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We have been consistently realising the vision
of an integrated, flexible and efficient energy group
Q4 2014, 2014
Warsaw, 20 March 2015
2
We have built a strong organisation capable of rivalry on the competitive market
2013
2014
New corporate
governance
Shared Services
Centre
New customer
service model
New model of
product billing
Membership
in London commodity
exchange
Sales in the whole
of Poland
Integrated
management
systems
Non-core
companies
restructuring
Risk management
policies
Market Maker
on PPE
Process
automation
Skills
management
Attractive range
of products and
services
Consistent
realisation of
the investment
programme
Group’s strategy
Consolidation
of production fuels
trading
Integration
of the Generation
Area
Code of Ethics
Fast Close
Investment
financing
restructuring
Insurance Policy
Tax Capital Group Sales channels
optimisation
Integration
of distribution
service
Management
by objectives
Gas trade
Centralisation
of purchases
Business
Continuity
Management
MPEC Białystok
Management
information model
Code of Values
Innovations
ENEA fundation
3
We operate based on three efficiently interacting segments
Trade
Distribution
• Customer service centralisation
• Competitive product portfolio
• Non-standard structured origination
products
• Construction of Polish-wide sales
structures
• Market Maker on PPE
• Access to the most liquid in Europe
market of CO2 allowances
• Programme enhancing reliability
and reducing network failure rate
• Significant improvement of SAIDI
and SAIFI ratios
• Development of information tools
supporting the grid management
• Construction and reconstruction
of overhead cable lines
and switching stations
• CAPEX 2014 – PLN 826 mln
• 3 competence areas:
• System Power Plants
• Heat and cogeneration
• RES
• Takeover of MPEC Białystok
• Unit No. 11
• Cogeneration combined heat
and power plant in Piła
• Heat recovery system in
Białystok Heat and Power Plant
• Limitation of concentrations
of emitted pollutions
• CAPEX 2014 – PLN 1,832 mln
Generation
4
Agenda
Energy market and key operating data
ENEA CG's financial results in 2014 and Q4 2014
Modern management model of ENEA CG
New unit in Kozienice Power Plant
ENEA Group strengthens its position
on the competitive energy market
Grzegorz Kinelski
Vice-President of the Management Board for Commercial Affairs
Energy market and key operating data
In 2014 the existing downward trend reversed on the energy market
6
• Higher average price of baseload by 16.9% yoy
• SPOT market was influenced by:
• the introduced mechanism of remunerating
for the operating power reserve
• loss in power available for OTSs
• situation on the European Carbon market
• limitations in the intersystemic exchange
• Almost for the whole 2014 energy prices
on the forward market were in the upward trend
• The average price of baseload increased in 2015
by 4.9% to 168.13 PLN/MWh (in relation to
the average baseload price for 2014)
• At the end of quotations the price of BASE Y-15
amounted to 177.00 PLN/MWh and was by 17.2%
higher than BASE Y-14 at the end of quotations
150
160
170
180
190
200
210
I II III IV V VI VII VIII IX X XI XII
2014
BASE_Y-15 BASE_Y-16 SPOT 2013-14
BASE Y-15, BASE Y-16 prices vs. SPOT prices
Energy market and key operating data
• The emission allowances market was affected
by works over:
• the so called backloading
• keeping free allowances for energy consuming
industry in order to reduce the carbon leakage
phenomenon
• determination of the strategy of the new climate
and energy package
• market stabilisation reserve
• Price of EUA allowances on SPOT market in 2014
increased by over 50% during 2014
• Coal prices on foreign markets at the end of 2014
were on the lowest level since 2012
• Prices reported at the end of 2014
• Amsterdam-Rotterdam-Antwerp: 70.68 USD/t
• Richards Bay: 65.95 USD/t
• Newcastle: 63.53 USD/t
Global prices of coal regularly decrease
7
60
70
80
90
100
110
120
I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII
2012 2013 2014
USD/t
Monthly indices of coal prices (globalCOAL)
Richards Bay (RPA) Newcastle (Australia) Amsterdam-Rotterdam-Antwerpia
4
5
6
7
8
I II III IV V VI VII VIII IX X XI XII
2014
EUR/t
Cena CO2 Dec-15CO2 price Dec-15
EUA price
Energy market and key operating data
8
In 2014 we reconstructed the electricity sales portfolio
14 747
14 935
13 205
16 339
3 942
4 115
3 540 3 700
2 500
3 500
4 500
5 500
6 500
7 500
10 000
12 000
14 000
16 000
18 000
2011 2012 2013 2014
PLNmln
GWh
Sales volume Sales revenue
Due to introducing new products into the range and reorganisation of the sales area we reconstructed
the portfolio of electricity sales to business customers. At the same time, we managed to maintain
the level of sales to household customers.
