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2018-02-28

Good preliminary results of LW Bogdanka for 2017

LW BOGDANKA S.A., the most modern and effective hard coal mine in Poland, making part of the Enea Group – one of the leaders of the Polish power market, has announced preliminary financial results.   

Consolidated revenue reached PLN 1.78 billion, which was close to a level achieved in 2016. EBITDA, EBIT and net profit figures net of the impact of one-off events were as follows: EBITDA: PLN 594 million, EBIT: PLN 236.4 million, net profit PLN 173.1 million.

The Company believes the achieved financial results are good. The Company continues to distinguish itself in the industry thanks to a permanent cost control and optimisation of capital expenditure.


The final results will be presented in the financial statements of LW Bogdanka S.A. and the consolidated financial statements of the LW Bogdanka Group for 2017, to be published on 23 March 2018.

 

DETAILED INFORMATION ON PRELIMINARY RESULTS FOR 2017

The preliminary consolidated financial highlights of the LW Bogdanka Group for 2017 are as follows:

in PLN '000 2017 (preliminary) 2017
(preliminary,
net of one-off events)
2016 Change (2017*/2016
*preliminary, net of one-off events)
Net revenue 1,780,321 1,780,321 1,786,265 -0.3%
EBITDA 708,944 594,013 606,539 -2.1%
EBIT 847,270 236,357 237,007 -0.3%
Net profit 667,925 173,085 181,992 -4.9%

 

Preliminary separate financial results of LW Bogdanka S.A. for 2017:

in PLN '000 2017 (preliminary) 2017
(preliminary,
net of one-off events)
2016 Change (2017*/2016
*preliminary, net of one-off events)
Net revenue 1,777,273 1,777,273 1,781,776 -0.3%
EBITDA 694,207 579,276 586,119 -1.2%
EBIT 840,908 229,995 225,809 +1.9%
Net profit 673,281 178,441 175,896 +1.4%

        

In the period under analysis, the following one-off events had a material – positive – impact on the above mentioned results:

  1. change in the balance of provisions, as a consequence of signing an agreement on payment of coal allowances, which resulted in a change in provisions held by the Company, which brought a one-off positive impact on the operating profit in the fourth quarter 2017;
  2. reversal of the impairment loss on non-current assets, as disclosed in the financial statements for 2015.