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Financial data

Financial data

We have recorded an increase in revenues and profits at all levels. We have significantly increased our financial and operating results.

  • Results in particular areas of the Enea Group’s business

    EBITDA
    [PLN k]
    2016 2017 Change % change Q4 2016 Q4 2017 Change % change
    Trading 153 996 177 768 23 772 15.4% 36 306 46 797 10 491 28.9%
    Distribution 1 111 327 1 073 359 -37 968 -3.4% 253 858 275 528 21 670 8.5%
    Generation 517 490 735 337 217 847 42.1% 52 379 125 756 73 377 140.1%
    Mining 611 779 708 983 97 204 15.9% 174 722 257 915 83 193 47.6%
    Other 27 513 51 284 23 771 86.4% -4 866 9 276 14 142 290.6%
    Unassigned items and exclusions -94 281 -63 177 31 104 33.0% -13 154 21 027 34 181 259.9%
    Total EBITDA 2 327 824 2 683 554 355 730 15.3% 499 245 736 299 237 054 47.5%


  • Trading Area

    [PLN k] 2016 2017 Change % change Q4 2016 Q4 2017 Change % change
    Sales revenue 7 178 766 5 975 913 -1 202 853 -16.8% 2 077 804 1 772 509 -305 295 -14.7%
    EBIT 153 203 176 813 23 610 15.4% 36 063 46 555 10 492 29.1%
    Depreciation 793 955 162 20.4% 243 242 -1 -0.4%
    EBITDA 153 996 177 768 23 772 15.4% 36 306 46 797 10 491 28.9%
    CAPEX1) 2 307 283 -2 024 -87.7% 1 163 - -1 163 -100.0%
    Share of revenue from the sale of the area in the net sales revenue of the Group 45% 37% -8 pp   48% 4% -8 pp  

    Retail sales of electricity are carried out by Enea SA

    Wholesale trade is carried out by Enea Trading sp. z o.o.



    2017 EBITDA change factors:

    First contributon margin

    • decrease in the average sale price of energy by 4.5%
    • lower costs of ecological obligations by 39.9%
    • decrease in the average purchase price of energy by 1.6%
    • increase in the volume of energy sales by 7.3%
    • increase in the result on trading in CO2 emission allowances by 153%
    • decrease in the result on gas fuel trading

    Own costs

    • higher direct selling costs by PLN 16 million
    • higher costs of shared services by PLN 5 million
    • lower general and administrative costs by PLN 3 million

    Other factors

    • higher provisions for litigations and potential claims by PLN 9 million
    • higher impaired receivables by PLN 5 million
    • higher write-offs for receivables by PLN 5 million
    • higher costs of litigation by PLN 2 million
    Q4 2017 EBITDA change factors:

    First contributon margin

    • decrease in the average sale price by 4.3%
    • lower costs of ecological obligations by 12.4%
    • decrease in the average purchase price of energy by 1.5%
    • increase in the volume of energy sales by 6.4%
    • increase in the result on trading in CO2 emission allowances by 154%
    • decrease in the result on gas fuel trading

    Own costs

    • higher direct selling costs by PLN 4 million

    Other factors

    • lower provisions for litigations and potential claims by PLN 3 million
    • in Q4 2016 donation costs in the amount of PLN 7 million
    • higher impaired receivables by PLN 3 million



