Financial statement - Individual results

Basic financial

Selected financial data


in PLN thousand
in EURO thousand
Basic figures from separate 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 sales1 554 4831 689 818361 155373 160
Cost of sales-1 488 192-1 369 429-345 753-302 409
Operating profit/(loss)-5 595224 742-1 30049 629
Profit/(loss) before tax-8 435221 148-1 96048 836
Net profit/(loss)-7 170178 809-1 66639 486
Other comprehensive income, net of tax-565-1 688-131-373
Total comprehensive income-7 735177 121-1 79739 113
Basic figures from separate statement 
of cash flow




Net cash flow from operating activities773 627375 559179 73882 934
Net cash flow from investing activities-293 577-570 773-68 207-126 043
Net cash flow from financing activities-487 681224 341-113 30449 541
Basic figures from separate 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 assets2 401 8472 270 403562 099522 172
Current assets740 648908 689173 332208 990
Total assets3 142 4953 179 092735 431731 162
Non-current liabilities519 098553 675121 483127 340
Current liabilities999 887994 172234 002228 651
Equity1 623 5101 631 245379 946375 171

Exchange rates of euro used for translation of selected financial data

  • Statement of financial position items - average exchange rate announced by NBP as at 31 December 2024 – 4,2730
  • Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each month of the period from 1 January to 31 December 2024 - 4,3042
  • Statement of financial position items - average exchange rate announced by NBP as at 31 December 2023 – 4,3480
  • -Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each month of the period from 1 January to 31 December 2023 – 4,5284
Basic ratios
%For the year ended
31 December 2024
For the year ended
31 December 2023
Change
(%)
Return on assets (ROA)
-0,235,62-104
Return on equity (ROE)
-0,4410,96-104
Return on capital employed (ROCE)
-0,2811,41-102


EBITDA
2023
Revenues from sale of electricity
Revenues from heat sales
Other sales
Revenues from Capacity Market, certificates
Fuel costs
CO₂ emission rights
Contribution to PDP fund
Personnel expenses
OverhaulsOther costs
Other operating revenues / costs
EBITDA 2024
401 882-236 89851 40461 873-11 714-41 65589027 179-7 215-30-53 936-3 224188 556
2023681 826836 422124 91846 632-442 509-485 041-27,179-67 186-24 759-248 0526 790
2024444 928887 846186 79134 918-484 164-484 151
O
-74 401-24 789-301 9883566

The EBITDA result of PLN 188 556 thousand was lower by PLN 213 326 thousand compared to 2023 and was the effect of:

PLN 236 898
thousand

lower revenues from the sale of electricity by 34%. The decrease in the volume of sales of electricity from own production was lower by 8%, and the average price of electricity was lower by approx. 26% compared to 2023.
PLN 51 404
thousand		higher revenues from the sale of heat by 6%, as a result of higher average prices resulting from the heat tariff by approx. 12% and a decrease in sales volume by 5%
PLN 61 873
thousand		an increase in revenues from goods and materials by PLN 62 081 thousand, including PLN 59 450 thousand increase in revenues from the resale of electricity
PLN 11 714
thousand
  • PLN 6 612 thousand decrease in revenues from certificates. In 2024, the Company generated revenues from green certificates in the amount of PLN 990 thousand. In 2023, the Company generated revenues from green certificates in the amount of PLN 7 602 thousand. Lower revenues from green certificates in 2024 were related to the lower sales price and lower volume of biomass production in 2024.
  • PLN 4 439 thousand lower revenues from the Capacity Market
  • PLN 663 thousand drop in revenues from supporting high-efficiency gas cogeneration
PLN 41 655
thousand
  • PLN 63 880 thousand higher gas consumption costs. In November 2023, peak-load and reserve boilers were launched in EC Czechnica 2, where the power source is natural gas. The volume of gas consumption increased by 100% and amounted to 1 560 679 TJ in 2024 and 776 922 TJ in 2023, respectively. The increase in gas prices was approx. 4% (average price of gas consumed in 2024: PLN 77.23/GJ, in 2023: PLN 72.93/GJ)
  • PLN 15 131 thousand higher coal consumption costs, mainly due to higher coal prices despite lower consumption volume. Coal prices increased by approx. 7% (average price of burned coal with additional costs in 2024: PLN 25.39/GJ, in 2023: PLN 23.62/GJ). Coal consumption volume decreased by approx. 7% and amounted to 12 831 TJ in 2024 and 13 850 TJ in 2023, respectively.
  • PLN 40 285 thousand lower biomass consumption costs, mainly due to a 35% lower production volume from biomass. Consumption of combusted biomass amounted to 873 TJ in 2024 and 1 335 TJ in 2023. Production of electricity using biomass fuel was carried out until 30 June 2024. In the second half of 2024, the biomass boiler was a reserve for increased heat demand during the start-up period of the gas-steam unit at EC Czechnica 2. Unit biomass prices dropped by approx. 45%. The average price of combusted biomass amounted to PLN 27.67/GJ in 2024 and PLN 49.13/GJ in 2023.
PLN 890
thousand		a decrease in costs due to the shortage and purchase of CO₂ by PLN 890 thousand, mainly due to a lower average purchase price of missing CO₂ emission allowances (by approx. 6%) and a lower emission volume. The shortage of allowances was lower as a result of lower emissions resulting from a lower volume of heat and electricity production
PLN 27 179
 thousand		a write-off to the Price Difference Payment Fund, which was in force until December 2023 (in 2023 the write-off to the Fund amounted to PLN 27 179 thousand)
PLN 7 215
 thousand		an increase in personnel costs due to the increase in salaries and other employee benefits. The reason for the increase in personnel salaries was the change in their amount as a result of agreements concluded by the Management Board of the Company with trade unions
PLN 30
 thousand		an increase in renovation costs
PLN 53 936
thousand		an increase in the value of goods and materials by PLN 49 524 thousand (including mainly the resale of electricity) and an increase in the costs of services by PLN 1 713 thousand
PLN 3 224
 thousand		a decrease in the result on other operating activities

Cash flow

Net financial debt of KOGENERACJA S.A.

As at
31 December 2024
As at
31 December 2023
Cash on hand and cash at bank1 6751 199
Funds on VAT accounts24 07032 177
Cash and cash equivalents25 74533 376
Cash-pool107 90671 968
Cash at Company’s disposal133 651105 344
Current loans and borrowings31 697423
Current lease9 1888 239
Non-current loans and borrowings313 135337 214
Non-current lease77 18981 117
Gross financial debt (short and long-term)431 209426 993
Net financial debt297 558321 649
Provision for deficit of CO2 emission rights484 019485 629
Estimated level of economic net debt781 577807 278
Financial indicators of KOGENERACJA S.A.

For the year ended
31 December 2024
For the year ended
31 December 2023
Working capital
-259 239-85 483
Equity1 623 5101 631 245
Net debt
297 558321 649
LTM reported EBITDA1
188 556401 882
LTM recurring EBITDA2
186 493424 787
Net financial debt/LTM reported EBITDA
1,580,80
Net financial debt/LTM recurring EBITDA
1,600,76
Net financial debt/Equity
0,180,20
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