You are here

Enea CG's financial results in 2015 and Q4 2015

Consolidated Profit and Loss Statement – 2015

[PLN ‘000]20142015ChangeChange %
Revenue from sale of electricity 6 220 527 5 730 791 -489 736 -7.9%
Revenue from sale of heat energy 212 961 275 118 62 157 29.2%
Revenue from sale of natural gas 5 087 117 897 112 810 2 217.6%
Revenue from sale of distribution services 2 860 165 2 964 470 104 305 3.6%
Revenue from certificates of origin 47 076 15 823 -31 253 -66.4%
Revenue from sales of CO2 emission allowances 32 936 - -32 936 -100.0%
Revenue from sale of goods and materials 103 123 85 341 -17 782 -17.2%
Revenue from sale of other services 116 012 146 257 30 245 26.1%
Recovery of stranded costs 257 508 293 147 35 639 13.8%
Sale of coal   219 548 219 548 100.0%
Net sales revenue 9 855 395 9 848 392 -7 003 -0.1%
Amortisation and depreciation 728 408 790 375 61 967 8.5%
Employee benefit costs 948 872 989 489 40 617 4.3%
Consumption of materials and raw materials and value of goods sold 1 821 196 1 791 115 -30 081 -1.7%
Purchase of energy and gas for resale 3 835 730 3 282 923 -552 807 -14.4%
Transmission services 710 577 769 503 58 926 8.3%
Other outsourced services 336 339 423 204 86 865 25.8%
Taxes and charges 268 934 290 201 21 267 7.9%
Cost of sales 8 650 056 8 336 810 -313 246 -3.6%
Other operating revenue 115 066 99 102 -15 964 -13.9%
Other operating expenses 97 754 262 040 164 286 168.1%
Profit / (loss) on sales and liquidation of tangible fixed assets -5 620 -9 148 -3 528 -62.8%
Non-financial fixed assets impairment write-down 30 556 1 501 621 1 471 065 4 814.3%
Operating profit/(loss) 1 186 475 -162 125 -1 348 600 -113.7%
Financial expenses 125 483 81 751 -43 732 -34.9%
Financial revenue 81 178 84 497 3 319 4.1%
Write off of goodwill 3 131 251 432 248 301 7 930.4%
Share in (losses)/profits of affiliated entities accounted for using the equity method 708 - -708 -100.0%
Dividend revenue 3 355 1 833 -1 522 -45.4%
Profit / (loss) before tax 1 143 102 -408 978 -1 552 080 -135.8%
Income tax 233 980 -10 100 -244 080 -104.3%
Net profit / (loss) for the reporting period 909 122 -398 878 -1 308 000 -143.9%
EBITDA 1 945 439 2 129 871 184 432 9.5%

2015:

Change factors of EBITDA of Enea CG:

(-) lower revenue from sales of electricity by PLN 490 mln:

(-) lower volumes of electricity sold in wholesale trading (4,206 GWh) despite a growth in the average selling price (5%) affects a drop in revenue by PLN 585 mln

(+) growth in the average selling price in retail trade (6.9%) affects the growth in revenue by PLN 88 mln

(+) revenue from sale of natural gas - extension of operations in the segment of Trade in Q4 2014

(+) higher sales of distribution services by PLN 104 mln stem from:

(+) greater volume (1.8%) of sales of distribution services to end-users and growth in rates in the tariff for 2015 (PLN 123 mln)

(-) lower revenue from sale to the Balancing Market (PLN 26 mln)

(+) higher revenue from grid connection fees (PLN 4 mln)

(+) growth in revenue from the sale of heat energy stems from the growth in prices by 4.75%

(+) growth in revenue from the sale of the other services (PLN 30 mln) e.g. lighting assets servicing

(-) lower revenue from the sale of goods and materials by PLN 18 mln results from a consistent exclusion of “non-core” operations in Enea Group

(+) sales of coal as a result of LW Bogdanka’s takeover

(-) lower average price of proprietary interests (RES 32.2%) and lower volumes (43.9%) results in lowering of revenue from proprietary interest trading

(-) higher costs of employee benefits as a result of LW Bogdanka’s takeover

(-) higher costs of transmission services by PLN 59 mln stem from higher transitory charge and quality charge

(-) higher costs of outsourced services as a result of LW Bogdanka’s takeover and in connection with the investments realised on grid assets

(-) higher taxes and charges mainly as a result of the investment realisation in the area of grid assets ad as a result of LW Bogdanka’s and MPEC Białystok’s takeover

