Very good operating and financial results after three quarters of 2019

LW BOGDANKA S.A., the most modern and effective hard coal mine in Poland making part of the Enea Group, one of the leaders in Poland’s power market, published its consolidated financial results after three quarters of 2019. Consolidated revenue for that period amounted to PLN 1,626.1 million (increase by 21.8%), EBITDA – PLN 611.3 million (+53.1%), operating profit – PLN 319.7 million (+245.2%), and net profit – PLN 264 million (+247.4%).

In Q3 2019 alone, revenue increased year-on-year by 10.0% to reach PLN 527.8 million, and EBITDA increased by 46.4% making it to PLN 176.9 million. Furthermore, operating profit went up by 433.6% to achieve PLN 77.9 million, and net profit was 580.4% higher than in Q3 2018 and amounted to PLN 66 million.

After 3Qs of 2019, Bogdanka built 21.7 km of galleries, of which 7.5 km were built in Q3 2019 alone.Production of commercial coal in the first nine months of the year amounted to 7.1 million tonnes, which is 4.5 % more year-on-year (in Q3 alone, production amounted to nearly 2.3 tonnes). Coal sales after 3Qs of the year reached corresponding amounts (almost 7.1 million tonnes), hence represented an increase of about 4.0% compared with the previous year (2.3 million tonnes in Q3). At the end of September 2019 the average yield amounted to 65.0%, in comparison to 60.3% the year before, and in Q3 2019 alone it amounted to 64.6% alone (compared to 61.8% in Q3 2018).

LW Bogdanka S.A. also strengthened its market position reaching a high 27.7% share in the sales of coal to commercial power plants. The share in total power coal sales accounted for 21.3%. Approximately 82% of sales generated in the three quarters were performed to Enea Wytwarzanie and Enea Elektrownia Połaniec.

In three quarters of 2019, the LW BOGDANKA Group’s investment expenditure approached to PLN 294.7 million. The largest portion of this sum, i.e. almost PLN 214.4 million, was used for new excavations and modernisation of the existing ones.

The financial results of the LW Bogdanka Group for Q3 2019 and 3Qs 2019 are presented in the table below: