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TAURON Group Results for Q1-3 2011
9 November 2011
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 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.
In as much as 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 forwards-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
25 July Signing a contract for supply and purchase of energy carriers, gas fuels and other
products between EC Nowa and ArcelorMittal (current report No. 42/2011)
23 August
Concluding a preliminary agreement with Vattenfall AB for purchase of shares of
Górnośląski Zakład Elektroenergetyczny (current report No. 44/2011)
26 August
Publication of announcement by Fitch rating agency on affirmation of long-term foreign
and local currency ratings for the Company at BBB with stable outlooks in connection
with acquisition of Górnośląski Zakład Elektroenergetyczny (current report No. 45/2011)
29 September
Signing an agreement between TAURON Ekoenergia and WSB Neue Energien
concerning purchase of 100% shares of company Lipniki including 30.75 MW Lipniki
wind farm
24 October
Signing an agreement with the European Investment Bank (EBI) for preferential loans at
total value of PLN 510 million. The funds acquired will be allocated for two investment
projects in the Generation segment
28 October Signing an agreement with banks to increase the value of corporate bonds programme
by PLN 3 billion. Funds from issue of the bonds shall be allocated for purchase of
Górnośląski Zakład Elektroenergetyczny or for implementation of other investment
projects (current report No. 53/2011)
Platforms:
TGE, TFS, GFI,
GPW-POEE
Forward BASE (Y+Q+M)
Forward PEAK (Y+Q+M)
Forward (weighted aver.)
SPOT (TGE + GPW-POEE)
Total weighted average
Price
PLN/MWh
Volume
GWh
Price
PLN/MWh
Volume
GWh
Price
%
Volume
%
186.26 37 034 195.23 105 844 +4.8% +185.8%
208.22 4 432 218.81 14 604 +5.1% +229.5%
188.62 41 466 198.09 120 449 +5.0% +190.5%
191.86 13 061 197.57 19 592 +3.0% +50.0%
189.40 54 527 198.02 140 041 +4.5% +156.8%
Electric energy market price trends
Electric energy
CO2 emission allowances (EUR/t): Certificates (PLN/MWh)
Type of
certificate
Estimated
market price in
December 2011
Substitution fee
for 2011
RES (green) 282.20 274.92
Coal cogeneration (red)
10.00 29.58
Gas cogeneration (yellow)
123.40 127.15
Methane (violet) 56.00 59.16
2010 2011 2011/2010
3
CO2 market analysts’ survey*
Price
(PLN)
Average in 2011 14.13
Average in 2012 15.11
Average in 2013 17.44
EUA DEC-11 price forecasted by TAURON at the
end of 2011 10.30
* Source: MontelPowerNews
Group restructuring – Q1-3 2011
Ownership structure rearrangement
Process of sale of assets unrelated to the core operation:
recreational facilities, scheduled completion – Q4 2011
stocks/shares of 10 companies from outside the value chain,
scheduled completion – 2012
Completion of stage II of consolidation of medical services, integration
of Group structure and sale of PŚZiPZ ELVITA, scheduled completion
– Q4 2011
Process of coordination and integration of TAURON Group Structure:
merger of companies with the same core operations (meter servicing
companies in Distribution segment)
process of separation, integration and supervision of operations
unrelated to the core operation of the Group
Business model implementation
4
Co
mp
lete
d
In
pro
gre
ss
Processes of merger of assets in the Group business areas and
registration of the following companies in the National Court
Register (KRS):
TAURON Sprzedaż sp. z o.o. – 3.01.2011
TAURON Obsługa Klienta sp. z o.o. – 3.01.2011
TAURON Dystrybucja S.A. – 1.09.2011
TAURON Wytwarzanie S.A. – 31.08.2011
TAURON Ciepło S.A. (stage I) – 1.09.2011
Sale of assets unrelated to the core operation for the total sum of
PLN 11.5 million, including:
recreational facilities – for the amount of PLN 5.9 million
stocks/shares – for the amount of PLN 5.6 million
Merger of 2 companies from the field of electric network renovation
Completion of stage I of consolidation of medical services in PŚZiPZ
ELVITA
Transfer of PEPKH shares from TAURON Wytwarzanie to TAURON
PE
Follow-up of integration of assets in the Heat segment by
TAURON Ciepło:
Acquisition by TAURON Ciepło of companies: EC Tychy and
EC Kamienna Góra; scheduled completion – Q1 2012
Contribution of shares of EC Nowa to TAURON Ciepło;
scheduled completion – Q1 2012
Capacity – 50 MWe / 182 MWt
Scheduled commissioning – mid 2013
ZEC Bielsko-Biała – new heating unit
Capacity – 50 MWe / 86 MWt
Scheduled commissioning – end 2015 (new unit) and end
2012 (boiler reconstruction)
