Financial results of 2013 Outlook March 2014
|
|
- Gervais Brett Gibson
- 7 years ago
- Views:
Transcription
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 ir@duon.pl Grupa DUON S.A. ul. Serdeczna 8 Wysogotowo k. Poznania Przeźmierowo 27
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 informationTHE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF THE DUON CAPITAL GROUP IN 2013
THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF THE DUON CAPITAL GROUP IN 2013 WYSOGOTOWO, 10 MARCH 2014 1 Summary Continued trend of dynamic growth in revenues (+56% year-to-year) and results at all operational
More informationTHE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF DUON CAPITAL GROUP IN THE PERIOD 01.01.2014 30.06.2014
THE MANAGEMENT BOARD REPORT ON THE ACTIVITY OF DUON CAPITAL GROUP IN THE PERIOD 01.01.2014 30.06.2014 Wysogotowo, 22 August 2014 1 Summary CONSOLIDATED DATA IN PLN 000 H1 2014 H1 2013 Q2 2014 Q2 2013 6
More informationConsolidated 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 informationThe 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 information9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
More informationWho we are. Natural gas TPA Development of sales driven by opportunities in the opening market Supply of gas to the Group
annual report 2012 2 Table of contents Who we are 3 The most important events in 2012 5 Letter from the President of the Management Board 8 Letter from the President of the Supervisory Board 10 About the
More informationSignificant reduction in net loss
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
More informationConference 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 informationNotes to the Quarterly Report for Q4 FY03 1. Accounting principles adopted in the preparation of the quarterly report; information on changes in adopted accounting principles The report has been drawn
More informationFinancial 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 informationThe 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 informationConsolidated Statement of Profit or Loss (in million Euro)
Consolidated Statement of Profit or Loss (in million Euro) Q3 2013 Q3 2014 % change 9m 2013 9m 2014 % change Revenue 689 636-7.7% 2,126 1,909-10.2% Cost of sales (497) (440) -11.5% (1,520) (1,324) -12.9%
More informationConference call on the first nine months 2015»
Conference call on the first nine months» EnBW Energie Baden-Württemberg AG Karlsruhe, 13 November Thomas Kusterer, Chief Financial Officer Ingo Peter Voigt, Senior Vice President, Head of Finance, M&A
More informationNet interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million).
H+H International A/S Interim financial report Company Announcement No. 327, 2015 H+H International A/S Dampfærgevej 3, 3rd Floor 2100 Copenhagen Ø Denmark Tel. +45 35 27 02 00 info@hplush.com www.hplush.com
More information29th 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 informationConference 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 informationMetsä Board Metsä Board
Metsä Board Financial 215 Financial statements statements review review 215 Highlights in 215 Paperboard delivery volumes increased by 12% compared to 214 Operating profit improved 32% Strong operating
More informationQ1 RESULTS 2015 30 APRIL 2015. Harald Wilhelm I Chief Financial Officer
1 Q1 RESULTS 2015 30 APRIL 2015 Harald Wilhelm I Chief Financial Officer SAFE HARBOUR STATEMENT 2 Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes,
More informationFull 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 informationConsolidated Financial Results for Six Months Ended September 30, 2007
Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,
More informationVERBUND 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 informationO KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014
Press Release 19 March 2015 O KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014 O KEY Group S.A (LSE: OKEY), a leading food retailer in Russia, today released audited consolidated financial results
More informationConsolidated Statement of Profit or Loss (in million Euro)
Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross
More informationConsolidated balance sheet
83 Consolidated balance sheet December 31 Non-current assets Goodwill 14 675.1 978.4 Other intangible assets 14 317.4 303.8 Property, plant, and equipment 15 530.7 492.0 Investment in associates 16 2.5
More informationConsolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009
SEMI-ANNUAL REPORT 2009 Consolidated Extended Financial Statements of Echo Investment Capital Group for the 1st half of 2009 August 31, 2009 Semi-annual Report for the 1st half of 2009 1 I. Consolidated
More informationFull 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 informationEVN 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 informationConsolidated balance sheet
Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089
More informationDescription of the Issuer s capital group organization, indicating entities being subject to consolidation
GETIN NOBLE BANK S.A. CAPITAL GROUP REPORT OF THE MANAGEMENT BOARD ON OPERATIONS OF THE CAPITAL GROUP AND THE ISSUER FOR THE PERIOD OF SIX MONTHS ENDED ON 30 JUNE 2010 Description of the Issuer s capital
More information3 M O N T H S R E P O R T 2 O O 3 / 2 O O 4
3 M O N T H S R E P O R T 2 O O 3 / 2 O O 4 Content 03 Hönle at a glance 04 Letter to the Shareholders 06 Management Report 09 Consolidated financial statement 17 Shareholdings of the corporate bodies
More informationFINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
More informationSUPPLEMENTAL 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 informationOstrów Mazowiecka, 17.03.2015 Dear Sirs and Madams, Dear Shareholders, I hereby present you the Annual Report of the Forte Company for 2014. My pleasure is even bigger as I can inform you, once again,
More informationBrief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007
MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,
More informationPEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results
PEGAS NONWOVENS SA First quarter 2010 unaudited consolidated financial results May 20, 2010 PEGAS NONWOVENS SA announces its unaudited consolidated financial results for the first quarter of 2010 to March
More informationFocus 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 informationBOŚ S.A. GROUP Q3 2012
BOŚ S.A. GROUP Q3 2012 PU\Warsaw\Bos\C20120377 Agenda 1. Key information about BOŚ S.A. Group 2. BOŚ S.A. Group after Q3 2012 Appendices 2 3 Key information about BOŚ S.A. Group BOŚ S.A. Group Bank Ochrony
More informationConsolidated financial statement on the first quarter of 2009
Łódź, 2009-05-15 Consolidated financial statement on the first quarter of 2009 LSI SOFTWARE S.A. ul. Przybyszewskiego 176/178, 93-120 Łódź, tel. +48 042 680 80 00 do 98, fax. +48 042 680 80 99 BALANCE
More informationLIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015
LIBET S.A. REPORT OF THE MANAGEMENT BOARD ON THE OPERATIONS OF LIBET S.A. FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015 Wrocław, 27 August 2015 1. SUPPLEMENTARY INFORMATION TO THE SEMI-ANNUAL REPORT...
More informationHow To Read The Unitholders Of The Kukon Island Power Station
E.ON s UK Consolidated Segmental Report for the year ended 31 December 2012 Introduction In accordance with the Electricity Generation Licence Condition 16 - Financial Information Reporting, and the Electricity
More informationConsolidated Results 2011
SAG GEST Soluções Automóvel Globais, SGPS, SA Listed Company Estrada de Alfragide, nº 67, Amadora Registered Share Capital: 169,764,398 euros Registered at the Amadora Registrar of Companies under the
More informationIncome Statement (1) First Quarter 2002
Income Statement (1) (in millions of EUR) 1 st Q 2002 1 st Q 2001 2002/2001 Sales 5,402.2 4,993.6 +8.2% (2) EBITDA (FIFO) 408.7 366.1 +11.6% EBITDA margin 7.6% 7.3% - Depreciation (145.5) (134.6) +8.1%
More informationMECHEL REPORTS THE 1Q 2015 FINANCIAL RESULTS
MECHEL REPORTS THE 1Q 2015 FINANCIAL RESULTS amounted to $1.1 billion Consolidated EBITDA(a) * amounted to $211 million Net loss attributable to shareholders of Mechel OAO amounted to $273 million Moscow,
More informationCONSOLIDATED INCOME STATEMENTS
ATTACHMENTS TO THE PRESS RELEASE The consolidated Income Statements, consolidated Statements of Financial Position and the Consolidated Statements of Cash Flows as well as the Net Financial Debt of INWIT,
More informationWESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) ASSETS Apr. 1, July 3, 2016 2015 Current assets: Cash and cash equivalents $ 5,887 $ 5,024 Short-term investments 146 262 Accounts receivable,
More informationINTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR Q1 ENDED MARCH 31ST 2015
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR Q1 ENDED MARCH 31ST 2015 Page 1 of 50 Page 2 of 50 POLISH FINANCIAL SUPERVISION AUTHORITY Consolidated Quarterly Report QSr 1 / 2015 quarter / year
More informationConference call on 2014 half year results 13 August 2014
Conference call on 2014 half year results 13 August 2014 IMCD IMCD Group N.V. Disclaimer Forward looking statements This half year report contains forward looking statements. These statements are based
More informationCAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA
CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA MID-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP CNT S.A. AND MID-YEAR CONDENSED SEPARATE FINANCIAL STATEMENT OF CNT
More informationEVN 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 informationAnnual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL
2007 Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year
More informationTernium Announces First Quarter 2015 Results
Sebastián Martí Ternium - Investor Relations +1 (866) 890 0443 +54 (11) 4018 2389 www.ternium.com Ternium Announces First Quarter 2015 Results Luxembourg, April 29, 2015 Ternium S.A. (NYSE: TX) today announced
More informationEQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION (in thousands, except per share data) Recurring revenues $ 314,727 $ 282,117 $ 216,517 $ 834,080 $ 610,384 Non-recurring revenues 15,620
More informationFINANCIAL 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 informationSEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 28, ASSETS Current assets: Cash and cash equivalents $ 2,259 $ 1,708 Short-term investments 47 480 Restricted cash and investments 4 101 Accounts
More information2011 Business and Financial Performance
211 Business and Financial Performance March 27, 212 1 Content 1. Introduction 2. Business overview 3. Financials 4. Divestitures and Internal Reorganization 5. 212 outlook 6. Q&A 2 Section 1 Introduction
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationPGF - financial results 2Q2006 Łódź, August 2006 r.
