Polska Grupa Energetyczna (PGE) presented its financial results for the first quarter of 2024.
The consolidated net profit of the parent company amounted to PLN 893 million, while in the same period of the previous year it amounted to PLN 1.724 billion. This means a decrease of 48%. every year. However, it should be noted that this result was not surprising, as PGE had previously estimated that net profit in JOD in the first quarter would reach PLN 893 million.
Operating EBITDA (operating earnings before deducting interest on liabilities incurred, taxes and amortization) amounted to PLN 2.536 billion, which means a decrease of 26%. On an annual basis. In contrast, recurring EBITDA, i.e. net of the impact of one-time events, amounted to PLN 2.532 billion, registering a 24% decrease. every year. PGE Group’s revenue in the first quarter of 2024 amounted to PLN 16,841 billion, representing a decrease of 38%. Compared to the same period of the previous year.
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PGE reveals its cards. Here are the results
By analyzing the results of individual segments of the PGE Group’s operations, the following can be observed: Recurring EBITDA of the renewable energy sector amounted to PLN 0.38 billion, Slightly down from the level of PLN 0.44 billion recorded in the first quarter of 2023. The Gas Energy segment achieved an EBITDA loss of PLN 0.02 billion. The conventional energy sector recorded a loss of PLN 0.5 billion, while in the previous year it made a profit of PLN 0.9 billion. This decrease is mainly due to lower electricity generation margin as a result of lower energy prices.
slice The heating segment achieved recurring EBITDA of PLN 0.51 billionWhich means a decrease from PLN 0.92 billion achieved in the first quarter of 2023. The distribution recorded recurring EBITDA of PLN 0.99 billion, while it amounted to PLN 1.27 billion in the previous year. The result was mainly affected by the rise in electricity purchase costs to cover the balance difference resulting from changes in energy prices.
EBITDA segment Railway capacity reached PLN 0.28 billion (This segment is not included in the group’s results for the first quarter of 2023). The Trading segment recorded an EBITDA of PLN 0.9 billion, while in the corresponding period of the previous year it incurred a loss of PLN 0.34 billion. The improvement came as a result of the adjustment of the balance difference and the recognition of tariff losses for retail customers in the 2023 results. Recurring EBITDA for the Circular Economy segment amounted to PLN 0.02 billion.
Investments and debt
PGE Group’s capital expenditures in the first quarter of 2024 amounted to approximately PLN 2.07 billion, an increase of one-third compared to the same period in 2023, when it amounted to approximately PLN 1.56 billion. PGE President Dariusz Marzek stressed that the situation in the conventional energy sector had a significant impact on the group’s financial results in the first quarter of 2024. He stressed that it is necessary to create a stable framework for the operation of the energy sector, including the separation of conventional assets from PGE, to allow the group to develop And financing more investments.
The net debt level of the PGE Group at the end of March 2024 amounted to PLN 15.686 billion, which means an increase of 41%. Compared to the end of December 2023. The ratio of net debt to recurring EBITDA was 1.58 times. However, the level of net economic debt of the PGE Group, taking into account future payments of CO2 emission allowances, amounted to PLN 21.23 billion, registering a decrease of PLN 419 million compared to the end of 2023.
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