Ze Pak Sa · GPW:ZEP
Ze Pak Sa — Zespół Elektrowni Pątnów-Adamów-Konin — FY2018 Earnings Presentation
30 slides from Ze Pak Sa's earnings presentation, Apr 30, 2019
Slide 1: Zespół Elektrowni Pątnów-Adamów-Konin SA 2018 Results
April 30, 2019 Zespół Elektrowni Pątnów-Adamów-Konin SA 2018 Results
Slide 2: ZE PAK Group – 2018 summary
ZE PAK GROUP – 2018 summary Key operational and financial data 2018 change r/r Sale of electricity: 9,33 TWh -20,66% • Electricity from own production: 6,05 TWh -27,89% • Electricity from resale: 3,28 TWh -2,67% Achieved average electricity sale price(1): 211,57 zł/MWh 19,01% Sale revenues: 2 305 ml
Slide 3: ZE PAK Group – 4Q 2018 summary
ZE PAK Group – 4Q 2018 summary Key operational and financial data 4Q 2018 change r/r Sale of electricity: 2,58 TWh -13,42% • Electricity from own production: 1,47 TWh -19,23% • Electricity from resale: 1,11 TWh -4,31% Achieved average electricity sale price(1): 229,61 zł/MWh 26,35% Sale revenues: 68
Slide 4: ZE PAK Group – 2018 summary
ZE PAK GROUP – 2018 summary [m PLN] Revenues EBITDA Net profit/loss 512 ⬇82,42% 2305 ⬇ 5,65% 2443 222 ⬇ 6,30% 349 327 90 580 290 674 ⬇ 16,12% 184 567 ⬇ 13,87% 1 514 -477 -464 1 304 12M 2018 12M 2017 12M 2018 12M 2017 12M 2018 12M 2017 Depreciation + impairment write-offs on fixed assets EBIT The Gro
Slide 5: ZE PAK Group – 2018 summary (the impact of one-off events)
ZE PAK GROUP – 2018 summary (the impact of one-off events) one-off events EBITDA (adjusted by one-off events) Net profit/loss (adjusted by one-off events) ⬇ 74,42% 512 EBIT • impairment on assets Net result 184 • write-off on fixed -117 512 EBIT assets under Net result construction 131 -347 41 90 -4
Slide 6: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 6
Slide 7: Electricity prices
Electricity prices Upward trend in the electricity market. The weighted average of the IRDN (Day-Ahead 450 Market Index) on the Polish Power Exchange IRDN price (TGE) for 2018 was at the level of PLN 224.71 / max. MWh, which means an increase in relation to 350 2017 by PLN 69.15 / MWh, ie by 44.45%.
Slide 8: EUA and green certificates
EUA and green certificates 25 A strong upward trend on the CO2 emission EUA price allowances market. The reasons for the increases are 15,94 to be found in two sources. One of them was purely 20 political, namely the changes in the EU ETS CO2 trade system, which, as a consequence, by interfering wit
Slide 9: Informacje operacyjne
INFORMACJE OPERACYJNE Wea ia dla Ciebie Energ
Slide 10: Net production and sale of electricity
Net production and sale of electricity [TWh] NET PRODUCTION SALE 6,05 ⬇ 27,89% 8,39 9,33 ⬇ 20,66% 11,76 1,97 ⬆ 9,68% 0,31 3,37 0,34 ⬇ 2,67% The main reason for the decline in 2,29 ⬇ 6,15% 2,44 3,28 production in the past year, compared to 2017, was the lack of generation at the 8,39 Adamów power pla
Slide 11: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 1,39 1,51 1,68 1,47 ⬇ 19,23% 1,82 0,53 0,08 0,07 0,08 0,09 0,62 0,08 0,50 0,63 0,55 ⬆ 34,15% 0,41 0,98 0,84 ⬆ 5,00% 0,80 0,81 0,80 Q1 18 Q2 18 Q3 18 Q4 18 Q4 17 Pątnów I Pątnów II Konin Pątnów I Pątnów II Konin Adamów SALE 2,09 2,
Slide 12: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m ton] LIGNITE CONSUMPTION CO2 emission 7,66 ⬇ 34,36% 11,67 7,23 ⬇33,43% 10,86 3,14 2,60 ⬇ 74,84% ⬇ 5,77% 0,79 2,45 Data on coal consumption and CO2 ⬇ 19,46% 8,53 8,26 6,87 ⬇ 42,13% emissions for 12M 2018 and in 4Q 2018 4,78 are derived from the volumes of energ
Slide 13: Average prices of electricity and CO2 emission allowances purchase
Average prices of electricity and CO2 emission allowances purchase Elecrticity 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 złoty/MWh złoty/EUA by sales volume. 211,57
Slide 14: Sale of electricity breakdown
Sale of electricity breakdown by customers (internal ring) and by the market type (external ring) 12M 2018 12M 2017 Balancing Balancing market market 4,8% 9,9% Top 5 Top 5 Bilateral Customers Customers 32,8% Bilateral contracts contracts 34,0% 42,1% 43,3% Others 66,0% Others 67,2% Polish Power Polis
Slide 15: Capex on fixed assets and intangible assets
Capex on fixed assets and intangible assets (excluding CO2) CAPEX [m PLN] EXPENDITURES [m PLN] ⬇ 32,41% ⬇ 63,04% ⬇ 28,57% ⬇ 50,00% 108 98 73 70 46 28 17 14 12M 2018 12M 2017 4Q 2018 4Q 2017 12M 2018 12M 2017 4Q 2018 4Q 2017 15
Slide 16: Financial Data
FINANCIAL DATA 16
Slide 17: Revenues
