Specyfika analizy finansowej przedsiębiorstwa energetycznego na przykładzie Enea Wytwarzanie Spółka z o.o.
Specifity of the financial analysis of an energy enterprise on the example of Enea Wytwarzanie sp. z o.o.

Summary/Abstract: Energy enterprises are characterized by a certain specifity associated with both market aspects (in paticular liberalization of energy markets and trade in energy on commodity markets), organizational and legal (in paricilar implementation in so-called unbundling and the evolution of business models used by energy groups) and financial (in particular high capital intensity of investments). Energy enterprises due to the strategic nature of the sector are subject to a certain specifity in tems of both accounting and reporting, which is reflected in the financial analysis. Specific features are primarily the obligation to keep accounting records in a way that allows the calculation of costs and revenues for each type of activity (generation, transmission, distribution) and obligations resulting from the calculation of tariffs by the URE. The financial statements of energy enterprises are characterized by specific features, among which the most important are the presence of assets resulting from legal provisions in the scope of greenhouse gas emission allowance trading. In the process of analyzing financial statements of energy companies one should take into account the problem of comparability, in particular in the area of comparisons in space (due to the specifity of individual enterprices in the sector) and in time (due to the dynamics of changes in the sector). The analyst’s attention should also be drawn to the seasonability of the results achieved by energy enterprises. The aim of the article is to indicate specific features of the financial analysis of an energy company on the example of Enea Wytwarzanie Sp. z o.o. The method of analyzing literature sources was used. The source of numerical daa used in this work are the financial statements of Enea Wytwarzanie Sp. z o.o. based on 2014 and 2015.

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