Slide 1: PGNiG Group Q1 2021 Results
PGNiG Group Q1 2021 Results May 20th 2021
Slide 2: Table of contents
Table of contents 2 1. Key events 2. Performance drivers 3. Financial highlights – Q1 2021 4. Segments – overview: Exploration and Production Trade and Storage Distribution Generation 5. Appendices
Slide 3: Key events in Q1 2021
Key events in Q1 2021 3 Release of natural gas and crude oil production forecast for 2021–2023 01 January Decision by the President of the Energy Regulatory Office regarding the Distribution Tariff of Polska Spółka Gazownictwa – increase in the prices and rates of network fees by an average of 3.6%.
Slide 4: External and market factors
External and market factors USD/PLN exchange rate down -4% yoy in Q1 2021, to PLN 3.78. PLN 4,8 USD/PLN and EUR/PLN exchange rates Q1 2020 Q1 2021 °C 20,0 Temperatures* Q1 2020 4 Q1 2021 EUR/PLN exchange rate up +5% yoy Quarterly average USD/PLN exchange rate +5% (yoy) 4.55 in Q1 2021, to PLN 4.55.
Slide 5: Gas markets
Gas markets TTF and GPL gas prices (Month- Ahead contract) in PLN in Q1 2021: PLN/MWh TTF and GPL gas prices (Month-Ahead contract) Q1 2020 Q1 2021 5 January: +95% and +81% yoy, 140 +103% yoy +94% yoy February: +100% and +91% 120 +25% qoq +25% qoq yoy, 100 83.4 66.9 March: +118% and +115% 80 yoy. 60
Slide 6: Financial highlights for Q1 2021
Financial highlights for Q1 2021 [PLNm] Revenue Q1 2020 13,756 Q1 2021 14,553 D% 6% Exploration and Production 6 Revenue from sales of gas up PLN 506m (+71%) yoy, with revenue from sale of crude oil and condensate up PLN 37m (+10%) yoy. Operating expenses (excl. D&A) -11,678 -11,160 -4% Reversal of
Slide 7: Exploration and Production
Exploration and Production Revenue and EBITDA up on the back of by higher yoy oil prices and significantly higher gas prices (Day-Ahead Market on POLPX) [PLNm] Revenue Q1 2020 1,271 Q1 2021 1,786 D% 41% 7 Operating expenses (excl. D&A) -1,200 -438 -64% Cost of dry wells and seismic surveys written-o
Slide 8: Trade and Storage
Trade and Storage Segment performance buoyed by growing sales volume and higher gas prices on commodity markets. [PLNm] Q1 2020 Q1 2021 D% Comments: 8 Revenue from sales of high-methane and nitrogen-rich gas (including the effect of Revenue 11,042 11,488 4% hedging transactions) up by PLN 0.22bn (+2
Slide 9: Segments – Distribution
Segments – Distribution Segment’s performance driven by lower temperatures, higher gas distribution volumes and a higher distribution tariff [PLNm] Q1 2020 Q1 2021 D% 9 Revenue 1,399 1,669 19% Operating expenses (excl. D&A) -628 -658 5% Comments: Gas distribution volumes up 15% yoy to 4.55 bcm, with
Slide 10: Segments – Generation
Segments – Generation Segment’s performance driven by lower temperatures, higher volumes of heat sales and growing operating expenses [PLNm] Q1 2020 Q1 2021 D% 10 Revenue 973 1,097 13% Comments: Operating expenses (excl. D&A) -557 -634 14% Revenue from sales of electricity generated by the segment’s
Slide 11: Contact details
Contact details Marcin Piechota Anna Galińska Head of the Investor Relations Division Investor Relations Specialist Phone: +48 22 106 43 22 Phone: +48 22 106 41 09 Mobile: +48 885 889 890 Mobile: +48 723 514 086 Email: marcin.piechota@pgnig.pl Email: anna.galinska@pgnig.pl Piotr Gałek Aleksander Kut
Slide 12: Appendices
Appendices 12 1. Gas sales and imports structure 2. Operating expenses 3. Debt and sources of funding 4. CAPEX, statement of financial position, statement of cash flows 5. Production and sales volumes
Slide 13: Gas sales and imports structure
Gas sales and imports structure Lower gas and LNG imports from sources east of Poland Imports of natural gas to Poland Q1 2021 Gas sales outside the PGNiG Group by company 13 LNG and higher imports from [mcm] Q1 2020 Q1 2021 D% 19% western and southern sources. In Q1 2021, seven gas carriers PGNiG G
Slide 14: Operating expenses in Q1 2021 vs Q1 2020
Operating expenses in Q1 2021 vs Q1 2020 [PLNm] Cost of gas Q1 2020 -8,694 Q1 2021 -8,543 D% -2% Comments: 14 Increase in the cost of electricity purchased for trading (to PLN -589m, by +52% Fuels for heat and power generation -360 -376 4% yoy), with higher average market selling prices of electrici
Slide 15: Debt and sources of funding
Debt and sources of funding Sources of funding (as at March 31st 2021) PLNm used available 15 Dividend per share for the financial year PLN 0,30 10 000 0.20 0.20 0.19 0.18 0.18 0,20 0.17 0.15 0.15 0.12 0.13 5 000 0.09 0.09 1 349 0.08 0,10 635 Revolving credit facility (June 2024) Domestic bonds (Oct
Slide 16: CAPEX, statement of financial position and statement of cash flows
CAPEX, statement of financial position and statement of cash flows CAPEX incurred as at March 31st 2021* E&P 0.35 PLNbn Non-current Current Equity 16 Group’s statement of financial position (as at March 31st 2021) PLNm T&S 0.01 66,070 66,070 Distribution 0.63 18 948 Generation 0.23 Total 1.21 46 043
Slide 17: Production and sales volumes
Production and sales volumes NATURAL GAS PRODUCTION BY THE PGNIG GROUP [mcm] HIGH-METHANE GAS (E) including in Poland including in Norway Q1 2021 539 317 222 Q4 2020 488 328 159 Q3 2020 441 330 Q2 2020 442 336 Q1 2020 444 343 Q4 2019 452 348 Q3 2019 451 337 Q2 2019 439 327 Q1 2019 477 326 FY 2020 1,