Disclaimer. TAURON Polska Energia S.A. 2

Transkrypt

1 Financial Results for Q November 212

2 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. TAURON Polska Energia S.A. 2

3 Key events TAURON Polska Energia 5 September Establishment of a special purpose vehicle Elektrownia Blachownia Nowa z o.o. by TAURON Wytwarzanie and KGHM Polska Miedź. The Company will be responsible for the process of preparation, construction and operation of 85 MW CCGT unit at Elektrownia Blachownia. 5 September Signing a Letter of Intent concerning purchase of shares in a special purpose vehicle PGE EJ 1 sp. z o.o., established for construction and operation of a nuclear power plant. The parties to the Letter of Intent are: TAURON Polska Energia, PGE Polska Grupa Energetyczna, KGHM Polska Miedź and ENEA 1 October Court registration of the mergers: - TAURON Dystrybucja with TAURON Dystrybucja GZE - TAURON Ekoenergia with TAURON Ekoenergia GZE 19 October Approval of the tariff for gas fuel trading for TAURON Polska Energia by the President of the Energy Regulatory Office 24 October Selecting the consortium of investment banks which will support the TAURON in developing the financing strategy of TAURON Group as well as in the process of fund raising for the Group s investment program. Energy Market October Ministry of Economy finished working on draft RES Law and Energy Law TAURON Polska Energia S.A. 3

4 Contracts concluded for 213 1% ELECTRICITY CONTRACTS for 213 cumulatively PLN/ MWh Trading of BASE Y-13 contracts Trade volume - - Quotation -- Average 9% 8% Average price [PLN/MWh] Volume [GWh] 7% Total ,689 6% including at TGE ,39 beyond TGE ,65 5% 4% 3% 71% 67% PLN/ MWh Trading of PEAK Y-13 contracts Trade volume - - Quotation -- Average 2% 1% % 23% 5% % 8% % 9% 211 I Q1 kw. 212 II Q2 kw. 212 III Q3 kw IV Q4 kw. 212 SPRZEDAŻ SUPPLY WYTWARZANIE GENERATION including Average price [PLN/MWh] Volume [GWh] Total ,119 at TGE ,556 beyond TGE ,562 TAURON Polska Energia S.A. 4

5 Expected exposure to CO 2 in 213 TAURON Wytwarzanie TAURON Ciepło TOTAL Emission related to electric energy generation [Mg] 11,327,21 817,441 12,144,462 Expected number of allowances from KPRU II Period 2,839, ,381 3,618,899 Total [Mg] 14,166,539 1,596,822 15,763,361 Average CO 2 emission indicator [Mg CO 2 /MWh] for electric energy generation Volume of electrical energy that might be generated under free CO 2 allowances for ,646,932 1,138,67 17,784,999 % of energy that might be generated under free CO 2 allowances, against the total level of 212 production 75% TW + TC 1 8 Emission indicator Przewidywany Expected przydział allocation darmowych of free allowances uprawnień + + Przewidywana Expected number ilośc of allowances uprawnień from z II okresu KPRU Period KPRU II Volume Wolumen of electric energii energy elektrycznej that might możliwy be generated do under wyprodukowania free w odniesieniu CO 2 allowances do darmowych uprawnień for CO2 the year na rok [MWh] [MWh] TAURON Polska Energia S.A. 5

6 Implementation of the CAPEX program The CAPEX program is aimed at upgrading generation assets and cost-effectively extending generation capacity located in the vicinity of the existing Group s assets (brownfield projects) Katowice new CCGT unit (135 MW e / 9 MW t ) Wind Farms: 4 MW in Wicko and 1 MW in Marszewo Blachownia Gas-fired unit located at Blachownia power plant JV Project with KGHM 85 MW e Commissioning: 217 On 5 September 212 SPV was established under the name Elektrownia Blachownia Nowa sp. z o.o. ZEC Bielsko Biała new heating unit Tychy new CHP unit (5 MW e / 86 MW t ) Jaworzno III construction of biomass-fired fluidized bed boiler (5 MW e / 45 MW t ) Jaworzno III new coal-fired unit (91 MW e ) Stalowa Wola new CCGT unit (45 MW e / 24 MW t ) Stalowa Wola boiler s conversion to biomass (2 MW e) Łaziska boilers upgrade to comply with the future nitrogen emission standards (5 MW e / 182 MW t ) Jaworzno III boilers upgrade Tychy fluidized bed to comply with the future boiler s conversion to nitrogen emission standards biomass (4 MW e ) Commissioning: 218 On 19 October the final bids were opened, submitted in the tender for general contractor TAURON Polska Energia S.A. 6

