We use funds generated in the course of operating activities as well as equity and debt financing in order to develop the Group and create lasting value for shareholders and bondholders. We use funds for organic growth and acquisitions.
| 2019 | 2018 | |
|---|---|---|
| Equity (PLN million) | 43,137 | 47,801 |
| Net debt (PLN million) | 11,415 | 9,600 |
| Available/unused financing (PLN million) | 28,187/16,736 | 29,800/19,273 |
| Volume of allocated free CO2 allowances (million tonnes) | 11,89 | 14,07 |
| Regulatory asset base in Distribution (PLN million) | 16,884 | 16,380 |
| Capital expenditures (PLN million) | 7,009 | 6,856 |
| 2019 | 2018 | |
|---|---|---|
| Revenue from sales (PLN million) | 37,627 | 25,946 |
| EBITDA (PLN million) | 7,141 | 6,364 |
| EBITDA margin | 19% | 25% |
| EBIT (PLN million) | -4,175 | 2,482 |
| Cash flows from operating activities (PLN million) | 6,820 | 5,102 |
| Net profit (PLN million) | -3,928 | 1,511 |
| Earnings per share (PLN) | -2.12 | 0.8 |
| Net debt/12M EBITDA (x) | 1.6 | 1.51 |
| Rating (Moody’s/Fitch) | Baa1/ BBB+ | Baa1/ BBB+ |
Financial stability is the basis for the proper use of other types of capital and its growth. In 2017, thanks to the acquisition of EDF’s assets in Poland, we significant increased the available manufactured capital. In 2019 we completed two highly efficient generating units in Opole power plant. Financing of innovative projects allows us to increase PGE’s intellectual capital. At the same time, a sufficient level of financial capital allows us to effective use natural capital and thus reduce its use
