News
ZE PAK SA Group publishes financial results for 2017
„Revenues from sales in the past year exceeded PLN 2.4 billion. ZE PAK SA Group produced nearly 8.4 TWh of electricity, while sales amounted to nearly 11.8 TWh. The Group generated PLN 512 million EBITDA, which resulted in PLN 184 million net profit. It should be taken into account that the net result in 2017 was significantly affected by one-off events, the sum of which decreased the level of net profit by approximately PLN 79 million. Detailed results achieved in 2017 can be found in the financial statements and their analysis in the management board's report. It is worth noting that last year the Company paid out a dividend in the total amount of over PLN 65.5 million, and over the last 12 months it was possible to reduce the net debt by PLN 295 million.” – Adam Kłapszta, President of the Management Board of ZE PAK SA.
In 2017:
- The volume of production amounted to 8.39 TWh of electricity (decrease by 9.10% compared to 2016)
- Electricity sale amounted to 11.76 TWh (decrease by 12.69% compared to 2016)
- Consolidated sale revenues amounted to PLN 2 443 million (decrease by 9.69% compared to 2016)
- EBITDA of the Group amounted to PLN 512 million (decrease by 13.80% y/y), which is 20.96% of EBITDA margin
- The Group recorded the net profit in the amount of PLN 184 million which means a decrease by 26.40% compared to 2016
- Total capital expenditures realized by the Group’s companies amounted to PLN 108 million compared to PLN 127 million in 2016
- The net debt / EBITDA ratio fell to 0.58 at the end of the year (an improvement from 1.00 recorded at the end of 2016).
„We are all aware of the challenges that current reality puts before companies from the electricity generation sector. The market on which we operate is changing very much. The regulatory environment plays an increasingly important role in our activity. In this context, it is enough to mention the act on the power market or changes in the rules of operation of the EU ETS system, which were announced last year. These are changes that are very important to our business and will certainly shape the framework of our activity in the future.
At the beginning of 2018, after over 50 years of operation, Elektrownia Adamów was shut down. In a natural way, this resulted in the scale of operations of ZE PAK SA Group.
Last year we devoted a lot of time and effort to properly prepare for this process. Currently, in this new situation, we are working on using our assets and resources, including coal resources, to the most optimal extent. We are optimistic about the current announcements referring to the auctions that are to be held this year, concerning renewable energy sources and the first auctions for entities that want to participate in the power market. We will certainly consider participating in these auctions, our priority is and will always be the maximum use of the potential to build shareholder value.
In the past year, despite many efforts and openness to cooperation with decision-making bodies, unfortunately we were unable to close the environmental decision for the new open-pit in Ościsłowo. We believe that our professional approach and cooperation with decision-making bodies will allow for a positive resolution in the shortest possible time.” Adam Kłapszta, President of the Management Board of ZE PAK SA.