TAURON Group s H1 213 financial results Warsaw, August 22, 213
Legal 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 2
Key financial parameters H1 213 Q2 213 Sales revenue PLN 9 75m (-21% y/y) PLN 4 542m (-22% y/y) EBITDA PLN 2 52m (-1% y/y) PLN 831m (-25% y/y) Net profit PLN 891m (no change y/y) PLN 311m (-37% y/y) CAPEX PLN 1 35m (+1% y/y) PLN 89m (+12% y/y) Net debt/ebitda 1.31 1.31 3
Key events summary TAURON events prior to June 3, 213 TAURON s BBB rating with a stable outlook affirmed by Fitch final resolution of the dispute with the CNEE-COEG consortium of related to the selection of the bid for the construction of the power generation unit at Elektrownia Jaworzno III commissioning of three biomass-fired units with the total capacity of 11 MW (Jaworzno, Tychy, Stalowa Wola) and the cogeneration unit with the capacity of 5 MWe/11 MWt (Bielsko-Biała) TAURON events after June 3, 213 extension until September 3, 213 of the validity of the bid of the Rafako-Mostostal Warszawa consortium for the construction of a 91 MW unit at Elektrownia Jaworzno III signature of agreements with banks for a PLN 5bn bond issue signature of agreements with Bank Gospodarstwa Krajowego for a PLN 1bn bond issue TAURON benefitting decision of the ERO President on the amount of the LTC termination related payment adjustment for 212 inflow of PLN 423.1m by the end of September 213 Main market events ERO President s approval of the G tariff for the second half of 213 (average reduction of prices by 4.25%) European Parliament s support for the plan to withdraw up to 9m CO 2 emission allowances from the market reinstatement of PGE s decision to construct new hard coal-fired units at Elektrownia Opole in August 213 the so-called small three-pack was signed by the President of the Republic of Poland. Works on the so-called large three-pack are continued. 4
Price (PLN/MWh) 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 Macroeconomic and market situation 5% 4% 3% 2% 1% % Poland s GDP*.8% 12% 1% 8% 6% 4% 2% % -2% -4% Industrial production sold and electricity consumption (y/y change)* 1.2% PKB GDP PKB GDP - prognoza - forecast produkcja industrial sprzedana production przemysłu sold - prognoza produkcja industrial sprzedana production przemysłu sold forecast krajowe domestic zużycie consumption energii elektrycznej of electricity BASE contract prices on the Polish Power Exchange (TGE) TWh 1 Structure of electricity production in Poland 8 6 8.9 -.4% 8.6 6.85 6,49 3.35 3.65 28.2 27.8 pozostałe other odnawialne renewable źródła energy energii sources 4 2 +.3% 42.51 42.63 el. lignite-fired cieplne na power węgielplants brunatny el. hard cieplne coal-fired na węgiel power plants kamienny Trading volume weighted average price (TGE): BASE_Y_13: PLN 185.8/MWh BASE Y_14: PLN 158.5/MWh BASE_Y_15: PLN 159.9/MWh Volume (TWh) 66.4 TWh 58.7 TWh 6.5 TWh 1H 212 1H 213 * Source: GUS, IBnGR (forecasts), PSE 5
Key operating data - Q2 213 tons m Coal production and sales TWh Electricity and heat generation PJ 2, 1,6 5 4.34-8.8%.31 3 1,2,8,4 1.36 1.48.51.41.9.94 8.8% 24.4% 4.4% 3 2 1 3.91 1.93 1.94 4.29 9.7%.5% 2 1, 2Q 212 2Q 213 2Q 212 2Q 212 2Q 213 2Q 213 węgiel commercial handlowy sprzedaż intra-group węgla coal do sales Grupy sprzedaż coal sales węgla outside poza the Grupę Group coal wytw.energii electricity elektr. wytw. electricity energii generation elektr. - OZE - wytwarzanie heat generation ciepła generation RES TWh Electricity distribution TWh Electricity supply 12 1 8 11.48 11.56 5 4 5 35 12 1 8 1.81 9.92 6 4 2 5 289.7% 5 313 24 5 3 5 25 6 4 2-8.2% 2Q 212 2Q 213 5 2 2Q 212 2Q 213 dystrybucja electricity distribution energii elektrycznej liczba number klientów of customers sprzedaż retail electricity detaliczna sales energii elektrycznej 6