(+) lower costs of purchases of electricity and gas by PLN 553 mln as a result of:

(+) lower volumes of electricity (4,976 GWh), despite higher average purchase price of electricity by 2.8%

(-) higher costs of ecological and cogeneration obligations by PLN 63 mln (e.g. entry into force of yellow and red obligations from 30 April 2014)

(-) lower results on the other operating activities by PLN 184 mln:

(-) settlement of the tie existing before LW Bogdanka’s takeover totalling to PLN 94 mln (one-off)

(-) higher provision for claims for damages and litigation PLN 22 mln

(-) recognition in 2014 of a provision discount for transmission corridors in the amount of PLN 26 mln (one–off)

(-) higher provision for transmission corridors by PLN 8 mln - higher rates

(-) overview and verification of the balance of receivables PLN 13 mln

(-) settlement in 2014 of an agreement in respect of State Forests in the amount of PLN 8 mln (one-off)

Settlement of non-financial fixed assets impairment write-down (impact on net result):

(-) tangible assets impairment write-down (PLN -1,502 mln)

(-) write-off of goodwill (PLN -201 mln)

(+) deferred tax (PLN 285 mln)

Consolidated Profit and Loss Statement - Q4 2015

[PLN ‘000]Q4 2014Q4 2015ChangeChange %
Revenue from sale of electricity 1 693 022 1 490 272 -202 750 -12.0%
Revenue from sale of heat energy 87 672 90 061 2 389 2.7%
Revenue from sale of natural gas 5 087 60 072 54 985 1 080.9%
Revenue from sale of distribution services 735 157 781 241 46 084 6.3%
Revenue from certificates of origin 16 911 6 610 -10 301 -60.9%
Revenue from sales of CO2 emission allowances 28 016 - -28 016 -100.0%
Revenue from sale of goods and materials 35 054 16 028 -19 026 -54.3%
Revenue from sale of other services 27 304 34 247 6 943 25.4%
Sale of coal - 219 548 219 548 100.0%
Net sales revenue 2 628 223 2 698 079 69 856 2.7%
Amortisation and depreciation 204 211 232 104 27 893 13.7%
Employee benefit costs 273 730 309 575 35 845 13.1%
Consumption of materials and raw materials and value of goods sold 521 498 447 948 -73 550 -14.1%
Purchase of energy and gas for resale 1 037 968 855 360 -182 608 -17.6%
Transmission services 179 666 198 191 18 525 10.3%
Other outsourced services 91 870 179 939 88 069 95.9%
Taxes and charges 70 115 76 547 6 432 9.2%
Cost of sales 2 379 058 2 299 664 -79 394 -3.3%
Other operating revenue 14 314 52 047 37 733 263.6%
Other operating expenses 29 466 151 698 122 232 414.8%
Profit / (loss) on sales and liquidation of tangible fixed assets -5 042 -6 239 -1 197 -23.7%
Non-financial fixed assets impairment write-down  30 556 1 501 621 1 471 065 4 814.3%
Operating profit/(loss) 198 415 -1 209 096 -1 407 511 -709.4%
Financial expenses  78 634  36 276 -42 358 -53.9%
Financial revenue  10 802  41 595 30 793 285.1%
Write off of goodwill 3 131 251 432 248 301 7 930.4%
Share in (losses)/profits of affiliated entities accounted for using the equity method  -182 - 182 100.0%
Dividend revenue - - - -
Profit / (loss) before tax 127 270 -1 455 209 -1 582 479 -1 243.4%
Income tax  51 636 -218 493 -270 129 -523.1%
Net profit / (loss) for the reporting period  75 634 -1 236 716 -1 312 350 -1 735.1%
EBITDA 433 182 524 629 91 447 21.1%

Q4 2015:

Change factors of EBITDA of Enea CG: 

(-) lower revenue from sales of electricity by PLN 203 mln:

(-) lower volumes of electricity sold in wholesale trading (1,112 GWh) despite a growth in the average selling price (2.3%) affects a drop in revenue by PLN 172 mln

(-) lower volumes of electricity sold in retail trading despite a growth in the average selling price (3.4%) affects a drop in revenue by PLN 20 mln

(+) revenue from sales of natural gas - extension of operations in the segment of Trade in Q4 2014 - higher sales volume by 376 GWh with a concurrent drop in price by 8.4%

(+) higher revenue from sales of distribution services by PLN 46 mln stem from:

