(+) settlement of the tie existing before LW Bogdanka acquisition totalling to PLN 94 mln (one-off)
(+) provisions for claims for damages and litigation PLN 45 mln
(+) lower written off debts by PLN 18 mln
(+) higher revenue from damages and contractual penalties by PLN 9 mln
(+) higher revenue from removal of collisions by PLN 22 mln
(–) establishment of the provision related to the estimation of the value of shares in Eco-Power sp. z o.o. in the amount of PLN 129 mln
(–) loss on liquidation of tangible assets PLN 21 mln, stems mainly from the liquidation and reconstruction of excavations and liquidation of tangible assets
(–) higher costs of donations by PLN 7 mln
(–) higher costs of legal provisions relating to grid assets by PLN 4 mln
Consolidated Profit and Loss Statement - Q4 2016
| [PLN ‘000] | Q4 2015 | Q4 2016 | Change | Change % |
|---|---|---|---|---|
| Revenue from sale of electricity 1) | 1 470 470 | 1 669 912 | 199 442 | 13.6% |
| Revenue from sale of heat energy | 90 061 | 102 370 | 12 309 | 13.7% |
| Revenue from sale of natural gas 1) | 52 312 | 43 646 | -8 666 | -16.6% |
| Revenue from sale of distribution services | 781 241 | 783 754 | 2 513 | 0.3% |
| Revenue from certificates of origin 1) | 15 718 | 758 | -14 960 | -95.2% |
| Revenue from sales of CO2 emission allowances | - | 10 841 | 10 841 | 100.0% |
| Revenue from sale of goods and materials 1) | 34 485 | 21 324 | -13 161 | -38.2% |
| Revenue from sale of other services 1) | 34 244 | 52 546 | 18 302 | 53.4% |
| Recovery of stranded costs | - | - | - | - |
| Sale of coal | 219 548 | 266 583 | 47 035 | 21.4% |
| Net sales revenue | 2 698 079 | 2 951 734 | 253 655 | 9.4% |
| Amortisation/depreciation | 232 104 | 280 265 | 48 161 | 20.7% |
| Employee benefit costs | 309 575 | 416 205 | 106 630 | 34.4% |
| Consumption of materials and raw materials and value of goods sold | 447 948 | 347 410 | -100 538 | -22.4% |
| Costs of energy purchases for resale | 855 360 | 1 027 870 | 172 510 | 20.2% |
| Transmission services | 198 191 | 226 259 | 28 068 | 14.2% |
| Other outsourced services | 179 939 | 215 179 | 35 240 | 19.6% |
| Taxes and charges | 76 547 | 80 533 | 3 986 | 5.2% |
| Cost of sales | 2 299 664 | 2 593 721 | 294 057 | 12.8% |
| Other operating revenue | 52 047 | 45 358 | -6 689 | -12.9% |
| Other operating expenses | 151 698 | 173 181 | 21 483 | 14.2% |
| Profit / (loss) on sales and liquidation of tangible fixed assets | -6 239 | -11 210 | -4 971 | -79.7% |
| Non-financial fixed assets impairment write-down | 1 501 621 | 48 808 | -1 452 813 | -96.7% |
| Operating profit / (loss) | -1 209 096 | 170 172 | 1 379 268 | - |
| Financial costs | 36 276 | 27 416 | -8 860 | -24.4% |
| Financial revenue | 41 595 | 28 461 | -13 134 | -31.6% |
| Write off of goodwill | 251 432 | - | -251 432 | -100.0% |
| Profit / (loss) before tax | -1 455 209 | 171 217 | 1 626 426 | - |
| Income tax | -218 493 | 42 959 | 261 452 | - |
| Net profit / (loss) for the reporting period | -1 236 716 | 128 258 | 1 364 974 | - |
| EBITDA | 524 629 | 499 245 | -25 384 | -4.8% |
1) Change in presentation of data published for 2015
Q4 2016:
Enea CG’s EBITDA change drivers:
(+) higher revenue from sales of electricity by PLN 199 mln stems from higher volumes of sales by 1,222 GWh with the concurrent drop in the average selling price by 2.8%
(–) drop in sales of gas result from supplying the volume decreased by 34 GWh
(+) growth in sales of heat energy by PLN 12 mln stems from a growth in the supplied volumes by 285 TJ
(–) lower revenue from sales of certificates of origin resulting from lower price of RES Proprietary Interests by 66.9% and lower volumes by 94 GWh
(+) sales of coal as a result of LW Bogdanka acquisition
(–) higher costs of employee benefits by PLN 107 mln stemming mainly from the acquisition of LW Bogdanka and in relation to higher provisions for employee benefits
(–) higher costs of transmission services by PLN 28 mln stem mainly from higher PSE charges
(+) lower costs of materials and value of goods sold stem from the acquisition of the key coal supplier, LW Bogdanka
(–) higher cost of taxes and charges, e.g. a higher property tax in relation to the commissioning of grid investments
(+) higher costs of purchasing electricity and gas by PLN 173 mln:
(+) higher volumes of electricity (1,444 GWh) with concurrent lower growth in purchase price of electricity by 2.5%
(+) lower costs of ecological obligations
(–) lower value of natural gas purchases in relation to lower volumes (33 GWh) and drop in the average price by 11%
(–) lower result on the other operating activities by PLN 33 mln:
(–) establishment of the provision related to the estimation of the value of shares in Eco-Power sp. z o.o. in the amount of PLN 129 mln
(–) higher costs of legal provisions relating to grid assets by PLN 8 mln
(–) higher costs of donations by PLN 7 mln
(–) higher impairment of receivables by PLN 4 mln
(–) higher tangible assets liquidation costs by PLN 5 mln
(+) settlement of the tie existing before LW Bogdanka acquisition totalling to PLN 94 mln (one-off)
(+) provisions for claims for damages and litigation PLN 22 mln
(+) higher revenue from damages and contractual penalties by PLN 8 mln
(+) lower written off debts by PLN 6 mln