Key operating data H1 213 tons m Coal production and sales TWh Electricity and heat generation PJ 4 12 12 3 2 1 2.57.73 1.73 1,6.65 9,72 3, 8-7.7%,91 24.7% 9,43 6 16.7% 2,5 4 8,59 18.5% 6.5% 9,15 2-3.% 1 8 6 4 2 H1 212 H1 213 1H 212 H1 212 1H 213 H1 213 węgiel commercial handlowy sprzedaż intra-group węgla coal do sales Grupy sprzedaż coal sales węgla outside poza the Grupę Group coal wytw.energii electricity elektr. wytw. electricity energii generation elektr. - OZE - wytwarzanie heat generation ciepła generation RES TWh Electricity distribution tys. TWh Electricity supply 25 5 4 25 2 24,18 23,98 5 35 2 22.7 2,85 15 1 5 5 289 -.8% 5 313 24 5 3 5 25 15 1 5-8.1% 5 2 1H 212 1H 213 dystrybucja electricity distribution energii elektrycznej liczba number klientów of customers 1H 212 1H 213 sprzedaż retail electricity detaliczna sales energii elektrycznej 7
Key financial data Q2 213 m PLN Sales revenue m PLN Net profit 7 6 5 4 3 2 1 5 859.1 677.4 1 382.2 3 799.5 4 541.9 573.5 1 347.8 2 62.7-15.3% -2.5% -31.% 6 5 4 3 2 1 495.5-37.3% 31.6 2Q 212 2Q 213 Energia Electricity elektryczna Usługi Distribution dystrybucyjne and trading i handlowe services 2Q 212 2Q 213 Pozostałe Other revenue przychody m commercial PLN coal 1 2 1 8 Q2 212 EBITDA 1 16.2-155.5 95.7 +16.7% 1 19.8 +42.3 Q2 213 EBITDA +236.5 831. m PLN 1 2 1 8 6 6 4 4 2 2 Reported EBITDA EBITDA raportowana Przychody Compensation z tytułu rekompensaty (LTC) revenue (KDT) EBITDA Comparable porównywalna EBITDA Comparable EBITDA porównywalna EBITDA Odpis Inventory aktualizujący Odpis Asset aktualizujący impairment impairment wartość zapasów charge wartość charge aktywów Reported EBITDA raportowana EBITDA 8
Key financial data H1 213 14 12 1 8 6 4 2 Sales revenue 12 314. 1 494.5 2 99.7 7 99.8 9 74.9 1 228.7 2 818.7 5 657.5-17.8% -3.1% -28.5% 1 2 1 8 6 4 2 Net profit 89.2 89.6.4% 1H 212 1H 213 Energia Electricity elektryczna Usługi Distribution dystrybucyjne and trading i handlowe services 1H 212 1H 213 Pozostałe Other revenue przychody H1 212 EBITDA H1 213 EBITDA 3 3 2 5 2 2 81.1-276.6 1 84.5 +29.1% 2 33.6 +42.3 +236.5 2 51.8 2 5 2 1 5 1 5 1 1 5 5 Reported EBITDA EBITDA raportowana Przychody Compensation z tytułu rekompensaty (LTC) revenue (KDT) Comparable EBITDA porównywalna EBITDA Comparable EBITDA EBITDA porównywalna Odpis Inventory aktualizujący Odpis Asset aktualizujący impairment impairment wartość zapasów charge wartość aktywów charge Reported EBITDA raportowana EBITDA 9
EBITDA Q2 213 1 4 1 2 18.9% 17.2% -11.9 % 11,4% 68,5% 39,3% 5,9% 16.4% 6.2% 18.3% - 1 8 6 411.4 694.9-16.1-348.5-1.8-14.5 6.3 96.8 8.5-1. 12.9 431.1 4 2 399.9 EBITDA 2Q 212 Wydobycie Mining Wytwarzanie Generation Ciepło Heat OZE RES Dystrybucja Distribution Sprzedaż Supply Customer Obsługa Pozostałe Other Unassigned Pozycje Service klienta nieprzypisane items EBITDA 2Q 213 EBIT Amortyzacja Depreciation Zmiana Segment w change segmencie Marża EBITDA EBITDA margin Most important factors: Mining declining coal market prices Generation assets impairment charge (PLN 237m), no revenue due to LTC compensation and lower wholesale market electricity prices Supply: - declining cost of the obligation to redeem green cerificates (significant drop of green certificates market prices) - lack of obligation to redeem cogeneration related property rights (certificates) - continued high spread between retail and wholesale electricity prices 1