(+) greater volume of sales of distribution services (1.2%) to end-users and growth in rates in the tariff for 2015 (PLN 25 mln)

(+) higher revenue from grid connection fees (PLN 18 mln)

(-) lower revenue from the sale of goods and materials by PLN 19 mln results from a consistent exclusion of “non-core” operations in Enea Group

(+)higher value of sales from the other services as a result of LW Bogdanka’s takeover

(-) lower revenue from sales of certificates of origin resulting from lower price of RES Proprietary Interests by 27.5%

(+) sales of coal as a result of LW Bogdanka’s takeover

(-) higher costs of employee benefits by PLN 36 mln resulting from LW Bogdanka’s takeover

(-) higher costs of transmission services by PLN 19 mln stem from higher transitory charge and quality charge

(-) higher costs of outsourced services by PLN 88 mln resulting from LW Bogdanka’s takeover

(+) lower costs of purchases of electricity and gas by 183 mln - lower volumes of electricity (1,424 GWh) with a concurrent growth in the average purchase price of electricity by 1%

(-) lower result on the other operating activity by PLN 86 mln stemming from:

(-) settlement of the tie existing before LW Bogdanka’s takeover totalling to PLN 94 mln (one-off)

(-) establishment of the provision for claims for damages and other provisions PLN 11 mln

(+) overview and verification of the balance of receivables PLN 5 mln

(+) result of the assets stocktaking PLN 4 mln

(+) higher revenue from damages and contractual penalties by PLN 3 mln

Settlement of non-financial fixed assets impairment write-down (impact on net result):

(-) tangible assets impairment write-down (PLN -1,502 mln)

(-) write-off of goodwill (PLN -201 mln)

(+) deferred tax (PLN 285 mln)

Results on particular segments of operations of Enea Capital Group

EBITDA [PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Trading 106 482 126 095 19 613 18.4% 23 691 38 456 14 765 62.3%
Distribution 1 159 401 1 138 882 -20 519 -1.8% 267 930 306 030 38 100 14.2%
Generation 738 547 895 409 156 862 21.2% 185 668  187 113 1 445 0.8%
Generation excluding LTPPAs (one-off) 481 039 602 262 121 223 25.2% 185 668  187 113 1 445 0.8%
Mining (XI-XII) - 156 107 156 107 100.0% -  156 107 156 107 100.0%
Other activity 22 260 19 252 -3 008 -13.5% -4 011 -9 871 -5 860 -146.1%
Undistributed items and exclusions -81 251 -205 874 -124 623 -153.4% -40 096 -153 206 -113 110 -282.1%
Total EBITDA 1 945 439 2 129 871 184 432 9.5% 433 182 524 629 91 447 21.1%

Enea CG 2015:

The highest EBITDA in the segment of Distribution

The highest growth in EBITDA in the segment of Generation by PLN 121 mln (after exclusion of one-off LTPPA in Q2 2014 and Q3 2015)

CK Enea 2015

Enea CG Q4 2015:

The highest EBITDA in the segment of Distribution

The highest growth in EBITDA in the segment of Distribution (PLN 38 mln)

CG Q4 Enea 2015

Segment of Trade

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 4 181 390 5 932 050 1 750 660 41.9% 1 171 369 1 714 166 542 797 46.3%
EBIT 105 725 125 312 19 587 18.5% 23 480 38 262 14 782 63.0%
Amortisation and depreciation 757 783 26 3.4% 211 194 - 17 - 8.1%
EBITDA 106 482 126 095 19 613 18.4% 23 691 38 456 14 765 62.3%
CAPEX 4 057 26 520 22 463 553.7% 1 092 2 671 1 579 144.6%
Share of revenue from sales in the segment in the sales revenue of the Group 38% 44% 6 p.p.   39% 44% 5 p.p.  

Enea SA deals with retail sales of electricity

Wholesale is realised by Enea Trading sp. z o.o.

