Pge Polska Grupa Energetyczna S.a. · GPW:PGE
Pge Polska Grupa Energetyczna — Q3 2010 Earnings Presentation
22 slides from Pge Polska Grupa Energetyczna's earnings presentation, Nov 15, 2010
Slide 1: Q3 2010 Results
Q3 2010 Results Consolidated data, in accordance with IFRS Warsaw, November 15, 2010
Slide 2: Key Q3 2010 developments and achievements
Key Q3 2010 developments and achievements Q3 2010 net profit (to equity) amounted to PLN 0.75bn (growth by 2.7% y-o-y) Q3 2010 ex-LTC revenues increased by 3.2% y-o-y and amounted to PLN 4.76bn Key financials EBITDA margin sustained at high level, reached 30.1% EBITDA reached PLN 1.47bn, ex-
Slide 3: Financial results
3] Financial results
Slide 4: Financial results remain strong
Financial results remain strong Key drivers in Q3 2010 Electricity generation volumes slightly lower in Q3 2010 y-o-y, reached 12.8TWh in Q3 2010 Revenues (in PLN bn) compared to 13.2TWh in Q3 2009. Sale of heat increased by 21% y-o-y - 0.8% + 3.2% Ex-LTC revenues increased by 3.2% mainly due to
Slide 5: Q3 2010 EBITDA Ex-LTC Composition and Development
Q3 2010 EBITDA Ex-LTC Composition and Development Q3 2010 in PLNm 60.9 1,355.9 354.4 39.9 53.2 61.0 786.5 Conventional Renewables Wholesale Distribution Retail Other (incl. adj.) EBITDA Ex-LTC Ex-LTC y-o-y - 84.4 + 5.2 - 94.6 + 85.1 - 44.3 + 32.9 change - 9.7% + 10.8% - 60.8% + 31.6% - 52.6% + 117.3
Slide 6: Impact of the Long Term Power Purchase Agreements (LTC) compensations
Impact of the Long Term Power Purchase Agreements (LTC) compensations LTC cash inflows and revenues in PLN m 600 531.2 482.3 416.3 Revenues Cash 2011 Outlook 396.5 394.6 400 358.0 358.0 358.0 353.5 335.8 348.3 348.3 348.3 297.8 According to the rules set by the LTC Act (see attach. no 4 to the Act),
Slide 7: Current Debt Position
Current Debt Position in PLNm 5,028 Financial Strength Confirmed by Rating Agencies 2,693 Moody’s Fitch End of 2009 End of Q3 2010 (issued on Sep 2, 2009, (issued on Sep 2, 2009, confirmed on Nov 3, 2010) confirmed on Jun 24, 2010) -2,683 -4,251 A3 Stable BBB+ Stable (Issuer); Gross Debt Net Debt A-
Slide 8: Consolidation Programme
8] Consolidation Programme
Slide 9: Consolidation Programme
Consolidation Programme Consolidation - completed tasks: Current Structure conversion of employees’ shares and merger with PGE GiE S.A. and PGE Non-core PGE Polska Grupa Energetyczna S.A. Shared asset Services Energia S.A. completed management Corporate Center Center merger of entities from busi
Slide 10: Investment Programme
10] Investment Programme
Slide 11: Capital Expenditures – details for Q3 2010
Capital Expenditures – details for Q3 2010 Segments Q3 2010 Conventional– PLN 928.3m Total CAPEX expenditures amounted in modernization of units 3-12 in Belchatow – PLN 252.1m Q3 2010 to ca. PLN 1,315m construction of 858MW unit in Belchatow – PLN 159.0m preparatory work on Szczercow Field – P
Slide 12: Investment Programme
Investment Programme Investments in Bełchatów Power Plant Retrofit of units no. 7 – 12 Two agreements signed with ALSTOM Power Sp. z o.o. and consortium of ALSTOM Power Sp. z o.o., ABM Solid SA and ALSTOM Power Sweden Aktiebolag Project planned for 2010-2016 Estimated CAPEX of EUR 160m Scope o