Prime costs structure Increased costs in H1 213 are mainly due to: depreciation (including generation assets impairment charge of approx. PLN 237m) taxes and fees costs of the provision set up for the CO 2 emission allowances Declining costs in H1 213 are mainly due to: external services including distribution and transmission services (y/y reduction of the TSO transmission fee) consumption of materials and energy primarily due to lower fuel costs employee benefit costs mainly the result of the Voluntary Redundancy Programs implemented and the lower headcount Cost structure: 6 5 4 3 2 1 1% 5 76 27% 6% 25% 26% 5 332 14% 21% in H1 213: variable costs (excluding the value of goods and materials sold) approx. 36%, fixed costs 64% in H1 212: variable costs approx. 43%, fixed costs 57% 25% 8% 22% 23% 1H 212 1H 213 Amortyzacja Depreciation i and odpisy impairment aktualiz. charges ŚT i WN of Zużycie Consumption materiałów of materials i energii and energy Usługi External obce servisces fixed assets and goodwill Podatki i opłaty Koszty świadczeń pracowniczych Pozostałe koszty rodzajowe Taxes and fees Empolyee benefit costs Other prime costs 5.% 1% Change of structure caused by: - Generation and Heat: reduction of variable costs (lower fuel costs) - Distribution: lower transmission fee costs 11
Generation impairment charge Assets that were written down in H1 213: Unit Capacity Balance sheet value as of June 3, 213 (preimpairment) () Impairment value () Balance sheet value as of June 3, 213 (postimpairment) ()* Elektrownia Łaziska - units 1, 2 2x125 MW 29.3 29.3. Elektrownia Łagisza - unit 5 12 MW 23.5 22.6.9 Elektrownia Siersza - unit 5 12 MW 6.6 6.6. Elektrownia Siersza - units 3, 6 2x12 MW 34.4 34.1.3 Elektrownia Blachownia collector system 165 MW 19.7 19.7. Elektrownia Stalowa Wola - units 7, 8 2x12 MW 73.7 71.4 2.3 Elektrownia Stalowa Wola collector system 6 MW 63. 53. 1. Total: 1 195 MW 25.2 236.7 13.5 * Balance sheet value > is applicable to such assets that were covered by subsidies Next tests for the loss of assets value subject to the auditor s review will be conducted in conjunction with the process of auditing the 213 financial statements 12
Generation prospects for 213 Factors that may have a positive impact on the earnings in H2 213: decline of electricity market prices realizing a higher margin on electricity trading higher rate of utilizing the capacity of the 46 MW unit at Elektrownia Łagisza increasing prices of property rights to certificates of origin for electricity generated in RES lower per unit costs of hard coal and biofuels consumption (PLN/GJ) Factors that may have a negative impact on the earnings in H2 213: higher fixed costs (upgrades, external services, labor costs) higher costs of the provision for CO 2 lower heat sales lower margin on the EUA/CER/ERU exchange transactions 13
Distribution key elements 14 12 1 8 6 4 Regulatory Asset Base (RAB) TAURON Distribution 9 836 9 594 51.6% 7.% 12 715 82.% 13 225 1.% Negative impact of the planned changes to WACC (by approx.. 1.15 percentage point) on the Distribution s EBITDA in 214 is estimated to be worth approximately PLN 17m, assuming the current risk-free rate (excluding the impact of changes to other WACC parameters) 2 21 211 212 213 Wartość Regulatory regulacyjna Asset Base (RAB) aktywów (WRA) Udział Part of WRA RAB subject podlegający to remuneration wynagradzaniu Electricity distribution in H1 212 Electricity distribution in H1 213 TWh 5 66 6 97 TWh 5 96 6 76 2 159 2 144 1 31 1 32 7 381 Grupa Group A Grupa Group B Grupa Group C2 Grupa Group C1+R+D Grupa Group G 7 384 Grupa Group A Grupa Group B Grupa Group C2 Grupa Group C1+R+D Grupa Group G 14
