Ze Pak Sa · GPW:ZEP
Ze Pak Sa — FY2023 Earnings Presentation
30 slides from Ze Pak Sa's earnings presentation, Apr 30, 2024
Slide 1: 2023 Results
2023 Results April 30th, 2024 1
Slide 2: ZE PAK Group – 2023 summary
ZE PAK Group – 2023 summary Key operational and financial data 2023 Change y/y Sale of electricity: 2.65 TWh -56.05% • Electricity from own production: 1.52 TWh -56.45% • Electricity from resale: 1.13 TWh -55.51% Achieved average electricity sale price (1) 1 201.47 PLN/MWh +99.82% Average purchase p
Slide 3: ZE PAK Group – 4Q 2023 summary
ZE PAK Group – 4Q 2023 summary Key operational and financial data 4Q 2023 Change y/y Sale of electricity: 0.45 TWh -69.18% • Electricity from own production 0.20 TWh -76.74% • Electricity from resale: 0.25 TWh -58.33% Achieved average electricity sale price(1) 1 388.01 PLN/MWh +120.73% Average purch
Slide 4: ZE PAK Group – 2023 summary [m PLN]
ZE PAK Group – 2023 summary [m PLN] REVENUES EBITDA NET RESULT 4200 3865 728 573 40 684 + 86% + 236% 1 684 1 242 391 40 688 1 939 1 943 723 351 2023 2022 Other 2023 2022 215 Resale Depreciation and write-offs EBIT Own production 2023 2022 The Company’s operating activities and financial results in 2
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
PLN/MWh PLN/MWh 1,00 301,00 601,00 901,00 1 201,00 1 501,00 400 800 1200 1600 2000 2400 3-Jan-2022 23-Jan-2022 629,94 12-Feb-2022 1Q 2022 651,76 4-Mar-2022 24-Mar-2022 Electricity prices 13-Apr-2022 702,47 2Q 2022 3-May-2022 23-May-2022 Electricity prices (TGeBase) 999,69 12-Jun-2022 2-Jul-2022 1126
Slide 7: EUA and certificate of origin prices
Price of the futures contract for the supply of EUA Average price of a certificate of origin for Energy produced from renewable Energy sources 280 240 200 191,80 PLN 160 158,18 120 80 40 2-Oct 2-Aug 2-Apr 2-Jun 2-Jul 2-Dec 2-Jan 2-Mar 2-May 2-Sep 2-Nov 2-Feb 2022 2023 weighted annual average 2022 -
Slide 8: Operational Data
OPERATIONAL DATA 8
Slide 9: Net production and sale of electricity – 12M 2023
Net production and sale of electricity – 12M 2023 [TWh] NET PRODUCTION SALE 3,49 Group 0,08 6,03 0,43 2,54 In 2023, there was a total decrease in the volume of TWh 1,53 TWh electricity sales by 56.05%, both own and purchased 2,14 0,04 2,65 energy. The following factors contributed to the 0,26 reduct
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 0,54 0,87 0,01 0,03 0,17 0,01 0,48 0,12 TWh 0,14 0,31 TWh 0,54 0,17 0,32 0,16 0,20 0,03 0,16 0,15 0,17 0,07 0,14 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 Units 1,2 i 5 (PI) Unit 9 (PII) Biomass Brudzew Brudzew Konin biomass Unit 9
Slide 11: Lignite consumption and CO2 emission – 12M 2023
Lignite consumption and CO2 emission – 12M 2023 [m tons] LIGNITE CONSUMPTION CO2 EMISSION Group Group Million tons 3,43 3,49 CO2 Million tons 1,65 1,66 2023 2022 2023 2022 Data on coal consumption and CO2 emissions both in the period of 12 months of 2023 and in Q4 2023 show a decrease in coal consum
Slide 12: Quarterly lignite consumption and CO2 emission
Quarterly lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION Million tons Million tons 0,82 0,44 0,49 0,42 CO2 0,31 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 CO2 EMISSIONS Million tons Milion tons 0,80 0,43 0,50 0,42 0,30 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 12
Slide 13: Average prices of electricity sales and CO2 – 12M 2023
Average prices of electricity sales and CO2 – 12M 2023 Prices of CO2 emission allowances purchase (EUA) 2) Electricity prices 1) 1) Average price calculated as Revenue from Energy sales (own, from trading and system 1 201,47 services) devided by sales volume. PLN/MWh 600,20 2) Average price calculat
Slide 14: Quarterly average prices of electricity and CO2 allowances
Quarterly average prices of electricity and CO2 emission allowances purchase Electricity prices 1 388,01 złoty/MWh 759,17 PLN/MWh 1 391,54 628,84 1 134,00 1 072,39 1Q 2023 2Q 2023 3Q 2023 4Q 2023 4Q 2022 Prices of CO2 emission allowances purchase (EUA) złoty/EUA 391,71 297,34 94,37 PLN/EUA 387,19 36
