Estimation of selected financial and operating data for the period from 1 January to 31 March 2024

11/2024

06.05.2024 17:39

Article 17(1) MAR.

Contents of the report

The Management Board of the company Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. („Parent Company”, „Company”,) disclose the preliminary selected consolidated financial and operating data for the period from 1 January to 31 March 2024.

Accordingly to preliminary estimates after 3 months of 2024:
• sales of electricity amounted to 760 GWh (including Parent Company 352 GWh),
• sales of heat amounted to 4 149 TJ (including Parent Company 3 657 TJ),
• the consolidated revenue from sales amounted to approximately PLN 870 million,
• the consolidated gross profit on sales amounted to approximately PLN 170 million,
• the consolidated EBITDA amounted to approximately PLN 225 million,
• the consolidated net profit amounted to approximately PLN 137 million (PLN 9.19 per share),
• the consolidated negative net cash-flow amounted to approximately PLN 13 million.
• capital expenditures amounted approximately to PLN 58 million.

Consolidated revenues from the sale of electricity in the first quarter of 2024 were lower by 43%, i.e. by PLN 299 million. These revenues amounted to PLN 399 million in the first quarter of 2024, of which PLN 236 million was generated by EC Zielona Góra. Lower revenues from the sale of electricity were primarily the result of a lower average electricity sales price by 38% and a lower sales volume by 8% compared to the first quarter of 2023. The decline in revenues from the sale of electricity was partially offset by 94% lower sales costs due to the lack of a write-off for the Price Difference Payment Fund (PLN 206 million).

Consolidated revenues from heat sales increased in the first quarter of 2024 by 15%, i.e. by PLN 56 million and amounted to PLN 421 million. The increase in revenues from heat sales in the first quarter of 2024 was mainly the result of higher average heat sales prices and an increase in the number of heat consumers, with a 3% lower sales volume caused by higher average temperatures in 2024.

In the first quarter of 2024, cost of sales increased by PLN 66 million, i.e. by 11%, mainly due to higher coal prices in the Parent Company.

The company reserves that the values presented above are estimated and still in the process of preparation. The final values will be presented in the report for the first quarter of 2024, the publication of which is scheduled for May 21, 2024.

Signatures of persons representing the company

Date Name Position and function
2024-05-06 Dominik Wadecki President of the Management Board
2024-05-06 Krzysztof Kryg Vice-President of the Management Board