KEY FINANCIALS
AND OPERATIONAL DATA
PLN bn 3.7
/ Net profit
PGE Capital Group in 2014
PLN bn 8.1
/ EBITDA
PGE Capital Group in 2014
PLN bn 28.1
/ Sales revenues
PGE Capital Group in 2014

Key financial data

PLNm Y 2014 Y 2013 change [%]
Sales revenues 28,137 30,145 -7%
Recurring sales revenues* 26,598 29,844 -11%
EBITDA 8,118 7,837 4%
Recurring EBITDA* 6,466 8,279 -22%
EBIT 5 096 4 847 5%
Recurring EBIT* 3,444 5,289 -35%
Net profit to equity 3,638 3,948 -8%
Recurring net profit to equity* 2,615 4,303 -39%
CAPEX 6,349 4,357 46%
Net cash from operating activities 6,333 7,941 - 20%
Net cash from investing activities - 6,296 - 5,717 - 10%
Net cash from financing activities 284 - 1,066 n.m.
* excl. significant one-off items
Consolidated sales revenues of PGE Capital Group amounted to ca. PLN bn 28.14 (compared to PLN bn 30.15 in 2013). The decrease in revenues was mainly due to lower revenues from sales of electricity as a result of lower energy prices on the wholesale market and lower production volumes due to blocks decommissioning and modernizations.

Consolidated financial results of PGE in 2014 were significantly affected by non-cash one-off items like revenues due to termination of long term contracts for sale of capacity and electricity (so-called LTC compensations), reversal of provision as a result of the favorable verdicts of the Court of Appeal regarding the disputes on LTC compensations, reversal of provision for CO2 emission rights for 2013 granted free of charge, accordingly increasing reported EBITDA and provision raised for costs of Voluntary Leave Programs, accordingly decreasing reported EBITDA. Additionally impairment loss on financial instruments due to estimated loss of value accordingly decreased reported net profit.

Consolidated financial results of PGE were also significantly affected by change in accounting policy with regard to reclamation provision in open-pit mines involving capitalization of future reclamation costs of excavation created through overburden extraction.

Selected balance sheet data

PLNm As of 31.12.2014 As of 31.12.2013
Non-current assets 52,182 48,239
Current assets 14,019 13,013
Total assets 66,201 61,252
Equity 44,884 43,808
Non-current liabilities 14,051 9,654
Current liabilities 7,266 7,790
Total liabilities 66,201 61,252


Selected data from the statement of cash flows

PLNm As of 31.12.2014 As of 31.12.2013
Cash flow from operating activities 4,613 4,847
Net cash from operating activities - 6,296 - 5,717
Net cash from financing activities 284 - 1,066
Net change in cash and cash equivalents 321 1,158


Electricity balance

in TWh Y 2014 Y 2013 change [%]
Net electricity production 54,84 57,04 -4%
Sales on the wholesale market 62,44 71,37 -13%
Sales to final customers 39,64 36,95 7%
Distribution of electricity 32,54 31,78 2%


Production of electricity

in TWh Y 2014 Y 2013 change [%]
Lignite-fired power plants
39,22 41,36 -5%
Coal-fired power plants
11,35 11,57 -2%
Coal-fired CHP plants
1,10 1,11 -1%
Gas-fired CHP plants
1,16 1,11 5%
Biomass-fired CHP plants
0,43 0,44 -2%
Pumped storage power plants
0,52 0,53 -2%
Hydroelectric plants
0,42 0,49 -14%
Wind power plants
0,64 0,43 49%
TOTAL 54,84 57,04 -4%
Renewables generation
2,32 1,95 19%
including co-combustion of biomass 0,83 0,59 41%