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Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia

Tauron Polska Energia · Nov 13, 2014 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 1
    TAURON Groups Q1-Q3 2014 financial results November 13, 2014
  2. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 2
    Q1-Q3 2014 key financial parameters TAURON Groups Q1-Q3 2014 financial results [PLN m] Q1-Q3 2014 Sales revenue 13 603 (-4.3% yoy) EBITDA 2 915 (-2.8% yoy) Net profit* 1 049 (-13.8% yoy) CAPEX 2 010 (-15.1% yoy) Net…
  3. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 3
    Q3 2014 key financial parameters TAURON Groups Q3 2014 financial results [PLN m] Q3 2014 Sales revenue 4 377 (-3.6% yoy) EBITDA 921 (-2.8% yoy) Net profit* 318 (-13.3% yoy) CAPEX 760 (-25.4% yoy) Net debt/EBITDA 1.73x (up…
  4. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 4
    Highlights TAURON Date Event Signature with the European Investment Bank of a PLN 295m loan agreement for CAPEX projects in the renewable July 22 energy sources and distribution segments Fitch Ratings agency reaffirmed TAURONs BBB…
  5. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 5
    Macroeconomic and market situation GDP Polands GDP growth rate* and manufacturing PMI PMI Increase of manufacturing production sold and electricity (quarterly average) consumption (yoy change)* 5% 56 12% 55 10% 4% +0.3 p.p. 54 53 8%…
  6. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 6
    Q1-Q3 2014 key operating data Mg m Hard coal production and sales [tons m] TWh Electricity [TWh] and heat [PJ] generation PJ 14.28 12 14 0.91 11.27 10 4,0 12 46.2% 1.33 1.41 10 8 -29.1% 3,0 1.00 8 6 13.37 10.59 6 8.78 4…
  7. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 7
    Q3 2014 key operating data Mg m Hard coal production and sales [tons m] TWh Electricity [TWh] and heat [PJ] generation PJ 5 4.53 0.31 3.98 4 35.5% 0.42 0.42 1 0.50 -16.0% 1,0 3 1.44 4.22 1.26 2 1.16 3.56 0.93 0.95 0.83 1…
  8. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 8
    Q1-Q3 2014 key financial data Sales revenue [PLN m] Net profit [PLN m] 16 000 14 214 1 400 13 603 1 264 14 000 1 200 1 699 -11.1% 1 053 1 511 12 000 1 000 10 000 4 166 4 327 3.9% 800 8 000 600 6 000 8 349 400 4 000 7 765 2…
  9. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 9
    Q3 2014 key financial data Sales revenue [PLN m] Net profit [PLN m] 6 000 372 400 45 4 377 319 350 5 000 -10.6% 300 468 448 4 000 250 1 347 3.9% 1 400 3 000 200 150 2 000 2 692 100 2 529 1 000 50 -6.1% -14.3% 0 0 Q3…
  10. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 10
    Q1-Q3 2014 EBITDA PLN m -2.8% EBIT Depreciation Growth per segment Drop per segment EBITDA margin 4 000 3 500 21.1% 9.6% 8.7% 65.9% 18.8% 39.3% 4.5% 19.0% 11.3% - 21.4% 3 001 59 17 77 2 915 83 3 000 15 9 1 287 -85 -246 -15 1 368 2…
  11. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 11
    Q3 2014 EBITDA PLN m -2.8% EBIT Depreciation Growth per segment 1 400 1 200 20.9% 16.2% 8.8% 64.3% 6.7% 41.1% 3.0% 20.1% 14.1% - 21.0% 1 000 947 25 24 12 921 3 -16 -42 -7 423 -16 -10 456 800 600 400 524 464 200 0 Q3…
  12. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 12
    Q1-Q3 2014 prime costs structure Prime costs structure PLN m Q1-Q3 1 373 1 501 1 944 467 1 895 2014 7 292 19% 21% 27% 6% 26% 1% Fixed costs 63% Variable costs 37% -6.2% Fixed costs 62% Variable costs 38% Q1-Q3 1 532 1 786 1…
  13. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 13
    Q3 2014 prime costs structure Prime costs structure PLN m Q3 456 489 655 179 619 2 440 2014 19% 20% 27% 7% 25% 2% Fixed costs 64% Variable costs 36% 0.0% Fixed costs 60% Variable costs 40% Q3 432 553 645 179 593 2 441 2013…
  14. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 14
    Debt and financing TAURON Groups debt maturity [PLN m] Structure of TAURON Groups debt [PLN m] 3 500 60 68 1% 1% 3 000 obligacje bonds 3 153 1 226 2 500 Net debt / EBITDA: 19% 1.73x EIB loans kredyty z EBI 2 000 National/Regional…
  15. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 15
    CAPEX key projects work progress Capaci Capac Planned Investment project ty ity Project status Work progress completion date (MWe) (MWt) In the first half of November RAFAKO-Mostostal consortium will hand over the units basic…
  16. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 16