Revenues [m PLN] 1 511 12M 2018 1 296 12M 2017 Reasons for changes in key positions: Lower revenues from the sale of electricity from own production. Higher sale price of 674 energy in 2018 and 4Q'18. The higher price 580 did not fully compensate for the drop in production volume in 2018. In 4Q'18 a
Slide 18: Koszty rodzajowe
Koszty rodzajowe [mln PLN] 744 12M 2018 567 555 492 12M 2017 461 424 290 Reasons for changing key positions : 243 253 222 174 202 100 112 A significant impairment losses on fixed assets in both 9 44 39 2018 and Q4'18 alone compared to the same periods of -1 the previous year. Materials Depreciation
Slide 19: EBITDA 2018
EBITDA 2018 [m PLN] 2018 2017 (1) EBITDA lower by 422 m PLN (-82,42%) -> after bringing to comparability lower Sale revenues 2 305 2 443 by 426 m PLN (-76,48%) comparable EBITDA 12M 2017 was 557 mln PLN -> value of 512 m PLN as a result of one-off Change % (5,65)% (9,69)% event related to increase o
Slide 20: EBITDA 2018 by segments
EBITDA 2018 by segments [m PLN] Zmiany EBITDA EBITDA increase SPADEK EBITDA +45 -230 512 557 -173 -17 -15 +11 -2 131 -41 90 SALE EBITDA 2017 MINING EBITDA 2018 one-off one-off GENERATION (comparable) OTHER ADJUSTMENT (comparable) RENOVATION EBITDA 2017 EBITDA 2018 events events Main reasons of EBITD
Slide 21: Consolidated P&L for 2018 by segments
Consolidated P&L for 2018 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external customers 1 679 6 83 533 4 - 2 305 External sale revenues % 84,58% 1,05% 51,55% 100,00% 1,63% 0,00% 100,00% Sale revenues between segments 306 565 78 - 241
Slide 22: EBITDA 4Q 2018
EBITDA 4Q 2018 [m PLN] 4Q 2018 4Q 2017 (1) EBITDA lower by o 143 m PLN -> after bringing to comparability lower by 102 Sale revenues 682 630 m PLN (-82,35%) comparable EBITDA 4Q 2017 was 121 m PLN -> value of 120 m PLN as a result of pne-off event Change % 8,25% (3,23)% related to valuation of mater
Slide 23: EBITDA 4Q 2018 by segments
EBITDA 4Q 2018 by segments [m PLN] EBITDA changes +1 EBITDA increase EBITDA decrease -43 120 121 -46 -1 -8 -2 -3 18 -41 -23 MINING SALE EBITDA 4Q 2017 EBITDA 4Q 2017 EBITDA 4Q 2018 EBITDA 4Q 2018 one-off GENERATION one-off OTHER ADJUSTMENT RENOVATION events events (comparable) (comparable) Main reas
Slide 24: Consolidated P&L for 4Q 2018 by segments
Consolidated P&L for 4Q 2018 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external customers 521 0 20 140 0 0 682 External sale revenues % 87,12% 0,00% 47,62% 100,00% 0,00% 0,00% 100,00% Sale revenues between segments 77 138 22 - 62 (35
Slide 25: Financial activities, taxation and net profit
Financial activities, taxation and net profit [m PLN] 12M 2018 12M 2017 4Q 2018 4Q 2017 (1) It results from temporary differences. EBIT (477) 290 (443) 52 Established and released provisions and impairment write-downs on assets. Financial income 7 16 1 5 Financial costs (45) (48) (16) (12) Gross pro
Slide 26: Employment
Employment [full time] BY SEGMENTS TOTAL 3000 6 168 5 659 5069 2000 1000 0 GENERATION MINING RENOVATION OTHER 31-12-2018 31-12-2017 31-12-2016 31-12-2018 31-12-2017 31-12-2016 The employment level in the Group is still decreasing. Employment declines in the second half of the year are largely due to
Slide 27: Financial indebtedness
Financial indebtedness Net debt [m PLN] Net debt / EBITDA 31.12.2018 31.12.2017 31.12.2018 0,92 31.12.2017 0,58 656 (1) Cash and cash equivalents from 424 consolidated statement of financial position and other short-term 298 financial assets 83 (341) (358) Cash and cash equivalents (1) Interest bear
Slide 28: Financial indebtedness structure
Financial indebtedness structure (1) 400 Indebtedness to pay in following years 300 mln PLN 200 100 0 2019 2020 Indebtedness structure by Indebtedness structure by Indebtednes structure debtor currency by rate 25,73% 12,86% 25,73% Elektrownia Pątnów II PLN floating rate 50,37% PAK KWB EUR Konin fixe
Slide 29: Consolidated cash flow
Consolidated cash flow [m PLN] 12M 2018 12M 2017 4Q 2018 4Q 2017 (1) A significant increase in the provision Gross profit (loss) (515) 259 (458) 46 for the purchase of CO2 emission Depreciation and amortisation 193 196 48 45 rights (EUA) is the reason for Profit/loss on investing and financial activ
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 Zespół Elektrowni Pątnów-Adamów-Konin S.A. (“the Company”). Presentation Recipients are solely responsible for their own anal
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