    1) Without equity investments of Enea SA

  • Generation Area

    [PLN k] 2016 2017 Change % change Q4 2016 Q4 2017 Change % change
    Sales revenue 3 310 314 4 578 795 1 268 481 38.3% 852 527 1 198 994 346 467 40.6%
    Electricity 2 909 673 4 081 498 1 171 825 40.3% 727 773 1 060 016 332 243 45.7%
    Certificates of origin 45 537 104 509 58 972 129.5% 9 940 22 241 12 301 123.8%
    Sales of CO2 emission allowances 32 713 17 786 -14 927 -45.6% 10 642 3 551 -7 091 -66.6%
    heat 296 771 342 199 45 428 15.3% 97 505 104 115 6 610 6.8%
    others 25 620 32 803 7 183 28.0% 6 667 9 071 2 404 36.1%
    EBIT 178 751 428 460 249 709 139.7% -60 210 41 174 101 384 168.4%
    Depreciation 247 931 306 877 58 946 23.8% 63 781 84 582 20 801 32.6%
    Impairment loss on non-financial non-current assets 90 808 - -90 808 -100.0% 48 808 - -48 808 -100.0%
    EBITDA 517 490 735 337 217 847 42.1% 52 379 125 756 73 377 140.1%
    CAPEX 1 390 165 1 094 673 -295 492 -21.3% 451 786 470 033 18 247 4.0%
    Share of revenue from the sale of the area in the net sales revenue of the Group 21% 28% 7 pp   2% 27% 7 pp  

    In the Generation area financial data of Enea Wytwarzanie sp. z o.o. together with its subsidiaries and Enea Elektrownia Połaniec SA. is presented.

    At the end of 2017, Enea Wytwarzanie possesses, e.g. 11 high-efficiency and modernized power units in the Kozienice Power Plant. As a result of the EEP acquisition, the production area was increased by additional 7 coal units with a total gross power of 1 657 MW and the world's largest biomass-fired unit with a total installed capacity of 225 MW.

    The annual production capacity in this area is about 37 TWh of electricity.

    2017 EBITDA change factors:

    System Power Plants

    • Enea Elektrownia Połaniec PLN 126.8 million
    • a decrease in the margin on the turnover and on the Balancing Market by PLN 64.6 million
    • a decrease in the margin on generation by PLN 54.8 million
    • a decrease in other factors by PLN 26.5 million: inventory shortage of production fuel PLN -20.5 million, result on other operating activities PLN -3.8 million
    • higher revenue from Regulatory System Services by PLN 24.6 million
    • a decrease in overheads by PLN 12.6 million

    Heat Segment

    • decrease in costs of consumption of materials and raw materials consumption by PLN 28.6 million, including a decrease in costs of biomass consumption by PLN 59.1 million, an increase in costs of coal consumption by PLN 15.4 million
    • an increase in revenues from services by PLN 1.2 million
    • an increase in revenues from heat sales by PLN 1.4 million
    • an increase in employee benefits costs by PLN 5.1 million
    • a decrease in revenues from certificates of origin by PLN 8.1 million
    • a decrease in revenues from electricity by PLN 14.6 million
    • Enea Elektrownia Połaniec PLN 13.0 million

    RES Segment

    • in 2016 the provision related to the estimation of the value of shares in Eco-Power sp. z o.o. for the amount of PLN 129.0 million
    • Water Area (PLN +12.3 million): increase in revenues from electricity by PLN 11.1 million
    • Biogas Area (PLN +6.8 million): release of the provision for compensation claims PLN +3.5 million; an increase in revenues from certificates of origin by PLN 1.9 million; a decrease in variable costs by PLN 0.9 million
    • Wind Area (PLN -0.5 million): an increase in overheads by PLN 5.6 million (greater scope of real estate taxation - change of regulations); a decrease in revenue from certificates of origin by PLN 1.8 million; an increase in revenues from electricity by PLN 4.6 million; in 2016, the costs of sale and liquidation of property, plant and equipment - PLN 2.0 million
    • Enea Elektrownia Połaniec 36.2 million
    Q4 2017 EBITDA change factors:

    System Power Plants

    • Enea Elektrownia Połaniec PLN 44.8 million
    • a decrease in the margin on generation by PLN 55.7 million
    • a decrease in other factors by PLN 26.9 million: inventory shortage of production fuel PLN -20.5 million, the result on other operating activities PLN -3.8 million
    • lower margin on trading and the Balancing Market by PLN 18.5 million
    • lower overheads by PLN 2.6 million
    • higher revenue from Regulatory System Services by PLN 10.2 million

