Lubelski Wegiel Bogdanka S A : Bogdanka presents operating and financial results for H1

Lubelski Węgiel Bogdanka S.A. published consolidated financial results for H1 2022. Consolidated revenues for the period amounted to PLN 1,462.6 million (up 34.9%), EBITDA was PLN 615.4 million (+81.0%), operating profit was PLN 412 million (+226.1%), and net profit was PLN 336 million (+237.5%).

The financial results achieved in H1 2022 are the effect of the Company's higher production and sales, coupled with an increase in the price of coal sold.

In H1 2022, Bogdanka prepared approx. 18.4 km of corridor tunnels. Production of commercial coal in H1 amounted to more than 5.6 million tons (in Q2 alone, production reached almost 2.8 million tons). In H1 coal sales stood at 5.2 million tons, 14.1% more than a year earlier (in Q2 alone it was 2.5 million tons). The average yield in H1 2022 was 72.3%, up from 71.6% a year ago, and in Q2 this year alone - 72.0% (vs. 70.8% in Q2 2021).

In H1 2022, Bogdanka maintained its market position, achieving a high 29.9% share of coal sales to the commercial power sector. Its share of total steam coal sales was 24.8%.

In the period in question the LW Bogdanka Group incurred capital expenditures of nearly PLN 272 million. The largest chunk of this amount, PLN 222 million, was spent on new excavations and modernization of existing ones.

The table below portrays the LW Bogdanka Group's financial results in H1 2022:

PLN 000s	H1 2021	H1 2022	Change
Net revenues on sales	1,083,938	1,462,589	+ 34.9%
EBITDA	340,000	615,392	+ 81.0%
EBIT	126,345	411,958	+ 226.1%
Net profit	99,580	336,044	+ 237.5%

LW Bogdanka S.A. - Highlights

Lubelski Węgiel Bogdanka S.A. is the leader among hard coal producers in Poland, standing out in the industry in terms of modernity and efficiency of extraction. It is one of the largest hard coal mines in Poland. Lubelski Węgiel Bogdanka S.A. conducts primarily mining operations with respect to extraction, agglomeration and sale of hard coal. The Company supplies raw material mainly to industrial customers. Supplies are delivered based on long-term agreements with the sales made to commercial and industrial power sectors.

The Company has been listed on the Warsaw Stock Exchange since June 2009.

In August 2022, Lubelski Węgiel Bogdanka S.A. returned to listing on the WIG-ESG Index.

Since October 2015, Bogdanka has been part of the Enea Group, the second leading producer of electrical energy in the Polish power market, which manages a full value chain on the electrical energy market - from petrol, through production, distribution and sale of electrical energy, to customer service.