Ze Pak Sa · GPW:ZEP

Ze Pak Sa — Zespół Elektrowni „Pątnów-Adamów-Konin” — FY2013 Earnings Presentation

26 slides from Ze Pak Sa's earnings presentation, Mar 20, 2014

  1. Slide 1: Zespół Elektrowni Pątnów-Adamów-Konin S.A. 2013 Results

    20th March 2014 Zespół Elektrowni „Pątnów-Adamów-Konin” S.A. 2013 Results

  2. Slide 2: 2013 Highlight

    2013 Highlight • 10% drop in electricity prices. • First full operational year of consolidation PAK KWB Konin, PAK KWB Adamów and Elektrim Volt, entered the Group in 2012. • First year on new „KPRU”, necessity of buying missing allowances for CO2 emissions. • Biomass cofiring quit. • Retrofit start

  3. Slide 3: Selected Energy Market Data

    SELECTED ENERGY MARKET DATA 3

  4. Slide 4: EUA and green certificates of origin – 2012 and 2013

    EUA and „green” certificates of origin – 2012 and 2013 10 8 6 EUR 2012 4 2013 2 EUA Prices 0 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 300 250 200 PLN 150 2012 100 2013 50 „green” certificates of origin average prices 0 5-Jan 5-Feb 5-Mar 5-Apr 5-May 5-Jun 5-Jul 5-Aug 5-

  5. Slide 5: Daily demand for electricity and IRDN prices – 2012 and 2013

    Daily demand for electricity and IRDN prices – 2012 and 2013 Daily demand 550000 500000 MWh 450000 2012 400000 2013 350000 300000 1-Jul 1-Jan 1-Nov 1-Feb 1-Mar 1-Apr 1-Sep 1-May 1-Aug 1-Oct 1-Jun 1-Dec 340 IRDN Prices 280 PLN/MWh 220 2013 2012 160 100 1-Nov 1-Feb 1-Sep 1-Apr 1-Aug 1-Mar 1-May 1-Oct

  6. Slide 6: Base price for 2014 - BASE_Y-14

    PLN/MWh 140 145 150 155 160 165 170 175 180 1-Jan-13 1-Feb-13 1-Mar-13 1-Apr-13 1-May-13 1-Jun-13 „Base” price for 2014 - BASE_Y-14 1-Jul-13 1-Aug-13 1-Sep-13 „Base” year 2014 price 1-Oct-13 1-Nov-13 1-Dec-13 6

  7. Slide 7: Operational Data

    OPERATIONAL DATA 7

  8. Slide 8: Electricity Net Production

    Electricity Net Production [TWh] 2013 / 2012 IVQ 2013 / IVQ 2012 2,46 2,61 0,66 0,68 0,53 0,42 0,14 0,18 3,03 2,59 0,83 0,69 4,52 4,57 1,18 1,16 2013 2012 IVQ 2013 IVQ 2012 Pątnów II Konin Adamów Pątnów I Pątnów II Konin Adamów Pątnów I Total 12 months 2013 = 10,53 TWh Total IVQ 2013 = 2,80 TWh Tota

  9. Slide 9: Lignite consumption

    Lignite consumption [m tons] 2013 / 2012 IVQ 2013 / IVQ 2012 4,27 3,58 1,19 0,94 10,12 10,08 2,70 2,62 2013 2012 IVQ 2013 IVQ 2012 KWBA KWBK KWBA KWBK Total 12 months 2011 = 14,39 m tons Total IVQ 2013 = 3,89 m tons Total 12 months 2012 = 13,66 m tons Total IVQ 2012 = 3,56 m tons 9

  10. Slide 10: CO2 Emmision

    CO2 Emmision [m tons] 2013 / 2012 IVQ 2013 / IVQ 2012 2,53 2,72 0,69 0,70 10,60 9,86 2,83 2,57 2013 2012 IVQ 2013 IVQ 2012 Pątnów II ZE PAK Pątnów II ZE PAK Total 12 months 2013 = 13,13 m tons Total IVQ 2013 = 3,52 m tons Total 12 months 2012 = 12,58 m tons Total IVQ 2012 = 3,27 m tons 10

  11. Slide 11: Financial Data

    FINANCIAL DATA 11

  12. Slide 12: Consolidated P&L summary (1/2)

    Consolidated P&L summary (1/2) [m PLN] 2013 2012 IVQ 2013 IVQ 2012 Sales revenues 2 764 2 723 747 735 Change % 1,51% 1,63% Cost of goods sold -2 254 -2 099 -682 -564 Gross profit 510 625 65 172 Margin % 18,45% 22,95% 8,70% 23,40% Other operating income 26 12 15 8 Selling and distribution expenses -3

  13. Slide 13: Consolidated P&L summary (2/2)

    Consolidated P&L summary (2/2) [m PLN] 2013 2012 IVQ 2013 IVQ 2012 EBIT 359 484 46 128 Finance income 19 83 1 8 Finance costs -78 -70 -1 -30 Profit before tax 300 497 46 107 Income tax (taxation) -68 -94 -20 -22 Effective tax rate % 22,67% 18,91% 43,48% 20,56% Net profit for the period 232 403 25 85

