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H1 2015 Financial Results – Tauron Polska Energia

Tauron Polska Energia · Aug 20, 2015 · 30 slides

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Slides

  1. H1 2015 Financial Results – Tauron Polska Energia – slide 1
    TAURON Groups H1 2015 Financial Results August 20, 2015
  2. H1 2015 Financial Results – Tauron Polska Energia – slide 2
    H1 2015 key financial parameters TAURON Groups H1 2015 results [PLN m] Sales revenue 9 184 (-0.5% yoy) EBITDA 1 915 (-4.0% yoy) Net profit 720 (-1.8% yoy) CAPEX 1 771 (41.6% yoy) Net debt/EBITDA 1.93x (up 0.25 yoy) Key…
  3. H1 2015 Financial Results – Tauron Polska Energia – slide 3
    Q2 2015 key financial parameters TAURON Groups Q2 2015 results [PLN m] Sales revenue 4 430 (2.1% yoy) EBITDA 894 (-1.4% yoy) Net profit 218 (-35.1% yoy) CAPEX 979 (43.0% yoy) Net debt/EBITDA 1.93x (up 0.25 yoy) Key…
  4. H1 2015 Financial Results – Tauron Polska Energia – slide 4
    Highlights January 16 Expression of initial interest in the purchase of all or a part of Brzeszcze Coal Mine assets March 12 Floating 17 500 TAURON bonds worth PLN 1.75bn in total on the Catalyst market Signature of agreement to…
  5. H1 2015 Financial Results – Tauron Polska Energia – slide 5
    Macroeconomic and market situation Polands GDP growth rate* and manufacturing PMI Increase of manufacturing production sold and (quarterly average) electricity consumption (change yoy)* 6% 5.0% 5.3% 5.2% 5% 56 5% 4.7% 4.5% 4.9% 3.9%…
  6. H1 2015 Financial Results – Tauron Polska Energia – slide 6
    H1 2015 key operating data Mg m Hard coal production and sales [tons m] Electricity [TWh] and heat [PJ] generation TWh PJ 3,0 9 9 7.84 8 7.29 8 2,5 2.19 2.29 0.95 7 0.91 4.4% 7 2,0 0.2% 0.585 6 6 0.584 5 5 1,5 2.55 4 7.82 4…
  7. H1 2015 Financial Results – Tauron Polska Energia – slide 7
    Q2 2015 key operating data Mg m Hard coal production and sales [tons m] Electricity [TWh] and heat [PJ] generation TWh PJ 1,5 4,5 4,5 3.92 4,0 3.59 4,0 1.18 1.15 0.43 3,5 -2.3% 3,5 0.44 -6.7% 1,0 0.30 0.28 3,0 3,0 2,5 2,5 1.30…
  8. H1 2015 Financial Results – Tauron Polska Energia – slide 8
    H1 2015 key financial data Sales revenue [PLN m] Net profit attributable to the holding companys shareholders [PLN m] 10 000 9 226 9 184 730 800 719 1 063 -10.2% 955 700 8 000 600 2 927 3 122 6 000 6.7% 500 400 4 000 300 5…
  9. H1 2015 Financial Results – Tauron Polska Energia – slide 9
    Q2 2015 key financial data Sales revenue [PLN m] Net profit attributable to the holding companys PLN m PLN m shareholders [PLN m] 5 000 4 339 4 430 400 334 469 -23.2% 360 4 000 300 1 407 1 521 3 000 8.1% 216 200 2 000 2…
  10. H1 2015 Financial Results – Tauron Polska Energia – slide 10
    H1 2015 EBITDA PLN m 1 995 -4.0% 1 915 2 500 21.6% -29.1% 17.7% 38.5% 4.1% 12.1% - 20.8% 2 000 74 12 84 912 -56 -6 -186 871 1 500 1 000 1 083 1 044 500 0 H1 2014 EBITDA Mining Generation Distribution Supply Other…
  11. H1 2015 Financial Results – Tauron Polska Energia – slide 11
    Q2 2015 EBITDA PLN m 906 -1.4% 894 1 200 20.9% -41.6 % 16.4% 43.9% 3.6% 7.3% - 20.2% 1 000 85 52 -12 -5 456 -10 435 800 -122 600 400 450 459 200 0 Q2 2014 EBITDA Mining Generation Distribution Supply Other Unassigned…
  12. H1 2015 Financial Results – Tauron Polska Energia – slide 12
    H1 2015 prime costs structure -1.9% 4 852 4 760 PLN m Declining costs in H1 2015 are mainly due to: 100% 1% 1% consumption of materials Variable costs 35% Variable costs 34% 90% 1 276 1 234 depreciation and impairment charges…
  13. H1 2015 Financial Results – Tauron Polska Energia – slide 13
    Q2 2015 prime costs structure -3.3% 2 397 2 318 PLN m Declining costs in Q2 2015 are mainly due to: 100% 2% 2% consumption of materials (mainly lower fuel costs) Variable costs 33% Variable costs 31% 90% 645 605 depreciation…
  14. H1 2015 Financial Results – Tauron Polska Energia – slide 14
    Debt and financing Maturity of TAURON Groups debt 3 500 3 500 3 153 3 077 3 000 Net debt/EBITDA=1.93x 3 000 2 500 2 500 1 990 2 000 2 000 1 500 1 500 1 000 704 1 000 500 402 158 240 240 189 182 162 500 377 150 100 100 100 - 25 -…
  15. H1 2015 Financial Results – Tauron Polska Energia – slide 15
    CAPEX projects work progress Planned Capacity Capacity Investment project Work progress (percent) completion (MWe) (MWt) data Construction of the hard coal-fired unit at Jaworzno 910 - 11 2019 III Power Plant Construction of…
