Tauron confirms 2017 results. Q4 slightly down.

WSE-listed power utility Tauron confirmed its previous estimates of last year’s financial results. In 2017, the company had PLN 1.38 billion net profit (275.7 percent y/y growth), PLN 3.54 billion EBITDA (6.2 percent increase), and PLN 17.41 billion in revenues (1.3 percent drop). The increase in revenues was recorded in the following segments: mining (by 17.6 percent), generation (4 percent), and distribution (6.5 percent). Sales segment saw a  3.2 percent decline. The EBITDA of the mining segment was a negative PLN 83 million, while the generation segment had PLN 464 million EBITDA profit, PLN 2.28 billion in distribution, and PLN 841 million in sales. Tauron explains that the high result of the sales segment is the result of, among others, terminating the reserves earmarked for its Stalowa Wola steam-gas powered plant (PLN 203 million), and canceling long-term contracts for the purchase of green certificates. For the Q4, the company adjusted the previous PLN 194 million net profit estimate to PLN 189 million.