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Estimated selected financial and operating data for year 2022.

8/2023

02.03.2023 21:08

Art. 70 p. 3 of Act on Public Offering – list of shareholders holding at least 5% of the total vote at the General Meeting of Shareholders

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) publishes initial selected consolidated financial and operating data for year 2022.

According to the initial estimates net electricity production at PGE Group generating units in 2022 amounted to 66.1 TWh, distribution volume arrived at 37.1 TWh and sales to final off-takers came out at 34.3 TWh. Heat sales volume amounted to 51.3 PJ.

Consolidated recurring EBITDA in 2022 amounted to approximately PLN 7 159 m, including:

EBITDA of Conventional Generation segment PLN 618 m,

EBITDA of District Heating segment PLN 33 m,

EBITDA of Distribution segment PLN 2 836 m,

EBITDA of Supply segment PLN 1 950 m,

EBITDA of Renewables segment PLN 1 796 m.

EBITDA of Circular Economy segment PLN 37 m.

Estimated impact of the contributions to Price Difference Payment Fund (resulting from the Act of 27 October 2022 on extraordinary measures to limit the level of electricity prices and support for certain consumers in 2023 and the Regulation of the Council of Ministers on the method of calculating the price cap of 8 November 2022) in December 2022 in segments of Conventional Generation, District Heating, Renewables and Supply amounted to PLN 351m (decreasing financial results).

In addition, the results for 2022 were influenced by one-off events increasing reported EBITDA result by approx. PLN 1 537m, including among others non-cash item of changes in reclamation provision, which translated into an increase in EBITDA by PLN 1 721m and provision for one-time benefit related to NABE carve-out (decreasing EBITDA) in the amount of PLN 187m.

In effect, consolidated reported EBITDA in 2022 amounted to approximately PLN 8 696m, including:

Conventional Generation segment PLN 2 065m,

District Heating segment PLN 39m,

Distribution segment PLN 2 850m,

Supply segment PLN 2 043m,

Renewables segment PLN 1 795m,

Circular Economy segment PLN 37m.

Consolidated net profit attributable to equity holders of the parent company amounted to approximately PLN 3 360 m (i.e. earnings per share of PLN 1.58). CAPEX amounted to PLN 6 988 m. Estimated net debt amounted to approximately PLN –2 656m (net cash) as at December 31, 2022, and estimated economic net financial debt (including future payment for CO2 allowances) amounted to approx. PLN 14.4bn.

Average electricity wholesale price realized in 2022 (including contributions to Price Difference Payment Fund) by:

- Conventional Generation segment amounted to PLN 519.0 per MWh,

- Conventional Generation and District Heating segments amounted to PLN 505.5 per MWh.

At the same time, the average cost of CO2 emission rights for both segments related to electricity generation amounted to PLN 304.5 per MWh.

Disclaimer: Presented values are estimated and may change. Consolidated financial statements of the PGE Group are still in the preparation process. The consolidated report for 2022 is planned to be published on March 21, 2023.

Signatures of persons representing the company

Date Name Position and function
2023-03-02 Wojciech Dąbrowski President of the Management Board
2023-03-02 Lechosław Rojewski Vice-President of the Management Board