Wholesale

2015 Change factors of EBITDA:

First contribution margin

(+) higher average selling price by 5.9%

(-) higher costs of ecological obligations by 14.3%

(-) higher average purchase price of energy by 5.0%

(-) drop of the volume of energy sales by 0.9%

(+) result on the trade in gaseous fuel PLN 4 mln

Internal costs

(-) higher costs of commercial marketing by PLN 5 mln

(-) higher costs of commissions for business partners by PLN 6 mln

(+) lower costs of customer service and debt collection by PLN 8 mln

Other factors

(-) provisions for litigation and potential claims PLN 17 mln

(-) written off debts PLN 17 mln

Q4 2015 Change factors of EBITDA:

First contribution margin

(+) higher average selling price by 4.6%

(+) lower costs of ecological obligations by 1.6%

(-) higher average purchase price of energy by 2.9%

(-) drop of the volume of energy sales by 4.4%

(+) result on the trade in gaseous fuel PLN 1 mln

Internal costs

(-) higher costs of customer service and debt collection by PLN 3 mln

Other factors

(-) written-off debts PLN 3 mln

(-) provisions for litigation and potential claims PLN 7 mln

(+) lower impairment of receivables by PLN 6 mln       

Segment of Distribution

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 2 987 548 3 069 481 81 933 2.7% 771 664 801 209 29 545 3.8%
distribution services to end users 2 697 728 2 824 487 126 759 4.7% 695 791 721 931 26 140 3.8%
fees for grid connection 93 694 98 092 4 398 4.7% 24 899 43 616 18 717 75.2%
other 196 126 146 902 -49 224 -25.1% 50 974 35 662 -15 312 -30.0%
EBIT 730 257 702 059 -28 198 -3.9% 150 329 197 864 47 535 31.6%
Amortisation and depreciation 429 144 436 823 7 679 1.8% 117 601 108 166 -9 435 -8.0%
EBITDA 1 159 401 1 138 882 -20 519 -1.8% 267 930 306 030 38 100 14.2%
CAPEX 825 677 925 106 99 429 12.0% 393 908 434 394 40 486 10.3%
Share of revenue from sales in the segment in the net sales revenue of the Group 27% 23% -4 p.p.   26% 20% -6 p.p.  

Enea Operator sp. z o.o. is responsible for electricity distribution to 2.49 mln Customers in the western and north-western Poland on the area of 58,192 km2.

The basic task of Enea Operator is a continuous and reliable supply of energy maintaining appropriate quality parameters.

In the Segment of Distribution the financial data of the following companies is presented:

  • Enea Operator sp. z o.o.
  • Enea Serwis sp. z o.o.
  • Enea Pomiary sp. z o.o. and
  • Annacond Enterprises sp. z o. o.

Distribution 

2015 Change factors of EBITDA:

Margin on the licensed operations

(+) higher revenue from the sale of distribution services to end users by PLN 127 mln

(-) higher costs of purchase of transmission services by PLN 62 mln

(-) higher costs of purchasing energy for coverage of book-tax difference by PLN 12 mln

(-) recognition in 2014 of the final settlement of electricity purchases for coverage of book-tax difference for 2013 PLN 33 mln (one-off)

(+) higher revenue from grid connection fees by PLN 4 mln

Non-licensed operations

(+) higher volume of realised services, optimisation of fixed costs PLN 33 mln (Enea Serwis, Enea Pomiary)

(-) lower revenue from services related to the shift of competences to Enea Centrum by PLN 21 mln

(-) lower revenue in relation to the partial resignation from rendering the street lighting maintenance services by PLN 13 mln

Operating expenses

(+) optimisation of materials and costs, outsourced services and costs of employee benefits PLN 18 mln

(-) higher costs of asset exploitation by PLN 7 mln (greater material scope of work realisation)

(-) higher costs of taxes and charges by PLN 11 mln (greater value of grid assets as a result of completion of investment tasks)

Other operating activity

(-) recognition in 2014 of a provision discount for transmission corridors in the amount of PLN 26 mln (one–off)

(-) higher provision for transmission corridors by PLN 8 mln

(-) higher costs of removing fortuitous events by PLN 11 mln

(-) settlement in 2014 of an agreement in respect of State Forests in the amount of PLN 8 mln (one-off)

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 2 987 548 3 069 481 81 933 2.7% 771 664 801 209 29 545 3.8%
distribution services to end users 2 697 728 2 824 487 126 759 4.7% 695 791 721 931 26 140 3.8%
fees for grid connection 93 694 98 092 4 398 4.7% 24 899 43 616 18 717 75.2%
other 196 126 146 902 -49 224 -25.1% 50 974 35 662 -15 312 -30.0%
EBIT 730 257 702 059 -28 198 -3.9% 150 329 197 864 47 535 31.6%
Amortisation and depreciation 429 144 436 823 7,679 1.8% 117 601 108 166 -9,435 -8.0%
EBITDA 1 159 401 1 138 882 -20 519 -1.8% 267 930 306 030 38 100 14.2%
CAPEX 825 677 925 106 99 429 12.0% 393 908 434 394 40 486 10.3%
Share of revenue from sales in the segment in the net sales revenue of the Group 27% 23% -4 p.p.   26% 20% -6 p.p.  