Elektrociepłownia Tychy – new CHP unit and fluidized bed
boiler reconstruction (biomass burning)
Implementation of investment programme
Capacity – 50 MWe / 45 MWt
Scheduled commissioning – 2012
Elektrownia Jaworzno III – new fluidized bed boiler
(biomass burning)
Status as of 30 September 2011:
Construction works in progress. General contractor:
Polimex-Mostostal
Status as of 30 September 2011 :
Construction works in progress. General contractor:
consortium of Rafako and Omis
Status as of 30 September 2011:
On 3 August – agreement signed for construction of WR 40
boiler for Elektrociepłownia Tychy with company Fabryka
Kotłów SEFAKO
On 14 September – call for tender for ”Construction of new
heating unit with fluidized bed boiler, heat condensation
turbine including accompanying facilities at Elektrociepłownia
Tychy S.A.”
Wind farm – Marszewo
Capacity – 100 MWe
Scheduled commissioning – 2014
Status as of 30 September 2011:
On 21 July – public tender was announced for ”Construction
of Marszewo wind farm of 82 MW capacity including supply
and installation of the wind farm”. The selection of contractor
is in progress
On 3 August – public tender was announced for Contract
Engineer. The selection process is in progress
Elektrownia Stalowa Wola – K-10 boiler modernisation
(biomass burning)
Capacity – 20 MWe
Scheduled commissioning – 2012
Status as of 30 September 2011:
Construction works in progress. General contractor: Rafako
5
Implementation of investment programme (2)
Capacity – 400 MWe / 240 MWt
Commencement of the project – 2010; scheduled
commissioning – 1st half of 2015
Elektrownia Stalowa Wola – new gas and steam unit
Status as of 30 September 2011:
Process of selection of general contractor is in progress
6
Capacity – 135 MWe / 90 MWt
Commencement of the project – 2nd half of 2015
Elektrociepłownia Katowice – new gas and steam unit
Status as of 30 September 2011:
Process of contractor selection is under preparation
On 19 September contract was signed with Energoprojekt
Katowice for preparation of technical documentation
necessary to obtain construction permit
Capacity – 40 MWe
Scheduled commissioning – 2013
Wind farm – Wicko
Status as of 30 September 2011:
Process of contractor selection in progress
On 26 August the Contract Engineer was selected:
consortium of Group Polska (leader) and Ingenieria IDOM
International
Capacity – approx. 850 MWe
Commencement of the project – 2016
Elektrownia Blachownia – new gas unit
Status as of 30 September 2011:
Establishment of special purpose vehicle is in progress as
well as activities aimed at obtaining approval for
concentration (European Commission approval for
establishment of joint enterprise)
Implementation of investment programme (3)
7
Scope – adjustment of six OP-650k type boilers to lower
nitrogen oxides emission standards which will be binding in
Poland from 2018
Commencement of works – July 2010, scheduled
completion – January 2016
Elektrownia Jaworzno III – modernization of boilers
Status as of 30 September 2011:
Modernisation was completed as well as works related to
construction of nitrogen removal system at unit No. 2 –
adjustments are in progress
General contractor: consortium of Fortum Power and Heat
(consortium leader) and Zakłady Remontowe Energetyki
Katowice (consortium member)
Scope – adjustment of six OP-650k type boilers to
standards of lower nitrogen oxides emission which will be
binding in Poland from 2018
Commencement of works – July 2010, scheduled
completion – January 2015
Elektrownia Łaziska – modernization of boilers
Status as of 30 September 2011:
Modernisation and construction of nitrogen removal system
at unit No.12
General contractor: STRABAG
Capacity – 910 MWe
Scheduled commissioning – 2nd half of 2016
Elektrownia Jaworzno III – new coal-fired unit
Status as of 30 September 2011:
The process of selection of contractor and contract engineer
is in progress. Negotiations with individual bidders were
commenced
On 11 August permit for construction of the unit was obtained
Investment expenditure
8
In Q1-3 2011 the TAURON Group invested over PLN 1.4 billion, almost 90% of which constituted expenditures in Generation and
Distribution segments
A dynamic increase in expenditure in Generation segment results from increased expenditure on new generation units (from PLN 122 to
255 million) and other expenditures (including mainly NOx installations and modernisation of the existing boilers to biomass burning)
Increase in expenditures in Distribution segment resulted from increased expenditures on modernisation of network assets (by approx.
