Bogdanka posts PLN 756.1 mln net loss after three quarters of 2024, in line with expectations

Bogdanka group's net sales revenue after three quarters amounted to PLN 2.6 billion (EUR 601.5 mln). The group's EBITDA was PLN 539.3 million (EUR 124.8 mln) and the operating loss was PLN 945 million (EUR 218.6 mln). These results are also in line with the estimates that Bogdanka presented in mid-October.

As reported, the group's financial results in the three quarters of 2024 were affected by a lower coal sales price, which was largely offset by higher sales. In addition, the financial results in the period under review were significantly impacted by an impairment charge of PLN 1.174 billion (EUR 271.6 mln) on the carrying value of non-current assets.

After adjusting the results after three quarters for the impact of the write- off, the Bogdanka Group had PLN 2.6 billion (EUR 601.5 mln) revenue, PLN 539.3 million (EUR 124.8 mln) EBITDA, PLN 229.2 million (EUR 53 mln) EBIT and PLN 195 million (EUR 45.1 mln) net profit.

Bogdanka said that gross coal production during the three quarters of 2024 increased year on year. by 6.6 percent, or 522,000 tonnes. In the third quarter of 2024, the production of commercial coal amounted to 1,873 thousand tonnes, with gross coal extraction of 2,923 thousand tonnes, which translated into a yield ratio of 64.1 percent.

Commercial coal production during the three quarters of 2024 was 5,370 thousand tonnes, 813 thousand tonnes more than in the corresponding period of 2023, and the yield was 63.5 percent, compared to 57.5 percent during the three quarters of 2023.

In the third quarter of 2024, coal sales increased by 38.6 percent year on year, and during the three quarters of 2024, commercial coal sales amounted to 5,705 thousand tonnes, 25.1 percent more than in the corresponding period of 2023.

At the end of September 2024, coal stocks stood at 36,000 tonnes, down 335,000 tonnes from December 31, 2023.

doa/ han/