PL
EN2016 was a period of intense work, which brought satisfactory operating and financial results. In these uneasy times for the energy sector, we remained the industry leader in Poland. The Group's EBITDA reached
January
- Exceeded 30% progress on construction of new units at Elektrownia Opole
March
- Completed construction of NOx installation for units 1, 2 and 4 at Elektrownia Opole
April
- Signed memorandum on formation of Polish Mining Group (PGG)
June
- Laid cornerstone on construction of unit at Turów (490 MW)
- Commissioned flue gas desulphurisation systems for units 4, 5 and 6 at Elektrownia Turów
- Completed modernisation of unit 9 at Elektrownia Bełchatów (390 MW)
July
- Exceeded 50% progress on construction of new units at Elektrownia Opole
September
- Published updated business strategy until 2020
- Signed contracts with PGNiG for gas supplies to CHP plants in Rzeszów and Lublin
- Completed modernisation of unit 10 at Elektrownia Bełchatów (390 MW)
October
- Formed ElectroMobility Poland
December
- Launched trial operations of gas-and-steam unit at CHP plant Gorzów
- Signed letter of intent concerning investment in Polimex-Mostostal S.A.
- Exceeded approx. 70% progress on construction of new units at Elektrownia Opole
PGE Group's key operating results
|
Key figures |
Unit |
2016 |
2015 |
Change % |
|---|---|---|---|---|
|
Lignite mining |
million tonnes |
47,68 |
49,40 |
-3% |
|
Net electricity production |
53,67 |
55,58 |
-3% |
|
|
Sale of electricity to end customers* |
42,91 |
39,00 |
10% |
|
|
34,32 |
33,38 |
3% |
*sales by PGE Obrót S.A., taking into account price adjustments and intra-Group sales
**with price adjustments
Having completed comprehensive modernisation at Elektrownia Bełchatów in Q3 2016, we significantly increased lignite-fired electricity generation. In the entire year, we produced a total of nearly 54 TWh, which, despite a heavy repair schedule on conventional units, was just 3% lower than in the previous year.
Electricity production
PGE Group's key financial results
|
Key figures |
Unit |
2016 |
2015 |
Change % |
|---|---|---|---|---|
|
Revenue from sale |
PLN million |
28 092 |
28 542 |
-2% |
|
Recurring revenue from sale* |
PLN million |
27 572 |
27 996 |
-2% |
|
EBITDA |
PLN million |
7 376 |
8 228 |
-10% |
|
Recurring EBITDA** |
PLN million |
6 151 |
7 511 |
-18% |
|
Net profit to equity |
PLN million |
2 568 |
-3 032 |
n/a |
|
Recurring net profit to equity*** |
PLN million |
3 363 |
4 290 |
-22% |
|
CAPEX |
PLN million |
8 152 |
9 450 |
-14% |
|
Net debt |
PLN million |
5 152 |
2 637 |
95% |
* adjusted by revenue from long-term contract compensations;
** adjusted by one-off items;
*** adjusted by impairment of non-current assets
PGE Group retains its industry-leading position, with over PLN 7 billion in EBITDA and cash flow from operating activities in excess of PLN 6 billion. We generated PLN 3.4 billion in recurring net profit to equity. We spent over PLN 8 billion on investments intended to secure the Group's future growth.