Ze Pak Sa · GPW:ZEP
Ze Pak Sa — Zespół Elektrowni Pątnów-Adamów-Konin — Q3 2019 Earnings Presentation
28 slides from Ze Pak Sa's earnings presentation, Nov 14, 2019
Slide 1: Zespół Elektrowni Pątnów-Adamów-Konin SA 3Q 2019 Results
14 November 2019 Zespół Elektrowni Pątnów-Adamów-Konin SA 3Q 2019 Results
Slide 2: ZE PAK Group – 9M 2019 summary
ZE PAK Group – 9M 2019 summary Key operational and financial data 9M 2019 Change y/y Sale of electricity: 7.09 TWh 4.88% • Electricity from own production: 4.11 TWh -10.46% • Electricity from resale: 2.98 TWh 37.33% Achieved average electricity sale price 269.36 PLN/MWh 31.59% Sale revenues: 2 157 m
Slide 3: ZE PAK Group – 3Q 2019 summary
ZE PAK Group – 3Q 2019 summary Key operational and financial data 3Q 2019 Change y/y Sale of electricity: 2.46 TWh -0.81% • Electricity from own production: 1.60 TWh -4.76% • Electricity from resale: 0.86 TWh 7.50% Achieved average electricity sale price 276.67 PLN/MWh 25.91% Sale revenues: 751 m PL
Slide 4: ZE PAK Group – 3Q 2019 summary
ZE PAK Group – 3Q 2019 summary [m PLN] Revenues EBITDA Net profit/loss 751 ⬆17,16% 641 71 ⬇23,66% 109 ⬆165,85% 41 222 93 ⬆ 32,14% 168 47 ⬇6,00% 458 ⬆20,53% 380 35 62 50 -11 3Q 2019 3Q 2017 -9 3Q 2019 3Q 2018 3Q 2019 3Q 2018 Other Electricity from resale Depreciation EBIT Electricity from own product
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
Electricity prices The high price level in the third quarter was 450,00 mainly due to high air temperatures and 400,00 relatively low windiness. However, comparing year to year, the market valued the third quarter 350,00 IRDN max. of this year at a lower level than it was last year. 300,00 The weigh
Slide 7: EUA and green certificates
EUA and green certificates The third quarter of 2019 was characterized by 31,00 high price volatility. In July 2019, the price of 26,91 25,46 EUA was steadily rising, and the reason for the 27,00 22,10 increase could be high energy prices (caused by 23,00 20,35 18,81 high temperatures in Europe and
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 7,09 ⬆4,88% 6,76 4,11 ⬇10,46% 4,59 0,26 0,23 ⬇11,54% 2,98 2,17 1,74 ⬆37,33% TWh TWh 1,60 ⬇8,05% 4,11 4,59 ⬇ 11,97% 2,59 ⬇10,46% 2,28 9M 2019 9M 2018 9M 2019 9M 2018 Own production Resale Pątnów I Pątnów II Konin Adamów 700 600 500 GWh
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 1,16 1,36 1,60 ⬇4,76% 1,68 0,07 0,08 ⬇12,50% 0,09 0,62 0,66 ⬆6,45% 0,07 0,50 TWh 0,45 0,87 ⬇11,22% 0,98 0,64 0,77 Q1 19 Q2 19 3Q 2019 3Q 2018 Pątnów I Pątnów II Konin Pątnów I Pątnów II Konin Adamów SALE 2,31 2,33 2,46 ⬇ 0,81% 2,4
Slide 11: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION CO2 EMISSION 5,15 ⬇11,05% 5,79 4,85 ⬇ 11,50% 5,48 ⬆ 17,24% 0,58 0,68 1,84 ⬇ 4,89% 1,75 5,21 Data on lignite consumption and 4,47 ⬇ 14,20% ⬇14,84% 3,64 CO2 emissions in 9M'19 and 3Q'19 3,10 show a decrease in lignite consumption and lo
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.. 269,36 ⬆3
Slide 13: Capex on fixed assets and intangible assets
Capex on fixed assets and intangible assets (excluding CO2) CAPEX [m PLN] EXPENDITURES [m PLN] ⬇ 62.50% ⬇ 66.67% ⬇ 56.14% ⬆ 33.34% 56 57 21 25 9 3 4 3 9M 2019 9M 2018 3Q 2019 3Q 2018 9M 2019 9M 2018 3Q 2019 3Q 2018 In the area of investment activity, the Group does not currently implement any major
Slide 14: Financial Data
FINANCIAL DATA 14
Slide 15: Revenues
Revenues [m PLN] Reasons for changes in key positions: 9M 2019 Higher total revenues from the sale of 1 169 electricity: 9M 2018 • Lower volume of electricity sales from 949 own production • Higher volume of electricity sales from 742 trade • Higher sales price of electricity 431 A decrease in reven
Slide 16: Costs by type
