Tauron Polska Energia S.a. · GPW:TPE
Tauron Polska Energia — FY2010 Earnings Presentation
27 slides from Tauron Polska Energia's earnings presentation, Mar 15, 2011
Slide 1: TAURON Group results for 2010
15 March 2011 TAURON Group results for 2010
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only and should not be treated as an investment-related advice. This presentation has been prepared by TAURON Polska Energia S.A. (“the Company”). Neither the Company nor its subsidiaries shall be held responsible for any damage resulting from
Slide 3: Major events in 2010
Major events in 2010 IPO value: PLN 4.2 billion Over 230 thousand of individual investors; a wide circle of Polish and foreign institutional investors Second largest IPO of a utility company in Europe IPO and floatation Opening bid: PLN 5.13 – increase of capitalization by PLN 3.3 billion fr
Slide 4: Price trends on electricity market
Price trends on electricity market Electricity TGE, TFS, GFI 2010 2011 2011/2010 Price Volume Price Volume Price Volume PLN/MWh GWh PLN/MWh GWh % % BASE 186,26 37 034 193.35 86 028 3.8% 132.3% PEAK 208,22 4 432 218.51 13 398 4.9% 202.3% Weighted average 188,62 41 466 196.74 99 426 4.3% 139.8% SPOT 1
Slide 5: Completed Group Restructuring
Group Restructuring In the scope of ownership structure In the scope of business model implementation Process of restructuring RES generation assets – Process of contributing by the State Treasury to TAURON separating RES assets from ENION Energia and minority blocks of shares in PKE, ESW, ENION
Slide 6: Implementation of investment programme
Implementation of investment programme Bielsko-Biała – new heating unit Tychy – new cogeneration unit and fluidized boiler reconstruction (biomass burning) Capacity – 50 MW e / 182 MW t Capacity – 50 MW e / 86 MW t Scheduled completion date – mid 2013 Scheduled completion date – end of 2015
Slide 7: Implementation of investment programme (2)
Implementation of investment programme (2) Stalowa Wola – new steam and gas unit Jaworzno III – new coal-fired unit Capacity – 400 MW e / 240 MW t Capacity – 910 MW e Project commencement – 2010; scheduled completion Scheduled completion date – 2016 date – 2014 As of 31 December 2010: As of
Slide 8: Key operational data
Key operational data Q4 Q4 Change Change 2009 2010 2009 2010 (dynamics) (dynamics) Hard coal mining (million 1.42 1.12 78.8% 4.9 4.5 91.2% tones) Electricity generation 5.28 5.78 109.6% 18.6 21.3 114.4% (net production) (TWh) Including RES 0.25 0.25 100.0% 0.98 1.10 112.7% Heat generation (PJ) 6.00
Slide 9: Financial results for 2010
Financial results for 2010 TAURON Group revenues (PLN million) EBITDA by segments [PLN million]; EBITDA structure 2 767 20 000 3000 2 641 7.2% 3% 15 429 2500 2% 3% 13.2% 12% 15 000 13695 2000 41% 30% 1500 3% 10 000 4% 1000 13 634 45% 5 000 44% 500 10% 4% 0 0 2009 2010 2009 2010 Mining Generation RES
Slide 10: Financial results for Q4 2010
Financial results for Q4 2010 TAURON Group income (PLN million) EBITDA by segments [PLN million]; EBITDA structure [%] 5000 4478 608 4500 700000 581 16.9 6% 4000 3664 600000 3500 5% 500000 3000 47% 2500 400000 35% 3% 2000 300000 5% 3603 1500 200000 1000 54% 100000 45% 500 5% 4% 0 0 -1% -100000 Q4 20
Slide 11: Financial results for 2010 - EBIT
Financial results for 2010 - EBIT 1 800 Change in EBIT vs. operating factors (PLN million) 1 600 136 94 1 400 74 44 141 175 180 212 1 200 1 000 800 1 399 1 321 600 400 200 0 EBIT ENERGY ENERGY ENERGY ADDITIONAL VOLUME AND PRICE RETURN DECREASE OTHER EBIT SUPPLY SUPPLY PURCHASE OBLIGATIONS - OF DISTR
Slide 12: Financial results for 2010 - EBITDA
Financial results for 2010 - EBITDA Change in EBITDA by segments (PLN million and %), EBITDA margin per segment (%) 3 500 19.3% 17.9% 10.2% 20.7% 68.7% 25.1% 0.8% 14.4% - 3 000 2 767 2 641 (142.4) 17.2 38.5 24.2 37.5 351.3 (209.9) 2 500 2 000 -56.3% 1.5% +50.5% +44.7% -68.5% +39.1% - 1 368 1 320 1 5
Slide 13: Group's debt
