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Energa power beats market expectation, posts PLN 310 mln attrib. net profit

TAG'S: Energa SA, Energy

 

Listed power group Energa earned PLN 310 mln in attriibutable net profits in the first quarter of the year, beating the market consensus of PLN 253.8 mln, and confirmed PLN 601 mln EBITDA as pre-released in April, the company's quarterly financial report showed.

ENERGA'S Q1 RESULTS VS. CONSENSUS & PRIOR-YEAR PERIOD:

Full size
 Q1 2017consensusQ1 y/yvs Cons.
  PLN mln PLN mln % %
Revenues 2710,0 2681,5 3,4 1,1
EBITDA 601,0 - -6,8 -
EBIT 355,0 350,2 234,9 1,4
attrib. Net Profit 310,0 253,8 3775,0 22,1
 

Two one-offs added shine to the year on year comparison. Management booked a PLN 53 mln gain in Q1 2017 (pre-announced) an option it has for shares in builder Polimex, which have rallied in the recent period. Q1 also looks strong against a prior year period asset impairment to the tune of PLN 305 mln.

 

Energa likewise confirmed segment EBITDA earnings and key volumes as released in the April 19 filing of preliminary estimates.

 

The core distribution segment increased Q1 EBITDA by 6.2% or PLN 31 mln to PLN 530 mln despite a 0.4% decline in distribution volumes, with management claiming that margins had given a PLN 50 mln boost to Q1 earnings before a rise in OPEX trimmed the gain.

 

EBITDA in generation put up the promised 22% or PLN 29 mln decline in Q1 EBITDA, a decline put almost exclusively to green certificate revenues and fixed costs while actual electricity generation suffered only a slight revenue decline on declining prices and a light increase in global production volumes.

 

Q1 EBITDA in the sales segment was tweaked down a notch from the original estimate to a PLN 10 mln loss from a prior year period gain. Margins were listed down notably on falling sales prices. Revenues fell 2% on a 20% decline in wholesale turnover against a 9% price decline. Retail revenues crept up 1% on a nearly 4% increase in volumes.

 
 

2017-05-10



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