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A large share of the regulated segment of Distribution in Enea CG's EBITDA (in 2014 Distribution accounted for 61% of Enea CG's EBITDA) affects the predictability of cash flows and stabilises them over time.

Anticipated financial position

Segment of Generation remains under the influence of the demanding situation on the energy market. The production concentrated on bituminous coal involves the exposure to risk related to carbon dioxide emission costs, which may affect the results of the segment of conventional generation over next years.

We are increasing energy sales in the area of Trade - thanks to the new product range we obtain customers not only within our operational area and we are increasing the volume of sold energy. The financial results are negatively affected by reduced selling prices as a result of the growing competition on the retail market and reduced energy prices in the G tariff group sets, and also higher costs related to the entry into force of cogeneration obligations on 30 April 2014.

Despite difficult market and legal conditions, due to the realised cost restructuring and reducing operating costs (in 2014 OPEX lower by PLN 252 mln) Enea CG realises financial results on a satisfactory level. 

The Group's financial standing is safe, supported with a significant volume of cash, which as at the end of 2014, including current financial assets kept to maturity and financial assets evaluated at fair value through result, amounted to PLN 1.3 billion. Due to the consistently maintained cost discipline and optimum allocation of held resources the Group is guaranteed a favourable financing of the investments described in the corporate strategy thanks to: 

  • Agreement concluded with PKO BP S.A., Pekao S.A., BZ WBK S.A., Bank Handlowy w Warszawie S.A. and Nordea Bank Polska S.A. relating to the bond issue programme up to the amount of PLN 3 billion,
  • Agreement relating to the bond issue programme up to the maximum amount of PLN 5 billion concluded with PKO BP, ING Bank Śląski, Pekao S.A.  and mBank S.A.
  • Programme Agreement relating to the issue of long-term bonds totalling to PLN 1 billion concluded with Bank Gospodarstwa Krajowego
  • Two loan agreements with the European Investment Bank for the total amount of PLN 1,425 billion

It is expected that in the coming year the ratio defined as net debt/EBITDA will not exceed the level of 2.5. The growth in the ratio stems from a vast CAPEX programme (capital expenditures) covering e.g. the segment of generation and distribution network. CAPEX programme of Enea CG for 2014-2020 relates mainly to the construction of the new coal-fired 1 GW unit in the power plant in Kozienice. 

Own cash of Enea CG, available credit facilities and bond issue programmes will allow to finance the investment programme until 2020. 

The implementation of the investment programme and efficiency improvement programme will positively affect the financial results of Enea CG.