Debt and financing 3 5 3 2 5 2 1 5 1 5-171 1 44 TAURON Group s debt maturity 3 142 141 141 141 14 14 89 82 61 214 215 216 217 218 219 22 221 222 223 224 obligacje bonds kredyty credits and i pożyczki loans Financing available to TAURON Group as of July 31, 213 (in ) TAURON Group s long term debt structure as of June 3, 213 (in ) obligacje bonds kredyty EIB loans z EBI pożyczki preferential preferencyjne terms loans z from National/Regional NFOŚiGW/WFOŚiGW Environment Protection Funds 66 1% 78 1% 1 359 24% 4 298 74% obligacje bonds taken obejmowane over by the przez consortium konsorcjum of banks banków obligacje BGK bonds BGK cashpool 2 75 68% 3 7% 1 25% Long term debt as of June 3, 213: PLN 5 82m Net debt / EBITDA ratio: 1.31 (versus 1.18 at the end of 212) Average weighted debt maturity as of June 3, 213: excluding BGK bonds 46 months including BGK bonds 59 months EUR debt constitutes.7% of the total debt Structure of the debt according to interest rate: 24% - fixed interest rate, i.e. PLN 1 368m 76% - variable interest rate, i.e. PLN 4 434m, including: - unsecured amount PLN 994m - secured amount PLN 3 44m 15
CAPEX Investment project Type Tauron s share CAPEX per segment Capacity (MWt) Capacity (MWe) Elektrownia Jaworzno III hard coal-fired unit 1% 91 1.7% Elektrownia Stalowa Wola CCGT unit 5% 24 45 33.9% ZW Tychy cogeneration unit 1% 86 5.8% ZW Nowa turbogenerator TG 5 1% 5.8% Elektrownia Jaworzno III upgrade of boilers 1% 47.3% Elektrownia Łaziska upgrade of boilers 1% 44.8% Wicko wind farm 1% 4 6.% Marszewo wind farm 1% 82 63.% Elektrownia Blachownia* CCGT unit 5% 85.8% ZW Katowice** CCGT unit 1% 9 135 1.6% Total 416 2 567 *- project optimization works are underway **- submitted bids are being evaluated (deadline: September 3, 213) Progress 213 214 215 216 217+ 1 6 1 231 1 4 1 2 2 1 94 28 4 8 587 1 35 9.7 % 5 11 13 4 634 6 4 38 248 2 425 275 53 116 1H 212 1H 213 Wydobycie Mining Wytwarzanie Generation OZE RES Dystrybucja Distribution Sprzedaż Supply Obsługa Customer Klienta Ciepło Heat Pozostałe Other Service Main investment projects carried out in H1 213: Distribution construction of new connections (PLN 21m) and upgrade and restoration of the grid assets (PLN 377m) RES construction of the Marszewo and Wicko wind farms (PLN 28m) Generation - construction of new capacity (PLN 77m) and construction of the NOx emission reduction system (PLN 16m) Mining construction of underground headings and purchase of devices (PLN 114m) 16
OPEX reduction program Segment Savings realized in H1 213 Savings planned for 213-215 Progress % Distribution PLN 71m PLN 416m 17% Generation (including RES) PLN 76m PLN 387m 2% Heat PLN 9m PLN 33m 27% Mining PLN 6m PLN 28m 21% Main initiatives Implementation of the ultimate business model, elimination of the redundant functions Change of the way expenses are classified as CAPEX or costs Optimization of the balancing differences IT processes optimization Integration of the business functions in the support (maintenance) area Optimization of external services Employment restructuring and optimization of processes Reduction of upgrades (maintenance) for the least efficient units Optimization of overhead costs Outsourcing some functions, mainly in the maintenance area Improvement of the devices efficiency, optimization of the production volume and operating expenses at hydorelectric power plants Reduction of the costs of support and maintenance of the wind farm s operation Employment restructuring Reduction of the compressed air losses Restructuring of assets Optimization of external services costs Optimization of the procurement policy Construction of the nitrogen production system Expansion of the coal sludge (slurry) dewatering