Ze Pak Sa · GPW:ZEP
Ze Pak Sa — H1 2023 Earnings Presentation
31 slides from Ze Pak Sa's earnings presentation, Sep 28, 2023
Slide 1: 6M 2023 Results
6M 2023 Results 28 September 2023 1
Slide 2: 6M 2023 Summary
6M 2023 Summary Key operational and financial data 6M 2023 Change y/y Sale of electricity: 1.75 TWh -43.73% • Electricity from own production: 1.02 TWh -42.37% • Electricity from resale: 0.73 TWh -45.52% Achieved average electricity sale price (1) 1 102.57 zł/MWh +102.73% Average purchase price of E
Slide 3: 2Q 2023 Summary
2Q 2023 Summary Key operational and financial data 2Q 2023 Change y/y Sale of electricity: 0.89 TWh -40.67% • Electricity from own production: 0.54 TWh -35.71% • Electricity from resale: 0.35 TWh -46.97% Achieved average electricity sale price (1) 1 072.39 zł/MWh +93.67% Average purchase price of EU
Slide 4: 6M 2023 Summary [m PLN]
6M 2023 Summary [m PLN] REVENUES EBITDA NET RESULT 2 216 288 1 956 199 153 261 23 712 796 ( 123) 176 29 1 216 899 - 152 ( 175) 6M 2023 6M 2022 6M 2023 6M 2022 6M 2023 6M 2022 Own production Resale Other Depreciation EBIT The increase in total sales revenues for 6M 2023 was mainly due to the increase
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
PLN/MWh PLN/MWh 650 950 350 1250 1550 50 570 1070 1570 2070 2570 1-Apr-2022 21-Apr-2022 11-May-2022 999,69 702,47 2Q 2022 Electricity prices 31-May-2022 20-Jun-2022 10-Jul-2022 1723,76 30-Jul-2022 1126,15 3Q 2022 19-Aug-2022 8-Sep-2022 price 28-Sep-2022 18-Oct-2022 754,89 4Q 2022 7-Nov-2022 1085,77
Slide 7: EUA and green certificates
EUA and green certificates 100 89,27 90 80 70 83,39 euro 60 50 40 30 2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun 2023 2022 1H2023 quarterly average 1H2022 quarterly average 280 244,11 260 218,69 240 220 196,10 200 186,96 171,27 180 152,26 160 140 120 100 80 Feb-22 Apr-22 May-22 Sep-22 Oct-22 Feb-23 Apr-23 M
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 1,77 ⬇43,73% 3,11 In H1 2023, there was a decrease in the total sales volume 0,04 ⬇ 42,37% 0,19 compared to H1 2022 by 43.73%. The decline concerned 1,34 both sales of own and purchased energy. TWh TWh 1,02 1,75 0,04 ⬆36,84
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 0,84 0,03 ⬇35,71% 0,09 0,54 0,01 0,48 0,03 TWh ⬌0,00% 0,14 0,12 0,54 TWh 0,17 ⬆40,74% 0,32 0,16 ⬇61,11% 0,18 0,07 1Q 2023 2Q 2023 2Q 2022 Brudzew Konin biomass Unit 9 (PII) Units 1,2 & 5 (PI) Units 1,2 & 5 (PI) Unit 9 (PII) Konin
Slide 11: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION CO2 EMISSION 1,79 ⬇48,04% 1,74 ⬇46,55% 1,17 1,13 CO2 0,93 ⬇ 51,28% million tons million tons 0,93 ⬇ 49,56% 0,57 0,57 ⬇ 41,94% 0,62 ⬇40,98% 0,61 0,36 0,36 6M 2023 6M 2022 6M 2023 6M 2022 Unit 9 (PII) Units 1,2 & 5 (PI) Unit 9 (PII) Uni
Slide 12: Quarterly lignite consumption and CO2 emission
Quarterly lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION 0,82 ⬇40,24% 0,49 0,56 million tons 0,44 million tons 0,19 0,37 ⬇33,93% CO2 0,24 ⬇53,85% 0,26 0,12 1Q 2023 2Q 2023 2Q 2022 Unit 9 (PII) Units 1,2 & 5 (PI) Units 1, 2 & 5 (PI) Unit 9 (PII) CO2 EMISSION 0,80 ⬇ 37,50% 0,50 mill
Slide 13: 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 revenues 93,3 from sales of energy (own, from trading and system services) divided by the sales PLN/MWh PLN/EUA 558,72 volume.