EBITDA

Q4 2015 Change factors of EBITDA:

Margin on the licensed operations

(+) higher revenue from the sale of distribution services to end users by PLN 26 mln

(-) higher costs of purchase of transmission services by PLN 15 mln

(-) higher costs of purchasing energy for coverage of book-tax difference by PLN 13 mln

(+) higher revenue from grid connection fees by PLN 19 mln

Non-licensed operations

(+) higher volume of realised services, optimisation of fixed costs PLN 9 mln (Enea Serwis, Enea Pomiary)

(-) lower revenue in relation to the partial resignation from rendering the street lighting maintenance services by PLN 4 mln

Operating expenses

(+) lower actuarial reserves by PLN 20 mln (transfer of employees to Enea Centrum one-off)

(-) higher costs of exploitation services by PLN 14 mln (greater material scope of work realisation)

(-) higher costs of taxes and charges by PLN 1 mln (greater value of grid assets in connection with the completion of investment tasks)

Other operating activity

(+)lower provisions for potential claims by PLN 8 mln

(+) stocktaking result PLN 4 mln

Segment of Generation

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 3 489 761 3 531 459 41 698 1.2% 903 278 875 155 -28 123 -3.1%
electricity 2 774 910 2 820 195 45 285 1.6% 732 728 744 583 11 855 1.6%
certificates of origin 188 035 120 290 -67 745 -36.0% 47 237 36 227 -11 010 -23.3%
sale of allowance for emissions of CO2 32 942 - -32 942 -100.0% 28 017 - -28 017 -100.0%
heat 212 961 275 153 62 192 29.2% 87 671 85 756 -1 915 -2.2%
recovery of stranded costs 257 508 293 147 35 639 13.8% - - - -
other 23 405 22 674 -731 -3.1% 7 625 8 589 964 12.6%
EBIT 421 325 - 905 467 -1 326 792 -314.9% 71 458 -1 393 828 -1 465 286 -2 050.6%
Amortisation and depreciation 286 666 299 255 12 589 4.4% 83 654 79 320 -4 334 -5.2%
Non-financial fixed assets impairment write-down 30 556 1 501 621 1 471 065 4 814.3% 30 556 1 501 621 1 471 065 4 814.3%
EBITDA 738 547 895 409 156 862 21.2% 185 668 187 113 1 445 0.8%
CAPEX 1 845 602 1 954 870 109 268 5.9% 715 751 560 383 -155 368 -21.7%
Share of revenue from sales in the segment in the net sales revenue of the Group 32% 26% -6 p.p.   30% 22% - 8 p.p.  

The segment of Generation presents financial data of Enea Wytwarzanie sp. z o.o. and it subsidiaries.

Enea Wytwarzanie holds e.g. 10 highly-efficient and modernised power units in the Segment of System Power Plants. Annual generation capacity amounts to ca. 16 TWh electricity in this segment.

Tests for the fixed assets impairment:

  • impact on EBIT PLN -1,502 mln (Y2015 and Q4 2015)

Generation

2015 Change factors of EBITDA:

Segment of System Power Plants:

(+) higher margin on generation by PLN 59 mln

(+) higher revenue from LTPPA PLN 36 mln

(+) lower fixed costs by PLN 16 mln

(+) higher margin on trade and the Balancing Market by PLN 11 mln

(+) higher revenue from Regulatory System Services by PLN 8 mln

Segment of Heat:

(+) EBITDA MPEC (takeover of the Company on 16 September 2014) and PEC Zachód (incorporation of the Company on 27 June 2015): PLN +32 mln

In the other areas of the Segment:

(+) higher revenue from sales of heat by PLN 19 mln

(+) higher result on the other activity by PLN 5 mln

(+) higher revenue from electricity by PLN 4 mln

(-) lower revenue from certificates of origin by PLN 6 mln

(-) higher costs of fuel consumption by PLN 12 mln

Segment of RES:

(+) Area of Biogas (PLN -10 mln): in 2015 establishment of provisions for future liabilities in the amount of PLN 6 mln (one–off)

(-) Area of Wind (PLN -16 mln): in 2014 redemption of liabilities in the amount of PLN 10 mln (one-off), drop in revenue from certificates of origin by PLN 9 mln, lower fixed costs by PLN 3 mln

