TAURON Group Results for Q1 2012en.tauron.pl/SiteCollectionDocuments/Prezentacja wynikowa...This...
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TAURON Group Results for Q1 2012
10 May 2012
1
Disclaimer
This presentation serves for information purposes only and should not be treated as investment-related advice.
This presentation has been prepared by TAURON Polska Energia S.A. (“the Company”).
Neither the Company nor any of its subsidiaries shall be held accountable for any damage resulting from the
use of this presentation or a part thereof, or its contents or in any other manner in connection with this
presentation.
The recipients of this presentation shall bear exclusive responsibility for their own analyses and market
assessment as well as evaluation of the Company’s market position and its potential results in the future based
on information contained in herein.
To the extent this presentation contains forward-looking statements related to the future, in particular such
terms as ”designed”, ”planned”, ”anticipated”, or other similar expressions (including their negation), they shall
be connected with the known and unknown risks, uncertainty and other factors which might result in actual
results, financial situation, actions and achievements being materially different from any future results, actions
or achievements expressed in such forward-looking statements.
Neither the Company nor any of its subsidiaries shall be obliged to provide the recipients of this presentation
with any additional information or to update this presentation.
Key events
2
19 January Concluding the agreement for the construction of a 82 MW wind farm in Marszewo
with the consortium of companies: Iberdrola Engineering and Construction Poland
(leader) and Iberdrola Ingenieria Y Construction
19 January Concluding a PLN 40 million worth agreement for co-financing of the biomass-burning
boiler at Elektrownia Jaworzno III – Elektrownia II with the Ministry of Economy (as
the intermediary institution for the Operational Program Infrastructure and
Environment 2007-2013)
4 April Concluding a PLN 20 million worth agreement with NFOŚiGW (National Fund of
Environmental Protection and Water Management) concerning co-financing of the
project for modernisation of the heat generation unit at EC Tychy. After the
modernisation, the unit will be adjusted to burn only biomass .
24 April Decision of the Ordinary General Meeting on the dividend payout in the amount of
PLN 543 million, i.e. PLN 0.31 per share
25 April Decision of the Court of Appeal, in favour of TAURON, on the determination of annual
adjustment of stranded costs for the year 2008
26 April
Concluding of agreement with the company Abener Energia as the general contractor
of the CCGT unit’s construction at Stalowa Wola. The PLN 1.57 billion net worth
contract is for the construction of the largest gas fired co-generation plant in Poland
Electric energy market price trends
3
Platforms:
TGE, TFS, GFI,
GPW-POEE
Forward BASE (Y+Q+M)
Forward PEAK (Y+Q+M)
Forward (weighted average)
SPOT (TGE + GPW-POEE)
Total weighted average
Price
PLN/MWh
Volume
GWh
Price
PLN/MWh
Volume
GWh
Price
%
Volume
%
195.36 106,812 201.71 123,400 + 3.2% + 15.5%
219.01 14,744 227.17 14,510 + 3.7% - 1.6%
198.23 121,555 204.39 137,911 + 3.1% + 13.5%
199.08 18,905 190.22
(Forecast)
19,695 (Forecast)
- 4.4% + 4.2%
198.34 140,460 202.62 157,606 + 3.2% + 12.2%
Electric energy
CO2 emission allowances (EUR/t) Certificates (PLN/MWh)
Type of
certificate
Estimates
of market
prices for
December 2012
Substitution fee
for 2012
RES (green) 283.72 286.74
Coal co-generation (red)
7.92 29.30
Gas co-generation (yellow)
126.12 128.80
Methane (violet) 58.40 60.00
2011 2012 2012/2011
Questionnaire of CO market
analysts2 *
Price (EUR/t)
Average in 2012 6 – 8 EUR/t
Average in 2013 7 – 9 EUR/t
Average in 2014 9 – 11 EUR/t
Average EUA price
forecast by TAURON
in 2012 7 – 8 EUR/t
*Source: Deutsche Bank, Barclays Capital, Point Carbon
Restructuring of the Group – Q1 2012
4
Ownership structure rearrangement
Sale of non-core business assets:
15 recreational facilities, planned completion – 2013
shares/stocks of 12 companies outside the value chain and 7 under
trustee management; planned completion - 2013
Consolidation of medical activity, streamlining of the Group’s structure and
preparation for sale of PŚZiPZ ELVITA, scheduled disposal of shares – 2012
Analysis of legitimacy of separation, integration and supervision of the Group’s
non-core business operations
Analysis of merger possibilities of companies of the same profile (dealing with
repairs, transportation, measurements and metering), or disposal of
shares/stocks of companies in these business lines
Outsourcing processes for cleaning and security services in other companies of
TAURON Group
Business model implementation
Co
mp
lete
d
In
pro
gre
ss
Redemption of minority shareholders of Górnośląski Zakład
Elektroenergetyczny S.A.