Sales of electricity to end users
Energy market and key operating data
9
ENEA Group increased energy production
[GWh] Q4 2013 Q4 2014 Change 2013 2014 Change
Total generation of
energy, including:
2 866 3 357 17.1% √ 11 854 12 812 8.1% √
Conventional
generation
2 569 3 099 20.6% √ 10 890 11 779 8.2% √
Generation
from RES
297 258 -13.1% 964 1 033 7.2% √
In 2014 ENEA Group increased production of energy both from conventional sources and RES
In Q4 2014, RES production dropped due to lesser windiness, hydrological conditions, reduced co-firing
10
Agenda
ENEA CG's financial results in 2014 and Q4 2014
Modern management model of ENEA CG
Energy market and key operating data
New unit in Kozienice Power Plant
ENEA Group improved financial results
in the demanding market environment
Dalida Gepfert
Vice-President of the Management Board for Financial Affairs
ENEA CG's financial results in 2014 and Q4 2014
12
We reported better financial results
[PLN mln] Q4 2013 Q4 2014 Change 2013 2014 Change
Net sales revenue 2 363.3 2 628.2 11.2% √ 9 150.5 9 855.4 7.7% √
EBITDA 273.5 399.1 45.9% √ 1 667.6 1 914.9 14.8% √
Net profit 60.9 72.8 19.6% √ 722.5 909.1 25.8% √
Net debt/EBITDA -0.6 0.5 1.1 -0.6 0.5 1.1
ENEA CG's financial results in 2014 and Q4 2014
13
In Q4 2014 ENEA Group improved EBITDA yoy
in all the key segments of operations
86.2
194.9
187.3
204.29.4
137.3 14.6
-3.4
-32.3
0
50
100
150
200
250
300
350
400
450
500
EBITDA Q4 2013 Trade Distribution Generation Other activity Exclusions EBITDA Q4 2014
[PLN mln]
EBIT Growth in segment
Drop in segment
Change in segment yoy [%]
EBITDA margin [%]
11.6% 34.2% 17.2% 0.7% 15.2%1.5%
108.7% 108.2% 10.4% -66.7%
273.5
399.1
1)
1) Includes undistributed expenses
of the whole Group and exclusions
Amortisation/
depreciation
ENEA CG's financial results in 2014 and Q4 2014
Segment of trade
Increase of EBITDA by PLN 9.4 mln (108.7%)
• lower average purchase price of energy by 10.4% √
• higher volumes of sales by 889 GWh √
• lower average selling price by 11.1%
• higher written-off debts by PLN 11 mln
Segment of distribution
Increase of EBITDA by PLN 137.3 mln (108.2%)
• average price lower by 19% and lower volumes of energy purchases
for covering the book-tax difference and own needs by 143 GWh √
• employment and exploitation process optimisation √
• lower costs of legal regulations under grid assets by PLN 134 mln √
• higher costs of transmission services by PLN 33 mln
Segment of generation
Increase of EBITDA by PLN 14.6 mln (10.4%)
• lower fixed costs by PLN 39 mln √
• higher revenue from sales of heat (by PLN 31 mln)
and electricity (by PLN 9 mln) in the segment of heat
• asset write-down in the biogas area (PLN 30 mln)
14
In Q4 2014 ENEA Group improved EBITDA yoy
in all the key segments of operations
[PLN mln] Q4 2013 Q4 2014 Change
Generation 140.9 155.5 10.4%
[PLN mln] Q4 2013 Q4 2014 Change
Trade 8.7 18.1 108.7%
[PLN mln] Q4 2013 Q4 2014 Change
Distribution 126.9 264.2 108.2%
ENEA CG's financial results in 2014 and Q4 2014
15
In 2014 the highest result and the greatest increase in EBITDA
was reported in the segment of distribution of ENEA Group
905.9
1 186.5
761.8
728.4
225.8
148.6
-101.8
-10.3 -15.1
0
500
1 000
1 500
2 000
2 500
EBITDA 2013 Trade Distribution Generation Other activity Exclusions EBITDA 2014
[PLN mln]
EBIT
Amortisation/
depreciation
Growth in segment
Drop in segment
18.2% 38.8% 20.3% 5.3% 19.4%2.5%
-48.9% 24.2% 26.6% -31.6%
Change in segment yoy [%]
EBITDA margin [%]
1 667.6
1 914.9
1)
1) Includes undistributed expenses
of the whole Group and exclusions
ENEA CG's financial results in 2014 and Q4 2014
Segment of trade
Drop of EBITDA by PLN 101.8 mln (48.9%)
• lower average purchase price of energy by 12.4% √
• higher volumes of sales by 3,123 GWh √
• lower average selling price by 15.6%
