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Preliminary results of LW Bogdanka Group for Q1 2019: strong financial and operational performance

LW BOGDANKA S.A., the most modern and productive hard coal mine in Poland, making part of the Enea Group – one of the leaders in the Polish power market, has announced preliminary consolidated financial results for the first quarter of 2019.

Consolidated revenue for that period amounted to PLN 540.8 million, EBITDA – PLN 206.5 million, operating profit – PLN 111.6 million, and net profit – PLN 87.6 million.

Commercial coal production at Bogdanka in Q1 2019 amounted to over 2.5 million tonnes, which translates into a year-to-year increase of about 21%. Coal sales amounted to almost 2.4 million tonnes, which represents an increase of about 20% compared with the previous year. The average yield was almost 65% compared with 56.7% the year before.

Bogdanka was well-prepared to enter 2019, which is evidenced by our preliminary results for the first quarter. Both operational and financial parameters in that period were substantially better than those we achieved a year ago. It is worth emphasising the increase in yield, the improvement of which has been, and continues to be, the object of our efforts. The results for Q1 also clearly show the effects of the increase in our contract prices. “Our this year’s priority, in addition to increasing the production up to the level of 9.4 million tonnes, is to continue to work on costs and operational excellence and prepare ourselves to make the Ostrów deposit available. Taking into consideration the results achieved after the first three months of 2019, we believe that the perspectives for the following quarters are optimistic - said Artur Wasil – President of the Management Board of LW Bogdanka S.A.

Preliminary financial results of the LW Bogdanka Group for Q1 2019 are presented in the table below:

PLN`000 QI 2019
QI 2018 Change
Net revenue 540,787 398,697 + 35.6%
EBITDA 206,462 127,476 + 62.0%
EBIT 111,568 28,509 + 291.3%
Net profit 87,561 23,169 + 277.9%

The final results will be presented in detail in the financial statements of LW Bogdanka S.A. and the consolidated financial statements of the LW Bogdanka Group for the first quarter of 2019, the publication of which is scheduled for 23 May 2019.