Ze Pak Sa · GPW:ZEP

Ze Pak Sa — Zespół Elektrowni Pątnów-Adamów-Konin — H1 2015 Earnings Presentation

28 slides from Ze Pak Sa's earnings presentation, Aug 31, 2015

  1. Slide 1: I Half of 2015 results

    31 August 2015 Zespół Elektrowni „Pątnów-Adamów-Konin” S.A. I Half of 2015 results

  2. Slide 2: 6M 2015 Summary

    6M 2015 Summary • Outside circumstances: • ZE PAK Group: – Lower electricity price on the – Lower by 8,42% [by 0,44 TWh] sale exchange market of electricity from own production. (drop of average weighted IRDN – Higher by 61,44% [by 0,93 TWh] from 174,15 PLN/MWh sale of electricity from the market to

  3. Slide 3: Selected Energy Market Data

    SELECTED ENERGY MARKET DATA 3

  4. Slide 4: EUA and green certificates of origin

    EUR 3 4 5 7 8 6 100 PLN 150 200 250 300 0 50 2-Jan 2-Jan 12-Jan 12-Jan 22-Jan 22-Jan EUA prices 1-Feb 1-Feb 11-Feb 11-Feb Green certificates prices 21-Feb 21-Feb 3-Mar 3-Mar 13-Mar 13-Mar 23-Mar 23-Mar 2-Apr 2-Apr 12-Apr 12-Apr 22-Apr EUA and „green” certificates of origin 22-Apr 2-May 2-May 12-May

  5. Slide 5: Daily demand for electricity and IRDN prices

    MWh PLN/MWh 300 000 350 000 400 000 450 000 500 000 550 000 90 120 150 180 210 240 300 270 1-Jan 1-Jan 11-Jan 11-Jan 21-Jan 21-Jan 31-Jan 31-Jan 10-Feb 10-Feb 20-Feb 20-Feb 2-Mar 1-Mar 12-Mar 11-Mar 22-Mar 21-Mar Daily demand 1-Apr 31-Mar IRDN Prices 11-Apr 10-Apr 21-Apr 20-Apr 1-May 30-Apr 11-May 1

  6. Slide 6: Base load prices for 2016

    „Base load” prices for 2016 (BASE_Y-16) Base load prices BASE_Y-16 since 01.01.2015 to 30.06.2015 185 180 175 170 zł/MWh 165 160 155 150 1-Feb 12-Jan 22-Jan 12-May 22-May 11-Feb 2-Apr 21-Feb 3-Mar 12-Apr 22-Apr 2-May 13-Mar 23-Mar 1-Jun 2-Jan 11-Jun 21-Jun 6

  7. Slide 7: Operational Data

    OPERATIONAL DATA 7

  8. Slide 8: Net production and sale of electricity [TWh]

    Net production and sale (own production and resale) of electricity [TWh] NET PRODUCTION SALE 7,19 6,70 5,19 4,75 2,44 1,51 1,27 1,26 0,32 0,30 1,36 1,58 5,19 4,75 1,83 2,01 6M 2015 6M 2014 6M 2015 6M 2014 Pątnów II Konin Adamów Pątnów I Total Own production Resale Total 3,62 3,45 2,42 2,63 1,20 0,82

  9. Slide 9: Lignite consumption and CO2 emissions

    Lignite consumption and CO2 emissions [m tons] LIGNITE CONSUMPTION CO2 EMISSION 6,52 6,98 6,43 5,98 2,19 1,34 2,01 1,32 4,51 4,79 4,66 5,09 6M 2015 6M 2014 6M 2015 6M 2014 KWBA KWBK Total Pątnów II ZE PAK Total 3,48 3,22 3,27 3,07 1,01 1,08 0,68 0,69 2,25 2,40 2,38 2,53 2Q 2015 2Q 2014 2Q 2015 2Q 20

  10. Slide 10: Financial Data

    FINANCIAL DATA 10

  11. Slide 11: Consolidated P&L (1/2)

    Consolidated P&L (1/2) [m PLN] 6M 2015 6M 2014 2Q 2015 2Q 2014 Sales revenue 1 508 1 345 752 677 Change % 12,12% 11,08% Cost of goods sold -1 424 -1 141 -733 -595 Gross profit 84 203 19 82 Margin % 5,57% 15,09% 2,53% 12,11% Other operating income 11 11 6 4 Selling and distribution expenses -2 -2 -1

  12. Slide 12: EBITDA changes

    EBITDA changes [m PLN] + 79 +7 +3 + 81 + 16 310 -8 - 71 223 - 194 EBITDA Volume sold Electricity Green LTC Other CO2 emission Administrative Other (1) EBITDA 6M 2014 price certificates compensation income costs expenses expenses 6M 2015 + 36 +9 +6 +2 + 28 141 -3 - 32 93 - 94 EBITDA Volume sold Elect

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

    Consolidated P&L (2/2) [m PLN] 6M 2015 6M 2014 2Q 2015 2Q 2014 EBIT 34 130 -4 49 Finance income 12 9 -9 7 Finance costs -26 -27 -10 -12 Profit before tax 19 112 -22 44 Income tax -4 -20 3 -6 (taxation) Effective tax rate % 21,05% 17,86% 13,64% 13,64% Net profit for the period 15 92 -19 38 Margin % 0

  14. Slide 14: Consolidated P&L for 6M 2015 by segments

    Consolidated P&L for 6M 2015 by segments Consolidation m PLN Generation Mining Renovation Sales Other adjustments Total Sales revenue from 904,3 3,2 84,8 511,6 3,6 - 1 507,5 external customers External sales revenue % 80,6% 0,7% 34,8% 100,0% 5,6% 100,0% Sales revenue between 217,2 445,4 159,2 - 60,4