    Heat Segment

    • a decrease in revenues from the sale of heat by PLN 7.5 million
    • an increase in employee benefits costs by PLN 4.7 million
    • a decrease in the result on other operating activities by PLN 3.3 million
    • a decrease in revenues from sales of energy by PLN 2.9 million
    • Enea Połaniec Power Plant PLN 4.2 million

    RES Segment

    • in 2016 the provision related to the estimation of the value of shares in Eco-Power sp. z o.o. for the amount of PLN 129.0 million
    • Water Area (PLN +6.0 million): an increase in revenues from electricity by PLN 4.1 million, a decrease in overheads by PLN 1.1 million; an increase in revenues from certificates of origin by PLN 0.7 million
    • Biogas Area (PLN +3.7 million): release of the provision for compensation claims PLN +3.6 million
    • Wind Area (PLN +4.0 million): increase in revenues from electricity by PLN 1.2 million; increase in revenues from certificates of origin by PLN 1.3 million; in 2016, the costs of sale and liquidation of property, plant and equipment PLN 2.0 million
    • Enea Elektrownia Połaniec 10.1 million
  • Distribution Area

    [PLN k] 2016 2017 Change % change Q4 2016 Q4 2017 Change % change
    Sales revenue 3 083 878 3 280 236 196 358 6.4% 810 333 853 278 42 945 5.3%
    distribution services to end users 2 887 972 3 109 954 221 982 7.7% 746 882 800 043 53 161 7.1%
    network connection fees 67 564 64 258 -3 306 -4.9% 19 845 16 197 -3 648 -18.4%
    others 128 342 106 024 -22 318 -17.4% 43 606 37 038 -6 568 -15.1%
    EBIT 631 607 576 171 -55 436 -8.8% 135 476 149 753 14 277 10.5%
    Depreciation 479 720 497 188 17 468 3.6% 118 382 125 775 7 393 6.2%
    EBITDA 1 111 327 1 073 359 -37 968 -3.4% 253 858 275 528 21 670 8.5%
    CAPEX 920 413 1 022 251 101 838 11.1% 274 937 429 289 154 352 56.1%
    Share of revenue from the sale of the area in the net sales revenue of the Group 19% 2% 1 pp   19% 19% -  

    Enea Operator sp. z o.o. is responsible for the distribution of electricity to 2.5 million customers - in western and north-western Poland in the area of 58.2 thousand km2.

    The basic task of Enea Operator is to provide energy in a continuous and reliable manner, while maintaining appropriate quality parameters.

    In the Distribution area, financial data includes data of the following companies:

    • Enea Operator sp. z o.o.
    • Enea Serwis sp. z o.o.
    • Enea Pomiary sp. z o.o.
    • Annacond Enterprises sp. z o.o.
    2017 EBITDA change factors:

    Margin from licenced activities

    • higher revenues from the sale of distribution services to end users by PLN 222 million
    • lower costs of electricity purchase to cover the balance sheet difference (balance) by PLN 17 million
    • higher purchase costs of transmission services by PLN 203 million
    • lower revenues from network connection fees by PLN 9 million
    • lower revenues from the sale of distribution services to other entities by PLN 3 million

    Operational costs

    • higher costs of third-party services by PLN 25 million
    • higher taxes and levies by PLN 15 million
    • higher employee benefits costs by PLN 15 million
    • higher other operating expenses by PLN 7 million

    Other operations

    • lower other operating costs by PLN 10 million
    • higher result on liquidation by PLN 4 million
    • lower other operating revenue by PLN 11 million
    Q4 2017 EBITDA change factors:

    Margin from licenced activities

    • higher revenues from the sale of distribution services to end users by PLN 53 million
    • lower costs of electricity purchase to cover the balance sheet difference (balance) by PLN 2 million
    • higher purchase costs of transmission services by PLN 43 million
    • lower revenues from network connection fees by PLN 4 million
    • lower revenues from the sale of distribution services to other entities by PLN 3 million

    Other operations

    • lower other operating costs by PLN 14 million
    • higher other operating revenue by PLN 4 million
  • Mining Area

