Financial results of 2013 Outlook March 2014

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1 Financial results of 2013 Outlook March 2014

2 DUON benefits from liberalisation of electric energy and gas markets: summary of % increase of revenues to almost PLN 400 m +54% increase of EBITDA to over PLN 20 m +71% increase of net profit to over PLN 10 m +66% increase of volume of electric energy sold to TPA recipients to over 270 GWh 90% of entrepreneurs who switched to a new gas supplier in the second half of 2013 chose DUON 80% share in LNG market: the leading position was maintained 2

3 Agenda Market and business model Financial results Outlook Appendix 3

4 Market and business model

5 Stable business model adapted to changes on the market infrastructure segment trading segment gas market sale of gas distributed by own grid 9 locations, 420 km of grid, about customers Volume in 2013: 40 m m 3 sale of LNG 21 locations, 50 km of grid, 16 road tankers, approx. 800 customers Volume in 2013: 34 m m 3 wholesale trading transactions on the Polish and foreign gas markets OTC contracts gas import through interconnectors TPA sales 78 customers volume in 2013: 91 GWh share in switching in 2013: 54.5% in the business segment, including more than 90% in the second half of 2013 Wholesale trading electric energy market transactions on the Polish energy market OTC contracts TPA sales customers volume in 2013: 273 GWh under consideration Share in switching in 2013: 11.3% in the households sector, 16.4% in the business sector 5

6 DUON on the gas market Market structure by No of customers Market structure by gas consumption 6.46m Households 30% Shares in the gas markets Others 5% 6% PGNiG 7% G.EN 7% 6.6 m customers 200k 1k Small and medium companies Other companies 16% 15.4 bn m 3 54% 15.4b m 3 95% DUON 80% approx. 40 m m 3 Source: ERO Source: ERO Total gas market Source: ERO, DUON LNG market Customers who switched to a new TPA supplier (cumulatively, at the end of the year) Q2013 2Q2013 3Q Source: ERO, DUON Households Entrepreneurs DUON was chosen by 48% of them Dominant position on the gas market of one supplier PGNiG; however, growing number of customers who decided to change their gas supplier proves that the liberalisation process is speeding up, which is beneficial for DUON. In a sub-segment of the gas market on the LNG market DUON has a leading position with share of 80%. 6

7 DUON on the electricity market Market structure by No of customers 16.7 m customers Source: Energy Market Agency, ERO 89% 1% 10% households (tariff group G) Small and medium companies (tariff group C) 15% 25% 122,6 TWh Customers who switched to a new TPA supplier (cumulatively, at the end of the year) Other companies (tariff groups A, B) Market structure by gas consumption Source: Energy Market Agency, ERO 60% Households DUON was chosen by 5% of them Entrepreneurs DUON was chosen by 10% of them The electric energy market is dominated by incumbents (Enea, Energa, PGE, Tauron, RWE). The number of consumers who have decided to change their electric energy supplier has been steadily growing, which allows independent trading companies, such as DUON, to strengthen their positions. Apart from DUON, there are more than ten other independent trading companies on the electric energy market. Source: ERO, DUON 7

8 Financial results

9 Large increase in the sales volume reached in the trading segment Grid gas and LNG (m m 3 ) TPA gas and electric energy (GWh) % % % 40.0 LNG Grid gas % Gas Electric energy Sales volume Revenues (m PLN) change change Grid gas (high-methane) Infrastructure M m % % LNG Infrastructure M m % % Electric energy TPA Trading GWh % % Natural gas TPA Trading GWh Wholesale trading el. energy Trading GWh % % Wholesale trading gas Trading GWh Other Infrastructure % Total % 9

10 resulted in dynamic growth of revenues % ,7 Revenue structure by groups of products (m PLN) % 28.7% 15.8% 52.7% pp Sales structure by quarters (m PLN) ,2 46, % pp pp ,0 38.3% 21.0% 38.3% % , ,9 29,4 34,2 31,0 34,9 Wholesale trading TPA gas and electric energy Grid gas and LNG +27.1% , ,6 44,1 42,2 Over 56% increase in consolidated sales : sales in the infrastructure segment increased by 12.3%, to PLN m, more than twofold increase (by 103.9%) in sales in the trading segment, to PLN m (caused by development of gas wholesale trading). Change in the structure of segment revenues : from almost balanced in 2012 towards superiority of the trading segment (63.2%) in Growing share of the trading segment in total sales causes gradual reduction of seasonality in individual quarters. 1Q 2Q 3Q 4Q trading infrastructure

