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Enea power posts PLN 849 mln consolidated net profit, PLN 2.328 bln EBITDA in FY 2016 prelim. results, Equities News - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland


Enea power posts PLN 849 mln consolidated net profit, PLN 2.328 bln EBITDA in FY 2016 - prelim. results


Power group Enea posted PLN 849 mln consolidated net profit in FY 2016, while EBITDA reached PLN 1.119 bln in the period, the company said in a market filing with preliminary results.

The figures imply PLN 128 mln Q4 net profit, PLN 499 mln EBITDA, PLN 170 mln EBIT and PLN 2.952 bln revenues, according to PAP calculations against 9-month results.


Q4 results were affected by several negative one-offs: a write-down of the value of wind power assets at PLN 49 mln, a reserve connected to the revision of the value of the stake in Eco-Power at PLN 129 mln as well as a PLN 54 mln reserve set up for the voluntary leave programe, the filing read.


In a breakdown by segment, 2016 EBITDA reached PLN 154 mln in sales, PLN 1.111 bln in distribution and PLN 517 mln in generation. That suggests Q4 sales EBITDA of PLN 36.3 mln, distribution EBITDA of PLN 253.5 mln and 51.9 mln production segment EBITDA.


EBITDA in the extraction segment - from the operations of Enea's coal unit Bogdanka - reached PLN 612 mln in FY 2016.


Enea claimed total electricity generation of 13.6 TWh last year, distribution to end-users of PLN 18.7 TWh and electricity and natural gas sales to retail users of 18.0 TWh.


Net coal production reached 9 mln tons in FY 2016.


According to market consensus gathered by PAP, Enea was expected to post a net attributable profit of PLN 260.8 mln, EBIT of PLN 380.1 mln, EBITDA of PLN 606.5 mln and revenues of PLN 2.64 bln in Q4. The consensus is based on forecasts from six analysts.


Enea will publish full 2016 report on March 30.


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