Tauron Polska Energia S.A. Provision and changed estimated results for 2018 (0769T)
March 15 2019 - 12:28PM
UK Regulatory
TIDM75NN
RNS Number : 0769T
Tauron Polska Energia S.A.
15 March 2019
Provision and changed estimated results for 2018 and Q4 2018
15 March 2019
TAURON Polska Energia S.A.
(LEI No: 259400NAPDFBOTNCRL54)
Information about provision and a resulting change to TAURON
Polska Energia Capital Group's estimated results for 2018 and Q4
2018
TAURON Polska Energia S.A. ("Issuer") announces that while
drafting their consolidated financial statements for 2018, acting
in accordance with IAS 37 Provisions, they identified the need to
set up a provision in Q4 2018 related to contracts in the Supply
Segment leading to charges in the financial statements in the
amount of PLN 214 million.
The basis for setting up the provision was the estimation of the
impact of the legal regulations related to stabilization of prices
for electricity delivery to final consumers in 2019, and in
particular of the act of December 28, 2018 on the amendment to the
act on excise tax and amending some other acts ("Act") on the
financial results of the Issuer's Capital Group's Supply Segment.
The provision is related, first of all, to the contracts for
electricity delivery to households (the so-called G tariff).
The Issuer emphasizes that the provision was estimated based on
the legal status in force as of December 31, 2018 and it will be
updated as of the subsequent balance sheet dates in accordance with
the legal regulations in force as of these dates.
The Issuer informed about conducting the legal and accounting
analyses related to recognizing the above mentioned regulations in
TAURON Group's financial statements, in current report no. 3/2019
of February 26, 2019.
Taking into consideration the fact of setting up the provision
and in reference to current report no. 3/2019 of February 26, 2019
the Issuer presents below TAURON Group's updated estimated results
for 2018 and Q4 2018.
(a) 2018
Sales revenue: PLN 18,122 million
EBITDA (operating profit increased by depreciation, amortization
and write-offs for non-financial assets): PLN 3,375 million,
including:
- Mining segment's EBITDA: PLN (207) million
- Generation segment's EBITDA: PLN 731 million
- Distribution segment's EBITDA: PLN 2,517 million
- Supply segment's EBITDA: PLN 321 million
EBIT (operating profit): PLN 791 million
Negative exchange rate differences: PLN (83) million
Gross profit: PLN 505 million
Net profit: PLN 207 million
CAPEX: PLN 3,672 million
(b) Q4 2018
Sales revenue: PLN 4,820 million
EBITDA (operating profit increased by depreciation, amortization
and write-offs for non-financial assets): PLN 403 million,
including:
- Mining segment's EBITDA: PLN (113) million
- Generation segment's EBITDA: PLN 82 million
- Distribution segment's EBITDA: PLN 561 million
- Supply segment's EBITDA: PLN (131) million
EBIT (operating loss): PLN (515) million
Negative exchange rate differences: PLN (20) million
Gross loss: PLN (584) million
Net loss: PLN (648) million
CAPEX: PLN 1,347 million
Net debt as of December 31, 2018: PLN 8,629 million
Net debt/EBITDA ratio as of December 31, 2018: 2,54x (the ratio
calculation does not include PLN 1.54 billion of debt stemming from
subordinated bonds issued).
The final financial results will be presented in the audited
consolidated annual financial statements of TAURON Polska Energia
S.A. Capital Group for 2018.
Legal basis:
Art. 17 sec. 1 of MAR - inside information
Enquiries to:
TAURON Polska Energia S.A.
3 Ks. Piotra ciegiennego Street
40-114 Katowice, Poland
Marcin Lauer - Head of IR
tel. no. +48 32 774 27 06
Pawe Gaworzyński - Chief IR
Officer
tel. no. +48 32 774 25 34
Miros aw Szczygielski - Chief IR
Officer
tel. no. +48 516 112 858
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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