Tauron Polska Energia S.a. · GPW:TPE
Tauron Polska Energia — Q1 2019 Earnings Presentation
28 slides from Tauron Polska Energia's earnings presentation, May 28, 2019
Slide 1: TAURON Group's Q1 2019 Financial Results
TAURON Group’s Q1 2019 Financial Results May 28, 2019 tauron.pl
Slide 2: Agenda
Agenda a Key financial and operating data Filip Grzegorczyk CEO Highlights Investment projects and CAPEX Macroeconomic and market Marek Wadowski situation CFO Financial data and the results of individual segments Debt and financing 2/28 tauron.pl 2
Slide 3: Key Q1 2019 data
Key Q1 2019 data a Financial results Operating data [PLN m] Q1 2019 vs Q1 2018 Q1 2019 vs Q1 2018 Electricity distribution Sales revenue 5 313 15% 13.54 1% [TWh] Electricity production EBITDA 1 212 (9)% [TWh] 3.82 (3)% Net profit* 524 (18)% Heat generation [PJ] 4.76 (16)% Retail electricity supply C
Slide 4: Highlights Summary
Highlights Summary January 10 Launching of the first stationary electric vehicles charging station in cooperation with KGHM Connecting to the power grid of almost 2.5 thousand renewable energy sources with the total capacity of Q1 approximately 35 MW (above 100 percent growth rate y/y) Affirming by
Slide 5: Macroeconomic and market situation
Macroeconomic and market situation a Poland’s GDP growth rate* and manufacturing PMI Increase of industrial production sold* PKB PMI (quarterly average)** and electricity consumption (change yoy)*** 9% 58 8% 10% 8,5% 7% 56 7,3% 7,0% 8% 6,0% 5,7% 6,4% 6,1% 6% 4,6% 4,4% 4,0% 5,2% 4,9% 5,3% 5,1% 5,1% 4
Slide 6: Q1 2019 financial data
Q1 2019 financial data Sales revenue [PLN m] Net profit attributable to the parent company’s shareholders [PLN m] 5 313 700 4 637 173 101 600 96 70 147 236 636 155 500 258 1 593 524 400 1 589 300 200 3 114 2 417 100 0 Q1 2018 Q1 2019 Electricity Distribution and trading services Heat Hard coal Gas O
Slide 7: Individual segments' Q1 2018 results
Individual segments’ Q1 2018 results Other [PLN m] Distribution Generation Supply Mining and exclusions* Revenue 1 681 1 389 3 911 292 (1 961) EBITDA 681 387 165 (44) 24 EBIT 387 280 155 (96) 1 CAPEX 351 236 4 119 17 Individual segments’ contribution to EBITDA [%] PLN m 1 600 1 326 1 212 1 400 0,1%
Slide 8: Q1 2019 EBITDA
Q1 2019 EBITDA PLN m a PLN (114)m, (9)% 1 800 1 600 28,6% 40,5% 27,8% 4,2% -15,2% 17,9% * 22,8% 1 400 53 23 1 200 1 326 -78 -23 -88 1 212 1 000 800 600 400 200 0 Q1 2018 EBITDA Distribution Generation Supply Mining Other and exclusions Q1 2019 EBITDA EBITDA Segment's increase Segment's decrease EBIT
Slide 9: Distribution Segment
Distribution Segment 9/28 tauron.pl
Slide 10: Distribution Segment – Q1 2019
Distribution Segment – Q1 2019 Financial data [PLN m] 800 EBITDA change [PLN m] 2 1 681 628 4 6 47 a 2 000 1 681 600 -7 1 571 294 259 400 1 000 628 681 351 269 200 387 387 369 369 0 0 Q1 2018 Q1 2019 Q1 2018 Price Volume Purchase of Cost of grid Other Other Q1 2019 DSO/TSO losses distribution Sales
Slide 11: Distribution Segment – key parameters
Distribution Segment – key parameters Regulatory Asset Base [PLN bn] Customer Connection Time [%] 20 100% 99,23% 99,30% 93,50% 93,30% 17,5 80% 15 16,3 16,9 60% 10 40% 5 20% 0 0% 2017 2018 2019 CRP gr. IV CRP gr. V LTM 2019 LTM 2019 target LTM – last 12 months’ period ending on March 31, 2019 Interru
Slide 12: Generation Segment
Generation Segment 12/28 tauron.pl
Slide 13: Generation Segment – Q1 2019
Generation Segment – Q1 2019 Financial data [PLN m] EBITDA change [PLN m] a 1 500 1 389 45 1 172 600 89 -33 1 000 400 49 465 243 236 -230 465 387 500 372 387 200 280 0 0 Q1 2018 Q1 2019 Q1 2018 Margin on Margin on Margin on heat Provision related Other Q1 2019 electricity electricity to employee (co
Slide 14: Supply Segment
Supply Segment 14/28 tauron.pl
Slide 15: Supply Segment – Q1 2019
Supply Segment – Q1 2019 Financial data [PLN m] EBITDA change [PLN m] 3 911 4 000 200 188 3 384 9 A 3 500 160 92 5 9 4 165 10 3 000 2 500 120 2 000 51 179 1 500 80 155 1 000 -39 40 -145 500 188 179 165 155 0 0 Q1 2018 Q1 2019 Q1 2018 Electricity Consumption of Property Property rights Other market T
