Energia S.E.A.R.E.A.E.A.E.S.E.E.E. capital Expenses

Size: px
Start display at page:

Download "Energia S.E.A.R.E.A.E.A.E.S.E.E.E. capital Expenses"

Transcription

1 212 FY financial results 15 March 213

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 April Ordinary General Meeting decided on dividend payout in the total amount of PLN 543m, which translates into PLN.31 per share 29 June Agreement signed to increase the value of bond issue program by PLN 2.75bn 3 July Agreement signed with European Investment Bank for a PLN 9m loan to be used on upgrade and development of TAURON Dystrybucja distribution grid 4 July Frame agreement signed on exploration and extraction of shale gas 5 September Letter of Intent signed on the purchase of shares in special purpose vehicle PGE EJ 1 established in order to construct and operate a nuclear power plant. Parties to the Letter of Intent are: TAURON Polska Energia, PGE Polska Grupa Energetyczna, KGHM Polska Miedź and ENEA 3 December Construction of 45 MW gas-fired combined heat and power plant at Stalowa Wola launched, in cooperation with PGNiG 19 December Letter of Intent signed with PGNiG on the construction of 4 MW CCGT unit at Elektrownia Łagisza TAURON Polska Energia latest events 15 January New Efficiency Improvement Program announced for , ultimate savings to reach approx. PLN 86m in total 24 January Tender for the contractor of 91 MW unit at Jaworzno awarded to the Rafako S.A. Mostostal Warszawa S.A. consortium TAURON Polska Energia S.A. 3

4 Implementation of the CAPEX program The CAPEX program is aimed at upgrading generation assets and cost-effectively increasing generation capacity located in the vicinity of TAURON Group s existing 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 new CCGT unit (85 MW e ) Stalowa Wola new CCGT unit (45 MW e / 24 MW t ) ZEC Bielsko-Biała new heat unit (5 MW e / 182 MW t ) Stalowa Wola boiler conversion to biomass burning (2 MW e ) 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 ) Łaziska upgrade of boilers to comply with future nitrogen emission standards Tychy fluidized bed boiler conversion to biomass burning (4 MW e ) Jaworzno III new coal-fired unit (91 MW e ) Jaworzno III upgrade of boilers to comply with future nitrogen emission standards TAURON Polska Energia S.A. 4

5 Capital expenditures PLNm % Mining Generation RES Distribution Supply Customer Service Heat Other In 212 TAURON Group s CAPEX amounted to almost PLN 3.5bn and was higher than in 211 by almost 39%. This was mainly due to significant increase of investment in the Distribution, RES, Generation and Heat segments The main investment projects executed in 212 include: in Distribution: construction of new connections (capital expenditures: PLN 52m); upgrade and restoration of grid assets (capital expenditures: PLN 1 74m) in Generation: construction of new and upgrade of existing generation units (capital expenditures: PLN 473m); construction of installations for No x emission reduction (capital expenditures: PLN 216m) in Heat: capacity restoration (capital expenditures: PLN 121m); construction and upgrade of heat distribution grid (capital expenditures: approx. PLN 5m) in RES: construction of wind farms (capital expenditures: PLN 31m) TAURON Polska Energia S.A. 5

6 Key operating data Q4 211 Q4 212 Change 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) 4,143 5,32 28% 4,143 5,32 28% TAURON Polska Energia S.A. 6

7 Financial results for Q4 212 TAURON Group s revenue (PLNm) TAURON Group s EBITDA per segment (PLNm); EBITDA structure % % 11% 1% 11.5% % 17% 1% Q4 211 Q % 53% 2% 32% 15% 2% -2% 5% Q ,1% Q % Mining Generation RES Distribution Supply Customer Service Heat Other TAURON Group s net profit (PLNm) % 2,6% 5% IV kwartał Q IV kwartał Q Share of minority shareholders in profit TAURON Group s EBIT (PLNm) % Q4 211 Q4 212 TAURON Polska Energia S.A. 7

8 Financial results for FY TAURON Group s revenue (PLNm) % TAURON Group s EBITDA per segment (PLNm); EBITDA structure % 9% 43% 1%,4% 25.6% % 12% 51% 4% 4% 34% 22% 1% 1% 4% 7% Mining Generation RES Distribution Supply Customer Service Heat Other TAURON Group s net profit (PLNm) TAURON Group s EBIT (PLNm) % % ,5% 4,8% Share of minority shareholders in profit TAURON Polska Energia S.A. 8

9 EBITDA 212 PLNm Change in EBITDA per segment (PLN m and %), EBITDA margin per segment (%) 14.7% 19.4% 14.3% 69.4% 32.1% 2.6% 7.4% 22.2% 8.7% % (214.4) (11.4) 5.2 (51.7) 159% -2% 14% 49% 77% 98% -5% 14% EBITDA 211 Wydobycie Mining Wytwarzanie OZE Dystrybucja Sprzedaż Obsługa klienta Ciepło Pozostałe Pozycje Generation RES Distribution Supply Customer Heat Other Unallocated nieprzypisane items/ / Service exclusions wyłączenia EBITDA 212 EBIT Increase in segment Change in segment (%) Depreciation Decrease in segment EBITDA margin TAURON Polska Energia S.A. 9

10 Cash as of Total operating cash flows Gross profit Depreciation 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 Cash flow changes PLNm Cash flow changes in (221) (257) (3 32) (115) (56) (222) Increase Decrease TAURON Polska Energia S.A. 1

11 Group s debt level PLNm Group s debt level (3 622) 3 32 (5) (5) net financial debt / EBITDA 1.18x Zadłużenie Net debt as netto of na Przepływy Operating operacyjne cash flow przed opodatkowaniem before tax Zmiana Change kapitału in pracującego working capital Wydatki CAPEX inwestycyjne Sprzedaż Sales of fixed rzeczowych assets and aktywów trwałych i intangible wartości niematerialnych assets Wypłacone Dividends dywidendy paid Income Podatek tax dochodowy paid zapłacony Pozostałe Other Zadłużenie Net debt as netto of na In 212 net debt increased by approx. PLN 54m (among others, as a result of drawing new tranches of the loan from EIB, in the amount of PLN 96m) TAURON Polska Energia S.A. 11

12 Compensation due to termination of Long-Term Contracts Revenue due to compensation PLNm % % % % 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 Q % 1.9% 2.7% Q4 211 Q1 212 Q % Q % Q4 212 XX% Share of LTC in quarterly revenue Revenue due to compensation consists of: Indexed advance payments under the Act on LTC Termination Annual adjustments of these advance payments Part of the final adjustment TAURON Polska Energia S.A. 12

