Ze Pak Sa · GPW:ZEP
Ze Pak Sa — Zespół Elektrowni Pątnów-Adamów-Konin — Q2 2020 Earnings Presentation
28 slides from Ze Pak Sa's earnings presentation, Sep 30, 2020
Slide 1: 2Q 2020 Results
30 September 2020 Zespół Elektrowni Pątnów-Adamów-Konin SA 2Q 2020 Results
Slide 2: ZE PAK Group – 6M 2020 summary
ZE PAK Group – 6M 2020 summary Key operational and financial data 6M 2020 Change y/y Sale of electricity: 3.13 TWh -32.54% • Electricity from own production: 2.31 TWh -8.33% • Electricity from resale: 0.82 TWh -61.32% Achieved average electricity sale price (1) 277.08 PLN/MWh 2.95% Average price of
Slide 3: ZE PAK Group – 2Q 2020 summary
ZE PAK Group – 2Q 2020 summary Key operational and financial data 2Q 2020 Change y/y Sale of electricity: 1.60 TWh -31.33% • Electricity from own production: 1.18 TWh -13.24% • Electricity from resale: 0.42 TWh -56.70% Achieved average electricity sale price (1) 273.47 PLN/MWh 1.88% Average price of
Slide 4: ZE PAK Group – 6M 2020 summary
ZE PAK Group – 6M 2020 summary [m PLN] Revenues EBITDA Net result 1050 ⬇25.32% 1406 61 ⬇62.58% 173 37 ⬆ 5.78% 163 370 183 521 97 219 ⬇ 57.97% 66 -261 ⬇ 8.99% -309 648 712 6M 2020 6M 2019 6M 2020 6M 2019 Other EBIT Electricity from resale Depreciation+impairment write Electricity from own production
Slide 5: Selected Electricity Market Data
SELECTED ELECTRICITY MARKET DATA 5
Slide 6: Electricity prices
Electricity prices 350,00 In the first half of 2020, on the day-ahead market of Towarowa Giełda Energii SA, electricity prices continued to decline as a continuation of the downward trend that began on the market in the third quarter of 2019. The low price level in the first half of the year was mai
Slide 7: EUA and green certificates
EUA and green certificates In January 2020, the EUA price was quite stable. The EUA turning point for all markets in the world came on 29 February 24, when it was already known that the 27 coronavirus was spreading outside China. The prevailing 23,78 COVID-19 pandemic undoubtedly contributed to the
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 In the first half of the year, good 2,31 ⬇8.33% 2,52 ⬇32.54% 4,64 weather conditions for wind 3,13 0,16 energy and restrictions imposed on ⬌ 0.00% 0,16 the economy resulting from the 0,95 2,12 TWh TWh 1,05 ⬆10.53% state of
Slide 10: Quarterly net production and sale of electricity
Quarterly net production and sale of electricity [TWh] NET PRODUCTION 1,18 ⬇13.24% 1,36 1,12 0,09 ⬇22.22% 0,07 0,08 0,50 TWh 0,55 ⬆ 10.00% 0,50 TWh 0,77 0,54 0,56 ⬇27.27% Q1 20 2Q 2020 2Q 2019 Pątnów I Pątnów II Konin Pątnów I Pątnów II Konin Adamów SALE 1,60 ⬇ 31.33% 2,33 1,52 0,97 TWh 0,40 ⬇ 56.70
Slide 11: Lignite consumption and CO2 emission
Lignite consumption and CO2 emission [m tons] LIGNITE CONSUMPTION CO2 EMISSION Data on lignite consumption and CO2 emissions both in the first half of 2020 and in Q2 2020 show a decrease in 2,84 ⬇10.69% 3,18 2,65 ⬇10.77% 2,97 lignite consumption and lower emissions, which results from lower ⬆ 10.81%
Slide 12: 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 electricity sales revenues (own production, from resale and system service) divided by sales volume. PLN/MWh PLN/EUA 2) Average
Slide 13: Capex on fixed assets and intangible assets
Capex on fixed assets and intangible assets (excluding CO2) CAPEX [m PLN] EXPENDITURES [m PLN] ⬇ 66.67% ⬇ 50.00% ⬇ 9.52% ⬆ 142.86% 21 19 18 17 10 7 6 5 6M 2020 6M 2019 2Q 2020 2Q 2019 6M 2020 6M 2019 2Q 2020 2Q 2019 In the first half of 2020, ZE PAK SA Group started the implementation of a large inv
Slide 14: Financial Data
FINANCIAL DATA 14
Slide 15: Revenues
Revenues [m PLN] Lower total revenues from the sale of electricity: • Lower volume of electricity sale from own 711 6M 2020 production, 647 • Lower volume of electricity from resale, 6M 2019 • higher obtained electricity sale price. 521 Lower revenues from the sale of property rights from certificat
Slide 16: Costs by type
