Table. Selected figures for financial data
| In PLN thousand | In EURO thousand | |||
|---|---|---|---|---|
| Selected figures from separate statement of comprehensive income | For the year ended 31 December 2020 |
For the year ended 31 December 2019 |
For the year ended 31 December 2020 |
For the year ended 31 December 2019 |
| Revenue from sales | 723 539 | 656 800 | 161 714 | 152 680 |
| Own sales expense | -716 236 | -577 445 | -160 081 | -134 233 |
| Operating profit/ (loss) | -317 | 32 787 | -71 | 7 622 |
| Profits/ (loss) before tax | -278 | 33 320 | -62 | 7 746 |
| Net profit/ (loss) | -436 | 26 454 | -97 | 6 150 |
| Other comprexensive net income | -175 | -684 | -39 | -159 |
| Total comprehensive income | -611 | 25 77 | -136 | 5 991 |
| Basic figures from separate statement of cash flows | ||||
| Net cash flows from operating activities | 108 406 | 166 827 | 24 229 | 38 781 |
| Net cash flows from investing activities | -108 936 | -126 827 | -24 348 | -29 482 |
| Net cash flows from financing activities | -1 412 | -27 095 | -316 | -6 299 |
| Basic figures from separate statement of financial position | As at 31 December 2020 |
As at 31 December 2019 |
As at 31 December 2020 |
As at 31 December 2019 |
| Non-current assets | 1 453 475 | 1 460 222 | 314 960 | 342 896 |
| Current assets | 525 409 | 375 279 | 113 853 | 88 125 |
| Total assets | 1 978 884 | 1 835 501 | 428 813 | 431 021 |
| Non-current liabilities | 198 974 | 209 269 | 43 117 | 49 142 |
| Current liabilities | 344 747 | 190 458 | 74 705 | 44 724 |
| Equity | 1 435 163 | 1 435 774 | 310 991 | 337 155 |
Exchange rates of euro used for translation of selected financial data
- Statement of financial position items - average exchange rate announced by NBP as at 31 December 2020 – 4.6148
- Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each month of the period from 1 January to 31 December 2020 – 4.4742
- Statement of financial position items - average exchange rate announced by NBP as at 31 December 2019 – 4.2585
- Statement of comprehensive income and cash flows items - arithmetic average of average exchange rates announced by NBP as at the end of each month of the period from 1 January to 31 December 2019 – 4.3018
Table. Basic ratios
| (%) | from 1 January to 31 December 2020 |
from 1 January to 31 December 2019 |
|---|---|---|
| Return on assets (ROA) | -0.02 | 1.44 |
| Return on equity (ROE) | -0.03 | 1.84 |
| Return on capital employed (ROCE) | -0.03 | 2.60 |
Chart. Net profit analysis
Net profit of 0.4 MPLN lower by 26.9 MPLN (-101%) as compared to 2019, mainly as a result of the following:
- 72.1 MPLN; lower profit on sales:
- 138.8 MPLN higher manufacturing costs:
- -85.0 MPLN higher variable costs (increase in the provision for the purchase of CO2 emission allowances by 73.6 MPLN due to an increase in the average purchase price of CO2 allowances by 82% compared to 2019, increase in fuel costs by 2.2 MPLN due to the approx. 6% increase in coal prices with an approx. 5% drop in consumption volume, increase in other variable costs by 9.2 MPLN, i.e. 4.2 MPLN increase in certificate redemption cost and an increase in the cost of purchasing energy for technical needs)
- -17.8 MPLN higher fixed costs (mainly an increase in the cost of services by 1.9 MPLN and the cost of depreciation by PLN 15 MPLN),
- -36.0 MPLN higher value of goods and materials sold: -21 MPLN due to a higher volume of resale of purchased electricity and -15 MPLN due to a higher volume of resale of CO2 emission allowances.
- +66.7 MPLN higher sale revenues, mainly due to the 10% increase in heat selling price and a 2% increase in the heat volume sold.
