Up to 35 percent of the company's shares will be floated on the WSE Courtesy of Energa

Poland’s fourth-largest energy provider Energa reported a consolidated net profit of zł.456 million in 2012, compared with zł.703 million in 2011. The company’s revenue was zł.11.18 billion last year, up by 7.8 percent over the previous year. The value of the group’s EBITDA was zł.1.629 billion, up by 7.3 percent year-on-year.

Energa CEO Mirosław Bieliński said that the results were “satisfactory.” He added that the net profit figure fell as a result of one-offs.

Energa is currently owned by the state, but the Treasury has announced plans to find a sector investor that will take over a majority stake. The company is also due to sell a stake of up to 35 percent in an IPO by June.

The firm has been looking for a sector investor for some time. The previous plan was to find one before the end of 2013, but the state has now changed tack.

“We’re not looking for a sector investor right now, it won’t happen in 2013,” said Poland’s Treasury Minister Mikołaj Budzanowski. The ministry’s view is that an investor with Polish assets would be most suitable for the company. However, Mr Budzanowski denied that another state-owned entity – natural gas distributor PGNiG – could be the buyer.

Mr Budzanowski confirmed earlier announcements that Energa’s IPO would take place in the first half of 2013. Up to 35 percent of the company’s shares are to be traded in the offer. The Treasury has also said that a new share issue will be considered if Energa’s investment needs are larger than expected.

KW, JC