Completion of the process of assets integration in the Heat
Segment. Acquisition of the following companies by TAURON
Ciepło S.A.: EC Tychy S.A., EC Nowa sp. z o.o., Energetyka
Cieplna w Kamiennej Górze sp. z o.o.
Sale of non-core business assets for the total amount of PLN 4 million in Q1
2012:
shares/stocks - in the amount of PLN 4 million
Mergers:
2 companies in the Distribution Segment (registration of the merger
in the National Court Register – January 2012)
Outsourcing processes for cleaning and security services at ZEW Rożnów sp.
z o.o. and TAURON Ciepło S.A.
Consolidation of companies: ZEW Rożnów sp. z o.o. and TAURON
Ekoenergia sp. z o.o.; scheduled completion – H1 2012
Merger of companies: Lipniki sp. z o.o. and TAURON Ekoenergia
sp. z o.o.; scheduled completion – 2012
GZE Group companies’ assets integration:
Incorporation of GZE S.A. by TAURON Polska Energia
S.A.; scheduled completion – Q3 2012
Integration in the following segments: Distribution, Supply,
Customer Service, RES; scheduled completion – Q3 2013
Implementation of investment program
5
Capacity – 50 MWe / 182 MWt
Scheduled commissioning – mid-2013
ZEC Bielsko Biała – new heating unit
Capacity – 50 MWe / 86 MWt
Scheduled commissioning - end of 2015
Elektrociepłownia Tychy – new CHP unit
Capacity – 50 MWe / 45 MWt
Scheduled commissioning – 2012
Elektrownia Jaworzno III – new fluidized bed boiler
(biomass burning)
Status as of 31 March 2012:
Construction works in progress. General contractor:
Polimex-Mostostal
Status as of 31 March 2012:
Construction works in progress. General contractor:
consortium Rafako and Omis
On 19 January the agreement was signed with the Ministry
of Economy (as intermediary institution for Operational
Programme Infrastructure and Environment 2007-2013)
concerning co-financing of the new unit in the amount of
PLN 40 M
Status as of 31 March 2012:
Selection of the contractor of the new unit is underway
Elektrociepłownia Tychy – reconstruction of fluidized bed
boiler (biomass burning)
Capacity – 40 MWe Scheduled commissioning – end of 2012
Status as of 31 March 2012:
construction of biomass type boiler:
construction and assembly works in progress,
contractor: Metso Power Oy
construction of biomass feeding installation:
design and construction-building works are in
progress, contractor: Mostostal Warszawa
construction of WR 40 boiler
design works are in progress, contractor: SEFAKO
Elektrownia Stalowa Wola – modernisation of K-10 boiler
(biomass burning)
Capacity – 20 MWe Scheduled commissioning – 2012
Status as of 31 March 2012:
Construction works in progress. General contractor: Rafako
Implementation of investment program (2)
6
Capacity – 400 MWe / 240 MWt
Project launch – 2010; scheduled commissioning – H1
2015
Elektrownia Stalowa Wola – new CCGT unit
Status as of 31 March 2012:
General contractor selected – Abener Energia Update: On 26 April the agreement with the general contractor of the unit -
Abener Energia - was signed
Capacity – 135 MWe / 90 MWt
Scheduled commissioning – H2 2015
Elektrociepłownia Katowice – new CCGT unit
Status as of 31 March 2012:
Contractor selection is ongoing
Capacity – 40 MWe
Scheduled commissioning – 2013
Wind Farm – Wicko
Status as of 31 March 2012:
The process of selection of the contractor is underway. Update: on 7 May the best offer was selected, submitted by consortium of
companies: Aldesa Nowa Energia and Aldesa Construcciones
Capacity – approx. 850 MWe
Scheduled commissioning – 2016
Elektrownia Blachownia – new gas unit
Status as of 31 March 2012:
Activities are underway aimed at the establishment of a
special purpose vehicle and obtaining a permit for
concentration (approval of the European Commission on
the establishment of the joint undertaking)
Wind Farm – Marszewo
Capacity – 100 MWe Scheduled commissioning – 2014
Status as of 31 March 2012:
On 19 January agreement with general contractor was
signed – consortium of companies: Iberdrola Engineering
and Construction Poland (leader) and Iberdrola Ingenieria
Y Construction, on the construction of Marszewo I and II
wind farm of 82 MW capacity
Organizational and legal procedures aimed at takeover of
the construction site by the contractor and commencement
of the construction works are underway
Implementation of investment program (3)
7
Scope – adjustment of six OP-650k type boilers to the
standards of lower emission of nitrogen oxides which will
be binding in Poland starting from 2018
Commencement of the works – July 2010; scheduled
completion – January 2016
Elektrownia Jaworzno III – modernisation of boilers
Status as of 31 March 2012:
Optimisation works at unit No. 2 are completed. Works at
unit No. 4 are in progress.
