News
ZE PAK Group published financial results for 2015
In 2015, total sales revenues generated by the ZE PAK Group amounted nearly to PLN 2.95 billion and were 10% higher than in 2014. As in previous years – due to the business profile of the Group – the largest share of revenues was electricity sales (own and purchased on the market). Last year, these revenues exceeded PLN 2.5 billion and were over 85% of total sales revenues. At the same time, they were 10.8% higher than in 2014, which consisted of both higher volume of sold electricity and higher obtained average sale price.
EBITDA, that is operating profit plus depreciation and impairment write-downs of non-monetary nature, was over PLN 494 million in 2015 and was slightly lower than in the previous year (decrease by 2.6%). The main reason was higher costs of CO2 emission with simultaneous lower revenues from the sale of ownership units from energy certificates of origin, which in turn was the result of lower market prices of green certificates.
As a result of undertaken optimisation activities, administrative expenses amounted to less than PLN 114 million in 2015 and were lower than those incurred in 2014 by 23.5%.
As previously announced, the financial result of the ZE PAK Group for 2015 was significantly affected by the conducted value impairment tests of assets, which included, among others, persistent unfavourable situation on the electricity generation market. The total value of impairment write-downs amounted to PLN 1.93 billion (including PLN 34 million as a value of write-downs on deferred tax in ZE PAK and the Pątnów II Power Plant). As a result, the ZE PAK Group ended the last year with a net loss amounting to PLN 1.88 billion. It should be noted that the executed write-downs are non-monetary events, and therefore do not affect the liquidity situation of the Company.
The net result of the Group for 2015 without these write-downs amounted to PLN 50 million in relation to PLN 78 million consolidated net profit in 2014.
In 2015, the ZE PAK Group in total sold 14.9 TWh of electricity (an increase by 10.5% compared with 2014), including:
- 9.8 TWh of electricity from own generation (-2.9% Y-to-Y)
- 5.1 TWh of electricity from the market (+50.2% Y-to-Y)