    CAPEX by segment Main investment projects completed in Q1- CAPEX by segment [PLN m] Q3 2014: 2 368 Distribution construction of new -15.1% 2 010 connections (PLN 338m) and upgrade and restoration of grid assets (PLN 46 803m) RES…
  17. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 17
    OPEX reduction program Savings realized Savings planned in Segment Progress % Main initiatives in 2013 and in Q1-Q3 2014 2013-2015 Implementation of the ultimate business model, elimination of the redundant functions Change of the…
  18. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 18
    Thank you Q&A Investor Relations Marcin Lauer marcin.lauertauron-pe.pl tel. + 48 32 774 27 06 Pawe Gaworzyski pawel.gaworzynskitauron-pe.pl tel. + 48 32 774 25 34 Magdalena Wilczek magdalena.wilczektauron-pe.pl tel. + 48 32 774 25…
  19. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 19
    Mining Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 1 093 1 100 -94.3% 100 89 871 900 50 700 138 5 0 500 -3 300 -50 168 89 83 100 5 -100 -183 -100 -35 -150 Q1-Q3 2013 Q1-Q3 2014 Q1-Q3 2013 EBIT Hard…
  20. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 20
    Generation (conventional sources) Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 4 000 3 500 3 340 237 +39.3% 0 3 000 -50 2 500 2 305 -100 2 000 34 16 -150 116 1 500 10 -154 1 000 -200 500 200 -176 117 -250 0…
  21. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 21
    Renewable Energy Sources (RES) Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 250 +44.8% 216 160 37 200 140 -7 120 28 142 150 129 100 - 33 32 82 80 -1 100 84 - 27 82 57 60 57 -2 40 50 20 0 0 Q1-Q3 2013…
  22. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 22
    Heat Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 1 000 967 -6.5% 926 120 11 33 18 800 100 8 -8 600 80 76 - 20 - 27 2 71 60 - 22 400 40 165 182 200 76 71 20 0 0 Q1-Q3 2013 Red and yellow Heat supply…
  23. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 23
    Distribution Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 4 451 4 529 +4.5% 1 400 4 000 147 1 071 1 200 1 024 64 8 36 3 000 1 000 -170 -31 -8 2 000 1 701 1 778 800 1 071 600 1 024 1 000 400 0 200 Q1-Q3…
  24. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 24
    Distribution volumes Q1-Q3 2013 electricity distribution [GWh] Q1-Q3 2014 electricity distribution [GWh] 7 430 7 260 10 236 Group A 10 392 Group A Group B Group B 3 078 33 778 Group C2 3 013 34 077 Group C2 Group C1+R+D Group…
  25. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 25
    Supply Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 14 000 13 301 800 -33.6% 721 61 11 267 700 12 000 -51 600 10 000 -152 500 23 -44 479 8 000 400 -80 6 000 300 4 000 200 2 000 747 721 100 501 479 0 0…
  26. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 26
    Supply volumes Q1-Q3 2013 electricity supply* [GWh] Q1-Q3 2014 electricity supply* [GWh] 3 657 2 717 7 356 6 497 7 134 GroupAA Grupa 7 356 GroupAA Grupa 30 483 28 118 Grupa GroupBB GroupBB Grupa Grupa GroupC2+C1+R+D…
  27. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 27
    Customer service Q1-Q3 2014 financial data [PLN m] Q1-Q3 2014 EBIT bridge [PLN m] 500 -5.8% 456 160 450 33 375 140 400 350 120 39 300 100 250 80 60 11 56 200 60 6 150 -92 40 72 87 100 60 56 20 50 0 0 Q1-Q3 2013 EBIT Revenue of…
  28. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 28
    Electricity market price trends Electricity 2013 2014 (until 4.11.2014) 2014/2013 Platforms: TGE, TFS, GFI, GPW-POEE Price PLN/MWh Volume GWh Price PLN/MWh Volume GWh Price % Volume % Forward BASE (Y+Q+M) 184.92 140 488 161.01 187 965…
  29. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 29
    2015 BASE contracts PLN/MWh Trading volume Price Average price Average price Volume [PLN/MWh] [GWh] Total 167.03 126 004 TGE 167.13 94 599 including non TGE 166.74 31 405 Average electricity price that takes into account…
  30. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 30
    2016 BASE contracts PLN/MWh Trading volume Price Average price Average price Volume [PLN/MWh] [GWh] Total 175.39 20 774 TGE 175.76 13 562 including non TGE 174.69 7 212 Average electricity price that takes into account…
  31. Q1 Q3 2014 FINANCIAL RESULTS – Tauron Polska Energia – slide 31
    TAURON's coverage by analysts Institution Analyst Institution Analyst DB Securities Tomasz Krukowski Ipopema Securities Piotr Zielonka Dom Maklerski mBanku Kamil Kliszcz Raiffeisen Centrobank Teresa Schinwald Dom Maklerski Banku…

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