7 Capital expenditures PLN M Capital expenditures % Wykonanie I-IIIQ Wykonanie I-IIIQ 212 Q Q Wydobycie Mining Wytwarzanie Generation RES OZE Dystrybucja Distribution Sprzedaż Supply Ciepło Heat Obsługa Customer Klienta Pozostałe Other service After three quarters of 212, TAURON Capital Group s CAPEX amounted to PLN 2bn and was higher than in the corresponding period of 211 by almost 43% (after three quarters of 211 it reached PLN 1.4bn). This was mainly due to significant increase of investment in the Generation, Distribution and Heat segments. The main investment projects in the three quarters of 212 include: in the Distribution segment: construction of new connections (capital expenditures: PLN 34m); upgrade and restoration of grid assets (capital expenditures: PLN 591m) in the Generation segment: construction of new capacities (capital expenditures: PLN 333m) and installations for reduction of NO x emission (capital expenditures: PLN 143m), in the Heat segment: capacity restoration (capital expenditures: PLN 87m), in RES segment: construction of Marszewo wind farm (capital expenditures: PLN 64m). TAURON Polska Energia S.A. 7

8 Key operating data Q3 211 Q3 212 Change Q Q Change Production of commercial coal (million t) % % Electric energy generation (net production) (TWh) % % Including: from renewable sources % % Heat Generation (PJ) % % Distribution (TWh) % % Electricity supply (TWh) % % Number of customers Distribution (thousand) 4,137 5,294 28% 4,137 5,294 28% TAURON Polska Energia S.A. 8

9 Financial Results for Q TAURON Group s revenue [PLN m] % III kwartał Q III kwartał Q TAURON Group s EBITDA per segment [PLN m]; EBITDA structure 735 9% 47% 33% 2% 2% 1% 6% 36.8% 1 5 1% 54% 23% 2% 4% 12% III kwartał Q III kwartał Q % 1% 1% Wydobycie Mining Generation Wytwarzanie RES OZE Dystrybucja Distribution Sprzedaż Supply Heat Obsługa Customer Klienta service Ciepło Other Pozostałe TAURON Group s net profit [PLN m] % TAURON Group s EBIT [PLN m] Quarter 3, % % III kwartał 211 III kwartał 212 Q3 212 Q % III kwartał Q III kwartał Q Share of minority shareholders in profit TAURON Polska Energia S.A. 9

10 Financial Results for Q TAURON Group s revenue [PLN m] % I-III Q1-3 kwartał I-III kwartał Q TAURON Group s EBITDA per segment [PLN m]; EBITDA structure % 8% 43% 1%,6% 29.7% % 11% 5% 5% 4% 35% 23% 1% 1% 5% 8% I-III Q1-3 kwartał I-III kwartał Q Wydobycie Mining Generation Wytwarzanie RES OZE Distribution Dystrybucja Sprzedaż Supply Heat Obsługa Customer Klienta service Ciepło Other Pozostałe TAURON Group s net profit [PLN m] TAURON Group s EBIT [PLN m] % % 4.8% I-III Q1-3 kwartał I-III kwartał Q % I-III kwartał Q I-III kwartał Q Share of minority shareholders in profit TAURON Polska Energia S.A. 1

11 EBITDA Q Change in EBITDA per segment [PLN m and %]; EBITDA margin per segment [%] PLN m % 23% 17.6% 74.9% 34.2% 2.6% 15.1% 16.3% 1% % 3, (36.9) , (112) % -14% 12% 52% 77% 181% 1% 19% 15 1,846 1, EBITDA Q Wydobycie Wytwarzanie OZE Dystrybucja Sprzedaż Obsługa Mining Generation RES Distribution Supply Customer klienta Service Ciepło Pozostałe Non-allocated Heat Pozycje Other items/ nieprzypisane exclusions / wyłączenia EBITDA Q EBIT Increase in segment Change in segment in % Amortisation Decrease in segment EBITDA Margin TAURON Polska Energia S.A. 11