PLN 133 million). The increase in expenditure on new connections amounts to approx. PLN 93 million.
70 105
243
558 23
27
488
665
19
17
22
28
0
200
400
600
800
1 000
1 200
1 400
1 600
Q1-3 2010 Q1-3 2011
Mining Generation RES Distribution Supply Other
PLN million
865
1 401
62%
Q3
2010
Q3
2011
Change
(dynamics) Q1-3 2010 Q1-3 2011
Change
(dynamics)
Production of commercial coal
(million tons) 1.17 1.18 0.9% 3.38 3.78 11.8%
Electricity generation
(net production) (TWh) 5.33 5.09 -4.5% 15.54 16.30 4.9%
Including RES (TWh) 0.32 0.31 -4.3% 0.85 0.77 -9.8%
Heat generation (PJ) 1.28 0.99 -22.7% 11.80 10.39 -11.9%
Distribution (TWh) 9.18 9.41 2.5% 27.94 28.82 3.1%
Retail electricity supply (TWh) 8.54 8.54 0% 25.39 27.11 6.8%
Number of customers – Distribution
(thousand) 4 129 4 137 0.2% 4 129 4 137 0.2%
Key operational data
9
Financial results for Q1-3 2011
The data is presented in comparable form:
Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q1-3 2010 was treated
as internal supply in the Group and it was consolidated. 10
Share of minority shareholders in net profit
6%
43% 40%
4%
37% 41%
12% 9% 3%
3%
-2.7% -2.4%
-500
0
500
1 000
1 500
2 000
2 500
Q1-3 2010 Q1-3 2011
Mining Generation RES Distribution Supply Other Unassigned items/ Exclusions
TAURON Group's EBITDA by segments [PLN million];
EBITDA structure [%]
4%
2 159 2 371 9.8%
4%
10 951
11 870
3 297
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
Q1-3 2010 Q1-3 2011
8.4%
38.5%
TAURON Group's revenues [PLN million]
15 167
1 128
1 321
0
200
400
600
800
1 000
1 200
1 400
Q1-3 2010 Q1-3 2011
TAURON Group's EBIT [PLN million]
17.1%
15% 3%
825
1 020
0
200
400
600
800
1 000
1 200
Q1-3 2010 Q1-3 2011
TAURON Group's net profit [PLN million]
23.7%
Financial results for Q3 2011
The data is presented under comparable form:
Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated
as internal supply in the Group and it was consolidated. 11
Share of minority shareholders in net profit
3 691
3 784
1 052
0
1 000
2 000
3 000
4 000
5 000
6 000
Q3 2010 Q3 2011
2.5%
31.0
TAURON Group's revenues [PLN million]
4 836
4% 4%
44% 36%
4% 6%
43% 45%
6% 10% 1%
1%
-3.2% -2.4%
-200
0
200
400
600
800
Q3 2010 Q3 2011
Mining Generation RES Distribution Supply Other Unassigned items/ Exclusions
TAURON Group's EBITDA by segments [PLN million];
EBITDA structure [%]
690 736
6.7%
345
383
0
100
200
300
400
Q3 2010 Q3 2011
TAURON Group's EBIT [PLN million]
10.9%
13% 1%
252
292
0
100
200
300
Q3 2010 Q3 2011
16.0%
TAURON Group's net profit [PLN million]
Financial results for Q1-3 2011 - EBITDA
EBIT
Depreciation
Increase in segment
Decrease in segment
Change in segment in %
EBITDA margin
Changes in EBITDA by segments (PLN million and %), EBITDA margin per segment (%)
* During three quarters of 2011 in Supply segment the valuation of RES (green) energy certificates is recognized in the amount of approx. PLN 53.1 million.