    [PLN k] 2016 2017 Change % change Q4 2016 Q4 2017 Change % change
    Sales revenue 1 785 981 1 780 320 -5 661 -0.3% 471 878 473 190 1 312 0.3%
    coal 1 724 416 1 725 221 805 0.5% 452 043 457 198 5 155 1.1%
    Other products and services 49 896 41 805 -8 091 -16.2% 17 223 12 456 -4 767 -27.7%
    goods and materials 11 669 13 294 1 625 13.9% 2 612 3 536 924 35.4%
    EBIT 241 189 350 684 109 495 45.4% 82 250 159 248 76 998 93.6%
    Depreciation 363 238 357 015 -6 223 -1.7% 92 472 97 383 4 911 5.3%
    Impairment loss on non-financial non-current assets 7 352 1 284 -6 068 -82.5% - 1 284 1 284 100.0%
    EBITDA 611 779 708 983 97 204 15.9% 174 722 257 915 83 193 47.6%
    CAPEX 307 720 373 411 65 691 21.3% 92 611 119 003 26 392 28.5%
    Share of revenue from the sale of the area in the net sales revenue of the Group 11% 11% -   11% 11% -  

    The Mining Area presents the financial results of the LW Bogdanka Group with the parent company - Lubelski Węgiel Bogdanka SA and its subsidiaries.

    LW Bogdanka divides its range of sales into energy-rich coal, which accounts for 99% and for pea and nut coal.

    The main recipients are professional and industrial power industry.

    2017 EBITDA change factors:
    • an increase in revenues from coal sales: higher sales volume (+10 000 t), at a lower price
    • a decrease in revenues from sales of other products and services: logistics and customs services for exported coal, lease of fixed assets, sales of heat
    • a decrease in the unit cost of products, goods and materials sold without depreciation - the release of a provision for retirement coal allowance for pensioners and pensioner allowance for current employees, improvement of cost effectiveness with a slightly growing volume of coal sold
    • lower result on other operating activities: - in 2016, a provision for compensation for Budimex was released as a result a favorable judgment of the Court of Appeal and higher compensation was received. The presentation differences concern the financial reporting of the Enea Group and LW Bogdanka Group in the scope of depreciation
    Q4 2017 EBITDA change factors:
    • an increase in revenues from coal sales: higher sales volume (+51 000 t), at a lower price
    • a decrease in revenues from sales of other products - and services: logistics and customs services for exported coal, lease of fixed assets
    • a decrease in the unit cost of products, goods and materials sold without depreciation - the release of a provision for retirement coal allowance for pensioners and pensioner allowance for current employees
    • Lower administrative and sales costs: the release of a provision for retirement coal allowance for pensioners and pensioner allowance for current employees. The presentation differences concern the financial reporting of the Enea Group and LW Bogdanka Group in the scope of depreciation
  • Other Operations

    [PLN k] 2016 2017 Change % change IVQ 2016 IVQ 2017 Change % change
    Sales revenue 533 901 587 844 53 943 10.1% 138 912 169 797 30 885 22.2%
    EBIT -747 7 553 8 300 1 111.1% -13 198 -3 254 9 944 75.3%
    Depreciation 28 260 43 731 15 471 54.7% 8 332 12 530 4 198 50.4%
    EBITDA 27 513 51 284 23 771 86.4% -4 866 9 276 14 142 290.6%
    CAPEX 108 496 86 334 -22 162 -20.4% 54 529 45 622 -8 907 -16.3%
    Share of revenue from the sale of the area in the net sales revenue of the Group 3% 4% 1 pp   3% 4% 1 pp  

    Other Operations include companies from the following areas:

    • support for other companies in the Capital Group:
      Enea Centrum sp. z o.o. – the Shared Services Center in the Group in the field of accounting, human resources, ITC and customer service
      Enea Logistyka sp. z o.o. – a company specializing in logistics, warehousing and procurement
    • accompanying activities:
      Enea Oświetlenie sp. z o.o. – a company specializing in indoor and outdoor lighting; it designs, builds road lighting, it illuminates urban spaces, illuminates historic and public buildings, and provides construction and comprehensive services for photovoltaic power plants,

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