Ze Pak Sa · GPW:ZEP
Ze Pak Sa — Zespół Elektrowni Pątnów-Adamów-Konin — FY2019 Earnings Presentation
29 slides from Ze Pak Sa's earnings presentation, Apr 3, 2020
Slide 1: Zespół Elektrowni Pątnów-Adamów-Konin SA 2019 Results
3 April 2020 Zespół Elektrowni Pątnów-Adamów-Konin SA 2019 Results
Slide 2: ZE PAK Group – 2019 summary
ZE PAK Group – 2019 summary Key operational and financial data 2019 Change y/y Sale of electricity: 9,36 TWh 0,32% • Electricity from own production: 5,66 TWh -6,45% • Electricity from resale: 3,70 TWh 12,80% Achieved average electricity sale price 269,61 PLN/MWh 27,43% Sale revenues: 2 878 m PLN 24
Slide 3: ZE PAK Group – 4Q 2019 summary
ZE PAK Group – 4Q 2019 summary Key operational and financial data 4Q 2019 Change y/y Sale of electricity: 2,26 TWh -12,40% • Electricity from own production: 1,55 TWh 5,44% • Electricity from resale: 0,71 TWh -36,04% Achieved average electricity sale price 262,54 zł/MWh 14,34% Sale revenues: 721 mln
Slide 4: ZE PAK Group – 2019 summary
ZE PAK Group – 2019 summary [m PLN] Revenues EBITDA Adjusted net result 2 878 ⬆ 24,86% ⬆ 303,33% 94 2 305 393 90 355 -117 ⬆ 8,56% 923 327 -540 ⬆ 36,94% -347 567 674 567 -446 -464 1 600 ⬆ 22,70% 1 304 -424 -477 12M 2019 12M 2018 12M 2019 12M 2018 12M 2019 12M 2018 Other Electricity from resale Deprec
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
Electricity prices 2019 was characterized by higher electricity prices compared to previous years. In relation to individual 450 quarters, as in 2018, the highest prices were recorded in IRDN Q3. Important factors that significantly affected prices in the past year were: higher temperatures compared
Slide 7: EUA and green certificates
EUA and green certificates In 2019, the EUA price was quite stable compared to price volatility in 2018, when price increases exceeding 200% could 30 EUA 24,84 be observed. At the beginning of 2019, the EUA price was less than EUR 25, and at the end of the year EUR 24.20. In March 25 2019, EUA price
Slide 8: Operational Data
OPERATIONAL DATA 8
Slide 9: Net production and sale of electricity
Net production and sale of electricity [TWh] NET PRODUCTION SALE 9,36 ⬆ 0,32% 9,33 5,66 ⬇ 6,45% 6,05 ⬇ 8,82% 0,34 3,28 0,31 3,70 ⬆ 12,80% 2,26 2,29 ⬇ 1,31% The decrease in production concerned 6,05 mainly Pątnów I power plant and took 5,66 3,09 ⬇ 9,65% 3,42 ⬇ 6,45% place especially in the first mont
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 1,36 1,60 ⬆ 5,44% 1,16 1,55 1,47 0,07 0,08 ⬆ 12,50% 0,08 0,09 0,07 0,66 0,66 ⬆ 20,00% 0,55 0,50 0,45 0,87 ⬇ 3,57% 0,64 0,77 0,81 0,84 Q1 19 Q2 19 Q3 19 Q4 19 Q4 18 Pątnów I Pątnów II Konin Pątnów I Pątnów II Konin SALE 2,31 2,33 2
Slide 11: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m ton] LIGNITE CONSUMTION CO2 EMISSION 7,03 ⬇ 8,22% 7,66 6,61 ⬇8,58% 7,23 ⬆ 12,66% 0,79 0,89 ⬌ 0,00% 2,45 2,45 6,87 Data on coal consumption and CO2 6,14 ⬇ 10,3% ⬇ 12,97% 4,78 emissions for 12M 2019 and in 4Q 2019 4,16 are derived from the volumes of energy prod
Slide 12: Average prices of electricity and CO2 emission allowances purchase
Average prices of electricity and CO2 emission allowances purchase Electricity prices 1) Prices of CO2 emission allowances purchase (EUA) 2) 1) Average price, calculated as electricity sales revenues (own production, from resale and system service) divided PLN/MWh PLN/EUA by sales volume. 269,61 ⬆ 2
Slide 13: Sale of electricity breakdown
Sale of electricity breakdown by customers (internal ring) and by the market type (external ring) 12M 2019 12M 2018 balancing Balancing market market 4,4% 4,8% Top 5 Bilateral Customers contracts Top 5 bilateral 29,0% 35,8% Customers contracts 34,0% 42,1% others others 66,0% 71,0% Polish Polish powe
Slide 14: Capex on fixed assets and intangible assets
Capex on fixed assets and intangible assets (excluding CO2) ⬇ 57,53% ⬇ 35,29% 73 31 17 11 12M 2019 12M 2018 4Q 2019 4Q 2018 14
Slide 15: Financial Data
FINANCIAL DATA 15
Slide 16: Revenues
Revenues [m PLN] Reasons for changes in key positions: 1 600 12M 2019 Higher total revenues from the sale of 12M 2018 electricity: 1 296 • Lower volume of electricity sales from own production 923 • Higher volume of electricity sales from trade 674 • Higher sales price of electricity The increase in
