Pge Polska Grupa Energetyczna S.a. · GPW:PGE
Pge Polska Grupa Energetyczna — Q1 2021 Earnings Presentation
13 slides from Pge Polska Grupa Energetyczna's earnings presentation, May 26, 2021
Slide 1: Q1 2021 Financial and Operating Results
Q1 2021 Financial and Operating Results May 26, 2021
Slide 2: Wojciech Dąbrowski, President and CEO
2 Wojciech Dąbrowski President and CEO PGE Polska Grupa Energetyczna
Slide 3: Implementation of strategic activities
3 Implementation of strategic activities • The largest offshore investment in the Polish part of the Baltic Sea • Investment agreement with Ørsted, • Letter of intent on cooperation in future offshore wind farm projects, • Maximizing the Polish local content in the offshore supply chain, • Regulatio
Slide 4: Implementation of strategic activities
4 Implementation of strategic activities • Transformation of Polish power sector and transformation of regions • Just transformation of regions related to conventional energy, • Projects supporting the transformation of the Turow region, • Works on consolidation of coal assets, • Transparent dialogu
Slide 5: Piotr Sudoł, Managing Director of Finance
5 Piotr Sudoł Managing Director of Finance
Slide 6: Electricity market
6 Electricity market Growth in industrial production in Q1 2021 and lower temperatures: increase in demand for electricity Domestic electricity consumption and generation 17 000 Q1. Q1 Q1 GWh Q1: Consumption +4.0% (+1.7 TWh) 16 000 Lower net import (by 0.6 TWh) 15 000 14 000 Q1: Generation +5.8% (+2
Slide 7: Electricity market (2)
7 Electricity market (2) Pressure on margin as a result of raising CO2 prices BASE Forward next year and CO2 prices • Average wholesale price realised by PGE in Q1’2021: Conventional Generation and District Heating ~247 PLN/MWh • Current jump in CO2 prices triggers Q1. 330 significantly higher BASE
Slide 8: Summary of Q1'2021 – operating results
8 Summary of Q1’2021 – operating results Net electricity generation Q1’2020 15,4 Higher lignite and hard coal +1.7 Q1’2021 17,1 generation. Slightly lower RES TWh generation (-0,1 TWh) due to weaker wind conditions Distribution of electricity Q1’2020 9.2 +0.3 Effect of higher demand for Q1’2021 9.5
Slide 9: Summary of Q1'2021 – financial results
9 Summary of Q1’2021– financial results 2 206 • Increase in reported EBITDA (+25% y/y). 391 350 There were no significant one-off items. 13.96 1 770 • EBIT and net profit not impacted by +0.66 significant one-off items. • Small increase in net debt in Q1’2021: 8.41 9.07 1 164 • Limited impact of CO2
Slide 10: Development of EBITDA by major value drivers
Development of EBITDA by major value drivers PLN m Q1'2020 EBITDA 1 770 Result on electricity (generation&wholesale) 129 4 395 - + Price of electricity (-622) (-37 PLN/MWh) Generation volume (+493) (+1.7 TWh) Heat sales 235 + Price of heat (+112) Heat production (+123) (+3.3 PJ) Property rights 33 P
Slide 11: CAPEX Q1'2021 y/y (cash)
11 CAPEX Q1’2021 y/y (cash) 248 410 51 145 1 163 2 249 231 3 3 1 164 Q1'2020 Conventional Low-emission District Heating Renewables Distribution Supply Circular Q1'2021 PLN m Generation sources Economy,Other and adjustments Q1’2020 2 249 659 473 234 178 671 6 28 Q1’2021 411 63 183 33 440 3 31 1 164 A
Slide 12: Reported EBITDA: outlook for 2021
12 Reported EBITDA: outlook for 2021 2 306 PLN m 1 725 (EBITDA 2020) 947 597 612 PLN m 658 (EBITDA Q1’2021) 511 510 352 193 Conventional Generation District Heating Renewables Distribution Supply • Pressure of falling • Additional • Positive effect of • WACC maintained • Increase in demand margins a
Slide 13: Thank you for your attention
Polska Gru} PGE ~ Energetyczna Thank you for your attention
PGE Polska Grupa Energetyczna — Q1 2021 Earnings Presentation on 6ix