  15. Slide 15: EBITDA by segments (1/2)

    EBITDA by segments (1/2) [m PLN] GROUP 310,1 GENERATION MINING 85,3 215,7 69,1 223,4 41,4 180,1 132,3 137,1 58,6 189,8 127,4 43,9 130,0 78,6 33,7 4,9 10,5 6M 2015 6M 2014 6M 2015 6M 2014 6M 2015 6M 2014 Depreciation EBIT EBITDA Depreciation EBIT EBITDA Depreciation EBIT EBITDA RENOVATION ELECTRICITY

  16. Slide 16: Consolidated P&L for 2Q 2015 by segments

    Consolidated P&L for 2Q 2015 by segments Consolidation m PLN Generation Mining Renovation Sales Other adjustments Total Sales revenue from 454,7 0,1 46,9 248,7 1,9 - 752,3 external customers External sales revenue % 80,2% 0,0% 35,7% 100,0% 4,8% 100,0% Sales revenue between 112,1 234,9 84,6 - 38,2 -4

  17. Slide 17: EBITDA by segments (2/2)

    EBITDA by segments (2/2) [m PLN] 140,7 GENERATION MINING GROUP 48,2 93,1 94,1 42,2 91,2 37,9 20,4 69,9 97,3 63,9 31,0 49,5 -4,2 -26,0 24,2 27,8 2Q 2015 2Q 2014 2Q 2015 2Q 2014 11,2 2Q 2015 2Q 2014 Depreciation EBIT EBITDA Depreciation EBIT EBITDA Depreciation EBIT EBITDA RENOVATION ELECTRICITY OTHER

  18. Slide 18: Revenues

    Revenues [m PLN] 6M 2015 831 852 6M 2014 433 251 89 82 81 70 28 35 33 31 12 24 Sale of electricity Resale of Certificates of LTC Heat sale Construction Other from own electricity from origin compensation services production the market 421 434 2Q 2015 2Q 2014 213 135 14 45 36 13 45 36 11 11 5 10 18

  19. Slide 19: Sale breakdown by customers and market type

    Sale breakdown by customers and market type by customers (internal ring) and by the market type (external ring) 6M 2015 6M 2014 Balancing Balancing market market 6,3% 5,0% Top 5 Top 5 customers Bilateral customers 39,8% contracts 49,8% 44,5% Bilateral Other contracts Other 50,2% 53,4% 60,2% Polish P

  20. Slide 20: Electricity sales

    Electricity sales Electricity sales(1) Average sale price(2) Revenues [TWh] [PLN/MWh] [m PLN] +7,4% +6,7% +14,6% 6M 2015 6M 2015 6M 2015 7,19 175,71 1 264 6M 2014 6,70 6M 2014 164,66 6M 2014 1 103 +4,9% +6,0% +11,3% 2Q 2015 2Q 2015 2Q 2015 3,62 174,99 633 2Q 2014 3,45 2Q 2014 165,05 2Q 2014 569 (1)

  21. Slide 21: Cost by type

    Cost by type [m PLN] 423 6M 2015 6M 2014 301 269 226 243 213 190 180 158 106 83 86 87 56 67 19 Materials D&A Employee Cost of goods, External Taxes and fees CO2 emission Other benefits and raw materials services (excluding costs other for resale and excise duty) allowances energy for resale 2Q 2015

  22. Slide 22: Employment

    Employment [staff time] BY SEGMENTS TOTAL 4 000 7 038 7 254 7 450 3 000 2 000 1 000 - GENERATION MINING RENOVATION OTHER 30.06.2015 31.12.2014 30.06.2015 31.12.2014 30.06.2014 30.06.2014 Changes in employment structure by segments are caused by restructure operations dedicated especially to mining s

  23. Slide 23: Consolidated statement of financial position

    Consolidated statement of financial position [m PLN] 30.06.2015 31.12.2014 Non current 3776 Equity Non current 3820 Equity assets assets 5636 5686 Current Non current Current Non current assets (1) liabilities assets (1) liabilities Current liabilities Current liabilities Cash and cash 1885 Cash and

  24. Slide 24: Net debt

    Net debt Net debt [m PLN] Net debt / EBITDA 30.06.2015 31.12.2014 30.06.2015 (1) 2,43 31.12.2014 1,57 1 340 1 248 (1) EBITDA annualized 1 023 (2) Cash and cash equivalents from 797 Consolidated statement of financial position and other short- term financial assets -317 -451 (2) Cash and cash equvale

  25. Slide 25: Consolidated Cash Flow

    Consolidated Cash Flow [m PLN] 6M 2015 6M 2014 2Q 2015 2Q 2014 Profit/loss before taxation 19,3 111,8 -22,4 44,3 Depreciation and amortization 183,3 179,5 91,3 91,0 Profit/loss on investing and financial activities 8,9 14,7 15,9 5,8 Changes in working capital 1,6 -18,2 112,1 38,5 Income tax 7,5 0,8

  26. Slide 26: CAPEX (non-current assets and intangible assets)

    CAPEX (non-current assets and intangible assets) (excluding CO2) INVESTMENT [m PLN] EXPENDITURE [m PLN] 367 322 253 227 241 210 128 129 6M 2015 6M 2014 2Q 2015 2Q 2014 6M 2015 6M 2014 2Q 2015 2Q 2014 26

  27. Slide 27: Questions and Answers

    Questions and Answers 27

  28. Slide 28: 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

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