Slide 17: Costs by type
Costs by type [m PLN] 879 817 744 12M 2019 587 12M 2018 567 492 406 424 Reasons for changes in key positions: 314 243 177 174 A significant share of write-downs on property, plant and 103 100 equipment in the cost structure - following the results of 2 9 35 44 impairment tests in accordance with the
Slide 18: EBITDA 2019
EBITDA 2019 [m PLN] 2019 2018 (1) EBITDA higher by PLN 303 m (+336,67%) -> after bringing to comparability Sale revenues 2 878 2 305 higher by PLN 262 m (+200,00%) Change % 24,86% comparable EBITDA for 2018 amounted to PLN 131 million -> PLN 90 million is the result of events related to inventory wr
Slide 19: EBITDA 2019 by segments
EBITDA 2019 by segments [m PLN] EBITDA changes +5 +9 -11 +8 +88 +179 393 EBITDA INCREASE EBITDA DECREASE +41 90 131 SALE EBITDA 2018 MINING EBITDA 2019 ADJUSTMENTS one-off events GENERATION (comparable) OTHER RENOVATION EBITDA 2018 Main reasons of EBITDA changes in segments: Generation: 329 EBITDA •
Slide 20: Consolidated P&L for 2019 by segments
Consolidated P&L for 2019 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external customers 2 140 10 75 651 2 - 2 878 External sale revenues % 89,80% 1,57% 49,67% 100,00% 0,94% 0,00% 100,00% Sale revenues between segments 243 626 76 - 211
Slide 21: EBITDA 4Q 2019
EBITDA 4Q 2019 [m PLN] 4Q 2019 4Q 2018 (1) EBITDA higher by PLN 144 m -> after bringing to comparability Sale revenues 721 682 higher by PLN 103 m (+572,22%) Change % 5,72% comparable EBITDA for 4Q 2018 amounted to PLN 18 million -> value of PLN (23) million is the effect of events related to invent
Slide 22: EBITDA 4Q 2019 by segments
EBITDA 4Q 2019 by segments [m PLN] EBITDA changes +1 +5 -5 -13 +103 EBITDA INCREASE SPADEK EBITDA 121 +12 18 -23 MINING SALE EBITDA 4Q 2018 EBITDA 4Q 2018 ADJUSTMENTS EBITDA 4Q 2019 one-off events GENERATION OTHER RENOVATION (comparable) Main reasons of EBITDA changes in segments: EBITDA Generation:
Slide 23: Consolidated P&L for 4Q 2019 by segments
Consolidated P&L for 4Q 2019 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external customers 542 3 18 157 1 - 721 External sale revenues % 89,74% 1,38% 46,15% 100,00% 0,00% 0,00% 100,00% Sale revenues between segments 62 214 21 - 49 (34
Slide 24: Financial activities, taxation and net profit
Financial activities, taxation and net profit [m PLN] 12M 2019 12M 2018 4Q 2019 4Q 2018 EBIT (424) (477) (552) (443) Financial income 11 7 (2) 1 Financial costs (28) (45) (7) (16) Gross profit (loss) (440) (515) (561) (458) Income tax (tax overload) (6) 51 43 57 Net profit (loss) for the period (446
Slide 25: Employment
Employment [full time] BY SEGMENTS TOTAL 3000 5 659 5069 4550 2000 1000 0 GENERATION MINING RENOVATION OTHER 31-12-2019 31-12-2018 31-12-2017 31-12-2019 31-12-2018 31-12-2017 25
Slide 26: Financial indebtedness
Financial indebtedness Net debt [m PLN] Net debt / EBITDA 31.12.2019 31.12.2018 31.12.2019 (0,86) 31.12.2018 0,92 (1) Cash and cash equivalents from 424 consolidated statement of financial position and other short-term 83 financial assets 77 (341) (415) (338) Cash and cash equivalents (1) Interest b
Slide 27: Financial indebtedness structure
Financial indebtedness structure (1) 100 80 Indebtedness to pay in following years m PLN 60 40 48,73 20 31,09 0 0,05 2020 2021 2022 Indebtedness structure Indebtedness structure Indebtedness structure by debtor by currency by rate 0,52% ZE PAK PLN Variable stopa PAK KWB rate zmienna Konin 100,00% 10
Slide 28: Consolidated cash flow
Consolidated cash flow [m PLN] 2019 2018 4Q 2019 4Q 2018 (1) A significant increase in the provision for Gross profit (loss) (440) (515) (561) (458) the purchase of carbon dioxide emission • Depreciation and amortisation 183 193 40 48 allowances resulted in a significantly • Profit/loss on investing
Slide 29: Disclaimer
Disclaimer This presentation ("Presentation") is prepared for information purposes only and should not be treated as investment advice. This presentation has been prepared by Zespół Elektrowni Pątnów-Adamów-Konin S.A. (“the Company”). Presentation Recipients are solely responsible for their own anal
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