This did not occur during three quarters of 2011.
12
41%
13.2% 19.6% 13.0% 2.2% 29.6% 73.9% -
19.7% 15.6%
20.0%
-3%
The data is presented under comparable form:
Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated
as internal supply in the Group and it was consolidated.
2 159
2 371 .6,4
-27.3
28.7
164.0 6.6 1.2 1.4
0
500
1 000
1 500
2 000
2 500
EBITDA Q1-3 2010
Mining Generation RES Distribution Supply Other Unassigned items/ Exclusions
EBITDA Q1-3 2011 PLN
million
1 128
1 321
35% 19% 3% 2%
Change in EBIT vs. operational factors (PLN million); EBIT margin (%)
Increase
Decrease
EBIT
Financial results for Q1-3 2011 - EBIT
EBIT
margin
13
The data is presented under comparable form:
Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated as
internal supply in the Group and it was consolidated.
10.3%
8.7%
11.1%
1 128
1 321
39
70
-111 -73
52
118
88 9
0
200
400
600
800
1 000
1 200
1 400
EBIT Q1-3 2010 Energy supply volume
Energy supply prices Energy purchase prices
Revenues from LTC Revenues from sales of transmission
system services, other products
(except electrical energy)
Volume and price of distribution services, connection charges
Volume and price of coal supply
Other EBIT Q1-3 2011 PLN
million
14
Changes in cash flow level
Increase
Decrease
Cash – changes in the period of Q1-3 2011
1 472
885
1 281
1 049
87
(412) (139)
(1 519) (160)
(399)
(263) (114)
1 780 (1 679)
(688)
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
PLN million
Group’s debt
1 899
1 4921 320 1 321
1 032
1 474 1 376
885
0
500
1 000
1 500
2 000
31.12.2009 31.12.2010 30.06.2011 30.09.2011
financial debt cash
Net financial debt (PLN million), net financial debt/EBITDA (x)
0.3x 0.01x -0.02x*
net financial debt/ EBITDA
Decrease in cash level as of 30 September 2011, due to intensified implementation of investment projects in
Q3 2011
* In relation to EBITDA value for 2010
0.16x*
15
Assuming closing of transaction of GZE purchase, financed by debt (PLN 3.5 billion), the net financial debt
to EBITDA ratio would amount to approx. 1.2x
30
145
164
145
74
147
129
88
73
95108
0
20
40
60
80
100
120
140
160
180
1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011
Revenue from compensation
Compensation due to termination
of Long-Term Contracts
Indexed advanced payments under LTC Termination Act
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
16
2.0% 2.2%
17
Prime costs structure
Cost increase during Q1-3 2011 applies mainly to:
use of consumables and energy, including mainly coal consumption caused by the increase in electricity generation
increase of taxes and other charges, including environmental fees related to the increase in electricity generation
During Q1-3 2011, variable costs made 45%, and fixed costs made 55% of the total amount of costs, similar to the period of Q1-3
2010
15% 15%
28% 30%
23% 21%
6% 7%
27% 26%
1% 1%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Q1-3 2010 Q1-3 2011
Depreciation and impairment Use of consumables and energy Outsourced services
Taxes and other charges Employee benefits costs Other prime costs
mln zł Prime costs structure
6 761 7 023
Reduced heat losses
Reduced employment costs
Reduced energy purchase costs
Reduced lateral development costs
Increased production efficiency
Increased by-product utilization
Reduced expenditure related to emission of pollution
As of the end of Q3 2011, 1241 persons participated in the
programme (since its implementation), out of which 611
terminated their employment contracts in 2011 (total since the
programme implementation: 1169 persons). Savings resulting
from reduced employment have been included in the amounts
shown for individual segments.