General contractor: consortium Fortum Power and Heat
(consortium leader) and Zakłady Remontowe Energetyki
Katowice (consortium member)
Scope – adjustment of four OP-650k type boilers to the
standards of lower emission of nitrogen oxides which will
be binding in Poland starting from 2018
Commencement of the works – July 2010; scheduled
completion – January 2015
Elektrownia Łaziska – modernisation of boilers
Status as of 31 March 2012:
Completion of the modernisation works and the works
connected with the construction of combustion gases
dentrification installation at Unit No. 12 – adjustment
operation is in progress
General contractor: STRABAG
Capacity – 910 MWe
Scheduled commissioning – 2016
Elektrownia Jaworzno III – new coal-fired unit
Status as of 31 March 2012:
The process of selection of contractor and contract engineer
is underway
On 28 February, invitations to submit offers were sent,
including the final Terms of Reference to the tender
proceeding to select the Contractor. Invitations were sent to 5
bidders participating in the tender. Deadline for submission of
offers: 29 June this year
Capital expenditures
8
In Q1 2012, TAURON Group spent over PLN 0.5 bn for investment, about 81% of which were expenditures in the Generation and
Distribution lines of business. As compared to the corresponding period of 2011 the increase of CAPEX was about PLN 0.3 bn, mainly
in the Generation and Distribution segments
Strong CAPEX growth in Generation (by approx. PLN 0.13 bn) is due to the continued implementation of the investment projects
connected with capacity restoration (50 MW at EC Bielsko as well as 50 MW RES at Elektrownia Jaworzno – PLN 0.09 bn) as well as
other expenditures (including mainly NOx installations at Elektrownia Jaworzno and Łaziska as well as the biomass installation at K-10
boiler at ESW - approx. PLN 0.05 bn)
CAPEX increase in Distribution (by approx. PLN 0.1 bn) is due mainly to larger expenditures on modernisation and restoration of
existing grid assets
26 25
62
188 7
5
120
223
1
6
4
2
9
60
3
1
0
100
200
300
400
500
600
IQ 2011 IQ 2012
Mining Generation RES Distribution Sales Customer Service Heat Other
PLN M
231
510
120.7%
Customer
Service
SEGMENT
Supply
SEGMENT
Heat
SEGMENT
RES
SEGMENT
New reporting model
9
Mining
SEGMENT
RES Segment:
TAURON Ekoenergia
BELS INVESTMENT
MEGAWAT MARSZEWO
Lipniki
TAURON Ekoenergia GZE
Heat Segment:
TAURON Ciepło
EC Tychy
EC Nowa
Generation
SEGMENT
Other SEGMENT
Distribution
SEGMENT
Supply Segment: TAURON Sprzedaż
TAURON Sprzedaż GZE
TAURON Polska Energia
TAURON Czech Energy
Customer Service Segment: TAURON Obsługa Klienta
TAURON Obsługa Klienta GZE
Distribution Segment:
TAURON Dystrybucja
TAURON Dystrybucja GZE
TAURON Serwis GZE
Generation Segment:
TAURON Wytwarzanie
Other Segment :
Kopalnia Wapienia Czatkowice
PE-PKH
Mining Segment:
Południowy Koncern Węglowy
Q1
2011
Q1
2012
Change %
(Q1 2012/
Q1 2011)
Production of commercial coal
(million t) 1.15 1.21 + 5.2%
Electric energy generation (net production)
(TWh) 5.90 4.97 -15.8%
including: from renewable sources 0.23 0.30 30.4%
Heat Generation (PJ) 7.36 7.80 6%
Distribution (TWh) 9.89 12.70 28.4%
Electricity supply (TWh) 9.24 11.79 27.6%
Number of customers - Distribution 4,125 5,284 28.1%
Key operating data
10
Financial Results for Q1 2012
11
Profit share of minority shareholders
511