station Potable water treatment Electronic auctions in public procurement Use of the mechanical lining when drilling headings Total PLN 162m PLN 864m 19% As of the end of Q2 213 the program covered 258 persons. Over that period employment contracts were terminated with 446 persons (294 persons in total since the program s launch in 21). Savings resulting from redundancies, decreased by costs incurred to generate those savings, are included in the amounts presented per segment. No threat for the plan s implementation in 213 is envisaged. 17
Summary key factors Decline of WACC negative impact on Distribution s EBIT in 214 Introduction of the capacity market mechanisms (cold back up and cold back up for intervention purposes) Falling electricity market prices negative impact on Generation s EBIT in 214 TAURON Group Hard coal price negotiations related to the 214 supplies Risk related to the approval / introduction of the backloading and introduction of the structural change in the ETS system H2 213 Signature of the contract for the construction of the 91 MW unit at Elektrownia Jaworzno Intention to acquire debt financing on the market in H2 213 (provided the contract for the construction of the unit at Elektrownia Jaworzno is signed) 18
Thank you Q&A Investor Relations Office Marcin Lauer marcin.lauer@tauron-pe.pl tel. + 48 32 774 27 6 Paweł Gaworzyński pawel.gaworzynski@tauron-pe.pl tel. + 48 32 774 25 34 Magdalena Wilczek magdalena.wilczek@tauron-pe.pl tel. + 48 32 774 25 38 19
Mining 4 35 3 25 2 15 1 5 357.2 8.6 Financial data 54.6 375.6 64.5 38.5 7 6 5 4 3 2 54,6 4,5-19,1 EBIT bridge,2-1,8 38,5 2Q 212 2Q 213 Przychody Sales revenue ze sprzedaży EBITDA EBIT 1 EBIT 2Q 212 Wolumen sprzedaży Cena sprzedaży Jedn. koszt własny Pozostałe Coal sales Coal sales Own per unit Other węgla węgla sprzedanego węgla przychody/koszty volume price cost of coal sold revenue/ costs EBIT 2Q 213 tons m Commercial coal production Lower average hard coal sales price, mainly declining price of coal sludges sold intra-group Revenue drop partly compensated by increased sales volume, along with the stronger growth of sales outside TAURON Group versus the intra-group sales 1,6 1,2,8 1.21 1.36 1.52 1.48 1.52 1.48,4, 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 2
Generation (conventional sources) 1 4 1 2 1 8 6 4 2-2 -4 Financial data 1 188.3 1 89. 219.3 97.7-129.2-261.4 2Q 212 2Q 213 Przychody Sales revenue ze sprzedaży EBITDA EBIT 15 5-5 -15-25 -35-45 97.7-155.5-236.7-54.6 EBIT bridge 66.7 16.4 31.9 9.7-37. -261.5 EBIT 2Q 212 Przychody LTC termination z tyt. Odpis Fixed assets Cena Electricity sprzedaży Jednostkowy Electricity Own Wolumen production Koszty CO2 CO2 costs Koszty Fixed costs stałe Other Pozostałe EBIT 2Q 213 rekompensaty compensation aktualizujący impairment energii sales price koszt per unit zmienny electricity sprzed. energii sales z KDT aktywa trwałe energii el. własnej prod. revenue charge variable volume cost Fixed assets impairment charges (approx. PLN 237m) No revenue from LTCs Drop of electricity sales price Inclusion of the costs of the provision for the shortage of the CO 2 emission allowances Positive impact of the other operations related factors (electricity sales volume, per unit cost of generation and fixed costs) TWh 5 4 3 2 1 Electricity production 4,52 4,56 4,64 4,69 3,88 4,16 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 21