Purchase costs optimization
Improvement of management and operating processes
Optimization of balance sheet differences
Change of consumers settlement system
Optimization of mail service costs
Efficiency improvement programme
TAURON Group implements cost efficiency improvement plan
The savings programme for the years 2010-2012 which assumes operational costs reduction by
approximately PLN 1 billion has been implemented according to the plan
GENERATION – result in Q3 2011: – PLN 59 million;
cumulated result since programme implementation– PLN 369
million
RES + OTHER – result in Q3 2011: PLN 0 million;
cumulated result since programme implementation – PLN 8
million
MINING – result in Q3 2011: – PLN 7 million;
cumulated result since programme implementation – PLN 42
million
VOLUNTARY REDUNDANCY PROGRAMME
SUPPLY – result in Q3 2011: – PLN 1 million;
cumulated result since programme implementation – PLN 9
million
DISTRIBUTION – result in Q3 2011: – PLN 11 million
cumulated result since programme implementation –
PLN 144 million
18
Implementation of the efficiency
improvement programme
19
30.09.2011
PLN 1
billion
42
369 8
144 9
428
0
200
400
600
800
1 000
Mining Generation RES + Other Distribution Supply Savings to be achieved
Savings plan 2010-2012
PLN million Efficiency improvement programme 2010-2012
cumulated OPEX savings
Fund raising
Increased
Group’s value
Continuation of costs efficiency improvement programme
Achieving synergies from integration of areas
Commencement of integration with GZE group following concluding of
transaction with Vattenfall
Implementing and execution of liquidity management policy in the
Group
Tax optimisation – the analysis of TAURON PE application on
registering of tax capital group is in progress
Obtaining of preferential financing/ subsidies from the EU funds
and environmental funds (NFOŚiGW i WFOŚiGW)
Obtaining of preferential funding from EBI/EBOiR for projects in
Distribution and Generation segments
20
Key directions of development and growth
Thank You – Q&A
21
TAURON Polska Energia S.A., ul. Lwowska 23, 40-389 Katowice
tel. +48 32 774 27 06, fax +48 32 774 25 24
Investor Relations Section
Marcin Lauer
tel. (32) 774 27 06
Paweł Gaworzyński
tel. (32) 774 25 34
Magdalena Wilczek
tel. (32) 774 25 38
22
Additional Information
23
BASE 2011 transactions
24
Average price of concluded transactions [PLN/MWh]: Volume [GWh]
Yearly 193.48 75 914
Quarterly 199.69 20 263
Monthly 199.64 9 667
TOTAL 195.23 105 844
175
180
185
190
195
200
205
210
215
2009-02-16 2009-06-16 2009-10-14 2010-02-11 2010-06-11 2010-10-09 2011-02-06 2011-06-06 2011-10-04
Pri
ce [
PL
N/M
Wh
] Base 2011 contract prices
Y-11 Q1-11 Q2-11 Q3-11 Q4-11
PEAK 2011 Transactions
25
Average price of concluded transactions [PLN/MWh]: Volume [GWh]
Yearly 218.94 12 172
Quarterly 220.37 1 225
Monthly 215.85 1 208
TOTAL 218.81 14 604
204
209
214
219
224
229
234
2010-03-13 2010-06-11 2010-09-09 2010-12-08 2011-03-08 2011-06-06 2011-09-04
Pri
ce [
PL
N/M
Wh
] PEAK 2011 contract prices
Y-11 Q1-11 Q2-11 Q3-11 Q4-11
BASE 2012 transactions
26
Average price [PLN/MWh] 202.81 Contracts [MW] 8 868
Prices min-max [PLN/MWh] 192 – 210 Volume [GWh] 77 897 Last price [PLN/MWh] 202.36
202.81
192.00
210.00
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
190
193
196
199
202
205
208
211
2010-02-24 2010-05-19 2010-08-11 2010-11-03 2011-01-26 2011-04-20 2011-07-13 2011-10-05