12 Cash as of Total operating cash flows Gross profit Amortization Change in liabilities and receivables Other gross profit adjustments Total cash flow from investment Purchase of fixed assets and intangible assets Granting / repayment of loans Other cash flows from investment activity Total cash flows from financial operations Inflows from credits and loans Repayment of credits and loans Issue of debt securities Dividends Interest paid Other cash flows from financial operations Cash as of Change in cash flows PLN m Cash flow changes in Q (364) (2 434) (128) 15 (56) 1 5 (96) (27) (62) Increase Decrease TAURON Polska Energia S.A. 12

13 Group s debt level PLN m Group's debt level (2 917) (9) (39) net financial debt/ EBITDA 1.21x* Zadłużenie Net financial netto Operating Przepłwy Zmiana Change kapitału in na debt as of operacyjne cash flow pracującego working before przed tax capital opodatkowaniem CAPEX Wydatki inwestycyjne Sprzedaż Sales rzeczowych of fixed assets aktywów and trwałych i intangible wartości assets niematerialnych Dividends Wypłacone dywidendy paid Income Podatek dochodowy tax zapłacony paid Pozostałe Other Zadłużenie Net financial netto na debt as of In Q3 212 net financial debt increased by approx. PLN 5m (among others, as a result of drawing the first tranche of a loan from EIB in July 212, in the amount of PLN 45m) * based on 12 month EBITDA for the period TAURON Polska Energia S.A. 13

14 Compensation due to termination of Long-Term Contracts Revenue due to compensation % % % 4.5% 5.% 4.% 1.9% 4.2% 3.5% 2.% 1.4% 1.9% 2.2% Q1 29 Q2 29 Q3 29 Q4 29 Q1 21 Q2 21 Q3 21 Q4 21 Q1 211 Q2 211 Q3 211 Q % 1.9% 2.7% Q1 212 Q2 212 Q % XX% Share of LTC in quarterly revenue Revenue due to compensation consists of: Indexed advanced payments under the Act on LTC Termination Annual adjustments of these advance payments Part of the final adjustment TAURON Polska Energia S.A. 14

15 Prime costs structure Prime costs structure PLN M ,9% 25,9% 6,7% 2,8% 11.6% 11.6% 7 839,9% 25,8% 5,9% 25,% ,4% 27,5% 15,3% 15% Wykonanie I-IIIQ 211 Wykonanie I-IIIQ 212 Q Q Amortyzacja Amortization and i odpisy impairment aktualiz. Zużycie Consumption materiałów of energy i and energii materials Usługi Outsourced obce services Podatki Taxes and i opłaty fees Koszty Costs of świadczeń employee benefits pracowniczych Pozostałe Other prime koszty costs rodzajowe Cost increase in Q is mainly attributable to: outsourced services, especially due to increased cost of distribution services costs of employee benefits costs related to implementation of labour cost reduction programs for employees leaving the company voluntarily In Q the variable costs constituted approx. 46%, and fixed costs constituted approx. 54% of the total costs. As compared to the corresponding period of 211, when variable costs constituted 43% and fixed costs constituted 57%, the cost structure has improved. TAURON Polska Energia S.A. 15

16 Efficiency improvement program almost completed... By 3 September 212 cumulative OPEX savings amounted to PLN 987m PLN m 1 PLN 378m (cum.); PLN 14m (cum.); including PLN 184m including PLN 4m in 212 in PLN 1bn 8 6 PLN 529m (cum.); including PLN 12m in PLN 66m (cum.); including PLN 18m in Wydobycie Mining Wytwarzanie, Generation, Ciepło, Heat, RES OZE Dystrybucja Distribution Sprzedaż Supply oszczędności Savings to be pozostałe implemented do realizacji 3 September 212 Planned planowane savings oszczędności Voluntary Redundancy Program: 2,764 persons joined the program (since its launch) as of the end of Q3 212, out of which in 212 employment contracts were terminated with 524 persons (in total, since program launch: 1,953 persons). Savings resulting from redundancies, decreased by costs incurred to gain savings, are included in the amounts presented per segment. TAURON Polska Energia S.A. 16

