Slide 1: 6M 2024 Results
6M 2024 Results 24 September 2024
Slide 2: 6M 2024 Summary
6M 2024 Summary Key operational and financial data 6M 2024 Zmiana y/y Sale of electricity: 1.00 TWh -42.86% • Electricity from own production: 0.58 TWh -43.14% • Electricity from resale: 0.42 TWh -42.47% Achieved average electricity sale price (1) 713.57 PLN/MWh -35.28% Average purchase price of EUA
Slide 3: 2Q 2024 Summary
2Q 2024 Summary Key operational and financial data 2Q 2024 Zmiana y/y Sale of electricity: 0.51 TWh -42.70% • Electricity from own production: 0.32 TWh -40.74% • Electricity from resale: 0.19 TWh -45.71% Achieved average electricity sale price (1) 731.10 PLN/MWh -31.82% Average purchase price of EUA
Slide 4: 6M 2024 Summary [m PLN]
6M 2024 Summary [m PLN] REVENUES EBITDA NET RESULT 2 216 288 120 712 7 1 042 106 326 113 29 256 1 216 460 - 152 6M 2024 6M 2023 ( 123) ( 175) Own electricity 6M 2024 6M 2023 Elctricity from resale 6M 2024 6M 2023 Depreciation EBIT Other The conditions of conducting ZE PAK business in 2024 have chang
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
Electriciy prices Electricity prices (TGeBase) 1000 800 max. 600 PLN/MWh 615,61 min. 400 527,16 505,59 356,28 392,57 weighted 200 average 0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Prices of a futures contract for the supply of electricity (band with annual delivery) 800 708,66 700 639,46 PLN/MWh 600
Slide 7: Price of the futures contract for the supply of EUA
Price of the futures contract for the supply of EUA Prices of a futures contract for the delivery of EUAs 89,27 100 90 80 65,76 70 euro 60 50 40 30 2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun 2024 2023 1H2024 arithmetic average 1H2023 arithmetic averag 7
Slide 8: Operational Data
OPERATIONAL DATA 8
Slide 9: Semi-annual net production and sale of electricity
Semi-annual net production and sale of electricity [TWh] NET PRODUCTION SALE In H1 2024, the total sales volume decreased by 42.86% 1,02 1,75 compared to H1 2023. The decrease concerned both the 0,04 sales of own and purchased energy. TWh 0,73 TWh 0,26 1,00 - 0,58 0,42 The decrease in production was
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 0,54 0,03 TWh 0,12 0,32 0,27 - TWh 0,32 0,17 0,26 0,10 0,06 0,07 1Q 2024 2Q 2024 2Q 2023 Brudzew Konin biomass Unit 9 (Pątnów II) Units 1, 2 & 5 (Pątnów I) Units 1,2 & 5 (PI) Unit 9 (PII) Konin biomass Brudzew SALE 0,89 TWh TWh 0,
Slide 11: Semi-annual lignite consumption and CO2 emission
Semi-annual lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION CO2 EMISSION CO2 million tons million tons 0,93 0,93 0,75 0,75 6M 2024 6M 2023 6M 2024 6M 2023 Data on coal consumption and CO2 emissions for the first six months of 2024 show a decrease in coal consumption and lower emiss
Slide 12: Quarterly lignite consumption and CO2 emission
Quarterly lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTIONS million tons million tons 0,36 CO2 0,49 0,36 0,39 1Q 2024 2Q 2024 2Q 2023 CO2 EMISSION million tons million tons 0,35 0,50 0,40 0,35 1Q 2024 2Q 2024 2Q 2023 12
Slide 13: Average prices for electricity sales and purchase of EUAs
Average prices for electricity sales and purchase of EUAs Electricity sale price(1) Purchase price of CO2 emission allowances (EUA) (2) (1) Average price calculated as revenue from Energy sales (own, from turnover and system services) devided by sales volume. PLN/MWh PLN/EUA 1 102,57 401,79 377,52 (
Slide 14: Quarterly average prices for electricity sales and purchase of EUAs
Quarterly average prices for electricity sales and purchase of EUAs Electricity sale price PLN/MWh PLN/MWh 1 072,39 695,81 731,10 1Q 2024 2Q 2024 2Q 2023 Purchase price of CO2 emission allowances (EUA) PLN/EUA PLN/EUA 406,07 398,06 369,15 1Q 2024 2Q 2024 2Q 2023 14
Slide 15: Employment
EMPLOYMENT 15
Slide 16: Employment
Employment [full time] BY SEGMENTS TOTAL 1200 1000 3 007 2 688 2 536 800 600 400 200 0 GENENRATION MINING RENOVATION OTHER 30-06-2024 31-12-2023 30-06-2023 30-06-2024 31-12-2023 30-06-2023 16
Slide 17: Financial Data
FINANCIAL DATA 17
Slide 18: Revenues
Revenues(1) [m PLN] The PLN 755.7 million decrease in revenues from sales of 1 216 6M 2024 produced electricity was due to lower prices by 35.28% and a 6M 2023 42.47% decrease in volume, as a result of less favourable energy market conditions for the Group. The decrease in revenues from purchased el
