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Q1 2014 Financial Results – Tauron Polska Energia

Tauron Polska Energia · May 14, 2014 · 27 slides

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Slides

  1. Q1 2014 Financial Results – Tauron Polska Energia – slide 1
    TAURON Groups Q1 2014 financial results May 14, 2014
  2. Q1 2014 Financial Results – Tauron Polska Energia – slide 2
    Q1 2014 key financial parameters TAURON Groups Q1 2014 financial results [PLN m] Q1 2014 Sales revenue 4 887 (-5.4% yoy) EBITDA 1 088 (-11% yoy) Net profit 399 (-31.4% yoy) CAPEX 565 (4.5% yoy) Net debt/EBITDA 1.68 (up…
  3. Q1 2014 Financial Results – Tauron Polska Energia – slide 3
    2014 highlights TAURON Date Event Signature of agreement with Polish Investments for Development (Polskie Inwestycje Rozwojowe-PIR) on financing the March 20 construction of a 415 MW CCGT unit at agisza Power Plant. PIRs maximum…
  4. Q1 2014 Financial Results – Tauron Polska Energia – slide 4
    Macroeconomic and market situation Increase of manufacturing production sold and electricity GDP Poland GDP growth rate* and manufacturing PMI PMI consumption (change yoy)* (quarterly average) 5% 56 12% 55 10% 4% 54 8% +0.1 p.p.…
  5. Q1 2014 Financial Results – Tauron Polska Energia – slide 5
    Q1 2014 key operating data Mg m Hard coal production and sales [tons m] TWh Electricity [TWh] and heat [PJ] generation 6 10PJ 2,0 5.15 9 5 0.28 8 67.8% 7 4 3.69 0.47 6 0.40 -27.5% 3 5 1,0 4.87 4 7.49 0.29 2 1.52 5.92 3…
  6. Q1 2014 Financial Results – Tauron Polska Energia – slide 6
    Q1 2014 key financial data Sales revenue [PLN m] Net profit attributable to the parent company [PLN m] PLN m PLN m 6 000 559 600 5 164 5 000 4 887 656 -9.5% 500 594 396 4 000 400 1 471 3.4% 1 520 3 000 300 2 000 200 3 037 2 773…
  7. Q1 2014 Financial Results – Tauron Polska Energia – slide 7
    Q1 2014 EBITDA PLN m -11.0% EBIT Depreciation Segment increase 1 600 23.7% 7.9% 8.9% 69.9% 30.2% 35.8% 5.8% 24.3% 7.4% - 22.3% 1 400 1 222 32 1 200 29 24 433 -53 27 3 5 1 088 1 000 -90 -110 456 800 789 600 632 400 200 0…
  8. Q1 2014 Financial Results – Tauron Polska Energia – slide 8
    Q1 2014 prime costs structure Prime costs structure PLN m Q1 455 542 636 152 631 2014 23 2 442 19% 22% 26% 6% 26% 0.1% Fixed costs 62.6% Variable costs 37.4% -4.4% Fixed costs 58.8% Variable costs 41.2% Q1 432 651 573 231 640…
  9. Q1 2014 Financial Results – Tauron Polska Energia – slide 9
    Debt and financing PLN m TAURON Groups debt maturity [PLN m] Structure of TAURON Groups long term debt [PLN m] 3 500 3 153 bonds 64 90 3 000 1% 1% 2 500 1 267 2 000 20% EIB loans 1 500 1 451 1 000 6 319 National/Regional 500 255…
  10. Q1 2014 Financial Results – Tauron Polska Energia – slide 10
    CAPEX - key projects work progress Capacity Capacity Planned Investment project (MWe) (MWt) Project status Work progress completion date Construction of the hard coal-fired unit On April 17, 2014 the contract with RAFAKO S.A.…
  11. Q1 2014 Financial Results – Tauron Polska Energia – slide 11
    CAPEX by segment (2) CAPEX by segment [PLN m] Main investment projects completed in Q1 +4.5% 2014: 15 14 Distribution construction of new 565* 541 connections (PLN 84m) and upgrade and restoration of grid assets (PLN 261m)…
  12. Q1 2014 Financial Results – Tauron Polska Energia – slide 12
    OPEX reduction program Savings realized Savings planned in Segment Progress Main initiatives in 2013 and 2013-2015 Q1 2014 Implementation of the ultimate business model, elimination of the redundant functions Change of the way…
  13. Q1 2014 Financial Results – Tauron Polska Energia – slide 13
    Thank you Q&A Investor Relations Office 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…
  14. Q1 2014 Financial Results – Tauron Polska Energia – slide 14
