2015-05-08 11:31 Mariusz Zawisza, president of PGNiG [Photo: Materials PGNiG] 
PGNiG announced its results for the first quarter. Despite the mild winter, the company beats earnings from last year, thanks to low prices of gas, oil and coal. The stock market reacts positively.
The quarterly report was well received by stock market investors. On the wave of the earlier declines reflecting the global stock markets WIG20 index to rise by 0.8 per cent., And PGNiG shares gain 1.4 percent. with a turnover in excess of 7 percent. of the entire market turnover.
In the first quarter of 2015 years achieved by the Group zł 1.244 billion net profit, ie 5.4 percent more than the same period last year, mainly through increased operational efficiency and reducing costs including costs of gas. “Such good results were achieved despite a second mild winter in a row,” – said in a press release.
For the shares in TK Telekom Netia will pay 221 million zł.
The operating profit amounted to 1,662 billion to 1,558 billion a year earlier. Consolidated sales revenues reached 12.495 billion in the first quarter to 9.535 billion a year earlier.
| Results PGNiG Group in the first quarter | |||
|---|---|---|---|
| million zł | quarter. 2015 | quarter. 2014 | Change% |
| Revenue | 12495 | 9535 | 31.04 |
| EBIT | 1662 | 1558 | 6.68 |
| EBITDA | 2326 | 2181 | 6.65 |
| Net profit | 1244 | 1180 | 5.42 |
| operating cash flows | 3016 | 2901 | 3.96 |
| investment flows | -851 | -684 | -24.42 |
| financial flows | -341 | -1365 | 75.02 |
| earnings per share (zł) | 0.21 | 0.20 | 5.00 |
| EBIT per share | 0.28 | 0.26 | 6.68 |
| EBITDA per share | 0.39 | 0.37 | 6.65 |
Source: Money. en on the basis of the quarterly report
Comparing the results of the recent forecasts given by DM mBank revenues accounted for 35.8 per cent. annual forecast, EBITDA (operating profit plus depreciation) 36.8 per cent., while net profit 45.5 percent.
What the company earned, and what lost?
The largest, 37.8 percent. EBITDA part in the group had a segment exploration and production . EBITDA developed here zł 878 million, or 22 percent. less than in the same period last year. Segment income decreased by 400 million zł (-24.7 per cent.) To the level of 1 217 million zł, which results from the decrease in sales value of crude oil, the quarterly price dropped by 39 percent. compared with last year.
The next most important area of activity of the company is Trade and Storage . He brought 26.6 percent. EBITDA (zł 619 million) in the first quarter of 2015 years – 579 million zł, an increase of 206 percent. in relation previous year. The results of this segment in the first quarter of this year was mainly due to price and structure of the gas purchase. Increased gas imports from Germany, whose price on the stock exchange TTF was about 13.5 percent. lower than a year earlier, and Russian gas thanks to a drop in oil prices by 8.9 percent. also bought at lower prices.
Segment revenue in the first quarter of 2015 years increased by 3 zł 241 million (an increase of 40.8 per cent.) compared to the previous year, thanks to an increase in revenues from sales of gas fuel Power Exchange (TGE), whose volume at the end of the first quarter of 2015 years was 2.86 billion m3, compared to 0.1 billion m3 in the previous year.
The increase in sales stems from the so-called TGE. oblige the gas, which forces since the beginning of the year to sell on the stock exchange 55 percent. gas fuel.
Another important sector of activity of the group is distribution of gaseous fuels . Group in the first quarter reached in this respect 22 percent. EBITDA (zł 521 million), or 16 percent. less than a year earlier, despite an increase in revenue of 5.1 percent. The decrease in profit with an increase in revenue due to the increase in operating expenses by 20.3 percent. and this is mainly the effect of incorporation in the first quarter of 2015 years provision for rationalization costs of employment, which burdened the segment result the amount of 96 million zł.
The least important for PGNiG was in the first quarter, the manufacturing of , but profit growth was significant. The Group achieved 13 percent here. EBITDA (310 million zł), an increase of 43.5 percent. to last year, which was achieved mainly due to lower prices of coal, the main fuel for heat production segment. The average price of 2015roku in the first quarter was 8.8 percent. lower than the average prices in the same quarter of the previous year). The segment acquired after the first quarter of 2015 years zł 688 million in sales revenue, recording an increase in relation to last year’s value by 5.7 percent. The effect of increasing sales revenue mainly from the increase tariffs for heat (an increase of 6 per cent. In August 2014).
Recommendations
The institutions listed company underestimated referrals this year. We had two sell recommendations and three neutral:
| Recommendations PGNiG in 2015. | ||||
|---|---|---|---|---|
| data | trading price | valuation | direction | institution |
| 2015-04-22 | 3.67 | – | Neutral | Goldman Sachs |
| 2015-03-30 | 5.47 | 5.24 | Hold | DM mBank |
| 2015-02-24 | 4.62 | 4.8 | Hold | DM BZ WBK |
| 2015-01-15 | 4.32 | 4.09 | Sell | Wood Company |
| 2015-01-13 | 4.36 | 4.35 | Sell | DM BOS |
Source: Money.pl
Jacek Frączyk, (ISB News)
No comments:
Post a Comment