Over the past 6 months, the Columbus Group has achieved a revenue of 251 million PLN. Even though the EBITDA result is negative, it is almost 60% better than during the corresponding period in 2022.
Columbus Energy presented semi-annual results for the first time as a company from the main market of the Warsaw Stock Exchange (GPW). The Group’s revenue in the period under review amounted to 251 million PLN (compared with 316 million PLN in 2022), and the consolidated EBITDA result achieved a negative value of 14.5 million PLN (compared to -35.6 million PLN in 2022). The Management Board believes that each subsequent quarter should bring improvements in the Group’s results.
“We see that we reach break even for individual and business sales at the turn of the third and fourth quarter, which allows us to assume that our result will be significantly improved in subsequent quarters,” says Dawid Zieliński, CEO of Columbus Energy S.A.
In their commentary on the results, the Board noted that the Group has achieved a large part of its intended goals, including almost completely repaying debt in the form of loans and credits in the total amount of more than 400 million PLN. The group has also had its first successes in foreign operations. Sales in the Czech Republic in the period under review generated nearly 50 million PLN in revenue and positive inflows. After buying all the shares in the Czech and Slovak companies, Columbus will independently develop activities in areas identical to Polish ones, which will also speed up sales development in these countries and will fully consolidate the result.
The management also summarized the estimated market value of Columbus’ assets, taking into account their liabilities and future obligations.
“Our balance sheet, in accordance with accounting principles, records the value of acquisition/production of assets, but their estimated market value is much higher. The difference between the estimated value of Columbus’s assets as at 30 June this year and the estimated value of liabilities along with estimated obligations, is an excess of 400 million PLN. This gives us motivation to effectively implement investments with the right partner, refinance bridge loans from the DC24 shareholder and maximize asset value,” Zieliński claims. “We are glad that after the energy tsunami, Columbus emerged from the crisis and has clear development prospects in several key areas. We are also ready to present a new 5-year business strategy for the Columbus Group, which we hope will bring the results expected by shareholders. We anticipate communicating the strategy in the coming days.”
