1Q 2024 Results
May 31st, 2024
1
1Q 2024 Summary
Key operational and financial data | 1Q 2024 | Change y/y | |
Sale of electricity: | 0.50 | TWh | -41.86% |
• Electricity from own production: | 0.27 | TWh | -43.75% |
• Electricity from resale: | 0.23 | TWh | -39.47% |
Achieved average electricity sale price (1) | 695.81 | PLN/MWh | -38.64% |
Average purchase price of EUA | 405.66 | PLN/MWh | +4.77% |
Sale revenues: | 520 | m PLN | -54.86% |
EBITDA: | 27 | m PLN | +107.14% |
Net result: | (5) | m PLN | +98.66% |
CAPEX with the acquisition of companies: | 10 | m PLN | -95.35% |
Indebtedness: | 0 | m PLN | - |
Cash (2) | 675 | m PLN | -19.26% |
- Average price calculated as revenues from the sale of energy (including ancillary services) divided by the sales volume.
- Cash and cash equivalents and other current financial assets.
2
1Q 2024 Summary [m PLN]
REVENUES | EBITDA | NET RESULT | ||
1 152 | |||||
181 | |||||
392 | |||||
520 | |||||
173 | |||||
579 | |||||
142 | |||||
205 | |||||
1Q 2024 | 1Q 2023 | ||||
Others
Electricity from resale
Electricity from own production
27
( 378)
1Q 2024 | 1Q 2023 |
( 5)
1Q 2024
( 374)
1Q 2023
The conditions for conducting ZE PAK business in the 1Q of 2024 have changed significantly compared to 2023:
- as a result of the sale of 50.5% of shares in PAK-PCE sp. z o.o. ZE PAK Group is no longer consolidating PAK - PCE and its subsidiaries (incl. PAK - PCE Biopaliwa i Wodór sp. z o.o. producing energy from biomass in Konin power plant and PAK - Volt SA - energy trading company), this 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 the 1Q of 2024, the ratio of the average electricity sales price obtained to the average purchase price of CO2 emission allowances deteriorated,
- The loss on the revenue side is difficult to compensate on the cost side due to the large share of fixed costs (especially in the mining segment)
The comparison of EBITDA and net result for the 1Q of 2024 to the 1Q of 2023 is distorted due to the negative impact of the increase in the recultivation reserve in the 1Q of 2023. Adjusting the results for the a one-off event causes the financial results for the 1Q of 2024 to deteriorate compared to the same period of the previous year.
SELECTED ELECTRICITY MARKET DATA
4
Electricity prices
Electricity prices (TGeBase)
PLN/MWh
1200
900
600
300
0
max. | |||||||||||||||||||||||
min. | |||||||||||||||||||||||
615,61 | |||||||||||||||||||||||
527,16 | 505,59 | ||||||||||||||||||||||
401,29 | |||||||||||||||||||||||
356,28 | weighted average | ||||||||||||||||||||||
1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 |
Prices of a futures contract for the supply of electricity (band with annual delivery)
1200 | |||||||||||||||||||||||
1000 | 804,74 | ||||||||||||||||||||||
PLN/MWh | 708,66 | ||||||||||||||||||||||
800 | 639,46 | ||||||||||||||||||||||
549,41 | |||||||||||||||||||||||
600 | 454,49 | ||||||||||||||||||||||
400 | 11-Feb-2023 | 23-Mar-2023 | 2-May-2023 | 6-Feb-2024 | 26-Feb-2024 | ||||||||||||||||||
2-Jan-2023 | 22-Jan-2023 | 3-Mar-2023 | 12-Apr-2023 | 22-May-2023 | 11-Jun-2023 | 1-Jul-2023 | 21-Jul-2023 | 10-Aug-2023 | 30-Aug-2023 | 19-Sep-2023 | 9-Oct-2023 | 29-Oct-2023 | 18-Nov-2023 | 8-Dec-2023 | 28-Dec-2023 | 17-Jan-2024 | 17-Mar-2024 | ||||||
price | quarterly average |
5
Price of the futures contract for the supply of EUA
Prices of a futures contract for the delivery of EUAs
100 | |||
90 | 89,87 | ||
80 | 61,97 | ||
euro | 70 | ||
60 | |||
50 | |||
40 | |||
30 | |||
2-Jan | 2-Feb | 2-Mar |
2024 | 2023 | arithmetical average 1Q2024 | arithmetical average 1Q2023 | |
6
OPERATIONAL DATA
7
Net production and sale of electricity
[TWh]
NET PRODUCTION | SALE | |
0,48 | 0,86 | |||||||||||||||||||||
0,01 | 0,38 | |||||||||||||||||||||
0,14 | TWh | 0,50 | ||||||||||||||||||||
TWh | 0,27 | |||||||||||||||||||||
0,17 | 0,23 | |||||||||||||||||||||
0,17 | ||||||||||||||||||||||
0,48 | ||||||||||||||||||||||
0,10 | 0,16 | 0,27 | ||||||||||||||||||||
1Q 2024 | 1Q 2023 | 1Q 2024 | 1Q 2023 | |||||||||||||||||||
Units 1, 2 i 5 (Pątnów I) | Unit 9 (Pątnów II) | From own production | From turnover | |||||||||||||||||||
Konin Biomass | Brudzew | |||||||||||||||||||||
200
150
100
50
0
Jan | Feb | Mar |
In Q1 2024, a 41.86% decrease in total sales volume compared to Q1 2023 was recorded, both from the sale of own and purchased energy.
The reduction in production was mainly due to less favourable conditions on the energy market for the group. While the decrease in the volume of purchased electricity resulted in a lack of electricity volume realized in 2023 in PAK - Volt SA in the part of discontinued operations.
Production together 2023 | Production together 2024 | 8 | |
Lignite consumption and CO2 emission
[m tons]
LIGNITE CONSUMPTION | CO2 EMISSION | |
Miions of tones
0,44 | 0,43 | |||||||||
0,35 | CO2 | |||||||||
0,36 | ||||||||||
Millions of tones | ||||||||||
1Q 2024 | 1Q 2023 | |||||||||
1Q 2024 | 1Q 2023 |
Data on coal consumption and CO emissions in the three months period of 2024 show a decrease in coal consumption and lower emissions, which results from lower volumes of electricity produced compared to the same periods of the previous year. A decrease in coal consumption and lower emissions are also associated with a more efficient use of production assets.
9
Average prices for electricity sales and purchase of EUAs
Electricity sale price (1) | Purchase price of CO2 emission permits (EUA)(2) | ||
PLN/MWh
134,00
438,19
695,81
1Q 2024 | 1Q 2023 |
PLN/EUA
(1) Average price calculated as revenue from Energy sales (own, from turnover and system services) devided by sales
406,07 | 387,19 | } 18,47 | volume. |
(2) Average price calculated as the costs of purchasing emission permits incurred to cover emissions for a given period devided by the Volume of issued allowances.
1Q 2024 | 1Q 2023 |
10