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Bogdanka presents operating and financial results for H1

Lubelski Węgiel Bogdanka S.A. has published its consolidated operating and financial results for H1 2023.

Consolidated revenues for the period stood at PLN 1,825.1 million, EBITDA was PLN 532.8 million, EBIT was PLN 274.9 million, profit on sales was PLN 333.8 million and net profit was PLN 225.8 million. The above H1 results were affected by an impairment loss of PLN 48.5 million (of which PLN 26.8 million was written off in Q1 2023), recognized in connection with the potential risk of losing some of the machinery and equipment located in longwall 3/VII/385, as well as some of the galleries by to this longwall.

In H1 2023, Bogdanka prepared approx. 16.7 km of new roadways. Commercial coal production in H1 amounted to more than 3.3 million tons. In H1 coal sales stood at 3.1 million tons. The average yield in H1 2023 was 57.8%. In H1 2023 Bogdanka occupied a high market position, achieving a 25.1% share of coal sales to the commercial power sector. Its share of total steam coal sales was 19.7%.

In the period in question the LW Bogdanka Group incurred capital expenditures of nearly PLN 345 million. The largest chunk of this amount, PLN 244 million, was spent on new excavations and modernization of existing ones.

LW Bogdanka S.A. highlights

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.