GWh PLN/MWh Yearly contracts BASE Y-12
Wolumen [GWh] Ceny notowań Y-12 Średnia cena Volume [GWh] Y-12 transaction prices Average price
PEAK 2012 transactions
27
Average price [PLN/MWh] 228.97 Contracts [MW] 1 902
Prices min-max [PLN/MWh] 224.65 – 232.50 Volume [GWh] 7 218 Last price [PLN/MWh] 226.65
228.97
224.65
232.50
0
200
400
600
800
1 000
1 200
1 400
224
225
226
227
228
229
230
231
232
233
2011-01-20 2011-02-27 2011-04-06 2011-05-14 2011-06-21 2011-07-29 2011-09-05 2011-10-13
GWh PLN/MWh Yearly contracts PEAK Y-12
Wolumen [GWh] Ceny notowań Y-12 Średnia cena Volume [GWh] Y-12 transaction prices Average price
BASE 2013 transactions
28
Average price [PLN/MWh] 216.80 Contracts [MW] 555
Prices min-max [PLN/MWh] 208.90 – 222 Volume [GWh] 4 862 Last price [PLN/MWh] 213.50
216.80
208.90
222.00
0
100
200
300
400
500
600
700
800
900
1 000
208
210
212
214
216
218
220
222
224
2011-01-12 2011-02-16 2011-03-23 2011-04-27 2011-06-01 2011-07-06 2011-08-10 2011-09-14 2011-10-19
GWh PLN/MWh Yearly contracts BASE Y-13
Wolumen [GWh] Ceny notowań Y-13 Średnia cena Average price Y-12 transaction prices Volume [GWh]
PEAK 2013 transactions
29
Average price [PLN/MWh] 245.31 Contracts [MW] 20
Prices min-max [PLN/MWh] 245.12 – 245.50 Volume [GWh] 75 Last price [PLN/MWh] 245.12
245.31
245.12
245.50
0
20
40
60
80
100
120
140
160
180
200
245,0
245,3
245,5
2011-10-14 2011-10-16 2011-10-18 2011-10-20 2011-10-22
GWh PLN/MWh Yearly contracts PEAK Y-13
Wolumen [GWh] Ceny notowań Y-13 Średnia cena Volume [GWh] Y-12 transaction prices Average price
Mining – key financial data
Change: Revenue EBITDA EBIT in the segment (PLN million)
809
961
88 125
848
0
200
400
600
800
1000
1200
Q1-3 2010 Q1-3 2011
30
289309
28 273 4
0
50
100
150
200
250
300
350
Q3 2010 Q3 2011
Generation from conventional sources – key
financial data
4 074
4 650
937 910527 484
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Q1-3 2010 Q1-3 2011
31
Change: Revenue EBITDA EBIT in the segment (PLN million)
1 3621 470
304 254166
107
0
200
400
600
800
1 000
1 200
1 400
1 600
Q3 2010 Q3 2011
Generation from renewable sources – key
financial data
120
151
83
112
66
93
0
20
40
60
80
100
120
140
160
Q1-3 2010 Q1-3 2011
32
Change: Revenue EBITDA EBIT in the segment (PLN million)
44
58
30
44
23
37
0
10
20
30
40
50
60
70
Q3 2010 Q3 2011
Distribution – key financial data
3 325 3 412
8471 011
366521
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
Q1-3 2010 Q1-3 2011
33
Change: Revenue EBITDA EBIT in the segment (PLN million)
1 096 1 102
298347
138184
0
200
400
600
800
1 000
1 200
Q3 2010 Q3 2011
Supply – key financial data
34
Change: Revenue EBITDA EBIT in the segment (PLN million) EBIT and EBITDA – comparable data*
2 853
3 198
42 7240 700
500
1 000
1 500
2 000
2 500
3 000
3 500
Q3 2010 Q3 2011
8 693
9 983
211 218206 2110
2 000
4 000
6 000
8 000
10 000
12 000
Q1-3 2010 Q1-3 2011
8 693
9 983
158 218152 2110
2 000
4 000
6 000
8 000
10 000
12 000
Q1-3 2010 Q1-3 2011
*Comparability of data was applied, considering EBIT for three quarters of 2010, evaluation of ownership rights from RES (PLN -53.1 million)
Other – key financial data
405 404
52 53
15 20
0
50
100
150
200
250
300
350
400
450
Q1-3 2010 Q1-3 2011
35
Change: Revenue: EBITDA EBIT in the segment segmencie (PLN million)
89 86
10 9
-3 -2
-20
0
20
40
60
80
100
Q3 2010 Q3 2011