565
0
100
200
300
400
500
600
I kwartał 2011 I kwartał 2012
10.6%
TAURON Group’s EBIT [PLN M]
Q1 2011 Q1 2012
5 299
6 455
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
I kwartał 2011 I kwartał 2012
21.8%
TAURON Group’s Revenue [PLN M]
Q1 2012
1,4% 3,3%
388 400
0
100
200
300
400
500
I kwartał 2011 I kwartał 2012
3.1%
TAURON Group’s net profit [PLN M]
Q1 2011 Q1 2012
3% 5%
36% 26%
5% 5%
38% 46%
10%
10% 1%
1% 9%
8% 1%
1%
-2% -3%
-200
0
200
400
600
800
1 000
1 200
Q 1 2011 Q 1 2012
Mining Generation RES Distribution Sales Customer Service Heat Other Not allocated/exclusions
TAURON Group’s EBITDA by segments [PLN M]; EBITDA structure
861 975
13.3
Q1 2011
Financial Results for Q1 2012 – EBITDA
EBIT
Amortisation
Increase in segment
Decrease in segment
Change in segment in %
EBITDA Margin
Change in EBITDA by segments [PLN M and %]; EBITDA margin by segments [%]
12
861
975
26,8 (53,6) 13,5
116,0 15,0 7,1 0,3 2,7 (13,3)
0
100
200
300
400
500
600
700
800
900
1 000
EBITDA I kwartał 2011
Wydobycie Wytwarzanie OZE Dystrybucja Sprzedaż Obsługa klienta
Ciepło Pozostałe Pozycje nieprzypisane / wyłączenia
EBITDA I kwartał 2012
511 565
PLN M 22.4% 17.3% 15.8% 16.2% 2.2% 80.4% -
16.2% 15.1%
9.8% 28.5%
124% -17% 34% 35% 109% 0% 17% 34%
EBITDA Customer Not allocated EBITDA
Q1 2011 Mining Generation RES Distribution Supply Service Heat Other items/
exclusions Q1 2012
13
Increase Decrease
Changes in cash flow level Cash flow – changes in Q1 2012
506 542
506
410
(529) (132) (969)
(31)
150 (12)
-101
542
254
(868)
649
-400
-200
0
200
400
600
800
1 000
1 200
1 400
1 600
PLN M
Group's debt level
14
Net financial debt (PLN M), net financial debt/EBITDA (x)
0.3x 0.01x -0.02x*
net financial debt / EBITDA
* in relation to EBITDA value for 2010
** in relation to EBITDA value for 2011
0.16x* 1.33x* 1.56x**
1 899 1 492 1 320 1 321
4 537 5 264
1 032 1 474 1 376
885 506 546
0
1 000
2 000
3 000
4 000
5 000
6 000
31.12.2009 31.12.2010 30.06.2011 30.09.2011 31.12.2011 31.03.2012
financial debt cash
30
145
164
145
74
147
129
88
73
95 108
138
121
0
20
40
60
80
100
120
140
160
180
Q 1
2009
Q 2
2009
Q 3
2009 Q 4 2009
Q 1
2010 Q 2
2010 Q 3 2010
Q 4 2010
Q 1 2011
Q 2 2011
Q 3
2011 Q 4 2011
Q 1 2012
Compensation due to termination
of Long-Term Contracts
15
Indexed advance payments under the Act on LTC Termination
Annual adjustments of these advance payments
Part of the final adjustment
-9.5%
Revenue due to
compensation consists of:
0.8%
4.5%
5.0%
4.0%
1.9%
4.2%
3.5%
1.4%
1.9%
XX% Share of LTC in quarterly revenue
484 438
2.0%
2.2%
415 -5.3%
Revenue due to compensation
2.5%
1.9%
16
Prime costs structure
Cost increase in Q1 2012 applies mainly to:
costs of employees' benefits – recognising of provision for severance payments for employees leaving the company due to implementation of labour costs reduction programs
external services, especially due to increased cost of distribution and repair services
Similar to Q1 2011, in Q1 2012, variable costs constituted approx. 46%, and fixed costs constituted 54% of the total costs
14% 12%
31% 27%
21% 24%
8% 6%
24% 29%
1% 1%
0
500
1 000
1 500
2 000
2 500
3 000
Q1 2011 Q1 2012
Amortisation and impairment Consumption of energy and materials Outsourced services
Taxes and fees Costs of employee benefits Other prime costs
PLN M
2,486 2,612
5.1%
Implementation of efficiency improvement
