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Lubelski Węgiel
Lubelski Węgiel Bogdanka S.A.

Preliminary results of LW Bogdanka Group for Q1 2019: strong financial and operational performance

Tuesday, 2019-04-16

Bogdanka, 16 April 2019



PRESS RELEASE


PRELIMINARY RESULTS OF LW BOGDANKA GROUP FOR Q1 2019: STRONG FINANCIAL AND OPERATIONAL PERFORMANCE

 

LW BOGDANKA S.A., the most modern and productive hard coal mine in Poland, making part of the Enea Group – one of the leaders in the Polish power market, has announced preliminary consolidated financial results for the first quarter of 2019.

Consolidated revenue for that period amounted to PLN 540.8 million, EBITDA – PLN 206.5 million, operating profit – PLN 111.6 million, and net profit – PLN 87.6 million.

Commercial coal production at Bogdanka in Q1 2019 amounted to over 2.5 million tonnes, which translates into a year-to-year increase of about 21%. Coal sales amounted to almost 2.4 million tonnes, which represents an increase of about 20% compared with the previous year. The average yield was almost 65% compared with 56.7% the year before.

Bogdanka was well-prepared to enter 2019, which is evidenced by our preliminary results for the first quarter. Both operational and financial parameters in that period were substantially better than those we achieved a year ago. It is worth emphasising the increase in yield, the improvement of which has been, and continues to be, the object of our efforts. The results for Q1 also clearly show the effects of the increase in our contract prices. “Our this year’s priority, in addition to increasing the production up to the level of 9.4 million tonnes, is to continue to work on costs and operational excellence and prepare ourselves to make the Ostrów deposit available. Taking into consideration the results achieved after the first three months of 2019, we believe that the perspectives for the following quarters are optimistic - said Artur Wasil – President of the Management Board of LW Bogdanka S.A.

Preliminary financial results of the LW Bogdanka Group for Q1 2019 are presented in the table below:

PLN`000 QI 2019
preliminary
QI 2018 Change
Net revenue 540,787 398,697 + 35.6%
EBITDA 206,462 127,476 + 62.0%
EBIT 111,568 28,509 + 291.3%
Net profit 87,561 23,169 + 277.9%

The final results will be presented in detail in the financial statements of LW Bogdanka S.A. and the consolidated financial statements of the LW Bogdanka Group for the first quarter of 2019, the publication of which is scheduled for 23 May 2019.

 

For further information please contact:

Paulina Grocka, M+G
phone (+48) 22 416 01 02, 514 044 194
e-mail: paulina.grocka@mplusg.com.pl

Magda Kołodziejczyk, M+G
phone (+48) 22 416 01 02, 501 16 88 07
e-mail: magda.kolodziejczyk@mplusg.com.pl  
 


LW BOGDANKA – HIGHLIGHTS

Lubelski Węgiel BOGDANKA S.A. is the most modern and one of the largest hard coal mines in Poland. In 2018, the production of Bogdanka’s commercial coal amounted to 9 million tonnes.

LW Bogdanka conducts mining activity with respect to extraction, agglomeration and sale of hard coal. The BOGDANKA mine supplies mainly industrial customers based in the eastern and north-eastern Poland. The customer base is stable, and the sale is carried out mainly under long-term contracts. Major recipients of LW BOGDANKA’s commercial coal are the commercial power and the industrial power industries.

The Company’s financial results and hard coal extraction efficiency distinguish the Company from other organisations in the industry. LW Bogdanka S.A. has been listed on the Warsaw Stock Exchange since July 2009. In December of 2018, the Company was included by the WSE on the prestigious RESPECT Index for no less than the tenth time.

Since October 2015, LW Bogdanka S.A. has been part of the Enea Group, one of the leaders in the Polish power market.

For further information visit www.bogdanka.eu

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