Here you’ll find Drax Group’s most recent half year and full year results.
Half year
| Six months ended 30 June | 2023 | 2022 |
|---|---|---|
| Key financial performance measures | ||
| Adjusted EBITDA (£ million)(1)(2)(excl. Electricity Generator Levy) (EGL)(3) | 453 | 225 |
| Adjusted EBITDA (£ million)(1)(2)(incl. EGL) | 417 | 225 |
| Net debt (£ million)(4) | 1,274 | 1,116 |
| Adjusted basic EPS (pence)(1) | 46.0 | 20.0 |
| Dividend (pence per share) | 9.2 | 8.4 |
| Total financial performance measures from continuing operations | ||
| Operating profit (£ million) | 392 | 207 |
| Profit before tax (£ million) | 338 | 200 |
- (1) Financial performance measures prefixed with “Adjusted” are stated after adjusting for one-off exceptional items that, by their nature, do not reflect the trading performance of the Group (revaluation of deferred tax balances reflecting future increases in UK corporation tax rates, acquisition costs, restructuring costs and certain asset obsolescence charges and impairments), and certain remeasurements on derivative contracts. Adjusted EBITDA and EPS measures exclude earnings from associates and amounts attributable to non-controlling interests.
- (2) Earnings before interest, tax, depreciation, amortisation, other gains and losses and impairment of non-current assets, excluding the impact of exceptional items and certain remeasurements, earnings from associates and earnings attributable to non-controlling interests.
- (3) In December 2022, the UK Government confirmed the details of a windfall tax – the Electricity Generator Levy (or EGL) – on renewable and low-carbon generators, due for implementation in 2023 and running to 31 March 2028. The levy applies to the three biomass units operating under the Renewables Obligation (RO) scheme and our run-of-river hydro operations. It does not apply to the Contract for Difference (CfD) biomass or pumped storage hydro units. Following review, we have concluded that EGL will be accounted for as a levy within Gross Profit and therefore Adjusted EBITDA. For the remainder of 2023 we will present Adjusted EBITDA including and excluding EGL for ease of comparison.
- (4) Borrowings including the impact of hedging instruments less cash and cash equivalents, excluding amounts attributable to non-controlling interests.
Full year
| Twelve months ended 31 December | 2022 | 2021 |
|---|---|---|
| Key financial performance measures | ||
| Adjusted EBITDA (£ million) (1)(2) | 731 | 398 |
| Net debt (£ million) (3) | 1,206 | 1,108 |
| Net debt to Adjusted EBITDA | 1.6x | 2.8x |
| Adjusted basic EPS (pence)(1) (1) | 85.1 | 26.5 |
| Total dividend (pence per share) | 21.0 | 18.8 |
| Total financial performance measures from continuing operations | ||
| Operating profit (£ million) | 146 | 197 |
| Profit before tax (£ million) | 78 | 122 |
- (1) Financial performance measures prefixed with “Adjusted” are stated after adjusting for one-off exceptional items that, by their nature, do not reflect the trading performance of the Group (revaluation of deferred tax balances reflecting future increases in UK corporation tax rates, acquisi-tion costs, gain on sale of Combined Cycle Gas Turbine generation assets, restructuring costs, debt restructuring costs and certain asset obso-lescence charges and impairments), and certain remeasurements on derivative contracts. Adjusted EBITDA and EPS measures exclude amounts attributable to non-controlling interests.
- (2) Earnings before interest, tax, depreciation, amortisation, gains or losses on disposal of assets and impairment of non-current assets, excluding the impact of exceptional items and certain remeasurements, earnings from associates and earnings attributable to non-controlling interests.
- (3) Borrowings including the impact of hedging instruments less cash and cash equivalents, excluding amounts attributable to non-controlling inter-ests.
