Basic financials

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SELECTED FINANCIAL DATA

  in PLN thousand in EURO thousand
Basic figures from separate statement of comprehensive income For the year ended
31 December 2017
For the year ended
31 December 2016
For the year ended
31 December 2017
For the year ended
31 December 2016
1. Revenue from sales 583 245 598 709 137 405 136 826
2. Operating profit 81 580 84 579 19 219 19 329
3. Profit before tax 117 908 164 952 27 778 37 697
4. Net profit 101 339 149 156 23 874 34 087
5. Other comprehensive income, net of tax (124) (73) (29) (17)
6. Total comprehensive income 101 215 149 083 23 845 34 070
         
Basic figures from separate statement of cash flows        
7. Net cash flow from operating activities 194 170 229 856 45 744 52 530
8. Net cash flow from investing activities (21 216) (39 694) (4 998) (9 071)
9. Net cash flow from financing activities (122 987) (187 345) (28 974) (42 815)
         
Basic figures from separate statement of financial position As at
31 December 2017
As at
31 December 2016
As at
31 December 2017
As at
31 December 2016
10. Non-current assets 1 408 880 1 462 339 337 788 330 547
11. Current assets 316 254 266 294 75 824 60 193
12. Total assets 1 725 134 1 728 633 413 612 390 740
13. Non-current liabilities 164 229 180 962 39 375 40 905
14. Current liabilities 185 637 175 576 44 508 39 687
15. Equity 1 375 268 1 372 095 329 729 310 148

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 2017 4.1709
  • Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each mont of the period from 1 January to 31 December 2017 4.2447
  • Statement of financial position items - average exchange rate announced by NBP as at 31 December 2016 4.4240
  • Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each mont of the period from 1 January to 31 December 2016 4.3757

BASIC RATIOS

(%) from 1 January to 31 December 2017 from 1 January to 31 December 2016 Change (%)
Return on assets (ROA) 5,87 8,48 (31)
Return on equity (ROE) 7,37 10,87 (32)
Return on capital employed (ROCE) 6,50 6,62 (2)

NET PROFIT ANALYSIS

Net profit analysis

Lower net profit as compared to 2016 by 47.9 MPLN (-32.1%), mainly due to the following:

  • -0.4 MPLN - lower profit on sales due to lower electricity price and lower volume of electricity sales while higher volume of heat sales
  • -2.8 MPLN - lower other operating expenses, including:
    • -2.9 MPLN increase in provisions for landfill reclamation
    • +3.7 MPLN net result of raised and released impairment charges
    • +2.0 MPLN assets sales
  • -44.0 MPLN - lower result on financial operation, i.e.:
    • -46.0 MPLN lower dividend received from EC Zielona Góra S.A. (35.2 MPLN in 2017 and 81.2 MPLN in 2016)
    • +2.0 MPLN higher financial revenues, including 1.4 MPLN interests on leasing, +0.6 cash-pools
  • -0.7 MPLN - higher income tax

REVENUES ANALYSIS

Revenues analysis

Lower revenue as compared to 2016 by 15.5 MPLN (3%), mainly due to the following:

  • +4.7 MPLN - higher revenues on heat sales (increase of heat volume by 1% with comparable prices resulting from heat tariff)
  • -11.9 MPLN - lower revenues on sales of electricity, i.e.:
    • -9.4 MPLN - lower revenues on sales of electricity (lower volume of electricity sales by 1.7%, lower prices by ca. 5.5%)
    • -2.5 MPLN - lower revenues from the sales of electricity to PSE
  • -7.7 MPLN - lower revenues on sales of certificates (lower certificates prices)
  • -0.6 MPLN - lower other revenues.

FIXED AND VARIABLE COSTS ANALYSIS

FIXED COSTS

Fixed costs

Higher fixed costs as compared to 2016 by 4.6 MPLN.

Staff costs increased by 6.8 MPLN, i.e.:

  • +6.0 MPLN increase in social security costs and other employees benefits
  • +0.8 MPLN higher costs of remunerations.

Maintenance costs increased by 2.2 MPLN: an effect of a wider scope of maintenance in 2017 as compared to 2016, including flue gas desulphurisation installation maintenance costs.

Depreciation decreased by 6.0 MPLN due to change of the assets lifetime and adjustment of the production-related facilities lifetime.

VARIABLE COSTS

Variable costs

Higher variable costs as compared to 2016 by 19.8 MPLN.

Costs of the shortage and purchase of CO2 allowances increased by 2.8 MPLN. Lower limit of free CO2 allowances (in 2017, the allowances received covered 20% of the CO2 emission, while in 2016: 43%) and the lower cost of purchase of CO2 allowances (up by 18%).

Fuel costs decreased by 23.9 MPLN, i.e.:

+15.7 MPLN lower costs of coal purchase due to the following:

  • -0.3 MPLN slightly higher volume of coal consumption (16 334 TJ in 2017, 16 319 TJ in 2016)
  • +16.0 MPLN lower coal price

+8.0 MPLN lower biomass costs due to the following:

  • +6.3 MPLN lower volume of biomass consumption (696 TJ in 2017, 966 TJ in 2016)
  • +1.7 MPLN lower biomass price

-0.4 MPLN higher gas costs, higher volume consumption
-0.1 MPLN higher costs of calcium and sorbents used (desulphurisation installation
+0.8 MPLN lower cost of liquid fuels

Other variable costs decreased by 1.2 MPLN, i.e.:
-1.0 MPLN increase of costs of certificates depreciation
-0.7 MPLN increase of other costs related to energy purchase and balance market
+0.5 MPLN decrease of other services costs

SEPARATE STATEMENT OF CASH FLOWS ANALYSIS

Separate statement of cash flows analysis