Costs by type [m PLN] Lower costs of material consumption are the result of a 489 lower volume of own electricity sales, and include lower 6M 2020 consumption of materials and fuel used for electricity 370 production, as well as lower electricity consumption in 309 6M 2019 opencast mines. 262 Lower
Slide 17: EBITDA 6M 2020
EBITDA 6M 2020 [m PLN] 6M 2020 6M 2019 (1) EBITDA lower by PLN 102 m (-62.58%) -> after bringing to comparability lower Sale revenues 1 050 1 406 by PLN 87 m (-53.37%) Change % (25.32)% comparable EBITDA for 6M 2020 was PLN 76 million ->the value of PLN 61 million is the result of events related to
Slide 18: EBITDA 6M 2020 by segments
EBITDA 6M 2020 by segments [m PLN] EBITDA changes EBITDA INCREASE EBITDA DECREASE -140 -0 -6 163 -15 -0 +74 -15 76 61 SALE MINING GENERATION ADJUSTMENTS EBITDA 6M EBITDA 6M OTHER (comparable) one-off events RENOVATION EBITDA 6M 2019 2020 2020 Main reasons of EBITDA changes in segments: Generation: 1
Slide 19: Consolidated P&L for 6M 2020 by segments
Consolidated P&L for 6M 2020 by segments Consolidation m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from 829 3 24 192 2 - 1 050 external customers External sale revenues % 95.07% 1.17% 34.29% 100.00% 2.35% 0.00% 100.00% Sale revenues between 42 254 45 - 83 (424) - se
Slide 20: EBITDA 2Q 2020
EBITDA 2Q 2020 [m PLN] 2Q 2020 2Q 2019 (1) EBITDA lower by PLN 58 m (-65.17%) -> after bringing to comparability lower by Sale revenues 526 711 43 mln PLN (-48.13%) Change % (26.02)% comparable EBITDA for 2Q 2020 amounted to PLN 46 m -> the value of PLN 31 million is the result of events related to
Slide 21: EBITDA 2Q 2020 by segments
EBITDA 2Q 2020 by segments [m PLN] EBITDA changes EBITDA INCREASE EBITDA DECREASE -57 +0 +2 -9 89 +21 +0 -15 46 31 SALE MINING GENERATION ADJUSTMENTS EBITDA 6M EBITDA 6M OTHER (comparable) one-off events RENOVATION EBITDA 6M 2019 2020 2020 Main reasons of EBITDA changes in segments: Generation: 70 E
Slide 22: Consolidated P&L for 2Q 2020 by segments
Consolidated P&L for 2Q 2020 by segments Consolidated m PLN Generation Mining Renovation Sale Other adjustments Total Sale revenues from 415 2 15 93 1 - 526 external customers External sale revenues % 95.62% 1.48% 39.47% 100.00% 2.38% 0.00% 100.00% Sale revenues between 19 133 23 - 40 (216) - segmen
Slide 23: Financial activities, taxation and net profit
Financial activities, taxation and net profit [m PLN] 6M 2020 6M 2019 2Q 2020 2Q 2019 EBIT (309) 66 (300) 39 Financial income 6 8 (2) - Financial costs (12) (13) (7) (5) Gross profit (loss) (314) 61 (309) 33 Income tax 54 (25) 59 (9) (tax overload) Effective tax rate 17.20% 40.98% 19.09% 27.27% Net
Slide 24: Employment
Employment [full time] BY SEGMENTS TOTAL 3 000 4 830 4 550 4 341 2 000 1 000 - GENERATION MINING RENOVATION OTHER 30-06-2020 31-12-2019 30-06-2019 30-06-2020 31-12-2019 30-06-2019 24
Slide 25: Indebtedness
Indebtedness Net debt [m PLN] Net debt / EBITDA 30.06.2020 31.12.2019 30.06.2019 30.06.2020 -0.39 245 31.12.2019 -0.86 114 30.06.2019 0.63 77 77 (1) Cash and cash equivalents from consolidated statement of financial (112) (131) position and other short-term (189) financial assets (338) (415) Cash an
Slide 26: Financial indebtedness structure
Financial indebtedness structure (1) 100 80 Indebtedness to pay in following years m PLN 60 40 20 44,78 31,39 0 0,29 2020 2021 2022 Indebtedness strycture Indebtedness strycture Indebtedness structure by debtor by currency by interest rate 0,46% ZE PAK PLN stopa PAK KWB zmienna Konin 100,00% 100,00%
Slide 27: Consolidated cash flow
Consolidated cash flow [m PLN] 6M 2020 6M 2019 2Q 2020 2Q 2019 (1) Lower depreciation as a result of Gross profit (loss) (314) 61 (309) 33 impairment write-offs made at the end of 2019 Depreciation and amortisation (1) 79 96 41 50 Profit/loss on investing and financial activities (5) 2 (1) 0 (2) Inc
Slide 28: 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 SA (“the Company”). Presentation Recipients are solely responsible for their own analys
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