  14. Slide 14: EBITDA changes

    EBITDA changes [m PLN] + 341 + 65 764 + 64 716 - 265 - 14 - 73 - 151 - 15 EBITDA Volume sold Electricity Green KDT Other income CO2 emission Administrative Other EBITDA 2012 price certificates compensation expenses expenses (1) 2013 + 64 + 34 218 + 17 - 77 - 20 + 24 136 + 25 - 151 EBITDA Volume sold

  15. Slide 15: Consolidated P&L in segments for 2013

    Consolidated P&L in segments for 2013 Consolidation m PLN Generation Mining Renovation Sales Other adjustments Total Sales revenue from external customers 1 867,3 13,2 83,7 798,8 0,8 - 2 763,8 External sales revenue % 79,8% 1,4% 37,8% 100,0% 3,7% 100,0% Sales revenue between segments 471,8 947,9 137

  16. Slide 16: Consolidated P&L in segments IVQ 2013

    Consolidated P&L in segments IVQ 2013 Consolidation m PLN Generation Mining Renovation Sales Other adjustments Total Sales revenue from external customers 509,9 3,7 39,8 193,3 0,4 - 747,0 External sales revenue % 81,4% 1,5% 57,6% 100,0% 5,8% 100,0% Sales revenue between segments 116,2 248,5 29,3 - 5

  17. Slide 17: Sale breakdown by costumers and market type

    Sale breakdown by costumers and market type by costumers (internal ring) and by market type (external ring) 2013 2012 Balancing Balancing market market 7% 10% Top 5 Top 5 costumers costumers Bilateral 43% 51% contracts 45% Bilateral Other contracts Other 49% 57% 53% Polish power exchange Polish 48%

  18. Slide 18: Revenue breakdown

    Revenue breakdown [%] 77,4 68,8 2013 2012 17,6 7,5 5,6 4,8 3,3 2,1 2,0 2,0 2,1 3,5 1,7 1,6 Sale of electricity Resale of KDT Heat sale Certificates of Construction Other from own electricity from compensation origin services production the market 18

  19. Slide 19: Cost by type

    Cost by type [m PLN] 930 Materials Amortisation and depreciation Social security and other allowances Cost of goods, raw material for resale and energy for resale External services 598 Taxes and fees (excluding excise duty) 553 Impairment write-downs against inventories 456 CO2 emission cost 420 358

  20. Slide 20: Electricity sales

    Electricity sales Electricity sales(1) Average selling price(2) Revenue [TWh] [PLN/MWh] [m PLN] +14,74% -9,99% +3,29% 2013 2013 2013 13,09 182,54 2 389 2012 11,41 2012 202,80 2012 2 313 +10,19% -11,03% -2,04% IVQ 2013 IVQ 2013 IVQ 2013 3,46 180,20 623 IVQ 2012 3,14 IVQ 2012 202,54 IVQ 2012 636 (1) E

  21. Slide 21: Consolidated statement of financial position

    Consolidated statement of financial position [m PLN] 31.12.2013 31.12.2012 (restated) Non current 3783 Equity Non current 3542 Equity assets assets 5339 5359 Current Non current Current Non current assets (1) liabilities assets (1) liabilities Current liabilities Current liabilities Cash and cash 16

  22. Slide 22: Net debt

    Net debt Net debt [m PLN] Net debt / EBITDA 31.12.2013 31-12-2012(1) 31-12-2013 0,80 31-12-2012(1) 1,16 1 311 (1) Restated data 1 099 (2) Cash and cash equivalents from 889 Consolidated statement of financial position and other short- 572 term financial assets -422 -527 (2) Loans, borrowings and lea

  23. Slide 23: Consolidated Cash Flow

    Consolidated Cash Flow [m PLN] 2013 2012 Profit/loss before taxation 299,8 496,7 Depreciation and amortization 355,9 278,4 Profit/loss on investing and financial activities 60,0 -12,3 Changes in working capital 131,6 68,4 Income tax -9,8 -48,6 Purchase of EUA -176,4 0,0 Other -2,8 -9,7 Net cash flow

  24. Slide 24: Capex

    Capex [m PLN] 2013 / 2012 IVQ 2013 / IVQ 2012 284 283 142 77 2013 2012 IVQ 2013 IVQ 2012 Higher capex in IVQ 2013 in connection with start of retrofit in Patnow I 24

  25. Slide 25: 2013 Net profit share recommendation

    2013 Net profit share recommendation • The Management Board intends to recommend the transfer of the whole standalone profit of PLN 231 857 thousand for supplementary capital of the company. 25

  26. Slide 26: Disclaimer

    Disclaimer This presentation serves for information purposes only and should not be treated as investment-related advice. This presentation has been prepared by Zespół Elektrowni Pątnów-Adamów-Konin S.A. (“the Company”). Neither the Company nor any of its subsidiaries shall be held accountable for a

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