Group’s debt Net financial debt (PLN million), net financial debt / EBITDA (x) 0.8x 0.3x 0.01x 2 500 2 231 1 899 2 000 1 492 1 474 1 500 950 1 032 1 000 500 0 31.12.2008 31.12.2009 31.12.2010 Financial debt Cash Net financial debt/ EBITDA Decreasing the level of financial debt by PLN 407 million i
Slide 14: Compensations for termination of long-term Power Purchase Agreements
Compensations for termination of long-term Power Purchase Agreements Revenue from compensation PLN million 600 3.5% 2.8% -9,5% 500 484 438 400 145 88 300 129 164 200 147 100 145 74 0 30 2009 2010 IQ IIQ IIIQ IVQ Share in TAURON Group revenue Indexed advanced payments under PPA Termination Act Reve
Slide 15: Efficiency improvement programme
Efficiency improvement programme TAURON Group implements cost efficiency improvement plan GENERATION – result in Q4 2010: PLN 22 million; DISTRIBUTION – result in Q4 2010: PLN 29 million; in 2010 – PLN 198 million in 2010 – PLN 64 million Increased production efficiency Purchase costs optimization I
Slide 16: Growth prospects – most important factors
Growth prospects – most important factors Continuation of costs efficiency improvement programme Increased Achieving synergies from integration of areas Group’s value Implementing liquidity management policy in the Group Revision of the implemented corporate strategy Adopting the strategy
Slide 17: Thank you – Q&A
Thank you — Q&A oN # TAURON POLSKA ENERGIA 16
Slide 18: Investor Relations contacts
TAURON Polska Energia S.A., ul. Lwowska 23, 40-389 Katowice phone:+48 32 774 27 06, fax +48 32 774 25 24 Investor Relations Section Marcin Lauer marcin.lauer@tauron-pe.pl phone (32) 774 27 06 Paweł Gaworzyński pawel.gaworzynski@tauron-pe.pl phone (32) 774 25 34 Magdalena Wilczek magdalena.wilczek@ta
Slide 19: Additional information
Additional information oN # TAURON POLSKA ENERGIA 18
Slide 20: BASE contract award procedures for 2011
BASE contract award procedures for 2011 19
Slide 21: PEAK contract award procedures for 2011
PEAK contract award procedures for 2011 20
Slide 22: Mining – key financial data
Mining – key financial data Change in revenue, EBITDA, EBIT in the segment (in PLN million) 1 400 350 1 167 315 1 200 1 081 300 273 1 000 250 800 Revenues 200 600 EBITDA 150 EBIT 100 400 253 31 50 22 200 147 111 5 -2 6 0 0 Q4 2009 Q4 2010 -50 2009 2010 21
Slide 23: Generation from conventional sources – key financial data
Generation from conventional sources – key financial data Change in revenue, EBITDA, EBIT in the segment (in PLN million) 7 000 5 863 2 000 6 000 1 789 5 339 1 800 5 000 1 600 1 519 1 400 4 000 Revenue 1 200 EBITDA 1 000 3 000 800 EBIT 2 000 600 1 181 1 212 400 312 276 1 000 677 656 175 129 200 0 0
Slide 24: Generation from renewable sources – key financial data
Generation from renewable sources – key financial data Change in revenue, EBITDA, EBIT in the segment (in PLN million) 180 167 160 50 47 140 45 123 40 120 115 35 32 100 89 Revenue 30 28 77 24 80 EBITDA 25 55 20 15 60 EBIT 15 40 9 10 20 5 0 0 2009 2010 Q4 2009 Q4 2010 23
Slide 25: Distribution – key financial data
Distribution – key financial data Change in revenue, EBITDA*, EBIT* in the segment (in PLN million) 5 000 4 509 4 500 4 146 1 400 4 000 1 184 1 200 1 096 3 500 1 000 3 000 Revenue 800 2 500 EBITDA 2 000 600 EBIT 1 500 1 132 400 285 1 000 782 206 509 200 144 500 63 156 0 0 2009 2010 Q4 2009 Q4 2010 *
Slide 26: Sales – key financial data
Sales – key financial data Change in revenue, EBITDA, EBIT in the segment (in PLN million) 14 000 12 094 4 000 12 000 11 522 3 401 3 500 10 000 2 940 3 000 8 000 Revenue 2 500 6 000 EBITDA 2 000 EBIT 1 500 4 000 1 000 2 000 500 306 302 97 88 -4 -5 0 -41 -44 0 2009 2010 -500 Q4 2009 Q4 2010 25
Slide 27: Other – key financial data
Other – key financial data Change in revenue, EBITDA, EBIT in the segment (in PLN million) 700 598 250 600 518 200 193 500 174 400 Revenue 150 300 EBITDA EBIT 100 200 86 50 30 34 100 64 14 21 36 7 0 0 Q4 2009 Q4 2010 2009 2010 26