(-) Area of Water (PLN -2 mln): drop in revenue from certificates of origin and revenue from electricity by PLN 8 mln, reduction in fixed costs by PLN 4 mln, higher result on the other operating activity by PLN 2 mln

Segment of Generation

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 3 489 761 3 531 459 41 698 1.2% 903 278 875 155 -28 123 -3.1%
electricity 2 774 910 2 820 195 45 285 1.6% 732 728 744 583 11 855 1.6%
certificates of origin 188 035 120 290 -67 745 -36.0% 47 237 36 227 -11 010 -23.3%
sale of allowance for emissions of CO2 32 942 - -32 942 -100.0% 28 017 - -28 017 -100.0%
heat 212 961 275 153 62 192 29.2% 87 671 85 756 -1 915 -2.2%
recovery of stranded costs 257 508 293 147 35 639 13.8% - - - -
other 23 405 22 674 -731 -3.1% 7 625 8 589 964 12.6%
EBIT 421 325 - 905 467 -1 326 792 -314.9% 71 458 -1 393 828 -1 465 286 -2 050.6%
Amortisation and depreciation 286 666 299 255 12 589 4.4% 83 654 79 320 -4 334 -5.2%
Non-financial assets impairment write-down 30 556 1 501 621 1 471 065 4 814.3% 30 556 1 501 621 1 471 065 4 814.3%
EBITDA 738 547 895 409 156 862 21.2% 185 668 187 113 1 445 0.8%
CAPEX 1 845 602 1 954 870 109 268 5.9% 715 751 560 383 -155 368 -21.7%
Share of revenue from sales in the segment in the net sales revenue of the Group 32% 26% -6 p.p.   30% 22% - 8 p.p.  

Q4 2015 Change factors of EBITDA:

Segment of System Power Plants:

(-) lower margin on trade and the Balancing Market by PLN 24 mln

(+) lower fixed costs by PLN 8 mln

(+) higher margin on generation by PLN 3 mln

Segment of Heat:

(-) EBITDA PEC Zachód Q4 2015: PLN -6 mln (incorporation of the Company on 27 June 2015)

In the other areas of the Segment:

(-) lower revenue from sales of electricity and heat by PLN 4 mln

(+) lower costs of remuneration by PLN 14 mln (result of the transfer of employees to PEC Zachód)

(+) lower costs of outsourced services by PLN 2 mln

(+) lower costs of fuel consumption by PLN 7 mln

(+) higher result on other operating activity

Segment of RES:

(+) Area of Biogas (PLN -6 mln): in 2015 establishment of provisions for future liabilities in the amount of PLN 6 mln (one–off)

(-) Area of Water (PLN -3 mln): drop in revenue from certificates of origin and revenue from electricity by PLN 2 mln, higher fixed costs by PLN 1 mln

Segment of Mining

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue - 362 580 362 580 100.0% - 362 580 362 580 100.0%
coal - 355 452 355 452 100.0% - 355 452 355 452 100.0%
The other products and services - 3 328 3 328 100.0% - 3 328 3 328 100.0%
Goods and materials - 3 800 3 800 100.0% - 3 800 3 800 100.0%
EBIT - 115 666 115 666 100.0% - 115 666 115 666 100.0%
Amortisation and depreciation - 40 441 40 441 100.0% - 40 441 40 441 100.0%
EBITDA - 156 107 156 107 100.0% - 156 107 156 107 100.0%
CAPEX - 51 114 51 114 100.0% - 51 114 51 114 100.0%
Share of revenue from sales in the segment in the sales revenue of the Group - 3% 3 p.p.   - 9% 9 p.p.  

LW Bogdanka

Financial data for two months of 2015 (November - December)

Mining realised on three fields: Bogdanka, Nadrybie, Stefanów

Production assortment: fine coal (ca. 98%), pea coal, nut coal

Key recipients: commercial power industry and industrial power industry

2015 Factors of generated EBITDA:

(+) EBITDA profitability 43.1% and EBIT profitability 31.9%,

(+) profitability of the reporting period (November and December) higher than annual profitability (average sales revenue for coal higher by over 14% than the average monthly level in 2015)

(+) average quantitative sales of coal in the reporting period higher by over 17% than the average monthly level from 2015

(-) signing of two annexes to coal sales agreements introducing lower prices and recalculation of previous supplies to the current price (impact of the recalculation PLN -7,0 mln)

