6M 2024 Results
24 September 2024
6M 2024 Summary
Key operational and financial data | 6M 2024 | Zmiana y/y | |
Sale of electricity: | 1.00 | TWh | -42.86% |
• Electricity from own production: | 0.58 | TWh | -43.14% |
• Electricity from resale: | 0.42 | TWh | -42.47% |
Achieved average electricity sale price (1) | 713.57 | PLN/MWh | -35.28% |
Average purchase price of EUA | 401.79 | PLN/MWh | +6.43% |
Sale revenues: | 1 042 | m PLN | -52.98% |
EBITDA: | 120 | m PLN | +197.56% |
Net result: | 106 | m PLN | +160.57% |
CAPEX: | 211 | m PLN | -45.90% |
Cash(2): | 497 | m PLN | -26.59% |
- Average price calculated as revenues from the sale of energy (including ancillary services) divided by the sales volume.
(2) Cash and cash equivalents and other current financial assets. | 2 |
2Q 2024 Summary
Key operational and financial data | 2Q 2024 | Zmiana y/y | |
Sale of electricity: | 0.51 | TWh | -42.70% |
• Electricity from own production: | 0.32 | TWh | -40.74% |
• Electricity from resale: | 0.19 | TWh | -45.71% |
Achieved average electricity sale price (1) | 731.10 | PLN/MWh | -31.82% |
Average purchase price of EUA | 398.06 | PLN/MWh | +7.86% |
Sale revenues: | 522 | m PLN | -50.99% |
EBITDA: | 93 | m PLN | -63.53% |
Net result: | 111 | m PLN | -44.22% |
CAPEX: | 201 | m PLN | +14.20% |
- Average price calculated as revenues from the sale of energy (including ancillary services) divided by the sales volume.
3
6M 2024 Summary [m PLN]
REVENUES | EBITDA | NET RESULT | ||
2 216 | |||||
288 | |||||
712 | |||||
1 042 | |||||
326 | |||||
256 | 1 216 | ||||
460 | |||||
6M 2024 | 6M 2023 |
Own electricity
Elctricity from resale
Other
120
7
113
29 | |||||||||||
- 152 | |||||||||||
( 123) | |||||||||||
6M 2024 | 6M 2023 | ||||||||||
Depreciation | EBIT | ||||||||||
106
( 175)
6M 2024 | 6M 2023 |
The conditions of conducting ZE PAK business in 2024 have changed significantly compared to 2023:
- as a result of the sale transaction of 50.5% of shares in PAK-PCE sp. z o.o., ZE PAK Group no longer consolidates PAK - PCE and its subsidiaries, which means a significant decrease in the scale of operations (mainly related to the lack of renewable energy production and a decrease in the volume of energy from trading),
- in 2024, the ratio of the average energy sales price obtained to the average incurred purchase price of CO2 emission allowances deteriorated,
- the loss on the revenue side is difficult to compensate on the cost side due to the high share of fixed costs (especially in the mining segment).
The comparison of the EBITDA result and net result for 6M 2024 to 6M 2023 is distorted due to the negative impact of the increase in the reclamation reserve in 2023. | |
Adjusting the results for one-off events causes the financial results for 6M 2024 to deteriorate compared to the same period of the previous year. | 4 |
SELECTED ELECTRICITY MARKET DATA
5
Electriciy prices
Electricity prices (TGeBase) | ||||||
1000 | ||||||
800 | max. | |||||
PLN/MWh | 600 | 356,28 | 392,57 | weighted | ||
615,61 | ||||||
527,16 | 505,59 | min. | ||||
400 | ||||||
200 | average | |||||
0 | ||||||
2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 |
Prices of a futures contract for the supply of electricity (band with annual delivery)
800 | 708,66 | ||||||||||||||||||||||
PLN/MWh | 700 | 639,46 | |||||||||||||||||||||
600 | 549,41 | ||||||||||||||||||||||
500 | 454,49 | 473,08 | |||||||||||||||||||||
400 | 23-Apr-2023 | 13-May-2023 | 2-Jun-2023 | 22-Jun-2023 | 12-Jul-2023 | 1-Aug-2023 | 21-Aug-2023 | 10-Sep-2023 | 30-Sep-2023 | 20-Oct-2023 | 9-Nov-2023 | 29-Nov-2023 | 19-Dec-2023 | 8-Jan-2024 | 28-Jan-2024 | 17-Feb-2024 | 8-Mar-2024 | 28-Mar-2024 | 17-Apr-2024 | 7-May-2024 | 27-May-2024 | 16-Jun-2024 | |
3-Apr-2023 | |||||||||||||||||||||||
cena | średnia kwartalna | 6 | |||||||||||||||||||||
Price of the futures contract for the supply of EUA
Prices of a futures contract for the delivery of EUAs
89,27 | ||||||
100 | ||||||
90 | ||||||
80 | ||||||
70 | 65,76 | |||||
euro | ||||||
60 | ||||||
50 | ||||||
40 | ||||||
30 | ||||||
2-Jan | 2-Feb | 2-Mar | 2-Apr | 2-May | 2-Jun |
2024 | 2023 | 1H2024 arithmetic average | 1H2023 arithmetic averag | |
7
OPERATIONAL DATA
8
Semi-annual net production and sale of electricity
[TWh] | ||||||||
NET PRODUCTION | SALE | |||||||
1,02 | 1,75 | |||||||
TWh | 0,04 | TWh | 0,73 | |||||
0,26 | ||||||||
1,00 | ||||||||
0,58 | ||||||||
- | ||||||||
0,49 | 0,42 | |||||||
0,43 | ||||||||
1,02 | ||||||||
0,15 | 0,23 | 0,58 | ||||||
6M 2024 | 6M 2023 | 6M 2024 | 6M 2023 | |||||
200 | Units 1,2 & 5 (PI) | Unit 9 (PII) | Konin biomass | Brudzew | Own production | Resale | ||
150 | ||||||||
100 | ||||||||
50 | ||||||||
0 | ||||||||
sty | lut | mar | kwi | maj | cze |
In H1 2024, the total sales volume decreased by 42.86% compared to H1 2023. The decrease concerned both the sales of own and purchased energy.
The decrease in production was primarily due to less favorable conditions on the energy market for the Group. On the other hand, the decrease in the volume of purchased electricity resulted in the lack of electricity volume realized in 2023 in PAK - Volt SA in the part of discontinued operations.
2023 total production | 2024 total production | 9 | |
Quarterly net production and sale of electricity
[TWh]
NET PRODUCTION
TWh | 0,27 | ||||||||
0,17 | |||||||||
0,10 | |||||||||
1Q 2024 | |||||||||
Brudzew | Konin biomass | ||||||||
Unit 9 (Pątnów II) | Units 1, 2 & 5 (Pątnów I) | ||||||||
SALE
TWh | 0,50 | |||||||||
0,23 | ||||||||||
0,27 | ||||||||||
1Q 2024 | ||||||||||
Own production | Resale | |||||||||
0,54 | |||
TWh | 0,32 | 0,03 | |
0,12 | |||
- |
0,26 | 0,32 | ||
0,06 | 0,07 | ||
2Q 2024 | 2Q 2023 |
Units 1,2 & 5 (PI) Unit 9 (PII) Konin biomass Brudzew
TWh | 0,89 | |||||||||
0,51 | 0,35 | |||||||||
0,19 | ||||||||||
0,32 | 0,54 | |||||||||
2Q 2024 | 2Q 2023 | |||||||||
Own production | Resale | 10 | ||||||||