SEGMENT PERFORMANCE
share:
| Revenue in the Generation segment in 2017–2019 [PLN m] | |||
|
2019
|
2018
|
2017
|
|
Revenue from non-PGNiG Group customers
|
1,606
|
1,617
|
1,655
|
|
Inter-segment revenue
|
959
|
770
|
596
|
|
Total revenue, including
|
2,565
|
2,387
|
2,251
|
|
- heat
|
1,330
|
1,322
|
1,347
|
|
- electricity
|
997
|
802
|
644
|
| Operating expenses in the Generation segment in 2017–2019 [PLN m] | |||
|
2019
|
2018
|
2017*
|
|
Total expenses
|
(2,417)
|
(2,072)
|
(1,826)
|
|
- depreciation and amortisation expense
|
(707)
|
(472)
|
(418)
|
|
- raw materials and consumables used
|
(1,120)
|
(1,034)
|
(857)
|
|
- employee benefits expense
|
(219)
|
(205)
|
(199)
|
|
- services
|
(195)
|
(191)
|
(179)
|
|
- recognition and reversal of impairment losses on property, plant and equipment and intangible assets
|
-
|
16
|
3
|
|
- work performed by the entity and capitalised
|
-
|
1
|
2
|
|
- other expenses, net
|
(176)
|
(186)
|
(178)
|
| * Data restated to ensure comparability following adoption of the new IFRS 9 and IFRS 15 with effect from January 1st 2018. | |||
Change in the Generation segment’s EBITDA: 2018 vs 2019 [PLN m]earnings before interest, taxes, depreciation and amortization
- Revenue from sale of electricity generated from the segment’s own sources up +25% yoy, to PLN 946m, with market prices rising and sales volumes down 3% yoy.
- Stable revenue from sale of heat (+1% yoy), at PLN 1.3bn, with higher average temperatures, lower heat sales volumes (-3% yoy) and an average increase of ca. 7.3% (as of September 1st 2019) in tariff prices for sale of heat at PGNiG TERMIKA relative to the previous tariff.
- Cost of coal up 8% yoy, to PLN 873m in 2019, and cost of biomass up PLN 16m yoy.
- Depreciation and amortisation expense up by PLN -235m yoy, mainly due to higher costs of redemption of CO2 emission allowances.
- Sales volumes in 2019:
- Sales of heat to non-PGNiG Group customers: 39.27 PJ.
- Electricity from own sources: 3.95 TWh.
Capital expenditure made in 2019 on PGNiG Group’s property, plant and equipment in the Generation segment was PLN 1,628m (including PLN 493m attributable to CO2), or 88% of the planned amount. Compared with 2018, the capital expenditure increased by 169%.
Financial performance of subsidiaries
| PGNiG TERMIKA’s financial performance | |||
|
PGNiG TERMIKA (PLNm)
|
2019
|
2018
|
2017
|
|
Revenue
|
2,176
|
2,016
|
1,925
|
|
|
777
|
687
|
744
|
|
|
147
|
286
|
381
|
|
Net profit/loss
|
(89)*
|
208
|
228
|
|
Total assets
|
6,876
|
5,949
|
5,718
|
|
Equity
|
3,133
|
3,415
|
3,418
|
| *Profit/(loss) from equity-accounted investees, including PGG - PLN -239 m | |||