13 Prime cost structure PLNm % 1% 1% 11,6% 26% 26% 5% 6% 23% 23% 29% 29% 15% 16% Amortization and impairment Consumption of energy and materials Outsourced services Taxes and fees Costs of employee benefits Other prime costs Cost increase in 212 is mainly attributable to: consumption of energy and materials outsourced services, in particular due to higher costs of distribution services costs of employee benefits costs related to implementation of labour cost reduction programs for employees leaving the company voluntarily, also inclusion of the full year employment costs at GZE companies depreciation In 212 variable costs constituted approx. 37%, and fixed costs constituted approx. 63% of the total costs. Change in comparison to 211 when variable costs constituted 46%, and fixed costs constituted 54% results from lower electricity generation (lower variable costs) and higher fixed costs due to the inclusion of GZE companies in 212 TAURON Polska Energia S.A. 13

14 Efficiency improvement program PLNm 1 2 PLN 422m (cum.); including PLN 228m in 212 PLN 15m (cum.); including PLN 5m in PLN 1.1bn 1 8 PLN 68m (cum.); including PLN 199m in PLN 73m (cum.); including PLN 25m in Mining Generation, Heat, RES Distribution Supply Savings Voluntary Redundancy Program: since the program s launch 3,48 persons enrolled, as of the end of 212, out of which in 212 employment contracts were terminated with 1,23 persons (in total, since program launch: 2,7 persons). Savings resulting from redundancies, decreased by costs incurred to generate savings, are included in the amounts presented per segment Having completed the first efficiency improvement program, TAURON Group has launched a similar program planned for , which should bring an approx. PLN 86m OPEX reduction. As a result of the the program s implementation the Group expects OPEX reduction in most segments with the biggest savings coming from Distribution and Generation. TAURON Polska Energia S.A. 14

15 Key expansion and growth directions TAURON Group expansion and growth directions Group s value increase Fund raising Update of TAURON Group s corporate strategy Acquiring funds from EIB on preferential terms Implementation of another efficiency improvement program Issue of bonds on the domestic market, addressed mainly to financial institutions Issue of Eurobonds after the second rating is assigned Increased CAPEX, particularly in the Generation segment Acquiring funds on preferential terms/ subsidies from the EU funds and environmental funds TAURON Polska Energia S.A. 15

16 Thank you Q&A Investor Relations Office Marcin Lauer tel Paweł Gaworzyński pawel.gaworzynski@tauron-pe.pl tel Magdalena Wilczek magdalena.wilczek@tauron-pe.pl tel TAURON Polska Energia S.A.,

17 Additional Information TAURON Polska Energia S.A. 17

18 Electric energy market price trends Electric energy 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 (until ) 213/212 Volume GWh Price PLN/MWh Volume GWh Price % Volume % , , % % , , % % , , % % , (Forecast) 2, (Forecast) - 3.8% - 1.9% , , % % CO 2 emission allowances (EUR/t): Certificates (PLN/MWh) Survey of CO 2 market analysts* Average in 213 Average in 214 Price (EUR/t) 4 7 EUR/t 9 11 EUR/t Type of certificate Market prices (average in February 213) RES (green) Substitution fee and obligation for 213 not announced (12.%) Average in EUR/t Coal co-generation (red) (not announced) EUA average price in 213 (TAURON forecast) 4 6 EUR/t Gas co-generation (yellow) (not announced) *Source: Deutsche Bank, Barclays Capital, Point Carbon Methane (violet) (.9%) TAURON Polska Energia S.A. 18

19 Price [PLN/MWh] BASE contracts for Notowania Prices of kontraktów BASE contracts BASE concluded zawartych na for rok Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of concluded contracts [PLN/MWh]: Volume [GWh] Annual ,861 Quarterly ,36 Monthly ,212 TOTAL ,432 TAURON Polska Energia S.A. 19

20 Price [PLN/MWh] PEAK contracts for Notowania Prices of kontraktów PEAK contracts PEAK concluded zawartych na for rok Y-13 Q1-13 Q2-13 Q3-13 Q4-13 Average price of concluded contracts [PLN/MWh]: Volume [GWh] Annual 29, Quarterly 22, Monthly 198, TOTAL 28, TAURON Polska Energia S.A. 2

21 Price [PLN/MWh] BASE contracts for Notowania Prices of kontraktów BASE contracts BASE concluded zawartych na for rok Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of concluded contracts [PLN/MWh]: Volume [GWh] Annual 182, Quarterly 169,63 39 Monthly TOTAL 182, TAURON Polska Energia S.A. 21

22 Price [PLN/MWh] PEAK contracts for Notowania Prices of kontraktów PEAK contracts PEAK concluded zawartych na for rok Y-14 Q1-14 Q2-14 Q3-14 Q4-14 Average price of concluded contracts [PLN/MWh]: Volume [GWh] Annual 194, Quarterly Monthly TOTAL 194, TAURON Polska Energia S.A. 22

23 Implementation of the CAPEX program ZEC Bielsko-Biała new heat unit Elektrociepłownia Tychy new CHP unit Capacity 5 MW e / 182 MW t Scheduled commissioning H1 213 Status as of 31 December 212: Construction and assembly works are underway. General contractor: Polimex-Mostostal Capacity 5 MW e / 86 MW t Scheduled commissioning end of 215 Status as of 31 December 212: Contractor selection for the new unit is underway Elektrownia Jaworzno III new fluidized bed boiler (biomassfired) Elektrociepłownia Tychy upgrade of fluidized bed boiler (biomass-fired) Capacity 5 MW e / 45 MW t Capacity 4 MW e Status as of 31 December 212: Construction works are completed. On 31 December 212 the RES-based generation unit was commissioned Elektrownia Stalowa Wola upgrade of K-1 boiler (biomassfired) Capacity 2 MW e Scheduled commissioning Q1 213 Status as of 31 December 212: Final construction and assembly works are underway. General contractor: Rafako Status as of 31 December 212: Biomass boiler construction: Operation permit was obtained on 17 December 212:, trial run is underway, contractor: Metso Power Oy Construction of biomass feeding system: Construction works are underway, contractor: Mostostal Warszawa (commissioning H1 213) WR 4 boiler construction: Preparation of the installation for the warranty measurements, contractor: SEFAKO (commissioning H1 213) TAURON Polska Energia S.A. 23