  16. H1 2015 Financial Results – Tauron Polska Energia – slide 16
    CAPEX by segment Key investment projects completed in H1 2015: CAPEX by segment [PLN m] Mining: construction of the 800 m level in Janina coal mine (PLN 41m), 41.6% 1 771 purchase of an additional longwall roof support and…
  17. H1 2015 Financial Results – Tauron Polska Energia – slide 17
    Efficiency improvement program Savings realized Savings planned Segment Progress % Main initiatives in 2013 - H1 2015 in 2013-2015 Implementation of the ultimate business model, elimination of the redundant functions Change of the…
  18. H1 2015 Financial Results – Tauron Polska Energia – slide 18
    Thank you Q & A : Investor Relations Marcin Lauer marcin.lauertauron.pl tel. + 48 32 774 27 06 Pawe Gaworzyski pawel.gaworzynskitauron.pl tel. + 48 32 774 25 34 Magdalena Wilczek magdalena.wilczektauron.pl tel. + 48 32 774 25 38…
  19. H1 2015 Financial Results – Tauron Polska Energia – slide 19
    Mining H1 2015 financial data [PLN m] 24 H1 2015 EBIT bridge [PLN m] 529 542 -7 -24 28 -115 -24 -158 -86 -6 -214 -214 H1 2014 H1 2015 H1 2014 EBIT Hard coal sales Hard coal sales Own cost of hard Adjustment for Other…
  20. H1 2015 Financial Results – Tauron Polska Energia – slide 20
    Generation H1 2015 financial data [PLN m] H1 2015 EBIT bridge [PLN m] 2 675 +373.5% 2 320 84 80 182 -4 71 -87 38 27 389 473 38 182 38 -65 H1 2014 H1 2015 H1 2014 EBIT TAMEH (ZW Nowa Electricity volume - Electricity volume…
  21. H1 2015 Financial Results – Tauron Polska Energia – slide 21
    Distribution H1 2015 financial data [PLN m] H1 2015 EBIT bridge [PLN m] 3 228 8.3% 3 049 10 56 110 -14 758 700 -68 -11 -15 -9 1 170 1 243 700 758 H1 2014 H1 2015 H1 2014 EBIT Price Volume Grid losses Grid losses DSO/TSO…
  22. H1 2015 Financial Results – Tauron Polska Energia – slide 22
    Distribution volumes H1 2014 electricity distribution [GWh] H1 2015 electricity distribution [GWh] 4 991 5 151 6 796 6 886 Group A Group A Group B Group B 2 072 22 766 Group C2 2 161 23 498 Group C2 Group C1+R+D Group C1+R+D…
  23. H1 2015 Financial Results – Tauron Polska Energia – slide 23
    Supply H1 2015 financial data [PLN m] H1 2015 EBIT bridge [PLN m] 8 094 -11.7% 7 575 374 85 330 19 15 -73 -90 392 374 335 330 H1 2014 EBIT Electricity prices Property rights' Property rights' Commercial fees Other…
  24. H1 2015 Financial Results – Tauron Polska Energia – slide 24
    Supply volumes H1 2014 electricity supply to customers [GWh]* H1 2015 electricity supply to customers [GWh] 2 001 3 161 Group A Group A Grupa A Group B Group B Grupa B 4 908 18 007 GroupC2+C1+R+D Grupa C2+C1+R+D 18 014 Group…
  25. H1 2015 Financial Results – Tauron Polska Energia – slide 25
    Electricity market price trends Electricity 2014 2015 (until July 27, 2015) 2015/2014 (until July 27, 2015) Platforms: TGE, TFS, GFI, GPW-POEE Price (PLN/MWh) Volume (GWh) Price (PLN/MWh) Volume (GWh) Price % Volume % Forward BASE…
  26. H1 2015 Financial Results – Tauron Polska Energia – slide 26
    2015 BASE contracts Volume Price Average Average price Volume [GWh] [PLN/MWh] Total 168.11 146 932 TGE 168.16 109 877 Including non TGE 167.96 37 055 Average electricity price that takes into account 2015 one year BASE and…
  27. H1 2015 Financial Results – Tauron Polska Energia – slide 27
    2016 BASE contracts Volume Price Average Average price Volume [GWh] [PLN/MWh] Total 169.97 90 062 TGE 169.59 67 303 Including non TGE 171.08 22 759 Average electricity price that takes into account 2016 one year BASE…
  28. H1 2015 Financial Results – Tauron Polska Energia – slide 28
    2017 BASE contracts Volume Price Average Average price Volume [GWh] [PLN/MWh] Total 170.07 7 323 TGE 169.29 2 558 Including non TGE 170.48 4 765 Average electricity price that takes into account 2017 one year BASE and…
  29. H1 2015 Financial Results – Tauron Polska Energia – slide 29
    TAURONs coverage by analysts Institution Analyst Institution Analyst DB Securities Tomasz Krukowski BAML Denis Deruskhin Dom Maklerski mBanku Kamil Kliszcz Raiffeisen Centrobank Teresa Schinwald Dom Maklerski Banku Handlowego…
  30. H1 2015 Financial Results – Tauron Polska Energia – slide 30
    Thank you for your attention 31 31

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