Financial statement - Consolidated results
Basic financial
Selected financial data
in PLN thousand | in EURO thousand | |||
|---|---|---|---|---|
| Basic figures from consolidated statement of comprehensive income | For the year ended 31 December 2024 | For the year ended 31 December 2023 | For the year ended 31 December 2024 | For the year ended 31 December 2023 |
| Revenue from sales | 2 556 899 | 3 164 375 | 594 047 | 698 784 |
| Cost of sales | -2 229 903 | -2 062 505 | -518 076 | -455 460 |
| Revenue/(cost) of compensation for stranded costs | 4 350 | -108 595 | 1 011 | -23 981 |
| Operating profit | 219 508 | 310 016 | 50 999 | 68 460 |
| Profit before tax | 251 319 | 321 684 | 58 389 | 71 037 |
| Net profit | 201 755 | 256 719 | 46 874 | 56 691 |
| Net profit for the period attributable to ordinary shareholders | 201 755 | 255 697 | 46 874 | 56 465 |
| Net profit for the period attributable to non-controlling interests | - | 1 022 | - | 226 |
| Basic earnings per share (in PLN/EURO) | 13,54 | 17,16 | 3,15 | 3,79 |
| Other comprehensive income, net of tax | -581 | -1 749 | -135 | -386 |
| Total comprehensive income | 201 174 | 254 970 | 46 739 | 56 305 |
| Basic figures from consolidated statement of cash flow | ||||
| Net cash flow from operating activities | 850 723 | 611 911 | 197 650 | 135 127 |
| Net cash flow from investing activities | -371 380 | -917 533 | -86 283 | -202 617 |
| Net cash flow from financing activities | -481 993 | 334 729 | -111 982 | 73 918 |
| Basic figures from consolidated statement of financial position | As at 31 December 2024 | As at 31 December 2023 | As at 31 December 2024 | As at 31 December 2023 |
| Non-current assets | 2 911 484 | 2 798 699 | 681 367 | 643 675 |
| Current assets | 1 821 125 | 1 921 844 | 426 194 | 442 006 |
| Total assets | 4 732 609 | 4 720 543 | 1 107 561 | 1 085 681 |
| Non-current liabilities | 589 677 | 978 183 | 138 001 | 224 973 |
| Current liabilities | 1 804 677 | 1 605 279 | 422 344 | 369 199 |
| Equity | 2 338 255 | 2 137 081 | 547 216 | 491 509 |
| Number of shares (in thousands) | 14 900 | 14 900 | 14 900 | 14 900 |
| Book value and diluted book value per share (in PLN/EURO) | 156,93 | 143,43 | 36,73 | 32,99 |
Exchange rates of euro used for translation of selected financial data
For the ended 31 December 2024 | For the year ended 31 December 2023 | |
|---|---|---|
| Return on assets (ROA) | 4,26 | 5,44 |
| Return on equity (ROE) | 8,63 | 12,01 |
| Return on capital employed (ROCE) | 8,25 | 12,71 |
EBITDA 2023 | Revenues from sale of electricity | Revenues from heat sales | Other Sales | Revenues from Capacity Market certificates, PPA | Fuel Costs | CO₂ Emission rights | Contribution to PDP fund | Personnel expenses | Overhauls | Other Costs | Other Operating revenues / costs | EBITDA 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 519 665 | -697 978 | 74 223 | 22 678 | 106 546 | -143 303 | 35 086 | 567 939 | -11 349 | -458 | -21 582 | -3 471 | 447 996 |
| 2023 | 1 848 265 | 1 041 954 | 193 131 | -27 570 | -767 364 | -714 958 | -544 133 | -92 551 | -36 416 | -380 332 | 9 639 | |
| 2024 | 1 150 287 | 1 116 177 | 215 809 | 78 976 | -910 667 | -679 872 | 13 806 | -103 900 | -36 874 | -401 914 | 6 168 |
The consolidated EBITDA result of PLN 447 996 thousand was lower by PLN 71 669 thousand compared to 2023 and was the effect of:
| PLN 697 978 thousand | a decrease in revenues from the sale of electricity due to lower sales prices |
| PLN 74 223 thousand | an increase in revenues from the sale of heat as a result of an increase in average prices resulting from the heat tariff and a decrease in sales volume in both companies |
| PLN 22 678 thousand | an increase in revenues from goods and materials by PLN 23 134 thousand, including PLN 23 202 thousand increase in revenues from the resale of electricity |
| PLN 106 546 thousand |
|
| PLN 143 303 thousand | an increase in fuel costs, including mainly an increase in gas consumption costs in the subsidiary by PLN 101 648 thousand (new gas supply contract from July 2024) and in the Parent Company by PLN 41 655 thousand |
| PLN 35 086 thousand | a decrease in the cost of purchasing CO₂ emission allowances, mainly due to a lower volume and purchase price of allowances in the subsidiary (PLN 34 141 thousand) |
| PLN 567 939 thousand | a decrease in the write-off to the Price Difference Payment Fund for the sale of electricity. The write-off was valid until December 2023 (in 2023, the write-off to the Fund amounted to PLN 554 133 thousand) |
| PLN 11 349 thousand | an increase in personnel costs due to salary increases |
| PLN 458 thousand | an increase in renovation costs |
| PLN 21 582 thousand | an increase in general administrative costs and increase in depreciation costs |
| PLN 3 471 thousand | a decrease in the result on other operating activities |
Consolidated cash flow
As at 31 December 2024 | As at 31 December 2023 | |
|---|---|---|
Cash on hand and cash at bank | 2 509 | 2 064 |
| Funds on VAT accounts | 29 118 | 32 213 |
| Cash and cash equivalents | 31 627 | 34 277 |
| Cash-pool | 1 023 997 | 885 827 |
| Cash at Company’s disposal | 1 055 624 | 920 104 |
| Current loans and borrowings | 31 697 | 423 |
| Current lease | 9 728 | 8 757 |
| Non-current loans and borrowings | 313 135 | 337 214 |
| Non-current lease | 83 371 | 87 178 |
| Gross debt (short and long-term) | 437 931 | 433 572 |
| Net debt | -617 693 | -486 532 |
| Provision for deficit of CO2 emission rights | 681 292 | 715 677 |
| Estimated level of economic net debt | 63 599 | 229 145 |
For the year ended 31 December 2024 | For the year ended 31 December 2023 | |
|---|---|---|
| Working capital | 16 448 | 316 565 |
| Equity | 2 338 255 | 2 137 081 |
| Net debt | -617 693 | -486 532 |
| LTM reported EBITDA1 | 447 996 | 519 665 |
| LTM recurring EBITDA2 | 427 788 | 1 177 634 |
| Net financial debt/LTM reported EBITDA | -1,38 | -0,94 |
| Net financial debt/LTM recurring EBITDA | -1,44 | -0,41 |
| Net financial debt/Equity | -0,26 | -0,23 |