- 138.8 MPLN higher manufacturing costs:
- -4.8 MPLN; increased selling and overall management costs,
- +43.8 MPLN; higher result on other financial operations, i.e.:
- +47.6 MPLN increase in revenues from selling the CO2 emission allowances from the pool of unused allowances from previous years,
- +0.5 MPLN decrease in the provision for reclamation of landfills,
- -4.3 MPLN other increases (higher provision value, higher receivables, creation of provision for contractual penalty).
- -0.5 MPLN; a lower result on financial activities:
- -1.0 MPLN: lower interest on the cash-pool,
- +0.5 MPLN interest on other liabilities.
- +6.7 MPLN; lower income tax.
Chart. Revenues
Revenue increased by 66.7 MPLN (10%) compared to 2019, mainly due to:
- +45.2 MPLN - higher revenues from electricity sales; higher electricity sales prices (by 10%) due to heat tariff and 2% higher sales volume,
- -20.8 MPLN - lower revenues from heat sales; a 2% decrease in sales volume at higher mean prices (approx. 10%) compared to 2019, with a decrease in own production volume by 13% compared to 2019,
- +0.5 MPLN - lower revenues from certificate sales,
- +1.1 MPLN - higher revenues from the system of support for electricity from high-efficiency cogeneration, these revenues were first obtained in 2020 on the basis of the law promoting electricity from high-efficiency cogeneration that took the place of the existing yellow and red certificate mechanism,
- +42.2 MPLN - higher revenues from sales of goods and materials; +28.2 MPLN higher volume of resale of purchased electricity and +14.6 MPLN higher volume and selling price of the CO2 emission allowances,
- -0.5 MPLN - other revenue reductions.
Fixed and variable costs
Chart. Fixed costs
Fixed costs increased by 22.5 MPLN compared to 2019.
Personnel costs increased by 1.7 MPLN. The reason for the increase in personal salaries was the change in employment. Employment increased by 47 jobs (employment as of 31 December 2020: 405 people, employment as of 31 December 2019: 358 people; average employment in 2020: 373 people, average employment in 2019: 351 people). The increase in employment in 2020 is the result of the transfer of the employees employed in the area of property maintenance in local branches of PGE Energia Ciepła S.A. to the company (under Art. 231 of the Labor Code; the transfer effective from 1 July 2020).
Maintenance costs increased by 1.0 MPLN: an effect of a wider scope of maintenance in 2020 compared to 2019.
Depreciation increased by 15.0 MPLN due to: purchase of new fixed assets (increase by 9.6 MPLN), and changes in the useful life of fixed assets (increase by 5.4 MPLN).
Services and other fixed costs increased by 4.8 MPLN due to higher costs of assistance service.
Chart. Variable costs
Variable costs increased by 85.0 MPLN compared to 2019..
The costs of deficiency and purchase of CO2 allowances increased by 73.6 MPLN (104%) as a result of two factors: higher purchase price of missing allowances and higher shortage thereof.
NThe shortage of CO2 allowances amounted to 1 309 996 Mg and was about 12% higher than in 2019 (in 2019, it amounted to 1 174 828 Mg). The average allowance purchase price was 82% higher than in 2019.
The limit of free CO2 allowances allocated to generating units was 159 365 Mg in 2020 (374 649 Mg in 2019). CO2 emissions in 2020 were lower than in 2019. Free CO2 allowances received in 2020 covered 11% of emissions, CO2 allowances received in 2019 covered 24% of emissions.
Fuels costs increased by 2.2 MPLN:
- -1.2 MPLN;; higher coal purchase costs: +11.6 MPLN lower volume of burnt coal (15 744 TJ in 2020 and 16 600 TJ in 2019),
- -3.5 MPLN; higher costs of biomass consumption -4.1 MPLN higher volume of burnt biomass (568 TJ in 2020 and 415 TJ in 2019), +0.6 MPLN lower biomass price - by approx. 9%,
- +2.5 MPLN; lower costs of gas consumption; -0.3 MPLN lower volume of gas consumed; +2.8 MPLN lower gas price,
Other variable costs increased by 9.2MPLN:
- -4.3 MPLN; increase in certificate redemption costs,w,
- -5.1 MPLN; increase in other costs related to the purchase of energy (overhaul of the Czechnica turbo generator set TG-1),
- +0 2 MPLN; other decreases.
Chart. Cash flow