24 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 31 December 212: General Contractor Abener Energia Construction works have started Detailed design works are underway Elektrociepłownia Katowice new CCGT unit Capacity 135 MW e / 9 MW t Scheduled commissioning 216 Status as of 31 December 212: Contractor selection is underway Elektrownia Blachownia new gas unit Capacity approx. 85 MW e Scheduled commissioning 217 Status as of 31 December 212: Terms of Reference preliminary requirements for the tender for General Contractor of the unit are under preparation Wind farm Wicko Capacity 4 MW e Scheduled commissioning 213 Status as of 31 December 212: General Contractor consortium of Kraków-based Aldesa Nowa Energia and Madrid-based Aldesa Construcciones Engineering works are completed for access roads and assembly sites for 7 wind turbines 2 sets of components for anchoring towers to the foundation have been delivered to the site Wind farm Marszewo Capacity 1 MW e Scheduled commissioning 214 Status as of 31 December 212: 2 foundations are completed, including access roads Works involving medium- and high-voltage grid are underway. Construction and assembly works at the Main Supply Station are completed tests are underway TAURON Polska Energia S.A. 24

25 Implementation of CAPEX program (3) Elektrownia Jaworzno III boilers upgrade 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 21; scheduled commissioning 216 Status as of 31 December 212 : Upgrades of units No. 2 and No. 4 are completed General contractor: consortium of Fortum Power and Heat (consortium leader) and Zakłady Remontowe Energetyki Katowice (consortium member) Elektrownia Jaworzno III a new coal-fired unit Capacity 91 MW e Scheduled commissioning 218 Status as of 31 December 212: Selection of contractor and contract engineer is underway Latest events: On 24 January 213 Tauron Wytwarzanie selected the offer of the Rafako and Mostostal Warszawa consortium as the winning bid in the tender for coal-fired unit at Jaworzno Elektrownia Łaziska boilers upgrade 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 21; scheduled commissioning 215 Status as of 31 December 212: Works at unit No. 12 are completed Trial run at unit No. 11 is completed. Adjustment of the unit s installation is underway General contractor: STRABAG TAURON Polska Energia S.A. 25

26 Reporting model Generation SEGMENT Mining SEGMENT RES SEGMENT HEAT SEGMENT Distribution SEGMENT Supply SEGMENT Customer Service SEGMENT Other SEGMENT Mining Segment: Południowy Koncern Węglowy Generation Segment: TAURON Wytwarzanie RES Segment: TAURON Ekoenergia BELS INVESTMENT MEGAWAT MARSZEWO Lipniki Distribution Segment: TAURON Dystrybucja TAURON Serwis GZE Supply Segment: TAURON Sprzedaż TAURON Sprzedaż GZE TAURON Polska Energia TAURON Czech Energy Customer Service Segmet: TAURON Obsługa Klienta TAURON Obsługa Klienta GZE* Other Segment: Kopalnia Wapienia Czatkowice PE-PKH Heat Segment: TAURON Ciepło EC Tychy EC Nowa In Q1 212 TAURON introduced the new reporting model dividing the Group s operations into eight segments * Merger of TAURON Obsługa Klienta and TAURON Obsługa Klienta GZE took place on 31 January 213 after the reported period TAURON Polska Energia S.A. 26

27 Mining key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q TAURON Polska Energia S.A. 27

28 Mining EBIT bridge PLNm EBIT I-XII EBIT 211 FY (wyk.) 211 (actual) Wolumen Coal sales sprzedaży volume węgla Cena Coal sprzedaży sales węgla price Own Jedn. cost koszt of coal własny sold sprzedanego per unit węgla Pozostałe Other revenue/ przychody / costs koszty EBIT I-XII EBIT 212 FY (wyk.) 212 (actual) Increase Decrease TAURON Polska Energia S.A. 28

29 Generation from conventional sources key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 29

30 Generation from conventional sources EBIT bridge PLNm EBIT I-XII FY 211 Electricity Wolumen sales 211 (wyk.) volume sprzedaży (from (actual) own energii production) z wł. produkcji Cena Electricity energi elektrycznej sales price Variable Jedn. koszt cost of zmienny electricity energii per unit el. Revenue Przych. from z tyt. rekompensaty LTC compensation KDT Margin Marża on na certyfikatach certificates Koszty Fixed costs stałe less bez depreciation amortyzacji Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-XII FY (wyk.) (actual) Increase Decrease TAURON Polska Energia S.A. 3

31 Generation from RES key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 31

32 RES EBIT bridge PLNm EBIT EBIT I-XII FY 211 (wyk.) (actual) Supply Wolumen volume sprzedaży hydroelectric - el. power wodne plants Supply Wolumen volume sprzedaży wind farms - el.wiatrowe Cena Electricity sprzedaży sales energii price Cena Certificate sprzedaży certyfikatów sales price Depreciation Amortyzacja Pozostałe Other revenue/ przychody / koszty costs EBIT FY I-XII (actual) (wyk.) Increase Decrease TAURON Polska Energia S.A. 32

33 Dinstribution key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 33

34 Distribution EBIT bridge PLNm EBIT EBIT I-XII FY (actual) (wyk.) Sales Wolumen volume sprzedaży distribution usług services dystr. Cena Sales sprzedaży price usług distribution dystr. services Opłaty Connection przyłączeniowe charges Pozostałe Other przychody revenue Jedn. koszty Variable costs zmienne per unit Koszty Fixed stałe EBIT I-XII 212 EBIT FY 212 costs (wyk.) (actual) Increase Decrease TAURON Polska Energia S.A. 34

35 Supply key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 35

36 Supply EBIT bridge PLNm EBIT FY I-XII (actual) (wyk.) Electricity Wolumen sales sprzedaży volume energii elektrycznej Cena Electricity sprzedaży sales Cena Electricity zakupu Cena Carbon zakupu credit PM / energii elektrycznej price energii purchase elektrycznej price opłata purchase zastępcza price/ substitution fee Akcyza Excise tax Pozostałe Other przychody revenue/ / koszty costs EBIT I-XII FY (actual) (wyk.) Increase Decrease TAURON Polska Energia S.A. 36