Slide 13: Investment Programme
Investment Programme Ongoing Projects Opole Power Plant Turów Power Plant 1,600-1,800 MW hard coal (two units) ca. 460 MW lignite unit Tender under process – offers from three consortia received Tender opened in October 2010 Technology: supercritical pulverized coal boilers, CCS ready Applic
Slide 14: Acquisitions and disposals
Acquisitions and disposals Energa acqusition September 29, 2010 – Share Purchase Agreement signed (84.19% shares of Energa S.A. for PLN 7,529,913,842.40) October 20, 2010 – PGE S.A. filed an application to the Competition and Consumer Protection Office (UOKiK) for a consent to buy shares of Energa S
Slide 15: Thank you
Thank you Investor Relations Contacts: ir@pgesa.pl Head of IR IR Officer IR Officer Przemek Wasilewski Anna Ryba Krzysztof Dragan Tel: (+48 22) 340 19 46 Tel: (+48 22) 340 19 41 Tel: (+48 22) 340 15 13 Fax: (+48 22) 629 47 25 Fax: (+48 22) 629 47 25 Fax: (+48 22) 629 47 25 Mob: +48 723 189 235 Mob:
Slide 16: Back-up slides
16 | Back-up slides
Slide 17: 9M 2010 – statement of comprehensive income
9M 2010 – statement of comprehensive income Consolidated data,31 Year Ended inDecember accordance (IFRS)with IFRS Q1-Q3 2009 Q1-Q3 2010 Q1-Q3 2009 Q1-Q3 2010 PLNm PLNm EURm EURm Sales 15,482.8 14,984.5 3,519.4 3,743.6 Sales Ex-LTC 14,366.8 14,704.7 3,265.7 3,673.7 EBITDA 5,960.7 5,060.0 1,354.9 1,26
Slide 18: Presentation of revenues and expenses – restated data for 09
Presentation of revenues and expenses – restated data for 2009 Changes of revenue and expenses presentation: Due to fact that in 9M 2010 turnover with some of related parties increased, the PGE updated consolidation procedures and made relevant eliminations while preparing Q3 2010 FS. Previously the
Slide 19: Statement of Financial Position
Statement of Financial Position Consolidated data,31 Year Ended inDecember accordance (IFRS)with IFRS Dec 31, 2009 Sept 30, 2010 Dec 31, 2009 Sept 30, 2010 PLNm PLNm EURm EURm audited Shareholder equity 31,168 35,786 7,587 8,976 Minority interest 7,681 4,117 1,870 1,032 Non-current assets 41,964 42,
Slide 20: Electricity generation by source [TWh]
Electricity generation by source [TWh] 9M Q1 2010 2010 9M Q12009 2009 Lignite-fired power plants 26.66 26.94 Coal-fired power plants 9.29 9.54 Coal-fired CHPs 0.94 1.05 Gas-fired CHPs 1.20 1.26 Pump-storage 0.38 0.36 Water 0.47 0.38 Wind 0.04 0.04 TOTAL 38.98 39.57 Coal-fired generation figure inclu
Slide 21: 9M 2010 Key business flows
9M 2010 Key business flows ILLUSTRATIVE Business Customers Free market Retail 16.06 TWh ≈70% 16.01TWh (9M 2009) 22.88 TWh ≈59% Generation 22.66TWh (9M 2009) 38.98 TWh Households 39.57TWh (9M 2009) 6.82 TWh ≈30% 6.65TWh (9M 2009) Regulated market Wholesale ≈40% 15.60 TWh 16.75TWh (9M 2009) Source: PG
Slide 22: Calendar of events
Calendar of events Corporate events Event Event Date Date Extraordinary General Meeting December 8, 2010 Meet us at the conferences Event Event Date Date Place Place Hosted by Hosted by Polish Equities Conference November 18-19, 2010 New York Warsaw Stock Exchange/Citi Emerging Markets Conference No
PGE Polska Grupa Energetyczna — Q3 2010 Earnings Presentation on 6ix