(-) establishment of provisions for growth in remuneration budget

Segment of Other activity

[PLN ‘000]20142015ChangeChange %Q4 2014Q4 2015ChangeChange %
Sales revenue 418 419 549 156 130 737 31.2% 154 461 162 306 7 845 5.1%
EBIT 7 803 -341 - 8 144 -104.4% -8 165 -16 178 - 8 013 -98.1%
Amortisation and depreciation 14 457 19 593 5 136 35.5% 4 154 6 307 2 153 51.8%
EBITDA 22 260 19 252 -3 008 -13.5% -4 011 -9 871 -5 860 -146.1%
CAPEX 87 539 93 846 6 307 7.2% 53 094 49 191 -3 903 -7.4%
Share of revenue from sales in the segment in the sales revenue of the Group 4% 4% -   5% 4% -1 p.p.  

In the segment of Other Activity companies are presented from three areas:

  • support for the other Capital Group companies:
    • Enea Centrum sp. z o.o. - being the Shared Service Centre in the Group within accounting, staff, teleinformation, customer service
    • Enea Logistyka sp. z o.o. - the company specialising in the logistics, warehousing, supply operations
  • supplementary operations:
    • Enea Oświetlenie sp. z o.o. - the company specialising in lighting the interior and exterior of buildings; designs, constructs street lighting, illumination of urban areas, lighting monumental buildings and public utility objects, and also rendering construction services and comprehensive servicing of photovoltaic power plants
  • other operations:
    • The Group conducts restructuring activities whose objective is keeping in the structure only those companies from the basic value chain and companies supporting and supplementing them. This group of companies includes: Energo-Tour, Szpital Uzdrowiskowy ENERGETYK

Assets - structure of assets and liabilities of Enea Capital Group

Assets [PLN ‘000]As at:ChangeChange %
 31 December 201431 December 2015  
Fixed assets 14 344 139 18 203 442 3 859 303 26.9%
Tangible fixed assets 13 617 942 17 074 978 3 457 036 25.4%
Perpetual usufruct 77 281 74 160 -3 121 -4.0%
Intangible assets 389 961 272 116 -117 845 -30.2%
Investment properties 23 431 20 624 -2 807 -12.0%
Investments in subsidiaries - 748 748 100.0%
Deferred tax assets 167 207 616 795 449 588 268.9%
Financial assets available for sale 47 479 23 982 -23 497 -49.5%
Financial assets valued at fair value through profit or loss 99 - - 99 -100.0%
Derivatives - 844 844 100.0%
Trade and other receivables 20 739 28 323 7 584 36.6%
Cash and cash equivalents - 90 872 90 872  100.0% 
Current assets 3 763 901 4 785 554 1 021 653 27.1%
Allowances for emissions of CO2 208 720 307 521 98 801 47.3%
Inventories 508 163 649 509 141 346 27.8%
Trade and other receivables 1 764 128 1 732 744 -31 384 -1.8%
Current income tax assets 20 31 956 31 936 159 680.0%
Financial assets held to maturity 189 789 479 189 310 -99.7%
Financial assets valued at fair value through profit or loss 392 251 222 011 -170 240 -43.4%
Cash and cash equivalents 687 316 1 822 094 1 134 778 165.1%
Fixed assets for sale 13 514 19 240 5 726 42.4%
Total assets 18 108 040 22 988 996 4 880 956 27.0%

Structure

Change factors of fixed assets (growth by PLN 3,859 mln):

higher tangible fixed assets by PLN 3,457 mln stems mainly from:

(+) higher expenditures (PLN 1,903 mln) in the segment of Generation (construction of the power unit No. 11 in Kozienice)

(+) higher expenditures on the grid assets in the segment of Distribution (PLN 905 mln)

(+) takeover of LW Bogdanka

(-) fixed assets impairment write-down (PLN -1,484 mln)

lower value of intangible assets by PLN 118 mln stems mainly from:

(-) fixed assets impairment write-down (PLN -207 mln)

(+) development of the software for the Capital Group being the support in the companies’ operating activities (e.g. ERP systems) and expenditures on the extension of Customer Comprehensice Service System

higher deferred tax assets (by PLN 450 mln) relate to: fixed assets impairment write-down (PLN 285 mln), valuation of the assets of LW Bogdanka and provisions for redemption of proprietary interests

higher cash and cash equivalents stems from the funds gathered in LW Bogdanka within the Mine Liquidation Fund

Change factors of current assets (growth by PLN 1,022 mln):

