6M 2023 Results

28 September 2023

1

6M 2023 Summary

Key operational and financial data

6M 2023

Change y/y

Sale of electricity:

1.75

TWh

-43.73%

• Electricity from own production:

1.02

TWh

-42.37%

• Electricity from resale:

0.73

TWh

-45.52%

Achieved average electricity sale price (1)

1 102.57

zł/MWh

+102.73%

Average purchase price of EUA

377.52

zł/MWh

+32.83%

Sale revenues:

2 216

mln zł

+13.29%

EBITDA from continuing operations:

(114)

mln zł

-157.29%

EBITDA from discontinued operations:

(9)

mln zł

-

EBITDA:

(123)

mln zł

-161.81%

Net result on continuing operations:

(120)

mln zł

-178.43%

Net result on discontinued operations:

(55)

mln zł

-

Net result:

(175)

mln zł

-214.38%

CAPEX:

390

mln zł

+143.75%

Indebtedness:

1 467

mln zł

+43.29%

Cash(2):

677

mln zł

-26.97%

Net debt / EBITDA:

12.72

x

-

  1. Average price, calculated as electricity sales revenues (own production, from resale and system service) divided by sales volume.

(2) Cash and cash equivalents and other financial short-term assets.

2

2Q 2023 Summary

Key operational and financial data

2Q 2023

Change y/y

Sale of electricity:

0.89

TWh

-40.67%

•

Electricity from own production:

0.54

TWh

-35.71%

•

Electricity from resale:

0.35

TWh

-46.97%

Achieved average electricity sale price (1)

1 072.39

zł/MWh

+93.67%

Average purchase price of EUA

369.15

zł/MWh

+17.63%

Sale revenues:

1 065

mln zł

+10.91%

EBITDA

255

mln zł

+264.29%

Net result

199

mln zł

+306.12%

CAPEX:

176

mln zł

+74.26%

3

6M 2023 Summary [m PLN]

REVENUES

2 216

288

1 956

261

712

796

1 216

899

6M 20236M 2022

Own production

Resale

Other

EBITDA

199

23

( 123)176

29

- 152

6M 2023

6M 2022

Depreciation

EBIT

NET RESULT

153

( 175)

6M 2023

6M 2022

The increase in total sales revenues for 6M 2023 was mainly due to the increase in revenues from the sale of electricity due to a higher price by 102.73%, despite a 43.73% decrease in the total volume of electricity sales.

In the period of 6M 2023, the achieved financial results were negatively affected by an increase in the provision for recultivation of open pits and costs related to fees for the price difference payment fund, introduced as a result of a package of regulations protecting consumers against excessive increases in energy prices in 2023, as well as one- off adjustments to settlements for the sale of electricity and heat, and recognition of valuations of concluded PPA financial contracts for the sale of energy.

4

SELECTED ELECTRICITY MARKET DATA

5

Electricity prices

1550

PLN/MWh

1250

max.

702,47

1126,15

754,89

950

min.

650

350

615,61

527,16

weighted

average

50

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

2570

1723,76

2070

PLN/MWh

1570

999,69

1085,77

1070

804,74

708,66

570

1-Apr-2022

21-Apr-2022

11-May-2022

31-May-2022

20-Jun-2022

10-Jul-2022

30-Jul-2022

19-Aug-2022

8-Sep-2022

28-Sep-2022

18-Oct-2022

7-Nov-2022

27-Nov-2022

17-Dec-2022

6-Jan-2023

26-Jan-2023

15-Feb-2023

7-Mar-2023

27-Mar-2023

16-Apr-2023

6-May-2023

26-May-2023

15-Jun-2023

price

quarterly average

6

EUA and green certificates

100

89,27

90

80

euro

70

83,39

60

50

40

30

2-Jan

2-Feb

2-Mar

2-Apr

2-May

2-Jun

2023

2022

1H2023 quarterly average

1H2022 quarterly average

280

244,11

260

218,69

240

220

186,96

171,27

196,10

200

180

152,26

160

140

120

100

80

Feb-22

Mar-22

Apr-22

May-22

Sep-22

Oct-22

Dec-22

Feb-23

Mar-23

Apr-23

May-23

Jan-22

Jun-22

Jul-22

Aug-22

Nov-22

Jan-23

Jun-23

cena

średnie kwartalne

IQ 2022

średnie kwartalne

IIQ 2022

średnie kwartalne IIIQ 2022

średnie kwartalne IVQ 2022

średnie kwartalne IQ 2023

średnie kwartalne IIQ 2023

7

OPERATIONAL DATA

8

Semi-annual net production and sale of electricity

[TWh]

NET PRODUCTION

SALE

1,77

⬇43,73%

3,11

0,04

⬇ 42,37%

0,19

TWh

1,34

TWh

0,04

1,02

⬆36,84%

1,75

⬇45,52%

1,11

0,26

0,73

⬇55,86%

1,77

0,49

⬇42,37%

⬇46,51%

0,43

1,02

0,23

6M 2023

6M 2022

6M 2023

6M 2022

500

Units 1,2 & 5 (PI)

Unit 9 (PII)

Konin biomass

Brudzew

Own production

Resale

400

300

200

100

0

Jan

Feb

Mar

Apr

May

Jun

In H1 2023, there was a decrease in the total sales volume compared to H1 2022 by 43.73%. The decline concerned both sales of own and purchased energy.

The lower amount of coal available for extraction in the mines supplying the Company contributed to the reduction in production. Net production based on coal decreased by 53.25%, while net production of energy from renewable energy sources increased by 30.43%, mainly due to the operation of two biomass units in Konin power plant.

2022 Total production

2023 Total production

9

Quarterly net production and sale of electricity

[TWh]

NET PRODUCTION

0,01

0,48

TWh

0,14

0,17

0,16

1Q 2023

Brudzew

Konin biomass

Unit 9 (PII)

Units 1,2 & 5 (PI)

0,84

0,03

0,54

⬇35,71%

0,09

TWh

0,03

⬌0,00%

0,12

0,54

0,32

⬆40,74%

0,07

⬇61,11%

0,18

2Q 2023

2Q 2022

Units 1,2 & 5 (PI) Unit 9 (PII) Konin biomass Brudzew

SALE

⬇ 40,67%

1,50

TWh

0,86

TWh

0,38

0,48

1Q 2023

Own production

Resale

0,89

0,66

0,35

⬇46,97%

0,54

⬇35,71%

0,84

2Q 2023

2Q 2022

Own production

Resale

10

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Disclaimer

Zespól Elektrowni Patnów-Adamów-Konin SA published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 13:05:33 UTC.