• reduction in household tariff
• higher costs of ecological obligations by PLN 52 mln
Segment of distribution
Increase of EBITDA by PLN 225.8 mln (24.2%)
• average price lower by 17% and lower volumes of energy purchases
for covering the book-tax difference and own needs by 247 GWh √
• employment and exploitation process optimisation √
• lower costs of legal regulations under grid assets by PLN 166 mln √
• higher costs of transmission services by PLN 110 mln
Segment of generation
Increase of EBITDA by PLN 148.6 mln (26.6%)
• higher revenue from compensation for recovery of stranded
costs by PLN 257 mln √
• lower fixed costs by PLN 62 mln √
• higher revenue from sales of heat (by PLN 24 mln)
and electricity (by PLN 20 mln) in the segment of heat √
• lower margin on generation of electricity by PLN 95 mln
• asset write-down in the biogas area (PLN 30 mln)
• loss of EBITDA due to failure of unit No. 9 by PLN 23 mln
16
In 2014 the highest result and the greatest increase in EBITDA
was reported in the segment of distribution of ENEA Group
[PLN mln] 2013 2014 Change
Generation 559.4 708.0 26.6%
[PLN mln] 2013 2014 Change
Trade 208.2 106.5 -48.9%
[PLN mln] 2013 2014 Change
Distribution 933.6 1 159.4 24.2%
ENEA CG's financial results in 2014 and Q4 2014
17
Despite the realisation of an ambitious CAPEX programme,
the Group maintains the debt ratio on a safe level
1 573
687
909
728
1 116
-407
-258
-2 538
-436
-500
0
500
1 000
1 500
2 000
2 500
3 000
3 500
Cash as at
1 January 2014
Net profit Amortization and
depreciation
Working capital
without LTA
Receivables
from LTA
CAPEX¹ External funding Other² Cash as at
31 December
2014
1) Acquisition of tangible and intangible assets and acquisition of shares in MPEC Białystok for PLN 260 mln
2) Including distribution of dividend (PLN 252 mln)
[PLN mln]
Activities undertaken in 2014-2016 will allow to
reduce costs by around PLN 500 mln
ENEA CG's financial results in 2014 and Q4 2014
18
Focusing on profitability improvement and a high cost discipline bring
indicative effects to the Group
[PLN mln] 2014 forecast 2014 realisation
Generation 130 133
Distribution 64 102
Sales 5 9
SSC 5 5
Other companies 4 3
Total 208 252 √
ENEA CG's financial results in 2014 and Q4 2014
19
A modern management model and the implemented efficiency improvement programme
positively affect the financial results of ENEA CG
Financial results of ENEA CG exceeded the consensus
CAPEX expenditures totalling to PLN 2.7 billion in 2014 with a low value
of net debt/EBITDA ratio on the level of 0.5
PLN 252 mln cost savings in 2014 - by 152% more than anticipated in the strategy
Management process optimisation allows for a swift reaction
and adjusting to the current conditions on the energy market
20
Agenda
ENEA CG's financial results in 2014 and Q4 2014
Modern management model of ENEA CG
Energy market and key operating data
New unit in Kozienice Power Plant
Thanks to the reorganisation of structures and process
we have built competitive advantages on the market
Krzysztof Zamasz
President of the Board
Modern management model of ENEA CG
New corporate governance:
New corporate governance changed the way the functions in the Group
are managed
Introduced a clear and effective
Capital Group's management model
Guarantees efficient and transparent
management of all the companies
Defines the issue of the Group's interest
in order to implement the strategy
Introduced relevant amendments to
the Statutes of ENEA Group Companies,
rules of the Boards and their Supervisory
Boards guaranteeing efficient management
Improved the decision making model
due to transferring of some competences
to Committees and entities managing
the Management Departments
Committees and Management Departments in ENEA Group
The Management
Board of ENEA S.A.
