PGE’s operating profit amounted to 1.416 billion zł to 978 million zł year earlier. Analysts had expected EBIT of 1.302 billion zł.
EBITDA amounted to 2.223 billion zł. A year earlier, EBITDA amounted to 1,723 billion zł (an increase of 29 percent. Yoy). PAP consensus assumed EBITDA of 2.07 billion zł.
The company said that the largest share in EBITDA were conventional energy segments (approx. 1.3 billion zł) and distribution (approx. 630 million zł). Renewable energy segment generated more than 120 million zł, and marketing segment nearly 160 million zł EBITDA.
EBITDA margin was 29 percent. to 25 percent. a year earlier.
Compensation PPA amounted to 162 million zł (an increase of 24 percent. yoy).
Net sales increased by 9 percent. yoy to 7.553 billion zł. Meanwhile, the market expected zł 7.212 billion in revenue.
| 1Q2015 | Results | kons. | difference | y / y | q / q |
| Revenues | 7,553.0 | 7,212.1 | 4.7% | 9.0% | 3.8% |
| EBITDA | 2,223.0 | 2,070.4 | 7.4% | 29.7% | 60.4% |
| EBIT | 1,416.0 | 1,301.6 | 8.8% | 45.2% | 123.7% |
| Net profit | 1,095.0 | 1,063.9 | 2.9% | 38.8% | 149.4% |
| EBITDA margin | 29.4% | 28.7% | 0.70 | 4.70 | 10.39 |
| EBIT margin | 18.7% | 18.1% | 0.69 | 4.68 | 10.05 |
| Net margin | 14.5% | 14.8% | -0.29 | 3.11 | 8.47 |
“PGE Group recorded a very good quarter, finansowei improving operational key performance indicators. Impact on financial results were achieved including higher energy prices and increased production in the lignite-fired power plants and renewable sources. Improving operating and financial results of the distribution segment are important for the group from the point of view of the stability of cash flows ” – said in a press release quoted Woszczyk, President of PGE.
In the first quarter of 2015. Net production volume increased by 8 percent. and reached 14.53 TWh.
Production of energy from lignite amounted to 10 TWh (an increase of 6 per cent.), coal 2.9 TWh (a decline of 6 percent.). Production of natural gas has increased by 450 percent. to 0.8 TWh due restore support for manufacturing in cogeneration. Production from renewable sources amounted to 0.8 TWh.
The volume of energy sold to end users fell by 1 percent . yoy to 9.84 TWh and about 2 percent. increased volume of distribution (8.41 TWh).
Group Capital expenditures for the quarter was 1.393 billion zł and were higher yoy by 39 percent. Zł more than 1 billion was earmarked for investments in conventional power, more than 260 million zł in the distribution, and almost 70 million zł in renewable energy.
PGE said in a press release that the construction of units 5 and 6 at the coal plant in Opole cost in the first quarter of 462 million zł. Started in February 2014. Works are executed in accordance with the schedule and reached 11 percent. advancement. More than 300 million zł group has earmarked for the modernization and renovation of existing assets.
“The Group is very well placed to financing coming capital expenditures. In the first quarter operationally cash pooling was implemented and the company is already using economies of scale by consolidating cash generated in the group. began with the preparation of several projects aimed at obtaining long-term financing for the implementation of strategic investment group “- he said in a statement quoted Magdalena Bartoś, managing director for. economic and financial PGE.
At the end of March 2015, the ratio of net debt / LTM EBITDA was 0,03x.
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