17 ...simultaneously, preparations to the new program for are almost finished Distribution of the planned savings in the new efficiency improvement program Approx. 9% Generation and Distribution Over 5% Generation The highest savings planned in 215 Most of the savings will be a result of Voluntary Redundancy Programs Progress of works related to the new efficiency improvement program: over 9% Works related to the program are carried out concurrently with drafting of the financial plan for the Group for 213 Information on the program is scheduled to be disclosed in December 212 Savings will increase after each year of the program execution TAURON Polska Energia S.A. 17

18 Growth of GZE assets value Transaction value: PLN 3.6bn EV/EBITDA(21): 8x Increased asset valuation approx. PLN.2bn 1) Synergy value: approx. PLN.3bn Increased asset valuation approx. PLN.5bn 2) Adjusted value: PLN 4.1bn Adjusted value: PLN 4.4bn EV/EBITDA(21): 7x EV/EBITDA(21): 6x 1) Only the effect of historical results (211 and 212) was considered higher than originally assumed 2) Provided that the higher results will be maintained over the following four years TAURON Polska Energia S.A. 18

19 Key expansion and growth directions TAURON GROUP expansion and growth directions Group s value increase Fund raising Update of TAURON Group s corporate strategy Development of TAURON Group s financing strategy, in cooperation with investment banks Implementation of another efficiency improvement program Increased CAPEX, particularly in the Generation segment Acquring preferential funds from EIB Issue of bonds on the domestic market, addressed mainly to financial institutions Issue of Eurobonds after the second rating is assigned Acquiring preferential funds/ subsidies from the EU funds and environmental funds Planned net debt/ebitda ratio at the end of 212: approx. 1.5x TAURON Polska Energia S.A. 19

20 Thank You Q&A Investor Relations Marcin Lauer tel: Paweł Gaworzyński pawel.gaworzynski@tauron-pe.pl tel: Magdalena Wilczek magdalena.wilczek@tauron-pe.pl tel: TAURON Polska Energia S.A. 2

21 Additional Information TAURON Polska Energia S.A. 21

22 Electric energy market price trends 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 % , , % % , , % % , , % % ,95 Electric energy / (Forecast) 19,695 (Forecast) % + 4.2% , , % % CO 2 emission allowances (EUR/t) Certificates (PLN/MWh) Questionnaire of CO 2 market analysts * Average in 212 Average in 213 Price (EUR/t) EUR/t EUR/t Type of certificate Estimates of market prices for December 212 Substitution fee and obligation for 212 RES (green) (1.4%) Average in EUR/t Coal co-generation (red) (23.2%) Average price forecast by TAURON EUA in EUR/t Gas co-generation (yellow) (3.5%) *Source: Deutsche Bank, Barclays Capital, Point Carbon Methane (violet) (.6%) TAURON Polska Energia S.A. 22

23 Price [PLN/MWh] BASE contracts for Prices of BASE contracts concluded for Y-12 Q1-12 Q2-12 Q3-12 Q4-12 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual ,796 Quarterly ,345 Monthly ,44 TOTAL ,581 TAURON Polska Energia S.A. 23

24 Price [PLN/MWh] PEAK contracts for Prices of PEAK contracts concluded for Y-12 Q1-12 Q2-12 Q3-12 Q4-12 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual ,616 Quarterly ,891 Monthly ,564 TOTAL ,71 TAURON Polska Energia S.A. 24

25 Price [PLN/MWh] BASE contracts for Prices of BASE contracts concluded for Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual ,689 Quarterly ,937 Monthly TOTAL ,626 TAURON Polska Energia S.A. 25

26 Price [PLN/MWh] PEAK contracts for Prices of PEAK contracts concluded for Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual ,119 Quarterly Monthly TOTAL ,236 TAURON Polska Energia S.A. 26

27 Price [PLN/MWh] BASE contracts for Prices of BASE contracts concluded for Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of contracts concluded [PLN/MWh]: Volume [GWh] Annual ,169 Quarterly Monthly TOTAL ,169 TAURON Polska Energia S.A. 27