37 Heat key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 37

38 Heat EBIT bridge PLMm , EBIT EBIT I-XII FY (actual) (wyk.) Reversed Odwrócenie 211 odpisu impairment z tyt. trwałej utraty write-off wartości 211 Cena Electricity sprzedaży sales energii price Jednostkowe Cost of generation koszty wytwarzania per unit Margin Marża on na certyfikatach certificates Margin Marża na on Koszty Fixed stałe costs bez transakcjach CO2-related dot. amortyzacji less CO2 transactions depreciation Pozostałe Other przychody revenue/ / koszty costs EBIT EBIT I-XII FY (actual) (wyk.) Increase Decrease TAURON Polska Energia S.A. 38

39 Customer Service key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 39

40 Customer service EBIT bridge PLNm ,13 EBIT I-XII FY 211 (actual) (wyk.) Przychody Customer service z tytułu Pozostałe Other przychody sales Koszty Costs świadczonych of obsługi revenue klienta ze sprzedaży revenue services usług provided Wynik Result na on pozostałej other Pozostałe Other revenue/ przychody / EBIT EBIT I-XII FY (wyk.) działalności operations operacyjnej koszty costs (actual) Increase Decrease TAURON Polska Energia S.A. 4

41 Other key financial data Change: Revenue EBITDA EBIT in the segment (in PLNm) Q4 211 Q4 212 TAURON Polska Energia S.A. 41

TAURON Group s Q1 2014 financial results

TAURON Group s Q1 2014 financial results TAURON Group s Q1 2014 financial results May 14, 2014 Q1 2014 key financial parameters TAURON Group s Q1 2014 financial results [PLN m] Q1 2014 Sales revenue 4 887 (-5.4% yoy) EBITDA 1 088 (-11% yoy) Net

More information

TAURON Group s H1 2014 financial results

TAURON Group s H1 2014 financial results TAURON Group s H1 214 financial results August 21, 214 H1 214 key financial parameters TAURON Group s H1 214 financial results [PLN m] H1 214 Sales revenue 9 226 (-4.9% yoy) EBITDA 1 995 (-2.9% yoy) Net

More information

Additional information to the extended consolidated report of TAURON Group for the First Quarter of 2013

Additional information to the extended consolidated report of TAURON Group for the First Quarter of 2013 Additional information to the extended consolidated report of TAURON Group for the First Quarter of 2013 9 May 2013 Table of Contents 1. Organisation of TAURON Capital Group 3 1.1. Basic Information on

More information

Additional information to the extended consolidated financial report of the TAURON Group for the third quarter of 2011

Additional information to the extended consolidated financial report of the TAURON Group for the third quarter of 2011 Additional information to the extended consolidated financial report of the TAURON Group for the third quarter of 2011 9 November 2011 Table of Contents 1. Organisation of the TAURON Capital Group...4

More information

REPORT OF THE MANAGEMENT BOARD ON OPERATIONS OF TAURON POLSKA ENERGIA S.A. FOR THE FINANCIAL YEAR 2014

REPORT OF THE MANAGEMENT BOARD ON OPERATIONS OF TAURON POLSKA ENERGIA S.A. FOR THE FINANCIAL YEAR 2014 REPORT OF THE MANAGEMENT BOARD ON OPERATIONS OF TAURON POLSKA ENERGIA S.A. FOR THE FINANCIAL YEAR 2014 MARCH 2015 TABLE OF CONTENTS 1. TAURON POLSKA ENERGIA S.A..........................................

More information

29th August, 2013. Zespół Elektrowni Pątnów-Adamów-Konin S.A. Ist Half 2013

29th August, 2013. Zespół Elektrowni Pątnów-Adamów-Konin S.A. Ist Half 2013 29th August, 2013 Zespół Elektrowni Pątnów-Adamów-Konin S.A. Ist Half 2013 Key data for 6 months 2013 (2Q 2013) Financial Operational o o o o Sales revenue = 1.327 m PLN (664 m PLN); EBITDA = 364 m PLN

More information

3. ENVIRONMENT PROTECTION THROUGHOUT THE VALUE CHAIN

3. ENVIRONMENT PROTECTION THROUGHOUT THE VALUE CHAIN 3. ENVIRONMENT PROTECTION THROUGHOUT THE VALUE CHAIN Group s operations throughout the value chain undoubtedly affect the environment. With the contemporary challenges related to climate changes, depletion

More information

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 THE POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR

More information

The development of gas cogeneration

The development of gas cogeneration The development of gas cogeneration PGNiG Capital Group Strategy PGNiG Capital Group is a leader in the Polish market of natural gas. Within its strategy, the Company aims to transform into a modern, integrated

More information

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period ended March 31, 2014 Contents 1 General information about the PGE Capital Group

More information

Financial results of 2013 Outlook 2014+ 12 March 2014

Financial results of 2013 Outlook 2014+ 12 March 2014 Financial results of 2013 Outlook 2014+ 12 March 2014 DUON benefits from liberalisation of electric energy and gas markets: summary of 2013 +56% increase of revenues to almost PLN 400 m +54% increase of

More information

Vattenfall Q2 2013 results

Vattenfall Q2 2013 results Vattenfall Q2 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference call for analysts and investors, 23 July 2013 Q2 Highlights Impairment charges on thermal assets and goodwill amounting to

More information

REFERENCE LIST OF LARGE TRANSLATION PROJECTS FOR POWER, GAS AND ENVIRONMENTAL SECTOR CARRIED OUT BY BIRETA S.C.

REFERENCE LIST OF LARGE TRANSLATION PROJECTS FOR POWER, GAS AND ENVIRONMENTAL SECTOR CARRIED OUT BY BIRETA S.C. ABENER ENERGÍA SA ALSTOM POWER ALSTOM Carbon Capture GmbH ALSTOM (Switzerland) Ltd ANDRITZ ENERGY & ENVIRONMENT GmbH ANSALDO ENERGIA S.p.A ARCTIC PAPER KOSTRZYN SA BUDIMEX SA / GAMA / TECNICAS REUNIDAS,

More information

PBG Capital Group s Financial Results HI2010

PBG Capital Group s Financial Results HI2010 PBG Capital Group s Financial Results HI21 Presentation: Jerzy Wiśniewski, CEO Przemysław Szkudlarczyk, CFO Warsaw, August 25th, 21 r. The most important events in the PBG CG in 2Q 21 MONTH EVENT slajd

More information

Energy Sector in Poland

Energy Sector in Poland Energy Sector in Poland Sector profile Polish Information and Foreign Investment Agency 2013 Financed by the Ministry of the Economy ISBN 978-83-63371-13-5 Table of content Energy sector in the world 3

