TIDM75NN
RNS Number : 6488S
Tauron Polska Energia S.A.
10 March 2023
Estimated results for FY 2022 and Q4 2022
10 March 2023
TAURON Polska Energia S.A.
(LEI No: 259400NAPDFBOTNCRL54)
TAURON Polska Energia Capital Group's estimated results for FY
2022 and Q4 2022 and material one-off event significantly impacting
FY 2022 and Q4 2022 results
TAURON Polska Energia S.A. ("Issuer") informs that on 10 March
2023 it completed works on calculating preliminary results of
TAURON Group for FY 2022 and Q4 2022. The Issuer indicates that
during calculation of TAURON Group's preliminary results it turned
out that with respect to the Issuer's consolidated financial
statement for FY 2022 it is necessary to record a write-off for
impairment loss due to the revaluation of TAURON Wydobycie S.A. net
assets to fair value in the amount estimated today at PLN 460
million ("Write-off"). The prerequisites for recognizing the
impairment loss are described further down in this report. The
above mentioned Write-off does not affect TAURON Group's
EBITDA.
Below the Issuer presents preliminary financial results of
TAURON Group for FY 2022 and Q4 2022 with account being taken of
the Write-off.
Selected estimated consolidated financial results for:
(a) 2022
Sales revenue and compensation, including discontinued
operations: PLN 37 825 million, out of which discontinued
operations: PLN 1 030 million
EBITDA (operating profit increased by depreciation, amortization
and write-offs for
non-financial assets): PLN 4 016 million, out of which:
- Distribution segment's EBITDA: PLN 2 940 million
- RES segment's EBITDA: PLN 476 million
- Generation segment's EBITDA: PLN (779) million
- Supply segment's EBITDA: PLN 594 million
- EBITDA of discontinued operations: PLN 801 million
EBIT (operating profit): PLN 1 120 million, out of which
discontinued operations: EBIT (operating profit) PLN 50 million
Negative exchange rate differences: PLN (124) million
Gross profit: PLN 136 million, out of which discontinued
operations: Gross profit PLN 25 million
Net loss: PLN (126) million, out of which discontinued
operations: Net profit PLN 75 million
CAPEX: PLN 3 962 million
Net debt as of 31 December 2022: PLN 11 775 million
Net debt/ EBITDA as of 31 December 2022: 2.9x
(b) Q4 2022
Sales revenue and compensation: PLN 11 009 million, out of which
discontinued operations: PLN 484 million
EBITDA (operating result increased by depreciation, amortization
and write-offs for
non-financial assets): PLN 1 170 million, out of which:
- Distribution segment's EBITDA: PLN 591 million
- RES segment's EBITDA: PLN 94 million
- Generation segment's EBITDA: PLN (111) million
- Supply segment's EBITDA: PLN 85 million
- EBITDA of discontinued operations: PLN 518 million
EBIT (operating loss): PLN (5) million, out of which
discontinued operations: (operating loss) PLN (19) million
Positive exchange rate differences: PLN 113 million
Gross loss: PLN (512) million, out of which discontinued
operations: (gross loss) PLN (31) million
Net loss: PLN (523) million, out of which discontinued
operations: Net loss PLN (36) million
CAPEX: PLN 1 363 million
Selected estimated operating data for:
(a) 2022
Electricity distribution: 53.68 TWh, out of which to end
customers: 51.53 TWh
Gross electricity production: 15.47 TWh, out of which from RES:
1.57 TWh
Heat production: 10.39 PJ
Retail electricity supply: 31.14 TWh
Commercial coal production: 5.01 million tons
Commercial coal sales: 4.90 million tons
(b) Q4 2022
Electricity distribution: 13.38 TWh, out of which to end
customers: 12.71 TWh
Gross electricity production: 4.36 TWh, out of which from RES:
0.36 TWh
Heat production: 3.48 PJ
Retail electricity supply: 8.06 TWh
Commercial coal production: 1.60 million tons
Commercial coal sales: 1.43 million tons
In the Issuer's opinion in Q4 2022 the conditions for
recognizing operations previously presented as part of the Mining
segment as discontinued operations within the meaning of IFRS 5
Non-current assets held for sale and discontinued operations ("IFRS
5") have been fulfilled. Net assets of TAURON Wydobycie S.A. were
revalued to fair value in accordance with IFRS 5, as a result of
which the Group recognized a write-off in the amount of PLN 460
million. As of 31 December 2022, the ownership right to TAURON
Wydobycie S.A. shares was transferred from the Issuer to the State
Treasury.
At the same time, the Issuer informs that the consolidated
financial results of the TAURON Group were additionally affected
among others by the recognition in Q4 2022 of impairment losses in
the Generation segment as a result of the impairment tests carried
out as of 31 December 2022, of which the Issuer informed in current
report No. 13/2023 of 2 March 2023. The above write-offs reduce the
consolidated gross financial result of the Issuer's Capital Group
by PLN 75 million.
The financial results presented above are estimates and may be
subject to change. The final figures will be presented in TAURON
Group's consolidated report for 2022 which is scheduled to be
published on 29 March 2023.
Legal basis: Art. 17 sec. 1 of MAR - inside information
Enquiries to:
TAURON Polska Energia S.A.
3 Ks. Piotra ciegiennego Street
40-114 Katowice, Poland
Pawe Gaworzyński - Head of
IR
tel. no. +48 32 774 25 34
Katarzyna Heinz - IR Officer
tel. no. +48 516 111 038
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