2023
Results
April 30th, 2024
1
ZE PAK Group - 2023 summary
Key operational and financial data | 2023 | Change y/y | |
Sale of electricity: | 2.65 | TWh | -56.05% |
• Electricity from own production: | 1.52 | TWh | -56.45% |
• Electricity from resale: | 1.13 | TWh | -55.51% |
Achieved average electricity sale price (1) | 1 201.47 | PLN/MWh | +99.82% |
Average purchase price of EUA | 373.19 | PLN/MWh | +18.99% |
Sale revenues: | 3 865 | m PLN | -7.98% |
EBITDA: | 728 | m PLN | +86.19% |
Net result: | 723 | m PLN | +236.28% |
Indebtedness: | 2 | m PLN | -99.82% |
Cash (2) | 534 | m PLN | -63.50% |
Net debt / EBITDA: | (0.73) | x | -19.05% |
- Average price, calculated as electricity sales revenues (own production, from resale and system service) divided by sales volume.
- Cash and cash equivalents and other Short-term financial assets.
2
ZE PAK Group - 4Q 2023 summary
Key operational and financial data | 4Q 2023 | Change y/y | |
Sale of electricity: | 0.45 | TWh | -69.18% |
• Electricity from own production | 0.20 | TWh | -76.74% |
• Electricity from resale: | 0.25 | TWh | -58.33% |
Achieved average electricity sale price(1) | 1 388.01 | PLN/MWh | +120.73% |
Average purchase price of EUA | 297.34 | PLN/MWh | -24.09% |
Sale revenues: | 829 | m PLN | -25.11% |
EBITDA: | 426 | m PLN | +1352.94% |
Net result: | 523 | m PLN | +816.44% |
3
ZE PAK Group - 2023 summary [m PLN]
REVENUES
3865
684
1 242
4200
573
1 684
EBITDA | |
728 | |
40 | + 86% |
391 | |
688 | 40 |
NET RESULT
+ 236%
1 939 | 1 943 |
20232022
Other
Resale
Own production
351 | |
2023 | 2022 |
Depreciation and write-offs | EBIT | |
723
215
20232022
The Company's operating activities and financial results in 2023 were determined by several factors with a very significant impact. Among the most important are:
- regulatory environment determining the possibility of obtaining a margin,
- finalization of the sale of a majority share in the structure of PAK PCE,
- the approaching end of coal mining activities and the production of electricity from coal,
Each of these factors was so important for the financial results that it significantly influenced their comparability compared to previous periods.
4
SELECTED ELECTRICITY MARKET DATA
5
Electricity prices
Electricity prices (TGeBase)
1 501,00 | ||||||||
PLN/MWh | 1 201,00 | max. | ||||||
901,00 | 1126,15 | |||||||
min. | ||||||||
601,00 | 702,47 | 754,89 | ||||||
629,94 | 615,61 | |||||||
527,16 | 505,59 | weighted average | ||||||
301,00 | ||||||||
401,29 | ||||||||
1,00 | ||||||||
1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 |
Prices of a futures contract for the supply of electricity (band with annual delivery)
2400 | |||||||||||||||||||||||||||||
PLN/MWh | 2000 | 651,76 | 1723,76 | 708,66 | 639,46 | ||||||||||||||||||||||||
1600 | 1085,77 | ||||||||||||||||||||||||||||
999,69 | |||||||||||||||||||||||||||||
1200 | 804,74 | ||||||||||||||||||||||||||||
549,41 | |||||||||||||||||||||||||||||
800 | |||||||||||||||||||||||||||||
400 | 4-Mar-2022 | 24-Mar-2022 | 3-May-2022 | ||||||||||||||||||||||||||
3-Jan-2022 | 23-Jan-202212-Feb-2022 | 13-Apr-2022 | 23-May-202212-Jun-2022 | 2-Jul-2022 | 22-Jul-202211-Aug-2022 | 31-Aug-2022 | 20-Sep-2022 | 10-Oct-2022 | 30-Oct-2022 | 19-Nov-2022 | 9-Dec-2022 | 29-Dec-202218-Jan-2023 | 7-Feb-202327-Feb-2023 | 19-Mar-2023 | 8-Apr-2023 | 28-Apr-2023 | 18-May-20237-Jun-2023 | 27-Jun-2023 | 17-Jul-2023 | 6-Aug-202326-Aug-2023 | 15-Sep-2023 | 5-Oct-2023 | 25-Oct-2023 | 14-Nov-20234-Dec-2023 | 24-Dec-2023 | ||||