More information

2. Description of the ENEA Capital Group's operations...6 2.1. Generation... 6

2. Description of the ENEA Capital Group's operations...6 2.1. Generation... 6 Table of Contents: 1. Description of the organisation of the ENEA Capital Group...5 1.1. Description of changes made within the organisation of the Group... 5 1.2. Description of capital investments within

More information

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month and 9-month period

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month and 9-month period Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month and 9-month period ended September 30, 2014 Contents 1 General information about the PGE

More information

Vattenfall Full Year 2013 results

Vattenfall Full Year 2013 results Vattenfall Full Year 2013 results Øystein Løseth, CEO and Ingrid Bonde, CFO Press conference, 4 February 2014 2013 Highlights Net sales increased 2.6% to SEK 172bn (167) Underlying EBIT increased 1.3%

More information

Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group

Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group 1 Consolidated quarterly report for the first quarter of year 2011 Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group Period ended March 31, 2011 (not audited) Period

More information

Clean Coal Seminar 2014

Clean Coal Seminar 2014 Clean Coal Seminar 2014 Using lignite in the modern low-emission power plants Waldemar Szulc Vice President of the Board PGE GiEK S.A. Warsaw, 2 June 2014 Agenda Organisational structure Basic information

More information

REPORT ON THE COMPANY S BUSINESS OPERATIONS AND ASSETS FOR 2014

REPORT ON THE COMPANY S BUSINESS OPERATIONS AND ASSETS FOR 2014 REPORT ON THE COMPANY S BUSINESS OPERATIONS AND ASSETS FOR 2014 Daniel Beneš, Chairman of the Board of Directors and Chief Executive Officer of ČEZ, a. s. Dear shareholders, ladies and gentlemen, please

More information

Polimex-Mostostal Group results 1-3Q 2012

Polimex-Mostostal Group results 1-3Q 2012 Polimex-Mostostal Group results 1-3Q 2012 In accordance with reviewed condensed consolidated financial statement for the 3rd quarter 2012 Stipulation The following presentation ("Presentation") has been

More information

PGE - Polish Energy Group. Nuclear power development in Poland - we need decision today. Organisation of the Polish Power Sector After Consolidation

PGE - Polish Energy Group. Nuclear power development in Poland - we need decision today. Organisation of the Polish Power Sector After Consolidation Nuclear power development in Poland - we need decision today Hanna Trojanowska Director of International Affairs and New Technologies Department PGE Polska Grupa Energetyczna S.A. Organisation of the Polish

More information

Investments in the development of renewable energy sources and cogeneration sources are key directions of the Capital Group investments.

Investments in the development of renewable energy sources and cogeneration sources are key directions of the Capital Group investments. 3 ENVIRONMENT 3.1 Goals and priorities 3.2 Energy 3.3 Emissions 3.4 Renewable energy sources 3.5 Water and raw materials Key issues ENEA Capital Group's activities affect the environment. The most important

More information

www.apator.com Financial results of Apator Capital Group 25.11.2015 1

www.apator.com Financial results of Apator Capital Group 25.11.2015 1 Financial results of Apator Capital Group 25.11.215 1 Financial results of Apator Capital Group 215 PLN (') 9M 215 9M 214 Change y/y Sales 556 91 517 48 7,5% Gross profit on sales 151 857 154 627-1,8%

More information

1. GENERAL INFORMATION ABOUT THE COMPANY AND PGE CAPITAL GROUP 6 2. ACTIVITY OF PGE S.A...14

1. GENERAL INFORMATION ABOUT THE COMPANY AND PGE CAPITAL GROUP 6 2. ACTIVITY OF PGE S.A...14 2 CONTENTS 1. GENERAL INFORMATION ABOUT THE COMPANY AND PGE CAPITAL GROUP 6 1.1. CHANGES IN ORGANISATION OF THE COMPANY AND OF THE PGE CAPITAL GROUP... 6 1.2. CHANGES IN THE ORGANISATION OF THE COMPANY

More information

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY. Energy sector in Poland. Marta Kokoszka Manufacturing Team Foreign Investment Department

POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY. Energy sector in Poland. Marta Kokoszka Manufacturing Team Foreign Investment Department POLISH INFORMATION AND FOREIGN INVESTMENT AGENCY Energy sector in Poland Marta Kokoszka Manufacturing Team Foreign Investment Department EU climate and energy policy - targets for 2030 Raising the share

More information

Aviva Powszechne Towarzystwo Emerytalne Warszawa, 5 March 2010 Aviva BZ WBK S.A. ul. Prosta 70 00-838 Warszawa

Aviva Powszechne Towarzystwo Emerytalne Warszawa, 5 March 2010 Aviva BZ WBK S.A. ul. Prosta 70 00-838 Warszawa Aviva Powszechne Towarzystwo Emerytalne Warszawa, 5 March 2010 Aviva BZ WBK S.A. ul. Prosta 70 00-838 Warszawa PGE Polska Grupa Energetyczna S.A. ul. Mysia 2 00-496 Warszawa In reference to the current

More information

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 6-month period

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 6-month period Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 6-month period ended June 30, 2015 Contents 1 Description of activity of the Capital Group 5 1.1

More information

Dear Sir or Madam, President of the Management Board of Polimex-Mostostal SA. Konrad Jaskóła

Dear Sir or Madam, President of the Management Board of Polimex-Mostostal SA. Konrad Jaskóła Dear Sir or Madam, We concluded the year 2011 with sales results better than those generated in 2010. Given the market reality so difficult for the building engineering, the net result appeared to be on

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

Conference call Fiscal year 2014»

Conference call Fiscal year 2014» Conference call Fiscal year» EnBW Energie Baden-Württemberg AG Karlsruhe, 17 March 2015 Frank Mastiaux, Chief Executive Officer Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President,

More information

Fuel cell microchp: Greener and cheaper energy for all

Fuel cell microchp: Greener and cheaper energy for all Fuel cell microchp: Greener and cheaper energy for all Paddy Thompson General Manager Business Development Ceramic Fuel Cells Ltd. May 2013 1 What does our generation mix look like today? 2 Will the lights

More information

Full Year Results 2012. Conference Call Presentation, 21 st March 2013

Full Year Results 2012. Conference Call Presentation, 21 st March 2013 Full Year Results 2012 Conference Call Presentation, 21 st March 2013 0 Disclaimer This presentation may contain forward-looking statements based on current assumptionsandforecastsmadebybrenntag AG and

