Cyfrowy Polsat sees up to $475 million of capex in 2023 for green energy

GDANSK (Reuters) - Polish media group Cyfrowy Polsat said it expects to spend between 1.5-2.0 billion zlotys ($356-$475 million) in 2023 on green energy projects, in part to alleviate future operating costs.

Chief Financial Officer Katarzyna Ostap-Tomann said on a conference call on Thursday that the precise capital expenditure figure for this year will depend on how fast the projects are developed and on funding sources.

"(...) Perhaps these projects won't be funded entirely by us, we will think on external financing for them," Ostap-Tomman said.

Initially the projects will be financed through debt, but the group does not rule out other solutions in the future, she said in response to a question as to whether the company would consider finding a partner.

Cyfrowy Polsat had 9.40 billion zlotys of net debt at the end of 2022.

Cyfrowy Polsat, is one of Poland's largest media conglomerates with operations in television broadcasting, broadband internet and telecommunications.

It is also active in the development of clean energy, such as biomass, solar, and wind energy and aims to have about 330 megawatts in installed capacity from green energy sources by 2024, rising to 680 megawatts in 2025.

On Thursday, the group reported full-year net profit of 900 million zlotys with 12.92 billion zlotys in sales revenue.

At 10:59 AM GMT the company's shares were up 3.7%, topping the Polish blue chip index

($1 = 4.2062 zlotys)

(Reporting by Mateusz Rabiega and Anna Banacka; Editing by Mark Potter and Sharon Singleton)