Segment performance
Generation
Revenue in the Generation segment in 2018–2020
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Revenue from non-PGNiG Group customers | 1,844 | 1,606 | 1,617 |
| Inter-segment revenue | 929 | 959 | 770 |
| Total revenue, including | 2,773 | 2,565 | 2,387 |
| – heat | 1,469 | 1,330 | 1,322 |
| – electricity | 1,053 | 997 | 802 |
Operating expenses in the Generation segment in 2018–2020
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total expenses | (2,638) | (2,417) | (2,072) |
| – depreciation and amortisation expense | (795) | (707) | (472) |
| – raw materials and consumables used | (1,166) | (1,120) | (1,034) |
| – employee benefits expense | (234) | (219) | (205) |
| – services | (207) | (195) | (191) |
| – recognition and reversal of impairment losses on property, plant and equipment and intangible assets |
– | – | 16 |
| – work performed by the entity and capitalised | – | – | 1 |
| – other expenses, net | (232) | (176) | (186) |
- revenue from sales of electricity generated from the segment’s own sources lower by 4% y/y, at PLN 910m, with market prices rising and with sales volumes lower by -311 GWh (-8% y/y);
- higher revenue from sales of heat (10% y/y) at PLN 1.47bn, with lower average at temperature and stable sales volumes (-1% y/y);
- costs of coal lower by -7% y/y, at PLN 815m in 2020, and cost of biomass higher by PLN 14m y/y;
- PLN -88m y/y increase in depreciation and amortisation expense (including on CO2 approximately PLN -89m).
Capital expenditure made in 2020 on PGNiG Group’s property, plant and equipment in the Generation segment was PLN 1,076m (including PLN 500m attributable to CO2).
Financial performance of subsidiaries
| PGNiG TERMIKA (PLNm) | 2019 | 2019 | 2018 |
| Revenue | 2,357 | 2,176 | 2,016 |
| EBITDA | 836 | 777 | 687 |
| EBIT | 150 | 147 | 286 |
| Net profit/loss | (519)* | (89) | 208 |
| Total assets | 6,533 | 6,876 | 5,949 |
| Equity | 2,612 | 3,133 | 3,415 |
* Impairment of shares held in PGG; in July and September, PLN -612m impairment losses were recognised.