More information

Presentation of the Polimex-Mostostal Group April 2012

Presentation of the Polimex-Mostostal Group April 2012 Presentation of the Polimex-Mostostal Group April 2012 Table of contents Activity of the Polimex Mostostal Group Portfolio of orders Accomplishments and development directions Financial results 3 14 17

More information

PGE Polska Grupa Energetyczna S.A. Condensed interim consolidated financial statements for the 3 months period

PGE Polska Grupa Energetyczna S.A. Condensed interim consolidated financial statements for the 3 months period PGE Polska Grupa Energetyczna S.A. Condensed interim consolidated financial statements for the 3 months period ended in accordance with IFRS EU (in PLN million) zakończony dnia 31 marca 2014 roku zgodne

More information

Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group

Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group 1 1 2 Selected consolidated financial data of PGE Polska Grupa Energetyczna S.A. Capital Group 6-month period 6-month period June 30, June 30, 2013 2012 2013 2012 (reviewed) (reviewed) (reviewed) (reviewed)

More information

Table of Contents Introduction...5 The organisation of the ENEA Capital Group... 13 Description of the ENEA Capital Group's operations...

Table of Contents Introduction...5 The organisation of the ENEA Capital Group... 13 Description of the ENEA Capital Group's operations... 1 2 Table of Contents 1. Introduction...5 1.1. Letter of the President of the Management Board... 5 1.2. Selected financial data... 7 1.2.1. Selected consolidated financial data of the ENEA Capital Group...

More information

Electric Utilities. Introduction to the module

Electric Utilities. Introduction to the module Introduction to the module The electric utilities module is based on a reporting framework produced by the Institutional Investors Group on Climate Change (IIGCC), Ceres, and the Investor Group on Climate

More information

Electric Utilities. Introduction to the module

Electric Utilities. Introduction to the module Introduction to the module The electric utilities module is based on a reporting framework produced by the Institutional Investors Group on Climate Change (IIGCC), Ceres, and the Investor Group on Climate

More information

Conference call First half of fiscal year 2014

Conference call First half of fiscal year 2014 Conference call First half of fiscal year EnBW Energie Baden-Württemberg AG Karlsruhe, 1 August Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance / Investor

More information

Second Quarter 2015 Earnings Conference Call

Second Quarter 2015 Earnings Conference Call Second Quarter 2015 Earnings Conference Call NYSE: CVA JULY 22, 2015 Cautionary Statements All information included in this earnings presentation is based on continuing operations, unless otherwise noted.

More information

Polish RES support system from the perspective of offshore wind energy - current status and anticipated changes

Polish RES support system from the perspective of offshore wind energy - current status and anticipated changes Polish RES support system from the perspective of offshore wind energy - current status and anticipated changes Rafał Hajduk Legal adviser / Partner Norton Rose Fulbright Piotr Strawa i Wspólnicy, sp.

More information

FINANCIAL RESULTS Q1 2012. 16 May 2012

FINANCIAL RESULTS Q1 2012. 16 May 2012 FINANCIAL RESULTS Q1 2012 16 May 2012 Highlights Q1 2012 Satisfactory Q1 financials underlying EBITDA and profit before tax on a par with Q1 2011 - Lower power prices partly offset by increased power generation

More information

Consolidated Interim Report

Consolidated Interim Report Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as

More information

EVN Conference Call Q. 1 3 2012/13 Results. August 29 th, 2013

EVN Conference Call Q. 1 3 2012/13 Results. August 29 th, 2013 EVN Conference Call 2012/13 Results August 29 th, 2013 Business highlights Key financials Operating result at last year s level Group net profit 34.8% below prior-year level due to one-off effects in financial

More information

VERBUND AG, www.verbund.com

VERBUND AG, www.verbund.com VERBUND Results quarter 1/2015 Vienna, 06/05/2015 Results quarter 1/2015 Page 3 At a glance Influencing factors Water supply 3% above long-term average and 10%-points above Q1/2014 Reduction of average

More information

Developing Power Projects in Southern Africa. Cape Town Presentation 8 th February 2016

Developing Power Projects in Southern Africa. Cape Town Presentation 8 th February 2016 Developing Power Projects in Southern Africa Cape Town Presentation 8 th February 2016 Company Highlights AFR now participating in the development of three large-scale power projects in Botswana Completion

More information

Hungary Energy efficiency report

Hungary Energy efficiency report Hungary Energy efficiency report Objectives: o 1.4 Mtoe of end-user energy savings by 216, including 312 ktoe in industry o 1.9 Mtoe of primary energy savings by 23, including around 4% in the power sector

More information

Confirmation Code: 2977298

Confirmation Code: 2977298 DATE: 26 February 2014 Attached is the Presentation regarding Pact s Interim Financial Results for the half-year ended 31 December 2013. The Presentation will occur at 10am (Melbourne time) today. Dial

More information

BROOKFIELD RENEWABLE ANNOUNCES 7% DISTRIBUTION INCREASE AND FOURTH QUARTER RESULTS Distribution increased from $1.66 to $1.

BROOKFIELD RENEWABLE ANNOUNCES 7% DISTRIBUTION INCREASE AND FOURTH QUARTER RESULTS Distribution increased from $1.66 to $1. PRESS RELEASE BROOKFIELD RENEWABLE ANNOUNCES 7% DISTRIBUTION INCREASE AND FOURTH QUARTER RESULTS Distribution increased from $1.66 to $1.78 per share BROOKFIELD, News, February 4, 2016 Brookfield Renewable

More information

Tabcorp Holdings Limited 2011/12

Tabcorp Holdings Limited 2011/12 Tabcorp Holdings Limited ABN 66 063 780 709 2011/12 Full Year Results Presentation 9 August 2012 A successful year Strong EBIT growth in challenging market conditions Key FY12 outcomes Completed demerger

More information

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the 3-month period ended March 31, 2015 Contents 1 Description of activity of the Capital Group 5

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

EVN Conference Call HY. 1 2012/13 Results. May 28 th, 2013

EVN Conference Call HY. 1 2012/13 Results. May 28 th, 2013 EVN Conference Call HY. 1 2012/13 Results May 28 th, 2013 Operational update Deal for the sale of the 50% stake in Devoll to Statkraft closed Earnings of WEEV burdened by market valuation of Verbund shares

More information

Conference call Transcript Release of 2012 Audited Consolidated Results

Conference call Transcript Release of 2012 Audited Consolidated Results Conference call Transcript Release of 2012 Audited Consolidated Results Good morning America and good afternoon Europe, Welcome to Hrvatska elektroprivreda d.d. s first investor relations conference call.