Trade and
Promotion
Committee
Finance and IT
Committee
Risk Committee
Compliance
Committee
Management
Committee
Investment
Committee
Audit Management
Department
Purchase
Management
Department
HR Management
Department
Security and Legal
Service Management
Department
Communication
Management
Department
22
SSC
Customer
Service
IT
Finance and
Accounting
Personnel
Logistics
Legal
Services
coordination
Modern management model of ENEA CG
23
The structure built with Customer needs in mind raises the efficiency
and facilitates management
We are implementing almost 30 optimisation projects aiming at the facilitation and fastening
of the day to day operations, which will contribute to raising the quality of our services
We improved the management process
We have shortened the decision making path
We efficiently use the employee potential
and knowledge in the Group
We introduce homogeneous standards
of provided services
We have reduced costs (elimination
of bureaucracy and task doubling)
Modern management model of ENEA CG
24
New integrated information systems support process management
SAP
• Automation and raising the specialisation level
• Increasing the elasticity of business processes
• Reduction of costs related to maintaining separate systems
• Standardised and tailored executive reports
Integration of key information
on the company in one place
ENEA, ENEA Operator,
ENEA Centrum, ENEA Trading
IFS
• Business process optimisation
• Implementation of a uniform solution in units
being part of the segment of generation
• Optimal use of the system licences and dedicated database
• Building the competence centre
Management support
with the area of generation
ENEA Wytwarzanie
WORKFLOW
• Improvement of work in SAP/IFS system
• Optimisation of costs and time related to logistics, storing,
management, printing and copying paper documents
• Increasing the safety of document circulation
• Development of a central repository of documents
Organisation of the purchase
documents circulation
ENEA, ENEA Operator, ENEA Centrum,
ENEA Trading, ENEA Wytwarzanie
CCSS
• Standardisation and improvement
of the Customer Service quality
• Optimisation of the information infrastructure
supporting Customer Service processes
• Starting e-Invoices and electronic channels
of Customer service: e-CSC, e-Payments
• Better efficiency of post-sales servicing processes
Starting of the central billing system
and CRM - Comprehensive Customer Service
System (CCSS)
ENEA, ENEA Operator, ENEA Centrum
Modern management model of ENEA CG
In 2015, we are planning to increase the capital expenditures
in all the areas of operations:
25
Implemented organisational solutions allow for building an optimum
investment portfolio
Area of generation - mainly unit 11 and wind farm
acquisitions
Area of distribution - mainly improvement of
reliability ratios (infrastructure modernisation,
connection of new recipients and energy
generators)
Capital
expenditures
[PLN mln]
2013 2014 2015 plan
Generation 1 265 1 832 2 509
Unit 11 969 1 096 1 587
RES 16 13 418
Distribution 900 826 899
Support and other 29 91 125
TOTAL 2 195 2 749 3 558
Optimal
investment
portfolio
Investment
decisions
Investment
Committee;
ENEA's Board
ENEA CG
financial
model
Guarantee of a homogeneous
assessment of investment
projects and selection
of the best projects
Continuous observation of the
macroeconomic, legal and
energy market environment
Projection of ENEA
Group's development
in the long run
ENEA CG strategy
Environment
monitoring
Modern management model of ENEA CG
Key features of the coordinated model:
26
Adopted rules of risk management are set based on the highest management standards
and are compliant with best market practices within this area
The concept of the risk management in ENEA Group was based on the coordinated model.
The key strategy of its functioning is coordination of the risk management processes in the Group by
ENEA S.A.
The Group Companies manage risks based on homogeneous
standards specified in Policies and Procedures
The Companies manage risks operationally within
allocated limits and subject to the rules approved by
ENEA Group's Risk Committee
Particular companies report to the parent
company within realised activities as regards
risk management
ENEA S.A. is the process coordinator in the Group
Front-, Middle- and Back Office organisational
division is in force in the companies
27
ENEA CG's financial results in 2014 and Q4 2014
Modern management model of ENEA CG
Agenda
Energy market and key operating data
New unit in Kozienice Power Plant
Commissioning of the new unit will allow
to maximise production and margin level
Paweł Orlof
Vice-President of the Management Board for Corporate Affairs
0%
20%
40%
60%
80%
Scope of works preformed in 2014
New unit in Kozienice Power Plant
29
2014 was a key period for a successful investment implementation
2012 – 2013 2014 2015
Performance of a reinforced concrete structure
of the cooling tower jacket to the level of 163 m
Performance of the lower foundation slab
with poles of the load bearing structure
of the turbine set
Performance of the foundation and steel