program
17
54
435
225 11
275
0
200
400
600
800
1 000
Wydobycie Wytwarzanie, Ciepło, OZE
Dystrybucja Sprzedaż oszczędności pozostałe do realizacji
planowane oszczędności 2010-
2012
PLN M Efficiency improvement program 2010-2012
cumulated OPEX savings
Mining Generation, Distribution Supply Other savings Planned
Heat, RES for implementation savings 2010-2012
PLN 1 bn
PLN 54 M (cum.);
including
PLN 6 M in 2012
PLN 435 M (cum.);
including
PLN 26 M in 2012
PLN 11 M (cum.);
including
PLN 1 M in 2012
PLN 225 M (cum.);
including
PLN 31 M in 2012
31/03/2012
Voluntary Redundancy Program – as of the end of Q1 2012, 1907 persons joined the program (since its launch), among which
employment contracts were terminated with 62 persons in 2012 (in total, since the program launch: 1739 persons). Savings
resulting from redundancies, decreased by costs incurred to gain savings, are included in the amounts presented in individual
segments
18
Key directions for development and growth
Fund raising
Group’s Value
Increase
Continued process of integration with GZE Group companies
Achievement of synergies due to integration of segments
Completing the first cost efficiency improvement program and
commencement of another one
Increased investment, particularly in the Generation segment
Obtaining of preferential funding from EBI/EBOiR for projects in
Distribution and Generation segments
Obtaining of preferential financing/ subsidies from the EU funds and
environmental funds (NFOŚiGW and WFOŚiGW)
Continued optimisation of the funding used
Thank You – Q&A
19
20
TAURON Polska Energia S.A.
ul. ks. Piotra Ściegiennego 3, 40-114 Katowice
tel: +48 32 774 27 06, fax +48 32 774 25 24
Investor Relations Section Marcin Lauer
tel. + 48 32 774 27 06
Paweł Gaworzyński
tel. + 48 32 774 25 34
Magdalena Wilczek
tel. + 48 32 774 25 38
Additional Information
21
BASE transactions for 2012
22
Average price of transactions concluded [PLN/MWh]: Volume [GWh]
Annual 202.61 100,796
Quarterly 199.14 16,741
Monthly 193.49 5,863
TOTAL 201.71 123,400
179
184
189
194
199
204
209
2011-01-01 2011-05-01 2011-08-29 2011-12-27 2012-04-25
Pri
ce [
PL
N/M
Wh
]
Prices of Base contracts concluded for 2012
Y-12 Q1-12 Q2-12 Q3-12 Q4-12
PEAK transactions for 2012
23
Average price of transactions concluded [PLN/MWh]: Volume [GWh]
Annual 228.52 11,616
Quarterly 223.32 1,686
Monthly 219.47 1,208
TOTAL 227.17 14,510
205
210
215
220
225
230
235
2011-01-01 2011-05-01 2011-08-29 2011-12-27 2012-04-25
Pri
ce [
PL
N/M
Wh
]
Prices of Peak contracts concluded for 2012
Y-12 Q1-12 Q2-12 Q3-12 Q4-12
BASE transactions for 2013
24
Average price of transactions concluded [PLN/MWh]: Volume [GWh]
Annual 213.71 19,920
Quarterly 211.61 318
Monthly
TOTAL 213.68 20,238
208
210
212
214
216
218
220
222
2011-01-01 2011-05-01 2011-08-29 2011-12-27 2012-04-25
Pri
ce [
PL
N/M
Wh
]
Prices of Base contracts concluded for 2013
Y-13 Q1-13 Q2-13 Q3-13 Q4-13
PEAK transactions for 2013
25
Average price of transactions concluded [PLN/MWh]: Volume [GWh]
Annual 244.28 715
Quarterly 238.96 28
Monthly
TOTAL 244.08 743
232
234
236
238
240
242
244
246
248
250
2011-10-04 2012-02-01
Pri
ce [
PL
N/M
Wh
]
Prices of Peak contracts concluded for 2013
Y-13 Q1-13 Q2-13 Q3-13 Q4-13
BASE transactions for 2014
26
Average price of transactions concluded [PLN/MWh]: Volume [GWh]
Annual 221.65 2,015
Quarterly