Renewable Energy Sources (RES) Financial data mln zł EBIT bridge 7 6 5 4 63,7 49,3 38,9 5,9 34,9 6 5 4 38,9 11,6-1,2 3 2 1 2Q 212 2Q 213 Przychody Sales revenue ze sprzedaży EBITDA EBIT 26, 3 2 1 EBIT 2Q 212-23,1 1,1-1,5,2 26, Wolumen Wolumen Cena sprzedaży Koszty stałe Pozostała Pozostałe EBIT 2Q 213 Sales volume Sales volume Certificate Fixed costs Other operations Other sprzedaży - el. sprzedaży - certyfikatu działalność - hydroelectric - wind farms sales price wodne el.wiatrowe operacyjna power plants TWh Electricity production Lower green certificates sales price Increased hydroelectric power plants production,18,16,14,12,1,8,6,4,2,,16,15,14,12,8,9 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 22
Distribution 1 6 1 4 1 2 1 8 6 4 Financial data 1 485.1 1 468.6 571.1 577.4 351.8 353.7 5 4 3 2 351,8-21,6 6, EBIT bridge 16,5-14,1 8,3-74,3 9,1 353,7 2 2Q 212 2Q 213 Przychody Sales revenue ze sprzedaży EBITDA EBIT 1 EBIT 2Q 212 Cena sprzedaży Wolumen Opłaty Cena zakupu Cena zakupu Koszty stałe Wynik na pozost. Distribution Distribution Connection Price of electricity Price of purchasing Fixed costs Result from uslugi sprzedaży usługi przyłączeniowe energii na usługi działalności service dystrybucyjnej sales dystrybucyjnej service sales fees pokrycie purchased różnicy to dystrybucyjnej the distribution / / other operations price volume cover bilansowej balancing przesyłowej transmission service differences EBIT 2Q 213 Number of customers Reduction of the transit fee for the Transmission System Operator Rising fixed costs related to the purchased customer service and the declining distribution service sales price Reduction of the distribution services sales price and of the connection fees revenue 5 32 5 31 5 3 5 29 5 28 5 284 5 289 5 294 5 32 5 37 5 313 5 27 5 26 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 23
Supply 4 5 4 3 5 3 2 5 2 1 5 1 5 Financial data 4 215.1 4 22.7 151. 247.9 145.7 239.4 2Q 212 2Q 213 Przychody Sales revenue ze sprzedaży EBITDA EBIT 3 25 2 145,7 15 1 5 EBIT 2Q 212 EBIT bridge 59,7 12,7 1,7 239,4-13,4 43,7 23, -33,6 Wolumen Cena energii (z Cena PM Brak PM Pozostałe Koszty stałe Wynik na EBIT 2Q 213 Electricity Electricity Price of green Lack of Other products, Fixed costs Result from sprzedaży akcyzą) zielonych, czerwonych i towary, usługi pozost. sales volume price (incl. violet, white red and trading services other energii fioletowych, żółtych handlowe działalności excise tax) certificates białych yellow operations certificates TWh Electricity retail sales Declining prices of green certificates Lack of legal regulations with respect to redeeming red and yellow certificates Lower electricity sales volume, in particular to the A and B group customers 13, 12, 11, 1, 9, 11,9 1,8 1,4 11,6 1,9 9,9 8, 7, 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 24
Heat 25 2 15 1 5 221.8 37.8 Financial data 14.6 235.8 27. 2Q 212 2Q 213 1. 2 15 1 5-5 -1-15 -2 14.6-25 Przychody Sales revenue ze sprzedaży EBITDA EBIT EBIT 2Q 212 Certificates Odpis Electricity Wolumen Cena Heat sprzedaży sales Cena Blast sprzedaży furnace Jednostkowe Per unit Fixed costs Other -32.9 3.6 4. EBIT bridge 3. 3.2 aktualizujący impairment sprzedaży sales energii price ciepła and dmuchu compressed generation koszty certyfikaty charge volume wielkopiecowego air sales price wytwarzania costs i sprężonego powietrza 4.5.7 1. Koszty stałe Pozostałe EBIT 2Q 213 Impairment charges reducing the value of the red and yelow certificates inventory to zero Positive impact of the operations related factors (heat production, electricity production, heat price, per unit vraiable generation costs, fixed costs) PJ 5 4 3 3,9 Segment s heat production 3,1 4, 2 1,9,5 1,1 1Q 212 2Q 212 3Q 212 4Q 212 1Q 213 2Q 213 25