Slide 15: Employment
EMPLOYMENT 15
Slide 16: Employment
Employment [full time] BY SEGMENTS TOTAL 3 492 1500 3 097 2 688 * 1000 500 0 GENERATION MINING REVOVATION OTHER 31-12-2023 31-12-2022 31-12-2021 31-12-2023 31-12-2022 31-12-2021 * The impact of the takeover of the majority stake in PAK – PCE sp. z. o.o by Cyfrowy Polsat, as at December 31, 2023, emp
Slide 17: Financial Data
FINANCIAL DATA 17
Slide 18: Revenues
Revenues(1) [m PLN] 2023 A slight decrease of PLN 4.8 million in revenues from the sale of 1 939 1 943 2022 electricity produced is due to an increase in the price by 99.82% with a decrease of 56.45% in the volume of electricity sales. 1 684 The decrease in revenues from purchased electricity by PLN
Slide 19: Costs by type
Costs by type(1) [m PLN] 1 528 2023 The costs of material consumption lower by PLN 93.1 million are mainly due to significantly lower costs of biomass, despite the 1 091 2022 increase in the costs of substitute coal and the costs of energy used 1 075 in mines. 580 608 487 Lower costs of employee ben
Slide 20: EBITDA 2023
EBITDA 2023(1) [m PLN] 2023 2022 (1) Total EBITDA from continuing and discontinued operations. Sales revenues 3 865 4 200 Change % (7,98)% 71,36% (2) EBITDA higher by PLN 337 million (+86.16%) – > after comparability higher by PLN 597 million (+160.05%) Costs of goods sold (2 606) (3 713) comparable
Slide 21: EBITDA 9M 2023 by segments
EBITDA 9M 2023 by segments(1) [m PLN] Main reasons for changes in EBITDA in core segments: Generation: 752 • Higher result achieved on purchased electricity, result achieved on the sale of biomass; EBITDA lower revenues from heat, lower revenues from energy, price difference fund fee • Higher revenu
Slide 22: Consolidated profit and loss account for 12M 2023 by segments
Consolidated profit and loss account for 12M 2023 by segments(1) Consolidation m PLN Generation Mining Renovations Sale Others adjustments Total Sale revenues from external 3 047 1 121 682 13 - 3 865 customers 90.98% 0.11% 49.19% 100.00% 9.42% 0.00% 100.00% External sale revenues % Sale revenues bet
Slide 23: EBITDA 4Q 2023
EBITDA 4Q 2023(1) [m PLN] 4Q 2023 4Q 2022 (1) Total EBITDA from continuing and discontinued operations. Sales revenues 829 1 107 (2) EBITDA higher by PLN 460 million (+1346.34%) -> after comparability higher by PLN 271 million (+501.92%) Change % (25.13)% 30.70% Costs of goods sold (453) (1 068) com
Slide 24: EBITDA 4Q 2023 by segments
EBITDA 4Q 2023 by segments(1) [m PLN] Main reasons for changes in EBITDA in core segments: 322 Generation: EBITDA • higher result realized on purchased energy, lower revenues from heat, lower revenues 220 from energy, fee for the price difference fund • Lower revenues from the Capacity Market, lower
Slide 25: Consolidated profit and loss account for 4Q 2023 by segments
Consolidated profit and loss account for 4Q 2023 by segments(1) Consoidation m PLN Generation Mining Renovations Sale Others adjustments Total Sale revenues from external 787 - 33 - 9 - 829 customers 98.87% 0.00% 70.21% - 21.95% 0.00% 100.00% External sale revenues % Sale revenues between 10 188 14
Slide 26: Financial activities, tax and net result
Financial activities, tax and net result(1) [m PLN] 2023 2022 4Q 2023 4Q 2022 EBIT 688 351 420 (42) EBIT --˃ Net profit Financial revenues(1) 285 57 232 (8) Financial costs(2) (135) (90) (59) (29) Gross profit (loss) 839 318 592 (78) (116) (103) (69) 6 Income tax (tax burden)(3) Effective tax rate 1
Slide 27: Investments
INVESTMENTS 27
Slide 28: 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, 561 MW Implementation 1Q 2027 Przyk
Slide 29: CCGT 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 ➢ On September 1, 2023, a contract was signed with the general contractor - the consortium of Siemens/Mytilineos for construction in the EPC fo
Slide 30: 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