Bogdanka presents operating and financial results for H1
Lubelski Węgiel Bogdanka S.A. published consolidated financial results for H1 2022
Consolidated revenues for the period amounted to PLN 1,462.6 million (up 34.9%), EBITDA was PLN 615.4 million (+81.0%), operating profit was PLN 412 million (+226.1%), and net profit was PLN 336 million (+237.5%).
The financial results achieved in H1 2022 are the effect of the Company's higher production and sales, coupled with an increase in the price of coal sold.
In H1 2022, Bogdanka prepared approx. 18.4 km of corridor tunnels. Production of commercial coal in H1 amounted to more than 5.6 million tons (in Q2 alone, production reached almost 2.8 million tons). In H1 coal sales stood at 5.2 million tons, 14.1% more than a year earlier (in Q2 alone it was 2.5 million tons). The average yield in H1 2022 was 72.3%, up from 71.6% a year ago, and in Q2 this year alone – 72.0% (vs. 70.8% in Q2 2021).
In H1 2022, Bogdanka maintained its market position, achieving a high 29.9% share of coal sales to the commercial power sector. Its share of total steam coal sales was 24.8%.
In the period in question the LW Bogdanka Group incurred capital expenditures of nearly PLN 272 million. The largest chunk of this amount, PLN 222 million, was spent on new excavations and modernization of existing ones.
The table below portrays the LW Bogdanka Group’s financial results in H1 2022:
PLN 000s | H1 2021 | H1 2022 | Change |
|---|---|---|---|
Net revenues on sales | 1 083 938 | 1 462 589 | + 34,9% |
EBITDA | 340 000 | 615 392 | + 81,0% |
EBIT | 126 345 | 411 958 | + 226,1% |
Net profit | 99 580 | 336 044 | + 237,5% |
Lubelski Węgiel Bogdanka S.A. is a leading hard coal producer in Poland that stands apart from its peers in terms of its modern and efficient mining. It is one of the largest Polish hard coal mines. Lubelski Węgiel Bogdanka S.A. chiefly conducts mining operations in terms of hard coal extraction, enrichment and sales. It supplies this raw material mainly to industrial offtakers. Supply contracts are long-term, and the product is sold to the commercial power sector and the industrial power sector.
The company has been listed on the Warsaw Stock Exchange since June of 2009. In August 2022, Lubelski Węgiel Bogdanka S.A. returned to listing on the WIG-ESG Index.
Since October of 2015 Bogdanka has been a member of the Enea Group, the second largest player on Poland’s electrical power market in terms of the generation of electricity, which manages the entire value chain on the electricity market ranging from fuel to the generation of electricity, distribution, sales (supply) and customer service.