Slide 19: Costs by type
Costs by type(1) [m PLN] 736 6M 2024 The PLN 171.6 million decrease in material consumption is primarily due to the lack of costs for purchased biomass and the decrease in 6M 2023 the price of purchased electricity. 352 The PLN 22.0 million decrease in depreciation is due to the lack of 312 299 depr
Slide 20: EBITDA 6M 2024
EBITDA 6M 2024(1) [m PLN] (1) Total EBITDA on continuing and discontinued operations. 6M 2024 6M 2023 (2) EBITDA higher by PLN 243 m -> after bringing to comparability lower by PLN 422 m (-95.05%) Sales revenues 1 042 2 216 Change % (52.98)% 13.29% comparable EBITDA for 6M 2024 amounted to PLN 22 m
Slide 21: EBITDA 6M 2024 by segments
EBITDA 6M 2024 by segments(1) [m PLN] Main reasons for EBITDA changes in basic segments: Generation: • no fee for the price difference payment fund, higher revenues from system services, EBITDA lower result achieved on the sale of purchased energy, lower revenues from heat, 268 lower revenues from o
Slide 22: Consolidated profit and loss account For 6M 2024 by segments
Consolidated profit and loss account For 6M 2024 by segments Consolidation m PLN Generation Mining Renovation Other adjustments Total Sale revenues from external 982 - 55 5 - 1 042 customers 98.00% - 69.62% 8.47% - 100.00% External sale revenues % Sale revenues between 20 388 24 54 (487) - segments
Slide 23: EBITDA 2Q 2024
EBITDA 2Q 2024(1) [m PLN] (1) Total EBITDA on continuing and discontinued operations. 2Q 2024 2Q 2023 (2) EBITDA lower by PLN 162 m -> after bringing to comparability lower by PLN 241 m (-89.59%) Sales revenues 522 1 065 Change % (50.99)% 9.90% comparable EBITDA for 2Q 2024 amounted to PLN 28 m -> t
Slide 24: EBITDA 2Q 2024 by segments
EBITDA 2Q 2024 by segments(1) [m PLN] Main reasons for EBITDA changes in basic segments: Generation: • no fee for the price difference payment fund, higher revenues from system services, lower result achieved on the sale of purchased energy, lower revenues from heat, EBITDA lower revenues from own e
Slide 25: Consolidated profit and loss account for 2Q 2024 by segments
Consolidated profit and loss account for 2Q 2024 by segments Consolidation m PLN Generation Mining Renovation Other adjustments Total Sale revenues from external 485 - 34 4 - 522 customers 97.98% - 75.56% 11.76% - 100.00% External sale revenues % Sale revenues between 10 177 11 30 (229) segments Sal
Slide 26: Financial activities, tax and net result
Financial activities, tax and net result(1) [m PLN] 6M 2024 6M 2023 2Q 2024 2Q 2023 EBIT 113 (152) 89 239 EBIT --˃ net loss Financial revenues (2) 14 25 9 14 Financial costs (3) (28) (90) (8) (55) Gross profit (loss) 99 (216) 91 197 Income tax 7 41 20 1 (tax burden) (4) Effective tax rate 7.07% 18.9
Slide 27: Consolidated cash flow statement
Consolidated cash flow statement(1) [m PLN] 6M 2024 6M 2023 2Q 2024 2Q 2023 (1) All items of the consolidated statement of cash flows, total Gross profit / (loss) 99 (216) 91 197 from continuing and discontinued operations. Depreciation 7 29 4 16 (2) The smaller positive change in working capital is
Slide 28: Investments
INVESTMENTS 28
Slide 29: Project of the construction of CCGT in Turek
Project of the construction of CCGT - Combined Cycle Gas Turbine in Turek in the area of closed Adamów power plant PROJECT’S NAME LOCATION INSTALLED CAPACITY PROJECT’S PHASE PRODUCTION Unit: Turek, wielkopolskie voivodeship CCGT Adamów Gas pipeline: Turek commune, 562 MW Implementation 2Q 2027 Przyk
Slide 30: Project of the construction of CCGT in Turek - status of work
Project of the construction of CCGT - Combined Cycle Gas Turbine in Turek in the area of closed Adamów power plant STATUS OF WORK Adamów lignite power plant ➢ In September 2023, a contract was signed with the general contractor - the consortium of Siemens/Mytilineos for construction in the EPC formu
Slide 31: Opole Wind Farm
Opole Wind Farm PROJECT’S NAME LOCATION CAPACITY TURBINES PROJECT’S PHASE PRODUCTION Voivodship: Opole approx. approx. FW Opole District: Kędzierzyn-Koźle, Development 2030 Prudnik, Głubczyce 500 MW 130 STATUS OF WORK ➢ The project was acquired in June 2024 through the acquisition of shares in Energ
Slide 32: 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 ZE PAK SA (“the Company”). Presentation Recipients are solely responsible for their own analysis and evaluation of the market