News
ZE PAK SA Group published financial results for 6M 2017
ZE PAK SA Group published financial results for 6M 2017. Below comment of ZE PAK SA President of the Management Board Mr. Adam Kłapszta and summary of main operational and financial data.
„In the first half of 2017, the ZE PAK Group sold less electricity from its own production and from trading. The reduction in volume of production concerned mainly of the Adamów power plant, for which the current year is the last full year of activity. The situation on the electricity market in the first half of 2017 did not encourage maximization of production, especially in relation to the support system based on green certificates. The disadvantage of the past half-year was also the higher price of purchasing CO2 emission allowances resulted from the settlement of previously concluded transactions. In subsequent periods the influence of this factor should be reversed. We are constantly striving to maintain cost discipline by taking a number of actions to optimize the Group's performance. We are aware of the need to adjust the structure of the Group and its operating costs to reduce the scale of operations together with the completion of the Adamów power plant in 2018. As far as investment activity is concerned, we focus on maintaining our current assets and their failure-free work. It is worth noting the consistent decline of our debt level "- Adam Kłapszta, President of the Management Board
- During 6 months of 2017 the ZE PAK SA Group produces in total 4.26 TWh of electricity (decrease by 13.94% in compare to 6 months of 2016). In Q2 production was 2.06 TWh of electricity (decrease by 16.6% in compare to Q2 2016).
- Sale of electricity during 6 months of 2017 was 5.65 TWh (decrease by 16.91% in compare to 6 months of 2016). In Q2 2017 the sale was 2.80 TWh of electricity (decrease by 18.13% in compare to Q2 2016).
- Consolidated sale revenues during 6 months 2017 was 1 178 million PLN (decrease by 13.89% vs. 6 months of 2016).
- Average achieved electricity price in 6 months 2017 was 175.96 PLN/MWh (i.e. by 0.55% higher in compare to 6 months 2016 price).
- EBITDA of the Group in 6 months 2017 was 251 million PLN (decrease by 23.71% y/y), which means EBITDA margin at 21.31%.
- During 6 months of 2017 the Group has a net result at 104 million PLN, which means decrease by 25.71% in compare to corresponding period of 2016.
- Total Capex of the Group in 6 months of 2017 was 23 million PLN in compare to 28 million PLN in corresponding period of 2016.
- Net debt/EBITDA ratio at the end of June 2017 was lower at the level of 0.99 (better as at the end of the June 2016 it was 1.34).