Monthly
TOTAL 221.65 2,015
216
218
220
222
224
226
228
230
232
2011-06-26 2011-08-15 2011-10-04 2011-11-23 2012-01-12 2012-03-02 2012-04-21
Pri
ce [
PL
N/M
Wh
]
Prices of Base contracts concluded for 2014
Y-14 Q1-14 Q2-14 Q3-14 Q4-14
Mining – key financial data
Change: Revenue EBITDA EBIT in segment (in PLN M )
27
284 307
22 48
- 4
23
- 50
0
50
100
150
200
250
300
350
Q1 2011 Q1 2012
* Volume of coal sales increased by 0.7% YoY, while production of commercial coal increased by 5.4%, which will result in growth of
sales in the subsequent months 28
Mining – EBIT bridge
-4.0
22.7
0.13
22.3
1.6
2.8
-5
0
5
10
15
20
25
Q1 2011 EBIT Coal sales volume Coal sale price Own cost of coal sale per unit
Result on other operating activity
Q1 2012 EBIT
PLN M
Generation from conventional sources – key
financial data
29
Change: Revenue EBITDA EBIT in segment (in PLN M)
1 538 1 469
308 254 174 121
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Q1 2011 Q1 2012
30
Generation – EBIT bridge
174
121
60
48
19
(64) (67)
(41) (7)
0
20
40
60
80
100
120
140
160
180
200
Q1 2011 EBIT Energy sale volume
Energy sale price
Variable cost of energy per
unit
Revenue from LTC
compensation
Margin on other
operating activity
Restructuring costs
Other Q1 2012 EBIT
PLN M
Generation from renewable sources – key
financial data
31
Change: Revenue EBITDA EBIT in segment (in PLN M)
52
67
40
54
34
43
0
10
20
30
40
50
60
70
Q1 2011 Q1 2012
32
RES – EBIT bridge
34
43
18,0 0,5
(3,3)
(4,4) (1,7)
0
10
20
30
40
50
60
Q1 2011 EBIT Supply volume - hydroelectric PP
Supply volume - wind farms
Sale price of energy and certificates
Amortization Other Q1 2012 EBIT
PLN M
Distribution – key financial data
33
Change: Revenue EBITDA EBIT in segment (in PLN M)
1 190
1 562
329 445
167 231
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Q1 2011 Q1 2012
Distribution – EBIT bridge
* include mainly fixed costs of the GZE distribution area 34
167
231
162
28 7
21
(31)
(52)
(72)
0
50
100
150
200
250
300
350
400
450
Q1 2012 EBIT Distribution services sale
volume
Distribution services sale
price
Connection charges
Other revenues related to
distribution
Unit cost of energy to cover
balancing differences
Amortization Other revenues / costs *
EBIT Q1 2012
PLN M
Sales – key financial data
35
Change: Revenue EBITDA EBIT in segment (in PLN M)
3 388
4 505
86 101 85 96
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Q1 2011 Q1 2012
36
Sales – EBIT bridge
85
96
41
52
34 1
(117)
0
20
40
60
80
100
120
140
160
180
200
Q1 2011 EBIT Electricity sale volume Electricity sale prices Electricity purchase price
Carbon credit purchase price / substitution fee
Other revenues / costs Q1 2012 EBIT
PLN M
Heat – key financial data
37
Change: Revenue EBITDA EBIT in segment (in PLN M)
319 342
76 77 58 59
0
50
100
150
200
250
300
350
400
Q1 2011 Q1 2012
38
Heat – EBIT bridge
58 60
2 1
6 3
2
2
(14)
0
10
20
30
40
50
60
70
80
Q1 2011 EBIT Heat distribution
volume
Transmission fee
Energy sale price
Margin on certificates
Furnace blast sale price
Unit costs of generation
Other Q1 2012 EBIT
PLN M
Customer Service – key financial data
39
Change: Revenue EBITDA EBIT in segment (in PLN M)
78 84
6 14
6 10
0
10
20
30
40
50
60
70
80
90
Q1 2011 Q1 2012
Other – key financial data
40
Change: Revenue EBITDA EBIT in segment (in PLN M)
111 112
8 11 6 9
0
20
40
60
80
100
120
Q1 2011 Q1 2012