11 Performance of segments EBITDA of the infrastructure segment (PLN m) % * % 3.3 1Q 2Q 3Q 4Q % % * Influence of one-offs: EBITDA reported in FS of Q was by PLN 0.5m lower and of Q was by PLN 1.5m higher than recurring EBITDA EBITDA of the trading segment (PLN m) % % * 1Q 2Q 3Q 4Q % 1.1 Infrastructure segment EBITDA increase in comparison to the previous year was mainly a result of significant growth of LNG sales and approval of a new tariff in September 2012 Seasonality in sales resulting from consumption of recipients using gas for heating affects profits gained in the infrastructure segment: Q1 and Q4 are the best quarters. Extended winter 2012/2013 caused the results of H to be higher than in H EBITDA in Q is lower than EBITDA in Q corrected by one-off events because there were limitations in LNG supply in Q resulting from stoppages in production at LNG plants in Odolanów and Kingisepp, which caused reduction of supplies to a number of clients. Trading segment Increase in whole year results was achieved due to development of TPA gas and electric energy sales as well as higher turnover in wholesale gas trading. Results of the year 2012 were burdened by costs of initial stage of operations (difficulties in planning the customers consumption when customers portfolio profile was unknown, delays in the switching procedure). Fluctuations of results in individual quarters were a result of varied activity on the wholesale gas market, dependent on existing transaction opportunities 11

12 Significant improvement of consolidated profits and margins EBITDA (PLN m) EBIT (PLN m) Net profit (PLN m) % % % Continuation of dynamic growth trend on all levels of operations, which began in 2012 mainly due to growth of the scale of business in both segments. Net profit increase in 2013 was achieved also due to lower than in the previous year level of financial costs, which is the result of a reduction in interest rates and more favourable financing structure. 12

13 Healthy balance sheet structure creates potential for financing further development by debt Assets Liabilities PLN m PLN m Tangible fixed assets Equity Goodwill and intangible assets Other fixed assets Long-term interest liabilities Fixed assets Other long-term liabilities Inventories Long-term liabilities Receivables under supplies and services and other receivables Short-term interest liabilities Other current assets Liabilities for supplies and services Total cash, including: Other short-term liabilities Free cash Provisions Restricted cash Short-term liabilities Current assets Total assets Total liabilities Net debt / EBITDA Net debt (calculated without restricted cash) at the end of 2013 amounted to PLN 16.2 m, as the interest bearing liabilities stayed at the level of PLN 47.7 m and cash amounted to PLN 31.5 m. It went down in comparison to the end of when net debt amounted to PLN 32.5 m. 13

14 Outlook 2014+

15 Results forecast for % (m PLN) results 2013 forecast 2014 projected increase Sales revenues % EBITDA % EBIT % Net profit % The sales plan of gas and electric energy for end customers is based on the existing portfolio of contracts. The forecast includes also other revenues planned by DUON in related to: (i) wholesale trade in energy and natural gas, (ii) result from forward contracts, (iii) other activities completed within the infrastructure segment. It is assumed that in the second quarter of 2014 the ERO will approve the new tariff of DUON Dystrybucja S.A., on which the gas sale prices in the infrastructure segment are based. It is assumed that LNG sales planned in 2014 will be completed based on supplies of LNG gas from existing sources, i.e. owned by PGNiG LNG production installations in Poland, the LNG factories in Kingisepp (Russian Federation), and the LNG terminal in Zeebrugge (Belgium) and from a new direction the LNG installation in Kaliningrad. Purchase prices were assumed on the level resulting from the existing portfolio of exchange forward contracts and bilateral contracts on the OTC market. 15

16 Outlook gas market electric energy market infrastructure segment New sources of LNG: Kaliningrad, Świnoujście, Klaipeda, Rotterdam LNG sales development through investments in LNG stations Development of LNG as transportation fuel under consideration trading segment Increase in TPA sales as a result of further liberalisation on the gas market: Development of the wholesale market Release of tariffs for industrial consumers Development of cross-border connections Increase of consumer awareness of the possibility of switching Offering combined sales of gas and energy (dual fuel) Continuation of TPA sales growth: Focusing on the group of small customers Increase of consumer awareness of the possibility of switching Offering combined sales of gas and energy (dual fuel) 16

17 Success factors There are no other independent gas distributors as experienced as Duon (over 10 years of operations in the industry), especially in the area of LNG. We are one of a few companies in Poland, which has reserved capacity on interconnectors (cross-border connections between Polish and the European gas system) allowing to import several tens of millions metres of natural gas from abroad. We have one of the best trading teams in Poland and unique experience on the wholesale gas market. We have an experienced, well-managed and efficient D2D sales network(based on own sales team and cooperation with external partners on an exclusive basis). We are currently the only (except for PGNiG) active supplier of both gas and electric energy. Therefore, we reach synergies on sales of the two products (50% of our TPA gas customers also purchase electric energy from us). The experience of Western European countries which previously underwent market liberalisation shows that it usually leads to loss by the monopolists of approx % of their share on the market within a few years. We have influence on shaping a competitive gas and electric energy market as we actively and effectively participate in legal and organisational actions which are taken. We are flexible in shaping the product offer and have experience in selling electric energy via innovative sales channels (Grupon, Gruper, Allegro, Inmedio network, etc.). 17

