REG - Tauron Polska - Preliminary results of TAURON for 2017 and Q4 2017 <Origin Href="QuoteRef">TPE.WA</Origin>

Tauron Polska Energia SAAnnouncement

13/02/2018 10:55

RNS Number : 7423E
Tauron Polska Energia S.A.
13 February 2018
13 February 2018
LEI No: 259400NAPDFBOTNCRL54
Preliminary results of TAURON Polska Energia Group for 2017 and Q4 2017
Management Board of TAURON Polska Energia S.A. ("Company") presents selected estimated consolidated financial results and operating data of TAURON Polska Energia S.A. Capital Group ("TAURON Group") for 2017 and Q4 2017.


Selected estimated financial results for 2017:
Sales revenue: PLN 17416 m
EBITDA (operating profit increased by depreciation, amortization and write-offs related to non-financial assets): PLN 3544 m
including: 
a) Mining segment's EBITDA: PLN (83) m
b) Generation segment's EBITDA: PLN 464 m
c) Distribution segment's EBITDA: PLN 2283 m
d) Supply segment's EBITDA: PLN 841 m
EBIT (operating profit): PLN 1805 m
Net profit: PLN 1388 m
CAPEX: PLN 3474 m

Selected estimated operating data for 2017:
Commercial coal production: 6.4 m tons
Commercial coal sales: 6.8 m tons
Gross electricity production: 18.4 TWh
Heat production: 12.2 PJ
Electricity distribution: 51.4 TWh (including to final consumers: 49.1 TWh)
Retail electricity sales: 34.9 TWh
Selected estimated financial results for Q4 2017:
Sales revenue: PLN 4545 m
EBITDA (operating profit increased by depreciation, amortization and write-offs related to non-financial assets): PLN 667 m
including:
a) Mining segment's EBITDA: PLN (41) m
b) Generation segment's EBITDA: PLN 78 m
c) Distribution segment's EBITDA: PLN 488 m
d) Supply segment's EBITDA: PLN 150 m
EBIT (operating profit): PLN 225 m
Net profit: PLN 194 m
CAPEX: PLN 1257 m 
Net debt as of 31 December 2017: PLN 8047 m
Net debt/EBITDA as of 31 December 2017: 2.3
Selected estimated operating data for Q4 2017:
Commercial coal production: 1.8 m tons
Commercial coal sales: 1.8 m tons
Gross electricity production: 4.4 TWh
Heat production: 4.3 PJ
Electricity distribution: 13.1 TWh (including to final consumers: 12.6 TWh)
Retail electricity sales: 9.4 TWh

Significant factors impacting Q4 2017 earnings (versus Q4 2016):
a) financial revenue due to the positive FX differences on the EUR denominated debt which led to an increase of TAURON Group's gross financial result in Q4 2017 by PLN 120 m. In Q4 2016 the FX differences on the EUR denominated debt led to a decrease of TAURON Group's gross financial result by PLN 16 m (no impact on EBITDA),
b) raising the level of provisions, in particular:
- setting up a provision in the amount of PLN 55 m for the payment of a one-time bonus to the workforce (including in the following segments: Mining: PLN 14 m, Generation: PLN 11 m, Distribution: PLN 23 m, Supply PLN 1 m, Other PLN 6 m),
- increasing the provision due to potential fees related to the transmission easement by PLN 26 m (Distribution segment),
- increasing the actuarial provisions due to the past service cost by PLN 17 m (Mining segment),
- increasing the provision due to a potential increase of the property tax related to grid assets by PLN 27 m (Distribution segment),
c) dissolving a part of the provision in the amount of PLN 14 m as a contribution towards potential penalties imposed by the President of the Energy Regulatory Office (Distribution segment).
The Company states that the figures presented above represent estimated values and may be subject to change. The final values will be presented in the consolidated report for 2017, scheduled to be published on March 13, 2018.
Classification of regulated information:
Article 17 of MAR - inside information
Enquiries to:
TAURON Polska Energia S.A.
3 Ks. Piotra ciegiennego Street
40-114 Katowice, Poland
Marcin Lauer - Head of IR
tel. no. +48 32774 27 06
Pawe Gaworzyski - Chief IR Officer
tel. no. +48 32774 25 34
Mirosaw Szczygielski - IR Officer
tel. no. +48516112858
Katarzyna Heinz - IR Officer
tel. no. +48 32774 25 38

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