News
ZE PAK SA Group published financial results for 2016
The last year results are significantly improved compared to 2015. The result of the improvement was mainly cost discipline in all areas of activity. ZE PAK Group has achieved solid financial results in a difficult market environment. Energy sales decreased by 9.5% compared to 2015 (sales fall mainly from electricity from trading), lower by 1.66% was also the price achieved on electricity sales compared to 2015. The liquidity situation remains stable. The group continues to gradually reduce its debt.
- In 2016, the ZE PAK Group in total has produced 9.27 TWh of electricity (decrease by 5.3% compared with 2015). In the 4Q 2016 the production was 1.83 TWh of electricity (decrease by 29.89% compared with 4Q 2015).
- An electricity sale in 2016 was 13.51 TWh (down by 9.5% compared with 2015). In the 4Q 2016 the sale was 3.15 TWh of electricity.
- Consolidated sales revenues in 2016 was 2 705 million zloty (decrease by 8.24% compared with 2015).
- Electricity average price achieved in 2016 was 174.21 zloty/MWh (-1.66% y/y).
- EBITDA of the Group achieved in 2016 was 594 million zloty (+20.24% y/y), which constitutes EBITDA margin at the level 21.96%.
- In 2016 the Group achieved net result in amount of 250 million zloty, compare to loss of 1.88 billion zloty in 2015.
- Total Capex of the Group in 2016 was 127 million zloty compared with 418 million zloty in 2015.
- Net debt/EBITDA ratio at the end of 2016 fell to the level 1.0 (down from the level of 1.77 at the end of 2015).
The improvement of the 2016 results concerns both the results presented in the report and comparable, adjusted for impairment losses on fixed assets at the end of 2015. In the past year, ZE PAK SA Group struggled with unfavorable market environment. Despite the lower sales revenue, mainly due to the lower volume of electricity sold and the lower sales price, the financial results of the Group have improved. The key to success was cost discipline in all areas with a focus on maintenance costs. We are constantly aiming to improve the efficiency of the Group's business model. The Group's 2016 EBITDA of 594 million zloty was developed on a solid basis. The liquidity situation of the Group is stable and the debt is gradually decreasing. At the end of 2016, the net debt / EBITDA ratio dropped to 1.0 compared to 1.77 at the end of 2015. - Adam Kłapszta, President of the Board.