MINING IN ENERGY GROUPS – 2015 RESULTS

While still waiting for the results of audit in Kompania Weglowa, Katowicki Holding Weglowy and Jastrzebska Spolka Weglowa, lets check the 2015 performance of Polish hard coal producers no. 4 and 5 – LW Bogdanka and Tauron Wydobycie. Both companies are owned by energy groups and therefore are not a concern of Ministry of Energy at the moment.

Tauron Wydobycie produced in 2015 4.9m Mt and sold 5.1m Mt (sales increased by 4.4% YOY). Revenues were 1% higher than year ago (1.19bn in 2014 and 1.2bn in 2015), but still TW recorded 104.3m PLN loss, 15 times more than in 2014 (6.8m PLN).

LW Bogdanka also recorded loss (279.6m PLN), but only because of revaluation of assets (-624.8m PLN); after 3Q of 2015 with 1.32bn PLN of revenue Lublin Coal Basin producer made profit of 132m PLN. Total production reached 8.5m Mt. The full financial statement should be available next week.

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