    Mining Financial data [PLN m] EBIT bridge [PLN m] 46 -119 372.7 248.2 -7 72 1 72.9 46.0 19.7 -7.0 -6 Q1 2013 Q1 2014 EBIT Hard coal sales Hard coal sale price Own cost of hard Other factors EBIT Sales revenue EBITDA…
  15. Q1 2014 Financial Results – Tauron Polska Energia – slide 15
    Generation (conventional sources) Financial data [PLN m] EBIT bridge [PLN m] PLN m 1 207 28 -89 -52 756 32 -58 52 -5 158 -13 28 67 -52 Q1 2013 Q1 2014 EBIT Electricity sale Electricity sales Electricity Electricity trading…
  16. Q1 2014 Financial Results – Tauron Polska Energia – slide 16
    Renewable Energy Sources (RES) Financial data [PLN m] EBIT bridge [PLN m] PLN m +100,0% 80 15 -11 14 -11 19 36 56 -3 18 -5 42 36 27 18 EBIT Hydro power Wind farms' Hydro power Wind farms' Property rights' Depreciation…
  17. Q1 2014 Financial Results – Tauron Polska Energia – slide 17
    Heat Financial data [PLN m] EBIT bridge [PLN m] 110 +21.1% 455 9 3 93 427 90 28 77 -9 -20 70 5 50 30 129 105 93 77 10 -10 EBIT Heat supply and Electricity sale Heat sale price CO2 costs Other Other EBIT Q1 2013…
  18. Q1 2014 Financial Results – Tauron Polska Energia – slide 18
    Distribution Financial data [PLN m] EBIT bridge [PLN m] +7,3% 1 542 1 558 62 -62 20 -5 -9 -1 324 302 18 526 558 302 324 EBIT Price Grid loss Grid loss Purchase of Tax on grid Depreciation Other EBIT Q1 2013 Q1 2014 Q1…
  19. Q1 2014 Financial Results – Tauron Polska Energia – slide 19
    Distribution volumes Q1 2013 electricity distribution [TWh] Q1 2014 electricity distribution [TWh] 2.6 2.6 3.3 3.4 Group A Group A Group B Group B 0.7 Group C2 0.7 Group C2 11.7 11.7 Group C1+R+D Group C1+R+D Group G Group…
  20. Q1 2014 Financial Results – Tauron Polska Energia – slide 20
    Supply Financial data [PLN m] EBIT bridge [PLN m] -32.4% 4 791 35 -104 4 096 339 -19 -17 -5 229 348 339 238 229 EBIT Retail sales Electricity prices Property rights Increased Other EBIT Q1 2013 Q1 2014 Q1 2013 volume…
  21. Q1 2014 Financial Results – Tauron Polska Energia – slide 21
    Supply volumes Q1 2013 electricity supply to customers [TWh]* Q1 2014 electricity supply to customers [TWh]* 1,5 Grupa Group A A 1,4 Group A Grupa A 2,5 Grupa 2,0 Group B B Grupa C2+C1+R+D Group C2+C1+R+D Group B B…
  22. Q1 2014 Financial Results – Tauron Polska Energia – slide 22
    Customer Service EBIT bridge [PLN m] Financial data [PLN m] +244,8% 163 28 -37 104 21 1 31 40 9 31 9 12 9 EBIT Shared Services Shared Services Shared Services Costs of services Other revenue/costs EBIT Q1 2013 Q1 2014…
  23. Q1 2014 Financial Results – Tauron Polska Energia – slide 23
    Electricity market price trends Electricity 2013 2014 (until 29-04-2014) 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) 184.92 140 488 160.08 172…
  24. Q1 2014 Financial Results – Tauron Polska Energia – slide 24
    2014 BASE contracts PLN/MWh GWh BASE Y-14 5 000 230 Wolumen Volume obrotu Notowania Price rednia Average 4 500 220 4 000 210 3 500 200 3 000 190 2 500 180 2 000 170 1 500 160.40 160 1 000 150 500 140 0 2011-07-01…
  25. Q1 2014 Financial Results – Tauron Polska Energia – slide 25
    2015 BASE contracts PLN/MWh GWh BASE Y-15 5 000 200 4 500 Volume Wolumen obrotu Notowania Price rednia Average 4 000 190 3 500 180 3 000 2 500 170 162.94 2 000 160 1 500 1 000 150 500 140 0 2012-10-04 2012-12-13…
  26. Q1 2014 Financial Results – Tauron Polska Energia – slide 26
    2016 BASE contracts PLN/MWh GWh 185 BASE Y-16 5 000 Wolumen Volume obrotu Notowania Price rednia Average 4 500 180 4 000 175 3 500 169.57 3 000 170 2 500 165 2 000 160 1 500 1 000 155 500 150 0 2013-05-15 2013-06-27…
  27. Q1 2014 Financial Results – Tauron Polska Energia – slide 27
    TAURON's coverage by analysts Institution Analyst Institution Analyst DB Securities Tomasz Krukowski Piotr Zielonka, Tomasz Ipopema Securities ciesiek Dom Inwestycyjny mBanku Kamil Kliszcz Raiffeisen Centrobank Teresa Schinwald Dom…

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