Slide 14: Quarterly average prices of electricity and CO2 emission allowances purchase
Quarterly average prices of electricity and CO2 emission allowances purchase Electricity prices PLN/MWh PLN/MWh 1 134,00 1 072,39 ⬆ 93,67% 553,72 1Q 2023 2Q 2023 2Q 2022 Prices of CO2 emission allowances purchase (EUA) PLN/EUA PLN/EUA 387,19 369,15 313,81 ⬆ 17,63% 1Q 2023 2Q 2023 2Q 2022 14
Slide 15: Employment
EMPLOYMENT 15
Slide 16: Employment
Employment [full time] BY SEGMENTS TOTAL 1200 3 295 3 097 1000 3 007 800 600 400 200 0 GENERATION MINING RENOVATION OTHER 30-06-2023 31-12-20222 30-06-2022 30-06-2023 31-12-20222 30-06-2022 16
Slide 17: Financial Data
FINANCIAL DATA 17
Slide 18: Revenues
Revenues(1) [m PLN] 1 216 6M 2023 The increase in total revenues from sales of electricity by PLN 6M 2022 233.1 million was mainly due to the price increase by 102.73%, despite a 43.73% decrease in the total volume of electricity sales. 900 The lower amount of coal available for extraction in mines
Slide 19: Costs by type
Costs by type(1) [m PLN] 736 763 6M 2023 The higher costs of biomass and substitute coal as well as the higher costs of energy used in mines are responsible for the PLN 112 6M 2022 million higher material consumption costs. 495 Depreciation higher by PLN 6 million is the result of amortization of 31
Slide 20: EBITDA 6M 2023
EBITDA 6M 2023(1) [m PLN] (1) Total EBITDA from continuing and discontinued operations. 6M 2023 6M 2022 (2) EBITDA lower by PLN 322 million -> after bringing to comparability higher by PLN 214 million (+93.04%) Sale revenues 2 216 1 956 Change % 13.29% comparable EBITDA for 6M 2022 amounted to PLN 2
Slide 21: EBITDA 6M 2023 by segments
EBITDA 6M 2023 by segments(1) [m PLN] Main reasons of EBITDA changes in segments: Generation: • higher revenues from own energy, higher result on the sale of purchased energy, EBITDA higher revenues from heat, lower result on gas sales, lower revenues from system 268 services, fee to the price diffe
Slide 22: Consolidated profit and loss account for 6M 2023 by segments
Consolidated profit and loss account for 6M 2023 by segments(1) Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external 1 487 1 42 682 3 - 2 216 customers 83.98% 0.21% 30.88% 100.00% 4.62% 0.00% 100.00% External sale revenues % Sale revenues between
Slide 23: EBITDA 2Q 2023
EBITDA 2Q 2023(1) [m PLN] (1) Total EBITDA from continuing and discontinued operations. 2Q 2023 2Q 2022 (2) EBITDA higher by PLN 185 million -> after bringing to comparability higher by PLN 168 million (+166.34%) Sale revenues 1 065 960 Change % 9.90% comparable EBITDA for 2Q 2022 amounted to PLN 10
Slide 24: EBITDA 2Q 2023 by segments
EBITDA 2Q 2023 by segments(1) [m PLN] Main reasons of EBITDA changes in segments: Generation: • higher revenues from own energy, higher result on the sale of purchased energy, higher revenues from heat, lower result on gas sales, lower revenues from system EBITDA services, fee to the price differenc
Slide 25: Consolidated profit and loss account for 2Q 2023 by segments
Consolidated profit and loss account for 2Q 2023 by segments(1) Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from external 737 1 20 307 - - 1 065 customers 84.83% 0.36% 24.69% 100.00% 0.00% 0.00% 100.00% External sale revenues % Sale revenues between 13
Slide 26: Financial activities, taxation and net result
Financial activities, taxation and net result(1) [m PLN] 6M 2023 6M 2022 2Q 2023 2Q 2022 EBIT (152) 176 239 58 EBIT --˃ net loss Financial income(2) 25 30 14 14 Financial costs (3) (90) (25) (55) (17) Gross profit / (loss) (216) 181 197 55 Income tax 41 (29) 1 (5) (tax burden) (4) Effective tax rate
Slide 27: Indebtedness
Indebtedness Net debt [m PLN] Net debt / EBITDA 30.06.2023 12.72(2) 30.06.2023 31.12.2022 30.06.2022 31.12.2022 (0.91)(3) 1 468 30.06.2022 0.26 1 108 1 024 516 (1) Cash and cash equivalents from the consolidated 92 statement of financial position and other short-term financial assets. ( 355) (2) The
Slide 28: Consolidated cash flow statement
Consolidated cash flow statement(1) [m PLN] 6M 2023 6M 2022 2Q 2023 2Q 2022 (1) All items in the consolidated statement of total cash flows from Gross profit / (loss) (216) 181 197 55 continuing and discontinued operations. Depreciation and amortisation 29 23 16 12 (2) The higher positive change in
Slide 29: Investments
INVESTMENTS 29
Slide 30: Implementation of investment program
Implementation of investment program RES investment projects implemented by ZE PAK SA Group in cooperation with Cyfrowy Polsat SA Group: ▪ Wind Farm in Miłosław (9.6 MW) – start 3 quarter 2023 ▪ Wind Farm in Kazimierz Biskupi (17.5 MW) – start 3 quarter 2023 ▪ Wind Farm in Przyrów (50.4 MW) – start
Slide 31: 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