Slide 16: Mining Segment
a Mining Segment 16/28 tauron.pl
Slide 17: Mining Segment – Q1 2019
Mining Segment – Q1 2019 Comparable Q1 2018 EBITDA = PLN 44m Financial data [PLN m] EBITDA change [PLN m] 50 500 33 385 40 400 300 a 292 30 200 20 119 77 10 100 11 0 44 0 -44 -100 -23 -10 -96 -200 -20 -44 Q1 2018 Q1 2019 -30 1 -40 -80 -50 -9 Sales revenue EBITDA EBIT CAPEX Q1 2018 Depreciation of So
Slide 18: Debt and financing
A Debt and financing TAURON Group’s nominal debt maturity as of 31.03.2019 [PLN m] 3 000 Net debt/EBITDA ratio as of 31.03.2019 = 2.74 2 500 2409 2 500 2185 * 2 000 1922 1980 2 000 1 500 1 500 817 1 000 1 000 866 823 473 500 243 500 337 336 281 333 273 273 243 22 36 36 22 36 73 73 0 0 Q2 2019 Q3 201
Slide 19: CAPEX – work progress on the key projects
CAPEX – work progress on the key projects Capacity Capacity Work progress Planned Investment project (MWe) (MWt) (percentage) completion date Construction of the hard coal-fired unit in Jaworzno 910 - 90 2019 Construction of the CCGT unit at Stalowa Wola Combined Heat and 450 240 86 2020 Power Plant
Slide 20: Capex – by segments
Capex – by segments Capital expenditures by segments [PLN m] (excluding equity investments*) 727 20% Key investment projects implemented in Q1 2019 606 21 Mining: - Construction of the Grzegorz shaft at Sobieski Coal Mine 17 (PLN 42m) - Production preparation (PLN 34m) 351 - Brzeszcze Coal Mine’s CA
Slide 21: Contact details
Contact details Investor Relations Team Marcin Lauer marcin.lauer@tauron.pl tel. + 48 32 774 27 06 Paweł Gaworzyński pawel.gaworzynski@tauron.pl tel. + 48 32 774 25 34 Mirosław Szczygielski miroslaw.szczygielski@tauron.pl tel. + 48 516 112 858 Magdalena Wilczek magdalena.wilczek@tauron.pl tel. + 48
Slide 22: Legal disclaimer
Legal disclaimer This presentation serves for information purposes only and should not be treated as investment-related advice. This presentation has been prepared by TAURON Polska Energia S.A. (“Company”). Neither the Company nor any of its subsidiaries shall be held accountable for any damage resu
Slide 23: Analysts covering TAURON
Analysts covering TAURON Institution Analyst Institution Analyst Dom Maklerski mBanku Kamil Kliszcz Raiffeisen Centrobank Teresa Schinwald Societe Generale Bartłomiej Kubicki WOOD & Company Ondrej Slama Dom Maklerski Santander Paweł Puchalski Dom Maklerski BOŚ Jakub Viscardi Dom Maklerski PKO BP Sta
Slide 24: Electricity market price trends
Electricity market price trends Electricity 2019 2018 (prices until April 24, 2019 2019/2018 Platforms: TGE, TFS and estimation) Price (PLN/MWh) Volume (GWh) Price (PLN/MWh) Volume (GWh) Price % Volume % Forward BASE (Y+Q+M) 182.85 103 370 239.66 156 348 31.1% 51.3% Forward PEAK (Y+Q+M) 228.27 11 05
Slide 25: 2019 BASE contract prices
2019 BASE contract prices PLN/MWh GWh 310 BASE Y-19 Wolumen obrotu Notowania Średnia 1 400 290 1 200 270 1 000 250 237,44 800 230 600 210 400 190 170 200 150 0 Average price Volume [GWh] [PLN/MWh] Total 237.44 133 170 TGE (PPX) 238.36 129 674 including non-TGE (PPX) 203.20 3 495 Average electricity
Slide 26: 2020 BASE contract prices
2020 BASE contract prices PLN/MWh GWh 330 BASE Y-20 1 400 Wolumen obrotu Notowania Średnia 310 1 200 290 1 000 270 261,14 250 800 230 600 210 400 190 200 170 150 0 Average price Volume [GWh] [PLN/MWh] Total 261.14 45 123 TGE (PPX) 261.19 45 088 including non-TGE (PPX) 208.19 35 Average electricity p
Slide 27: 2021 BASE contract prices
2021 BASE contract prices PLN/MWh GWh 330 BASE Y-21 1 400 Wolumen obrotu Notowania Średnia 310 1 200 290 1 000 270 260,73 250 800 230 600 210 400 190 200 170 150 0 Average price Volume [GWh] [PLN/MWh] Total 260.73 3 609 TGE (PPX) 260.73 3 609 including non-TGE (PPX) 0 Average electricity price that
Slide 28: Thank you for your attention
Thank you for your attention 28/28 tauron.pl
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