18 Appendix

19 Shareholders Galiver Limited 29.8% 102,468,553 shares with a nominal value of PLN 1 each 1 share = 1 vote RIT Capital Partners PLC 17.9% Free float Capital Partners SA 7.6% Galiver Limited is a company representing Lime Rock Partners, a private equity fund involved in the oil and gas sector. Established in 1998, Lime Rock Partners is a stable long-term investor of growth capital in energy companies globally. It manages funds of over USD 5 bn. RIT Capital Partners PLC (Rothschild Investment Trust) is a private investment fund, listed on the London Stock Exchange, with a highly diversified portfolio. Its policy is aimed at investment in a highly diversified, international portfolio in a wide scope of assets, both public and non-public. 44.6% 19

20 Capital group Grupa DUON S.A. holding company, listed on the Warsaw Stock Exchange since % 100% DUON Dystrybucja S.A. distribution company operating since 2001, whose main activity is the distribution and sale of natural gas through its own infrastructure (gas networks, LNGregasification stations) DUON Marketing and Trading S.A. trading company, selling natural gas and electric energy using the infrastructure of third parties, operating since % 66% PGS Sp. z o.o. transport company, owning fleet of cryogenic semi-trailers and containers specialised in LNG transport DUON Praszka Sp. z o.o. producer and distributor of heat generated on the basis of natural gas in the area of the town of Praszka 20

21 Share price and trading volume 2,0 Volume DUON WIG ,8 1,6 1,4 1, Increase in share price 1 January March % 1,0 0,8 0,6 0, Trading volume median 1 January March k 0,2 0,

22 Management Board of Grupa DUON Michał Swół VICE-PRESIDENT OF THE MANAGEMENT BOARD Mariusz Caliński PRESIDENT OF THE MANAGEMENT BOARD Krzysztof Noga MEMBER OF THE MANAGEMENT BOARD Involved in DUON for 5 years Financial Director, working earlier for companies in the fuel industry (Nafta Polska) and consulting companies (KPMG) Involved in DUON for 6 years Experienced expert and commentator on the Polish energy market Gained experience in Sulzer Chemtech Polska, Forte Sweden and Delphi Automotive Systems Poland Involved in DUON for 3 years 20 years of experience in the energy industry (PGE, PSE Electra, ENERGA, PGNiG Energia), active commentator on the Polish energy market

23 Consolidated profit and loss account (m PLN) Sales revenues Cost of sales Profit on forward contracts Gross profit (loss) on sales Selling expenses General administrative expenses Other operating income Other operating expenses Profit on bargain purchase Profit on operations Financial income Financial costs Profit before tax Net profit

24 Consolidated balance sheet: assets (m PLN) Goodwill and intangible assets Tangible fixed assets Other fixed assets Fixed assets Inventories Receivables under supplies and services and other receivables Current income tax receivables Derivative financial instruments Short-term accruals Cash and cash equivalents, incl.: Free cash Restricted cash Assets held for sale Current assets Total assets

25 Consolidated balance sheet: liabilities (m PLN) Equity Loans, credits and other debt instruments Financial leasing Other liabilities Long-term accruals Long-term liabilities Liabilities for supplies and services and other liabilities Loans, credits and other debt instruments Financial leasing Derivative financial instruments Liabilities and provisions under employee benefits Other short-term provisions Short-term accruals Short-term liabilities Total liabilities

26 Consolidated cash flow statement (m PLN) Cash and cash equivalents at beginning of period 14,6 11,0 Profit (loss) before tax 5,4 13,0 Depreciation 5,7 5,6 Impairment write-downs - 1,4 Profit on disposal of non-financial fixed assets -1,6 0,02 Cost of share payments (incentive programme) 0,04 0,6 Interest and profit sharing 3,3 2,3 Profit on bargain purchase -3,7 - Other adjustments 0,9-0,1 Change to working capital 4,6 5,4 Income tax paid - -1,1 Net cash from operating activities 14,7 27,1 Net cash from investment activities -6,5-4,1 Expenses for other financial liabilities 0,0-0,2 Inflow from loans and credits taken out 0,4 15,0 Repayment of credits and loans -5,7-7,9 Repayment of financial leasing -2,8-3,4 Interest paid -3,7-2,4 Net cash from financing activities -11,8 1,1 Cash and cash equivalents at end of period 11,0 35,1 26

27 Contact data Anna Świtalska Head of IR t m e Grupa DUON S.A. ul. Serdeczna 8 Wysogotowo k. Poznania Przeźmierowo 27

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