28 Implementation of the CAPEX program ZEC Bielsko Biała new heating unit Capacity 5 MW e / 182 MW t Scheduled commissioning mid-213 Status as of 3 September 212: Construction and assembly works are in progress. General contractor: Polimex-Mostostal Elektrownia Jaworzno III new fluidized bed boiler (biomass fired) Capacity 5 MW e / 45 MW t Scheduled commissioning 212 Status as of 3 September 212: Works connected with commissioning of the unit are in progress. General contractor: Rafako and Omis consortium Elektrownia Stalowa Wola K-1 boiler upgrades (biomass burning) Capacity 2 MW e Scheduled commissioning 212 Status as of 3 September 212: Final construction and assembly works are in progress General contractor: Rafako Elektrownia Tychy new CHP unit Capacity 5 MW e / 86 MW t Scheduled commissioning end of 215 Status as of 3 September 212: Selection of the contractor of the new unit is underway Elektrociepłownia Tychy fluidized bed boiler conversion (biomass burning) Capacity 4 MW e Scheduled commissioning end of 212 Status as of 3 September 212: construction of a biomass type boiler: Works connected with start-up system are in progress and insulation works are under completion, contractor Metso Power Oy construction of biomass feeding installation: Construction works in progress, contractor: Mostostal Warszawa construction of WR 4 boiler: Boiler construction and assembly has been completed, contractor: SEFAKO TAURON Polska Energia S.A. 28

29 Implementation of the CAPEX program (2) Elektrownia Stalowa Wola new CCGT unit Capacity 45 MW e / 24 MW t Scheduled commissioning 215 Status as of 3 September 212: General Contractor Abener Energia On 31 July 212 the site was handed over Design works in progress Elektrownia Katowice new CCGT unit Capacity 135 MW e / 9 MW t Scheduled commissioning 216 Status as of 3 September 212: Contractor selection is ongoing. Wind Farm Wicko Capacity 4 MW e Scheduled commissioning 213 Status as of 3 September 212: On 24 August 212 the site was handed over to the General Contractor consortium of Aldesa Nowa Energia from Kraków and Aldesa Construcciones from Madrid Engineering works for roads and assembly yards for 7 wind turbines are in progress Wind Farm Marszewo Capacity 1 MW e Scheduled commissioning 214 Elektrownia Blachownia new gas unit Capacity approx. 85 MW e Scheduled commissioning 217 Status as of 3 September 212: On 23 July 212 European Commission s clearance was obtained for capital concentration and establishment of an SPV On 5 September 212 TAURON Wytwarzanie S.A. and KGHM Polska Miedź S.A. established the special purpose vehicle under the name Elektrownia Blachownia Nowa sp. z o.o., with its seat in Kędzierzyn Koźle Status as of 3 September 212: The first 7 foundations were laid, including access roads Works involving medium voltage and high voltage grid are ongoing. The Main Supply Station is under construction TAURON Polska Energia S.A. 29

30 Implementation of the CAPEX program (3) Elektrownia Jaworzno III boiler upgrades Scope upgrading six OP-65k type boilers to comply with the lower NO x emission standards to be binding in Poland from 218 Commencement of the works July 21; scheduled commissioning January 216 Elektrownia Jaworzno III a new coal-fired unit Capacity 91 MW e Scheduled commissioning 218 Status as of 3 September 212: Upgrade of units No. 2 and 4 was completed. The test run at unit No. 4 is ongoing General contractor: consortium of Fortum Power and Heat (consortium leader) and Zakłady Remontowe Energetyki Katowice (consortium member) Elektrownia Łaziska boiler upgrades Scope upgrading four OP-65k type boilers to comply with the lower NO x emission standards to be binding in Poland from 218 Commencement of the works July 21; scheduled commissioning January 215 Status as of 3 September 212: Selection of contractor and contract engineer is inunderway Update: On 19 October final offer opening took place for the basic scope: turbine, boiler, de-sulphurization system, cooling station Bidders leaders of the consortia: Alstom Power Rafako SNC-Lavalin China Overseas Engineering Group Status as of 3 September 212: Works at unit No. 12 are completed Modernisation works at unit No. 11 have commenced General contractor: STRABAG TAURON Polska Energia S.A. 3

31 Reporting model Generation SEGMENT Mining SEGMENT RES SEGMENT Heat SEGMENT Distribution SEGMENT Sales SEGMENT Customer Service SEGMENT AREA: Other Mining Segment: Południowy Koncern Węglowy Other Segment: Kopalnia Wapienia Czatkowice PE-PKH Generation Segment: TAURON Wytwarzanie RES Segment: TAURON Ekoenergia BELS INVESTMENT MEGAWAT MARSZEWO Lipniki TAURON Ekoenergia GZE Heat Segment: TAURON Ciepło EC Tychy EC Nowa Distribution Segment: TAURON Dystrybucja TAURON Dystrybucja GZE TAURON Serwis GZE Sales Segment: TAURON Sprzedaż TAURON Sprzedaż GZE TAURON Polska Energia TAURON Czech Energy Customer Service Segment: TAURON Obsługa Klienta TAURON Obsługa Klienta GZE In Q1 212 TAURON introduced the new reporting model dividing the Group s operations into eight segments TAURON Polska Energia S.A. 31

