75NN Tauron Pol 27

TIDM75NN

RNS Number : 6488S

Tauron Polska Energia S.A.

10 March 2023

Estimated results for FY 2022 and Q4 2022

10 March 2023

TAURON Polska Energia S.A.

(LEI No: 259400NAPDFBOTNCRL54)

TAURON Polska Energia Capital Group's estimated results for FY 2022 and Q4 2022 and material one-off event significantly impacting FY 2022 and Q4 2022 results

TAURON Polska Energia S.A. ("Issuer") informs that on 10 March 2023 it completed works on calculating preliminary results of TAURON Group for FY 2022 and Q4 2022. The Issuer indicates that during calculation of TAURON Group's preliminary results it turned out that with respect to the Issuer's consolidated financial statement for FY 2022 it is necessary to record a write-off for impairment loss due to the revaluation of TAURON Wydobycie S.A. net assets to fair value in the amount estimated today at PLN 460 million ("Write-off"). The prerequisites for recognizing the impairment loss are described further down in this report. The above mentioned Write-off does not affect TAURON Group's EBITDA.

Below the Issuer presents preliminary financial results of TAURON Group for FY 2022 and Q4 2022 with account being taken of the Write-off.

Selected estimated consolidated financial results for:

(a) 2022

Sales revenue and compensation, including discontinued operations: PLN 37 825 million, out of which discontinued operations: PLN 1 030 million

EBITDA (operating profit increased by depreciation, amortization and write-offs for

non-financial assets): PLN 4 016 million, out of which:

- Distribution segment's EBITDA: PLN 2 940 million

- RES segment's EBITDA: PLN 476 million

- Generation segment's EBITDA: PLN (779) million

- Supply segment's EBITDA: PLN 594 million

- EBITDA of discontinued operations: PLN 801 million

EBIT (operating profit): PLN 1 120 million, out of which discontinued operations: EBIT (operating profit) PLN 50 million

Negative exchange rate differences: PLN (124) million

Gross profit: PLN 136 million, out of which discontinued operations: Gross profit PLN 25 million

Net loss: PLN (126) million, out of which discontinued operations: Net profit PLN 75 million

CAPEX: PLN 3 962 million

Net debt as of 31 December 2022: PLN 11 775 million

Net debt/ EBITDA as of 31 December 2022: 2.9x

(b) Q4 2022

Sales revenue and compensation: PLN 11 009 million, out of which discontinued operations: PLN 484 million

EBITDA (operating result increased by depreciation, amortization and write-offs for

non-financial assets): PLN 1 170 million, out of which:

- Distribution segment's EBITDA: PLN 591 million

- RES segment's EBITDA: PLN 94 million

- Generation segment's EBITDA: PLN (111) million

- Supply segment's EBITDA: PLN 85 million

- EBITDA of discontinued operations: PLN 518 million

EBIT (operating loss): PLN (5) million, out of which discontinued operations: (operating loss) PLN (19) million

Positive exchange rate differences: PLN 113 million

Gross loss: PLN (512) million, out of which discontinued operations: (gross loss) PLN (31) million

Net loss: PLN (523) million, out of which discontinued operations: Net loss PLN (36) million

CAPEX: PLN 1 363 million

Selected estimated operating data for:

(a) 2022

Electricity distribution: 53.68 TWh, out of which to end customers: 51.53 TWh

Gross electricity production: 15.47 TWh, out of which from RES: 1.57 TWh

Heat production: 10.39 PJ

Retail electricity supply: 31.14 TWh

Commercial coal production: 5.01 million tons

Commercial coal sales: 4.90 million tons

(b) Q4 2022

Electricity distribution: 13.38 TWh, out of which to end customers: 12.71 TWh

Gross electricity production: 4.36 TWh, out of which from RES: 0.36 TWh

Heat production: 3.48 PJ

Retail electricity supply: 8.06 TWh

Commercial coal production: 1.60 million tons

Commercial coal sales: 1.43 million tons

In the Issuer's opinion in Q4 2022 the conditions for recognizing operations previously presented as part of the Mining segment as discontinued operations within the meaning of IFRS 5 Non-current assets held for sale and discontinued operations ("IFRS 5") have been fulfilled. Net assets of TAURON Wydobycie S.A. were revalued to fair value in accordance with IFRS 5, as a result of which the Group recognized a write-off in the amount of PLN 460 million. As of 31 December 2022, the ownership right to TAURON Wydobycie S.A. shares was transferred from the Issuer to the State Treasury.

At the same time, the Issuer informs that the consolidated financial results of the TAURON Group were additionally affected among others by the recognition in Q4 2022 of impairment losses in the Generation segment as a result of the impairment tests carried out as of 31 December 2022, of which the Issuer informed in current report No. 13/2023 of 2 March 2023. The above write-offs reduce the consolidated gross financial result of the Issuer's Capital Group by PLN 75 million.

The financial results presented above are estimates and may be subject to change. The final figures will be presented in TAURON Group's consolidated report for 2022 which is scheduled to be published on 29 March 2023.

Legal basis: Art. 17 sec. 1 of MAR - inside information

 
 Enquiries to: 
 
   TAURON Polska Energia S.A. 
   3 Ks. Piotra ciegiennego Street 
   40-114 Katowice, Poland 
 
   Pawe Gaworzyński - Head of 
   IR 
   tel. no. +48 32 774 25 34 
 
   Katarzyna Heinz - IR Officer 
   tel. no. +48 516 111 038 
 

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March 10, 2023 12:50 ET (17:50 GMT)