  • higher allowances for emissions of CO2 by PLN 99 mln stem from a higher purchase by PLN 30 mln and lower sales by PLN 45 mln
  • higher inventory by PLN 141 mln stem from a growth in coal stock levels
  • changes in the financial instruments portfolio structure result from withdrawal of financial assets kept to maturity (expiry of deposits maturing over 3 months) and lower financial assets valued at fair value through financial result stem from the withdrawal of some funds allocated in securities with high liquidity
  • higher cash and cash equivalents by PLN 1,135 mln stem from the demonstration in the statements of LW Bogdanka SA’s cash (PLN 258 mln), inflow at the end of December of the funds from the final settlement of LTPPA and activities aiming achieving an optimum level of return on cash and cash equivalents held by Enea CG (decrease in the portfolio of funds in Asset Management for the account of bank deposits)

Assets - structure of assets and liabilities of Enea Capital Group

Liabilities [PLN ‘000] ChangeChange %
 31 December 201431 December 2015  
Total equity 12 064 013 12 122 603 58 590 0.5%
Share capital 588 018 588 018 - -
Share premium 3 632 464 3 632 464 - -
Financial instruments revaluation reserve 34 777 814 -33 963 -97.7%
Other reserves - 45 883 - 45 883 - -
Reserve capital from valuation of hedging instruments - 3 980 3 980 100.0%
Retained earnings 7 804 989 7 158 352 -646 637 -8.3%
Non-controlling interests 49 648 784 858 735 210 1 480.8%
Total liabilities 6 044 027 10 866 393 4 822 366 79.8%
Non-current liabilities 4 190 197 8 457 838 4 267 641 101.8%
Current liabilities 1 853 830 2 408 555 554 725 29.9%
Total equity and liabilities 18 108 040 22 988 996 4 880 956 27.0%

Structure

Structure

Change factors of non-current liabilities (growth by PLN 4,268 mln):

  • bond issue within the programme agreements concluded by Enea and releasing subsequent tranches of a loan from EIB (a total of PLN 3,056 mln);
  • Demonstration within Enea CG of non-current liabilities of LW Bogdanka SA PLN 1,234 mln, including PLN 700 mln of issued bonds

Change factors of current liabilities (growth by PLN 555 mln):

  • PLN 94 mln higher liabilities for purchase of tangible and intangible assets
  • PLN 171 mln higher liabilities for salaries
  • PLN 264 mln higher provisions:
    • PLN 87 mln higher provisions for purchase of C02 emission allowances
    • PLN 81 mln higher provisions resulting from LW Bogdanka’s acquisition
    • PLN 85 mln higher provisions for certificates of origin

Cash situation of Enea Capital Group

Cash flow statement [PLN '000]20142015ChangeChange %
Net cash flows from operating activities 1 115 676 2 206 416 1 090 740 97.8%
Net cash flows from investing activities - 3 048 793 - 3 724 664 - 675 871 -22.2%
Net cash flows from financing activities 1 045 785 2 653 026 1 607 241 153.7%
Net increase / (decrease) in cash and cash equivalents - 885 879 1 134 778 2 020 657 228.1%
Opening balance of cash and cash equivalents 1 573 195 687 316 - 885 879 -56.3%
Closing balance of cash and cash equivalents 687 316 1 822 094 1 134 778 165.1%

Cash situation

1) Acquisition of tangible fixed assets and intangible assets and acquisition of a subsidiary of Enea CG 2015

Acquisition of tangible fixed assets and intangible assets and acquisition of a subsidiary of Enea CG 2015

Cash situation

Ratio analysis 1)

 20142015Q4 2014Q4 2015
Profitability ratios        
ROE - return on equity 7.5% -3.3% 2.5% -40.8%
ROA - return on assets 5.0% -1.7% 1.7% -21.5%
Net profitability 9.2% -4.1% 2.9% -45.8%
Operating profitability 12.0% -1.6% 7.5% -44.8%
EBITDA profitability 19.7% 21.6% 16.5% 19.4%
Liquidity and financial structure ratios        
Current liquidity ratio 2.0 2.0 2.0 2.0
Equity-to-fixed assets ratio 0.8 0.7 0.8 0.7
Total debt ratio 0.3 0.5 0.3 0.5
Net debt / EBITDA 0.5 1.8 0.5 1.8
Economic activity ratios        
Current receivables turnover in days 57 65 56 59
Turnover of trade and other payables in days 64 63 53 57
Inventory turnover in days 26 31 25 31