32 Mining key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q TAURON Polska Energia S.A. 32

33 Mining EBIT bridge PLN m EBIT EBIT I-IX Q (wyk.) 211 (result) Wolumen Coal sales sprzedaży volume węgla Cena Coal sprzedaży sales price węgla Jedn. Own koszt cost of własny coal sprzedanego sold per unit węgla Other Pozostałe revenue/ przychody costs / koszty EBIT EBIT I-IX Q (wyk.) 212 (result) Increase Decrease TAURON Polska Energia S.A. 33

34 Generation from conventional sources key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 34

35 Generation from conventional sources EBIT Bridge PLN m (14) 11 (166) 155 (7) EBIT I-IX Q (wyk.) (result) Electricity Wolumen sales volume sprzedaży (from energii own z wł. production) produkcji Cena Electricity energi sales elektrycznej price Variable Jedn. koszt cost of zmienny Electricity energii per unit el. Przych. Revenue z from tyt. rekompensaty LTC compensation KDT Restructuring Koszty restrukturyzacji costs Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q (wyk.) 212 (result) Increase Decrease TAURON Polska Energia S.A. 35

36 Generation from renewable sources key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 36

37 RES EBIT bridge PLN m (13) 31 1 (3) 93 (21) EBIT EBIT EBIT I-IX Q1-3 I-IX (wyk.) (result) (result) Supply Wolumen volume sprzedaży hydroelectric - el. power wodne plants Wolumen Supply sprzedaży volume - el.wiatrowe wind farms Cena Electricity sprzedaży sales energii price Cena Certificate sprzedaży certyfikatów sales price Amortyzacja Amortization Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 37

38 Distribution key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 38

39 Distribution EBIT bridge PLN m (2) (322) EBIT EBIT I-IX Q (wyk.) (result) Wolumen Sales sprzedaży volume usług distribution dystr. services Sales Cena price sprzedaży distribution usług services dystr. Connection Opłaty przyłączeniowe charges Jedn. Variable koszty costs zmienne per unit Koszty Fixed stałe costs Wynik Result na on pozostałej other core działalności operations podst. Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-IX Q (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 39

40 Supply key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 4

41 Sales EBIT bridge PLN m (167) 4 93 (13) (8) EBIT EBIT I-IX Q (wyk.) (result) Electricity Wolumen sales sprzedaży volume energii elektrycznej Cena Electricity sprzedaży sales energii price elektrycznej Cena Electricity zakupu purchase energii price elektrycznej Cena Carbon zakupu credit PM purchase / opłata price/ substitution zastępcza fee Akcyza Excise tax Pozostałe Other przychody revenue/ / costs koszty EBIT EBIT I-IX Q (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 41

42 Heat key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 42

43 Heat EBIT bridge PLN m (17) (5) EBIT Q1-3 I-IX (result) (wyk.) Wolumen Heat Wolumen Energy dystrybucji distribution ciepła sprzedaży sales volume energii volume Cena Electricity sprzedaży sales energii price Marża Margin na on certyfikatach certificates Jednostkowe Cost of generation koszty per wytwarzania unit Pozostałe Other przychody revenue/ / koszty costs EBIT I-IX Q (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 43

44 Customer Service key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 44

45 Customer Service EBIT bridge PLN m , (97) EBIT Q1-3 I-IX (result) (wyk.) Przychody Customer service z tytułu obsługi revenue klienta Pozostałe Other przychody sales ze sprzedaży revenue Costs Koszty of świadczonych services provided usług Wynik Result na on pozostałej other działalności operations Other Pozostałe revenue/ przychody costs / koszty EBIT I-IX Q (wyk.) (result) Increase Decrease TAURON Polska Energia S.A. 45

46 Other key financial data Change: Revenue EBITDA EBIT in segment (in PLN m) Q Q Q3 211 Q3 212 TAURON Polska Energia S.A. 46