price | quarterly average | 6 | |||||||||||||||||||||||||||
Price of the futures contract for the supply of EUA
Average price of a certificate of origin for Energy produced from renewable Energy sources
280 | ||||||||||||
240 | ||||||||||||
200 | 191,80 | |||||||||||
PLN | 160 | |||||||||||
158,18 | ||||||||||||
120 | ||||||||||||
80 | ||||||||||||
40 | 2-Apr | 2-Jun | 2-Jul | 2-Aug | 2-Oct | 2-Dec | ||||||
2-Jan | 2-Feb | 2-Mar | 2-May | 2-Sep | 2-Nov | |||||||
2022 | 2023 | weighted annual average 2022 - 191,80 | weighted annual average 2023 158,18 |
Prices of a futures contract for the delivery of EUAs
110 | 85,21 | |||||||||||
100 | ||||||||||||
90 | ||||||||||||
euro/EUA | 80 | |||||||||||
70 | 81,41 | |||||||||||
60 | ||||||||||||
50 | ||||||||||||
2-Jan | 2-Feb | 2-Mar | 2-Apr | 2-May | 2-Jun | 2-Jul | 2-Aug | 2-Sep | 2-Oct | 2-Nov | 2-Dec | |
2023 | 2022 | arithmetic average 2023 | arithmetic average 2022 |
7
OPERATIONAL DATA
8
Net production and sale of electricity - 12M 2023
[TWh]
NET PRODUCTION | SALE | |||||||||||||||||||||||
3,49 | Group | |||||||||||||||||||||||
6,03 | ||||||||||||||||||||||||
0,08 | 0,43 | |||||||||||||||||||||||
TWh | 1,53 | TWh | 2,54 | |||||||||||||||||||||
2,14 | 2,65 | |||||||||||||||||||||||
0,04 | 0,26 | |||||||||||||||||||||||
1,13 | 3,49 | |||||||||||||||||||||||
0,68 | ||||||||||||||||||||||||
0,55 | 0,84 | 1,52 | ||||||||||||||||||||||
12M2023 | 12M2022 | 2023 | 2022 | |||||||||||||||||||||
Unit 1,2,5 | Unit 9 | Konin Biomasa | Brudzew | From own production | From resale | |||||||||||||||||||
500 | |||||||||||
400 | |||||||||||
300 | |||||||||||
200 | |||||||||||
100 | |||||||||||
0 | |||||||||||
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
In 2023, there was a total decrease in the volume of electricity sales by 56.05%, both own and purchased energy. The following factors contributed to the reduction in the sale of own Energy:
- smaller amount of coal available for extraction in the mines supplying the Company,
- "network" conditions related to periodic high supply of nenewable energy,
- no inclusion of production from biomass blocks in the second half of the year (sale of a majority share in the structure of PAK PCE)
The large drop in sales of purchased energy was caused by the failure to include sales previously made by PAK - Volt SA.
Production together 2022 | Production together 2023 | 9 | |
Quarterly net production and sale of electricity
[TWh]
NET PRODUCTION
TWh
0,54 | ||||||||||||||||
0,48 | 0,03 | |||||||||||||||
0,01 | ||||||||||||||||
0,12 | ||||||||||||||||
0,14 | 0,31 | |||||||||||||||
0,17 | 0,32 | 0,16 | ||||||||||||||
0,16 | 0,07 | 0,15 | ||||||||||||||
1Q 2023 | 2Q 2023 | 3Q 2023 | ||||||||||||||
Units 1,2 i 5 (PI) | Unit 9 (PII) | Biomass | Brudzew | |||||||||||||
0,87 | ||||||||||
0,01 | ||||||||||
0,17 | ||||||||||
TWh | 0,54 | |||||||||
0,20 | ||||||||||
0,03 | ||||||||||
0,17 | 0,14 | |||||||||
4Q 2023 | 4Q 2022 | |||||||||
Brudzew | Konin biomass | Unit 9 (PII) | Units 1,2 i 5 (PI) | |||||||
SALE
TWh
1,46 | |||||
0,86 | 0,89 | TWh | 0,60 | ||
0,38 | 0,35 | 0,46 | 0,45 | ||
0,15 | 0,25 | 0,86 | |||
0,48 | 0,54 | ||||
0,31 | 0,20 | ||||
1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 4Q 2022 |
From own production | From resale | From resale | From own production | |||