Customer Service 14 12 Financial data 131.1 6 EBIT bridge 34,6-37,9 1 8 6 4 2 84.5 13. 9.5 21.6 17.9 5 4 3 2 18,3,2 17,9 2Q 212 2Q 213 1 9,5-6,8 Przychody Sales revenue ze sprzedaży EBITDA EBIT EBIT 2Q 212 Przychody Revenue of CUW Shared Przychody Revenue CUW of R i Przychody Revenue CUW of IT Costs Koszty Other Pozostałe revenue / OK CUW HR świadczonych usług przychody/koszty Services Center - Shared Services Shared Services of services costs Customer Service Center R and Center IT provided Shared Services Center HR EBIT 2Q 213 Increased intra-group revenue stemming from the expansion of the range of services rendered, as a result of centralizing the support functions and migrating the resources from TAURON Group s other subsidiaries Rising costs caused by the above factors (headcount growth by 74 persons) Sales structure in Q2 213 (),4 23,7 6,3 46,7 usługi customer obsługi service klienta services usługi financial finansowe accounting księgowe and human i kadrowe resources services usługi IT services informatyczne pozostałe other products produkty and services i usługi 26
Electricity market price trends Electricity Platforms: TGE, TFS, GFI, GPW-POEE Forward BASE (Y+Q+M) Forward PEAK (Y+Q+M) Price PLN/MWh 212 213 (until July 3 213) 213/212 Volume GWh Price PLN/MWh Volume GWh Price % Volume % 2.8 139 358 186.47 134 3-6.8% - 3.8% 225.56 17 161 25.38 14 165-8.9% - 17.5% Forward (weighted average) SPOT (TGE + GPW-POEE) Total weighted average CO 2 emission allowances (EUR/t): 22.88 156 519 188.28 148 168-7.2% - 5.3% 173.58 2 388 155. (Forecast) 2 5 (Forecast) - 1.7% +.5% 199.5 176 97 184.24 168 668-7.7% - 4.7% Certificates (PLN/MWh) CO 2 market analysts survey* Price (EUR/t) Certificate type Market prices (average in July 213) Substitution fee and obligation for 213 Average in 213 4 5 EUR/t RES (green) 144.97 297.35 (12.%) Average in 214 Average in 215 Average EUA price in 213 forecast by TAURON 6 8 EUR/t 8 1 EUR/t 4 5 EUR/t *Sources: Deutsche Bank, Barclays Capital, Point Carbon Hard coal-fired cogeneration (red) Gas-fired cogeneration (yellow).47 brak transakcji 29.84 (not announced) 149.3 (not announced) Methane (violet) 57.57 6. (.9%) 27
Price [PLN/MWh] BASE contracting for 213 22 Prices of BASE contracts concluded for 213 21 2 19 18 17 16 15 14 212-1-1 212-3-5 212-5-8 212-7-11 212-9-13 212-11-16 213-1-19 213-3-24 213-5-27 213-7-3 Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 191.6 18 861 Quarterly 167.27 18 986 Monthly 155.13 6 157 TOTAL 186.47 134 3 28
Price [PLN/MWh] PEAK contracting for 213 255 Prices of PEAK contracts concluded for 213 245 235 225 215 25 195 185 175 165 212-1-1 212-2-28 212-4-26 212-6-23 212-8-2 212-1-17 212-12-14 213-2-1 213-4-9 213-6-6 213-8-3 Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 29.9 12 37 Quarterly 184.35 1 344 Monthly 184.45 784 TOTAL 25.38 14 165 29
Price [PLN/MWh] BASE contracting for 214 18 Prices of BASE contracts concluded for 214 175 17 165 16 155 15 145 14 213-1-1 213-1-31 213-3-2 213-4-1 213-5-1 213-5-31 213-6-3 213-7-3 Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 164.74 88 29 Quarterly 15.3 1 399 Monthly TOTAL 164.52 89 428 3
Price [PLN/MWh] PEAK contracting for 214 215 Prices of PEAK contracts concluded for 214 21 25 2 195 19 185 18 175 17 165 213-1-6 213-2-5 213-3-7 213-4-6 213-5-6 213-6-5 213-7-5 213-8-4 Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 176.52 5 186 Quarterly Monthly TOTAL 176.52 5 186 31
Price [PLN/MWh] BASE contracting for 215 25 Prices of BASE contracts concluded for 215 195 185 175 165 155 145 212-1-3 212-12-2 213-1-31 213-4-1 213-5-31 213-7-3 Y-15 Q1-15 Q2-15 Q3-15 Q4-15 Average price of transactions concluded [PLN/MWh]: Volume [GWh] Annual 162.52 1 67 Quarterly Monthly TOTAL 162.52 1 67 32