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Lubelski Węgiel
Lubelski Węgiel Bogdanka S.A.

Very good operating and financial results, increased production and sales

Friday, 2019-08-30



LW BOGDANKA S.A., the most modern and effective hard coal mine in Poland, making part of the Enea Group – one of the leaders in the Polish power market, has announced consolidated financial results for the first half of 2019. Consolidated revenue for that period amounted to PLN 1,098.3 million (increase by 28.3%), EBITDA – PLN 434.4 million (+55.9%), operating profit – PLN 241.8 million (+209.9%), and net profit – PLN 197.9 million (+198.3%).

In Q2 2019 alone, revenues increased y-o-y by 21.9% to reach PLN 557.5 million, and EBITDA increased by 40.0% making it to PLN 211.6 million. Furthermore, profit on operating activities increased by 129.9% to achieve PLN 113.8 million, and net profit was 103.7% higher than in Q2 2018 and amounted to PLN 88 million.

The Company’s results for the first half of 2019 were infuenced by increased production, sales, and coal prices.

Bogdanka built 14.2 km of galleries in the first six months of 2019, of which 6.4 km were built in Q2 2019 alone. Production of commercial coal in the first six months of the year amounted to 4.8 million tonnes, which is 6.8 % more year-on-year (in Q2 alone, production amounted to nearly 2.3 tonnes). Coal sales in the first half of the year reached corresponding amounts (almost 4.8 million tonnes), hence represented an increase of about 9.9% compared with the previous year (2.4 million tonnes in Q2 alone). In the first six months of 2019, the average yield amounted to 65.1%, in comparison to 59.6% the year before, and it amounted to 65.6% in Q2 2019 alone (compared to 62.3% in Q2 2018).

LW Bogdanka S.A. also strengthened its market position in the first half of 2019 reaching a high 28% share in the sales of coal to commercial power plants. The share in total power coal sales accounted for 21.6%.

In the discussed period, the LW BOGDANKA Group had investment expenditure of PLN 167 million. The largest portion of this sum, nearly PLN 125 million, was used for new excavations and modernisation of existing ones.

Financial and operating results of LW Bogdanka achieved after the first half of this year are, in my opinion, very good. Consistent implementation of production and sales plans made it possible to obtain such results. The increase of prices in our contracts, which took place this January, also played a part in this success.

As announced before, we are implementing our plan of increasing production to 9.4 million tonnes this year. Our priority remains to work continuously on costs and operational excellence, in addition to preparing ourselves to make the Ostrów deposit available - said Artur Wasil – President of the Management Board of LW Bogdanka S.A.

The financial results of the LW Bogdanka Group for Q2 2019 and the first six months of the year are presented in the table below:

in PLN million 2Q 2018 2Q 2019 Change 1H 2018 1H 2019 Change
Net revenue 457.3 557.5 + 21.9 % 856.0 1,098.3 + 28.3 %
EBITDA 151.1 211.6 + 40.0 % 278.6 434.4 + 55.9 %
EBIT 49.5 113.8 + 129.9 % 78.0 241.8 + 209.9 %
Net profit 43.2 88.0 + 103.7 % 66.4 197.9 + 198.3 %
Today is:
18 of October 2021
Name day of:
Hanny, Klementyny, Łukasza
© LW „Bogdanka” S.A. - 2021
Realization: Data Flow sp. z o.o.