More information

Third quarter results FY2015. August 17, 2015

Third quarter results FY2015. August 17, 2015 Third quarter results FY2015 August 17, 2015 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment

More information

EVN Conference Call HY. 1 2014/15 Results. 28 May 2015

EVN Conference Call HY. 1 2014/15 Results. 28 May 2015 EVN Conference Call HY. 1 2014/15 Results 28 May 2015 Business development HY. 1 2014/15 Significant increase in electricity generation expansion of renewable energy production full operations in the Duisburg-Walsum

More information

Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013

Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013 Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales

More information

POSSIBILITIES OF DH SECTOR INVESTMENTS IN POLAND

POSSIBILITIES OF DH SECTOR INVESTMENTS IN POLAND DBDH ANNUAL MEETING 27TH NOV 2014 POSSIBILITIES OF DH SECTOR INVESTMENTS IN POLAND WHAT, WHY, HOW AND WHERE RAMBOLL POLSKA SP. Z O.O. SEATED IN WARSAW In operation on Polish market since 1990 Previous

More information

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets.

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets. Poland Key Issues + With regard to electricity, coal is still the main source of fuel for power generation. Poland's generating capacity is ageing, and the country needs better incentives for investment

More information

How To Account For A Company'S Financial Results In A Polish Bank

How To Account For A Company'S Financial Results In A Polish Bank DTP Results for I Q 2015 r. Warsaw 2015 Agenda Summary of the I Q 2015 r. Financial results for I Q 2015 r. Operating results DTP position on the debt market in Poland and the prospects Attachment 2 Dynamic

More information

Foratom event 29 April 2015

Foratom event 29 April 2015 Foratom event 29 April 2015 New nuclear in the UK and Electricity Market Reform Colin Parker Head of European Liaison - EDF Energy 1 April 2015 EDF Energy plc. All rights reserved. EDF Energy A UK energy

More information

ABENGOA YIELD The sustainable total return company

ABENGOA YIELD The sustainable total return company Abengoa Yield announces second quarter 2015 results and a quarterly dividend above guidance Strong results for the period: Further Adjusted EBITDA including unconsolidated affiliates increased by 93% y-o-y

More information

Investor and Analyst Q1 2014 Conference Call

Investor and Analyst Q1 2014 Conference Call Investor and Analyst Q1 2014 Conference Call Essen, 14 May 2014 Bernhard Günther Chief Financial Officer Stephan Lowis Vice President Investor Relations Forward Looking Statement This presentation contains

More information

Fortunes of a Terna in 2006

Fortunes of a Terna in 2006 9M2005 Consolidated Results Fulvio Conti Chief Executive Officer Rome, 9 November 2005 Agenda 1. 9M2005 Results 2. 2005 and 2006 outlook 3. Questions & Answers 1 9M2005 results - Highlights Results 9M05/9M04

More information

Annual report of. for the year 2011

Annual report of. for the year 2011 Annual report of TAURON Polska Energia S.A. for the year 2011 19 March 2012 Letter of the President of the Management Board of TAURON Polska Energia S.A. Ladies and Gentlemen, For the second time, as the

More information

Company announcement from Vestas Wind Systems A/S

Company announcement from Vestas Wind Systems A/S Company announcement from Aarhus, 9 February 2016 Company announcement No. 3/2016 Page 1 of 9 Annual report 2015 - Yet another year with strong financial and operational results Summary: For full-year

More information

Drägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015

Drägerwerk AG & Co. KGaA Analyst Conference 2015. Frankfurt, March 11, 2015 Drägerwerk AG & Co. KGaA Analyst Conference 2015 Frankfurt, March 11, 2015 Disclaimer This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any

More information

Developing Power Projects in Southern Africa. Annual General Meeting Presentation 20 th November 2015

Developing Power Projects in Southern Africa. Annual General Meeting Presentation 20 th November 2015 Developing Power Projects in Southern Africa Annual General Meeting Presentation 20 th November 2015 2015 Company Highlights AFR now participating in the development of three large-scale power projects

More information

First quarter 2015 results 1

First quarter 2015 results 1 First quarter results 1 Luxembourg, May 5, Highlights Health and Safety frequency rate 2 of 1.3x in Q1 compared to 1.8x in Q4. Shipments of 469 thousand tonnes in Q1 compared to shipments of 439 thousand

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

Interim financial report third quarter 2014 Investor presentation. Koen Van Gerven, CEO Pierre Winand, CFO

Interim financial report third quarter 2014 Investor presentation. Koen Van Gerven, CEO Pierre Winand, CFO Interim financial report third quarter 204 Investor presentation Koen Van Gerven, CEO Pierre Winand, CFO Brussels November, 4th 204 Investor presentation - Interim financial report 3Q4 2 Financial Calendar

More information

EVN Conference Call Q. 1 3 2013/14 Results. 28 August 2014

EVN Conference Call Q. 1 3 2013/14 Results. 28 August 2014 EVN Conference Call Q. 1 3 2013/14 Results 28 August 2014 IFRS changes to the Scope of Consolidation Initial application of IFRS 10 12 Q. 1 3 2013/14 financial statements were prepared in accordance with

More information

We have changed the organisation's "genetic code"

We have changed the organisation's genetic code LETTER OF THE PRESIDENT OF THE MANAGEMENT BOARD 2 We have changed the organisation's "genetic code" The previous year was a year of crucial changes in ENEA Group 2014, in my assessment, was very successful

More information

IAEA Technical Meeting on topical issues in infrastructure development,

IAEA Technical Meeting on topical issues in infrastructure development, IAEA Technical Meeting on topical issues in infrastructure development, Vienna, 3-6 February 2015 Zbigniew KUBACKI Director Nuclear Energy Department, Ministry of Economy POLAND 2 Electricity market in

More information

Credit Opinion: PGE Polska Grupa Energetyczna S.A.

Credit Opinion: PGE Polska Grupa Energetyczna S.A. Credit Opinion: PGE Polska Grupa Energetyczna S.A. Global Credit Research - 03 Jun 2014 Warsaw, Poland Ratings Category Outlook Issuer Rating PGE Sweden AB (publ) Outlook Bkd Sr Unsec MTN Moody's Rating

More information

Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2015

Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2015 Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2015 ended December 31, 2015 Contents 1 Activities of PGE S.A. 4 1.1 Factors important for the development of

More information

HowWhat Does it All Mean to Be Successful in Life?