Costs by type [m PLN] 707 9M 2019 438 9M 2018 430 Reasons for changes in key positions: 310 326 338 233 214 The increase in the cost of goods was mainly 144 146 due to the increase in the value of goods and 123 115 materials sold, associated with more purchased 72 75 1 1 29 26 electricity intended f
Slide 17: EBITDA 9M 2019
EBITDA 9M 2019 [m PLN] 9M 2019 9M 2018 (1) EBITDA higher by PLN 159 m (+240,71%), including: Sale revenues 2 157 1 623 (+273) higher revenues from own energy, higher revenues from system services and capacity Change % 32,90% reserves, lower revenues from PPAs, higher revenues from heat, higher reven
Slide 18: EBITDA 9M 2019 by segments
EBITDA 9M 2019 by segments [m PLN] EBITDA changes EBITDA INCREASE EBITDA DECREASE + 168 +4 +3 +4 - 14 -6 272 113 MINING OTHER RENOVATION EBITDA 9M 2018 GENERATION SALE EBITDA 9M 2019 ADJUSTMENTS Main reasons of EBITDA changes in segments: 278 EBITDA Generation: Mining: - Higher revenues from own ele
Slide 19: Consolidated P&L for 9M 2019 by segments
Consolidated P&L for 9M 2019 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from 1 598 7 57 494 2 2 157 external customers External sale revenues % 89,83% 1,67% 50,89% 100,00% 1,23% 0,00% 100,00% Sale revenues between 182 412 55 161 (810) segm
Slide 20: EBITDA 3Q 2019
EBITDA 3Q 2019 [m PLN] 3Q 2019 3Q 2018 (1) EBITDA higher by PLN 68 million (+265,85%), including: Sale revenues 751 641 (+81) higher revenues from own energy, higher revenues from system services and power Change % 17,16% reserves, lower revenues from PPAs, higher revenues from heat, lower revenues
Slide 21: EBITDA 3Q 2019 by segments
EBITDA 3Q 2019 by segments [m PLN] EBITDA changes EBITDA INCREASE EBITDA DECREASE + 68 +2 +5 0 -1 -8 109 41 MINING OTHER EBITDA 3Q 2018 RENOVATION EBITDA 3Q 2019 GENERATION SALE ADJUSTMENTS Main reasons of EBITDA changes in segments: 86 EBITDA Generation: Mining: - higher revenues from own energy, h
Slide 22: Consolidated P&L for 3Q 2019 by segments
Consolidated P&L for 3Q 2019 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustment Total Sale revenues from 567 2 20 162 1 0 751 external customers External sale revenues % 89,72% 1,20% 48,78% 100,00% 2,08% 0,00% 100,00% Sale revenues between 66 164 21 - 47 (297) segment
Slide 23: Financial activities, taxation and net profit
Financial activities, taxation and net profit [m PLN] 9M 2019 9M 2018 3Q 2019 3Q 2018 The better result on financial activities in both the EBIT 128 (34) 62 (9) 9M'19 and 3Q'19 periods, compared to the same periods of last year, was influenced by the favorable Financial income 13 6 5 1 valuation of
Slide 24: Employment
Employment [full time] BY SEGMENTS TOTAL 3000 5 069 5 153 4 671 2000 1000 0 GENERATION MINING RENOVATION OTHER 30-09-2019 31-12-2018 30-09-2018 30-09-2019 31-12-2018 30-09-2018 24
Slide 25: Financial indebtedness
Financial indebtedness Net debt [m PLN] Net debt/ EBITDA 30.09.2019 31.12.2018 30.09.2018 30.09.2019 (0,72) 31.12.2018 0,92 488 30.09.2018 0,70 424 (1) Cash and cash equivalents from 203 164 83 consolidated statement of financial position and other short-term financial assets (179) (341) (324) (382)
Slide 26: Financial indebtedness structure
Financial indebtedness structure (1) 150 Indebtedness to pay in following years 100 m PLN 126,7 50 40,6 31,3 0 0,4 2019 2020 2021 2022 Indebtedness structure by Indebtedness structure Indebtedness structure debtor by currency by rate ZE PAK 50,47% 49,53% PLN variable PAK KWB rate Konin 100,00% 100,0
Slide 27: Consolidated cash flow
Consolidated cash flow [m PLN] 9M 2019 9M 2018 3Q 2019 3Q 2018 (1) Changes in working capital to (+) Gross profit (loss) 121 (57) 59 (12) mainly due to a decrease in the level Depreciation and amortisation 143 145 47 50 of CO2 emission reserves due to the Profit/loss on investing and financial activ
Slide 28: 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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