PGF - financial results 2Q2006 Łódź, August 2006 r. Polska Grupa Farmaceutyczna S.A. Warszawa, 22 sierpnia 2006 r. 1 Almost 1500 pharmacies operating under one brand APTEKI dbam o zdrowie The biggest pharmaceutical
More informationDear shareholders, TAKKT highlights during the first six months of 2001. The TAKKT group. Half-year report 2001
Half-year report 2001 Stuttgart, July 2001 Dear shareholders, TAKKT AG continued its dynamic development during the first six months of 2001. Compared to the same period last year, the group increased
More informationFY RESULTS 27 FEBRUARY 2015. Tom Enders I Chief Executive Officer Harald Wilhelm I Chief Financial Officer
1 FY RESULTS 27 FEBRUARY 2015 Tom Enders I Chief Executive Officer Harald Wilhelm I Chief Financial Officer SAFE HARBOUR STATEMENT 2 Disclaimer This presentation includes forward-looking statements. Words
More informationGo Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables
More informationAegean Airlines Nine Month 2008 Results. Analysts Conference Call November 12, 2008
Aegean Airlines Nine Month 2008 Results Analysts Conference Call November 12, 2008 Key Highlights Turnover increased 26% to 468.2m from 370.5m Total passengers served reached 4.6m, +13% above 2007 (+23%
More informationGroup 9-month report Bastei Lübbe AG 1 Apr - 31 Dec 2015
Group 9-month report Bastei Lübbe AG 1 Apr - 31 Dec 2015 At a Glance Key figures (IFRS) 01/04/2015-2015 01/04/- Change in % Business development in million Group turnover 79.4 86.8-8.5 % EBITDA 14.0 11.5
More informationFINANCIAL RESULTS Q2 2015
FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution
More informationEVN 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 informationState budget borrowing requirements financing plan and its background
Public Debt Department State budget borrowing requirements financing plan and its background September 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 MoF comment... 8 Rating agencies
More informationInterim Report January 1 st March 31 st, 2003
Interim Report January 1 st March 31 st, 2003 First Quarter 2003 Earnings before taxes increased by 23 per cent to 70 MSEK. Earnings after taxes increased by 36 per cent to 45 MSEK. Earnings per share
More informationEVN 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 informationHMS Group 3 months 2015 IFRS Results Conference call presentation. 16 June 2015
HMS Group 3 months 2015 IFRS Results Conference call presentation 16 June 2015 Financial results Business & Outlook Appendix Financial Highlights Financial highlights, Rub mn 3m 2015 3m 2014 chg, yoy Revenue
More informationFinancial Statement Analysis Paper
Financial Statement Analysis Paper Example 1: Dell Computer Dell Inc. Current Year Prior Year Income Statement 3 Years Ago $ Percent $ Percent $ Percent Revenue 61,494 100.0% 52,902 100.0% 61,101 100.0%
More informationPGE Polska Grupa Energetyczna S.A. Separate Financial Statements for the year 2014
PGE Polska Grupa Energetyczna S.A. Separate Financial Statements for the year 2014 ended in accordance with IFRS EU (in PLN million) zakończony dnia 31 marca 2014 roku zgodne z MSSF (w tysiącach złotych)
More informationPRESS RELEASE. IREN Group: the Board of Directors approves the results at 30th of September 2013.
PRESS RELEASE 1 IREN Group: the Board of Directors approves the results at 30th of September 2013. Gross Operating Profit (Ebitda) of 476.4 million euros (+14.4%) Operating Profit (Ebit) of 258.6 million
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationManagement Presentation Q2/2012 Results. 8 August 2012
Management Presentation Q2/2012 Results 8 August 2012 Cautionary statement This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and
More informationCommerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8%
IR release 2 November 2015 Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% Operating profit in Group in third quarter at EUR 429 m (Q3 2014:
More information! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.
! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+
More informationEurope: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
More informationAalberts Industries realises strong growth in revenue (15%) and earnings per share (24%)
date 23 February 2012 more information e-mail Jan Aalberts / John Eijgendaal info@aalberts.nl phone +31 (0)343 565 080 Press Release Aalberts Industries realises strong growth in revenue (15%) and earnings
More informationNorsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO
Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following interim financial statements for Q1 2016 to holders of its NOK 2,235,000,000
More informationMANAGEMENT BOARD REPORT ON DUON GROUP S ACTIVITIES IN 2015
MANAGEMENT BOARD REPORT ON DUON GROUP S ACTIVITIES IN 2015 Wysogotowo, 11 March 2016 Summary The year 2015 saw another period of rapid growth in income and outcomes at all levels of our activity. The
More informationSOLTEQ PLC S INTERIM REPORT 1.1.-30.6.2013
Stock Exchange Bulletin 1 (13) SOLTEQ PLC S INTERIM REPORT 1.1.-30.6.2013 Solteq Plc Stock Exchange Bulletin - Solteq Plc s turnover increased 2.2 per cent and totalled 19.7 million euros (19.3 million
More informationCembre (a STAR listed company): approved a distribution of a 0.26 dividend per share
Joint-stock Company Main Office: Via Serenissima, 9 25135 Brescia VAT no: 00541390175 Share Capital: 8,840,000 fully paid up Registration no: 00541390175 tel.: +39 0303692.1 fax: +39 0303365766 Press release
More informationTIPTEL AG. Interim report of the TIPTEL Group. for the period from January 1 to September 30, 2006. tiptel
TIPTEL AG Interim report of the TIPTEL Group for the period from January 1 to September 30, 2006 tiptel Letter to the Shareholders Dear shareholders and business friends, By September 30, 2006 our turnover
More informationInterim report April-June 2003
Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second
More informationI. Consolidated Balance Sheet
I. Consolidated Balance Sheet Note At 30 2013 At 31 December ASSETS Non-current assets Property, plant and equipment 3.2 361 738 357 715 Goodwill 3.3 44 061 44 061 Other intangible assets 3.4 82 472 96
More informationFURTHER PROFIT GROWTH IN FIRST-HALF 2015
FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,
More information2010 Full-Year Results
PRESS RELEASE Paris, 31 March 2011. 2010 Full-Year Results Results reflect losses of the Supply business as well as the gathering momentum of the Generation branch, which was divested early in 2011 in
More informationIndian Accounting Standard (Ind AS) 7 Statement of Cash Flows
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
More informationCork Institute of Technology. Autumn 2006 Advanced Financial Accounting (Time: 3 Hours)
Cork Institute of Technology Bachelor of Business in Accounting Award Bachelor of Business in Management - Award Instructions Answer FOUR questions Answer all THREE questions in Section A and ONE question
More informationDrägerwerk 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 informationUnderstanding A Firm s Financial Statements
CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,
More informationIAEA 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 informationWilliams Grand Prix Holdings PLC
Registration number: 07475805 Williams Grand Prix Holdings PLC Condensed Consolidated Financial Statements for the 6 month period ended Consolidated Profit and Loss Account for the 6 Months Ended Note
More informationInterim report as at 31 March 2015
Interim report as at 31 March 2015 Increase of unit sales, revenue and profit Dividend raises to 1.60 per share Fielmann expects continuation of positive business performance Fielmann Aktiengesellschaft
More informationof Fiscal 2006 (Consolidated)
Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code
More informationCondensed Quarterly Consolidated Financial Statements. for the Third Quarter of 2014 as at and for the period ended on 30 September 2014
The Lubelski Węgiel BOGDANKA Group Condensed Quarterly Consolidated Financial Statements for the Third Quarter of 2014 as at and for the period ended on 30 September 2014 Financial Statements prepared
More informationJerónimo Martins SGPS, S.A. First Quarter 2014 Results
Jerónimo Martins SGPS, S.A. First Quarter 2014 In the first three months of the year, consolidated sales grew by 5.6% at constant exchange rates. This performance incorporates the negative calendar effect
More informationInterim report as at 31 March 2014. Unit sales, revenue and profit increase Dividend increases to 2.90 per share Stock split ratio of two-for-one
Interim report as at 31 March 2014 Unit sales, revenue and profit increase Dividend increases to 2.90 per share Stock split ratio of two-for-one Fielmann Aktiengesellschaft Group interim report as at 31
More information