HowWhat Does it All Mean to Be Successful in Life? Interim Report January June 2015 April June 2015 Net sales of SEK 36,115 million (36,575) Underlying operating profit 1 of SEK 2,966 million (4,086) Operating profit of SEK -38,045 million (-1,637). Operating

More information

Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2014

Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2014 Management Board s report on activities of PGE Polska Grupa Energetyczna S.A. for the year 2014 ended December 31, 2014 Contents 1 Activities of PGE S.A. 4 1.1 Factors important for the development of

More information

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A.

The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. The following report presents financial data only. The full and binding version is available in Polish. K2 INTERNET S.A. Annual Financial Statement of K2 Internet S.A. for the twelve-month period ended

More information

Full Year Results 2014

Full Year Results 2014 Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix

More information

E.ON Debt Investor Update Call. Cleaner & better energy. Dr. Marcus Schenck, CFO September 3, 2012

E.ON Debt Investor Update Call. Cleaner & better energy. Dr. Marcus Schenck, CFO September 3, 2012 E.ON Debt Investor Update Call Cleaner & better energy Dr. Marcus Schenck, CFO September 3, 2012 Agenda Operating update Financial update 1 Cleaner & better energy Europe Investment Performance Outside

More information

How To Fund A Project In Poland

How To Fund A Project In Poland POLAND: National Fund for Environmental Protection and Water Management activities in climate protection National Fund for Environmental Protection and Water Management, Poland Green Investment Scheme

More information

EVN Conference Call Q. 1 2014/15 Results. 26 February 2015

EVN Conference Call Q. 1 2014/15 Results. 26 February 2015 EVN Conference Call Q. 1 2014/15 Results 26 February 2015 Business development Q. 1 2014/15 Increase in electricity generation based on full operations in the Duisburg-Walsum power plant and the expansion

More information

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2013 November 6, 2013 Summary of Consolidated Financial Results for the Six Months Ended Name of Company Listed: Stock Exchange Listings: Nippon Paper Industries Co., Ltd. Tokyo Code Number: 3863 URL: Representative:

More information

Consolidated Income Statements SAP-Group 3rd quarter

Consolidated Income Statements SAP-Group 3rd quarter SAP Reports 17% Growth in Software Revenues for the Third Quarter 2006 Page 1 SAPGroup 3rd quarter Software revenue 691 590 17% Maintenance revenue 884 802 10% Product revenue 1,575 1,392 13% Consulting

More information

Polish Energy Partners SA Q1 2006 Performance. April 2006 Warsaw

Polish Energy Partners SA Q1 2006 Performance. April 2006 Warsaw Polish Energy Partners SA Q1 2006 Performance April 2006 Warsaw Contents Business Review Financial Performance Summary 2 Business Review Business Review Net Profit improved by 2% in relation to 2005 EBITDA

More information

Deutsche Telekom wins droves of customers in the second quarter

Deutsche Telekom wins droves of customers in the second quarter MEDIA INFORMATION Bonn, August 8, 2013 Deutsche Telekom wins droves of customers in the second quarter 1.38 million mobile contract net additions Group-wide Net total of 688,000 new branded postpaid customers

More information

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP]

November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] November 4, 2015 Consolidated Financial Results for the Second Quarter of Fiscal Year 2015 (From April 1, 2015 to September 30, 2015) [Japan GAAP] Company Name: Idemitsu Kosan Co., Ltd. (URL http://www.idemitsu.com)

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

More information

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012 SUPPLEMENTAL INVESTOR INFORMATION Fourth Quarter 2012 Kevin Bryant Tony Carreño VP Investor Relations and Strategic Director Investor Relations Planning & Treasurer 816-556-2782 816-654-1763 anthony.carreno@kcpl.com

More information

ScottishPower Consolidated Segmental Statement for the year ended 31 December 2013

ScottishPower Consolidated Segmental Statement for the year ended 31 December 2013 Consolidated Segmental Statement for the year ended 31 December 2013 Required under Standard Condition 16B of Electricity Licences and Standard Condition 19A of Electricity and Gas Supply Licences 01 Contents

More information

investor.relations@iberdrola.es T: + 34 91 784 28 04 F: + 34 91 784 20 64 UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007.

investor.relations@iberdrola.es T: + 34 91 784 28 04 F: + 34 91 784 20 64 UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007. UPCOMING EVENTS 2007 FIRST HALF RESULTS: JULY 25th, 2007. IBERDROLA s Net Electricity Production (provisional) (1) April Year 2007 TOTAL GROUP GWh % Weight Vs 2006 GWh % Weight Vs 2006 Hydro 3,735 12.5%

More information

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the year 2014

Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the year 2014 Management Board s report on activities of the Capital Group of PGE Polska Grupa Energetyczna S.A. for the year 2014 ended December 31, 2014 Contents 1 Description of activity of the Capital Group 8 1.1

More information

Disclaimer. This presentation does not constitute financial advice.

Disclaimer. This presentation does not constitute financial advice. Page 1 Mighty River Power Interim Results 2012 Disclaimer The information in this presentation was prepared by Mighty River Power Limited with due care and attention with every effort made to ensure its

More information

PGE Polska Grupa Energetyczna S.A. (PGE) - Financial and Strategic SWOT Analysis Review

PGE Polska Grupa Energetyczna S.A. (PGE) - Financial and Strategic SWOT Analysis Review Brochure More information from http://www.researchandmarkets.com/reports/1816471/ PGE Polska Grupa Energetyczna S.A. (PGE) - Financial and Strategic SWOT Analysis Review Description: PGE Polska Grupa Energetyczna

More information

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of March 31, 2015 in CZK Millions

ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of March 31, 2015 in CZK Millions BALANCE SHEET Assets Property, plant and equipment: 31. 03. 2015 31. 12. 2014 Plant in service 345,012 344,246 Less accumulated provision for depreciation (199,841) (196,333) Net plant in service 145,171

More information

EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015

EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015 EUROPE S LEADING ONLINE FASHION DESTINATION Q4 / Full-Year 2014 Earnings Call 5 March 2015 Results highlights and business update 1 CONTINUED CLEAR FOCUS ON EXECUTION Strong revenue growth outperforms

More information

Business and Strategy Update. 27 April 2010

Business and Strategy Update. 27 April 2010 Business and Strategy Update 27 April 2010 1 Agenda Contents Retention of US Business Outcome of German and French Asset Sale Processes Focus on Growth in Australia Distribution Guidance and Policy Presenter:

More information