structure for the engine room to the level
of 17 m
Completion of the assembly of the boiler's
load bearing structure with grate
Completion of the boiler slab assembly
Completion of the assembly of absorber's
and IOS blowdown tank's structure
We have been consistently realising the vision
of an integrated, flexible and efficient energy group
Q4 2014, 2014
IR contact: gielda@enea.pl
Additional information
Additional information
Attachment 1 - Higher EBITDA in Q4 2014 in the segment of generation was realised due to reduction
in fixed costs and higher revenue of the segment of heat
32
40
23
-49
141
155
0
50
100
150
200
250
EBITDA Q4 2013 Segment of
System Power Plants
Segment of Heat Segment of RES EBITDA Q4 2014
[PLN mln]
Generation – EBITDA Q4 2014 bridge
Growth
Drop
Additional information
Attachment 2 - EBITDA in the segment of trade increased by 143% yoy in Q4 2014 due to higher
volumes of sales and lower electricity purchase price
33
15
3
-9
9
18
0
5
10
15
20
25
30
EBITDA Q4 2013 First contribution margin Cost of sales Other factors EBITDA Q4 2014
[PLN mln]
Trade – EBITDA Q4 2014 bridge
Growth
Drop
Additional information
Attachment 3 - Lower costs of legal regulations under grid assets, exploitation process and employment
optimisation affected the growth of EBITDA in the segment of distribution in Q4 2014
34
9
138
-8 -2
127
264
0
50
100
150
200
250
300
EBITDA Q4 2013 Regulation Gird assets Organisation Other factors EBITDA Q4 2014
[PLN mln]
Distribution – EBITDA Q4 2014 bridge
Growth
Drop
Additional information
Attachment 4 - Higher revenue from compensation for coverage of stranded costs and a significantly
lower level of fixed costs were reported in 2014 in the segment of generation
35
167
33
-51
559
708
0
100
200
300
400
500
600
700
800
EBITDA Q4 2013 Segment of
System Power Plants
Segment of Heat Segment of RES EBITDA Q4 2014
[PLN mln]
Generation – EBITDA 2014 bridge
Growth
Drop
Additional information
36
Attachment 5 – Lower first contribution margin charged the result of the segment of trade in 2014
10
-102 -10
208
106
0
50
100
150
200
250
EBITDA 2013 First contribution margin Cost of sales Other factors EBITDA 2014
[PLN mln]
Trade – EBITDA 2014 bridge
Growth
Drop
Additional information
37
Attachment 6 - Employment and grid assets exploitation process optimisation supported the result of
the segment of distribution in 2014
2
174
48 1
934
1 159
0
200
400
600
800
1 000
1 200
1 400
EBITDA 2013 Regulation Gird assets Organisation Other factors EBITDA 2014
[PLN mln]
Distribution – EBITDA 2014 bridge
Growth
Drop

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Enea 2014 FY

  • 1. We have been consistently realising the vision of an integrated, flexible and efficient energy group Q4 2014, 2014 Warsaw, 20 March 2015
  • 2. 2 We have built a strong organisation capable of rivalry on the competitive market 2013 2014 New corporate governance Shared Services Centre New customer service model New model of product billing Membership in London commodity exchange Sales in the whole of Poland Integrated management systems Non-core companies restructuring Risk management policies Market Maker on PPE Process automation Skills management Attractive range of products and services Consistent realisation of the investment programme Group’s strategy Consolidation of production fuels trading Integration of the Generation Area Code of Ethics Fast Close Investment financing restructuring Insurance Policy Tax Capital Group Sales channels optimisation Integration of distribution service Management by objectives Gas trade Centralisation of purchases Business Continuity Management MPEC Białystok Management information model Code of Values Innovations ENEA fundation
  • 3. 3 We operate based on three efficiently interacting segments Trade Distribution • Customer service centralisation • Competitive product portfolio • Non-standard structured origination products • Construction of Polish-wide sales structures • Market Maker on PPE • Access to the most liquid in Europe market of CO2 allowances • Programme enhancing reliability and reducing network failure rate • Significant improvement of SAIDI and SAIFI ratios • Development of information tools supporting the grid management • Construction and reconstruction of overhead cable lines and switching stations • CAPEX 2014 – PLN 826 mln • 3 competence areas: • System Power Plants • Heat and cogeneration • RES • Takeover of MPEC Białystok • Unit No. 11 • Cogeneration combined heat and power plant in Piła • Heat recovery system in Białystok Heat and Power Plant • Limitation of concentrations of emitted pollutions • CAPEX 2014 – PLN 1,832 mln Generation
  • 4. 4 Agenda Energy market and key operating data ENEA CG's financial results in 2014 and Q4 2014 Modern management model of ENEA CG New unit in Kozienice Power Plant
  • 5. ENEA Group strengthens its position on the competitive energy market Grzegorz Kinelski Vice-President of the Management Board for Commercial Affairs
  • 6. Energy market and key operating data In 2014 the existing downward trend reversed on the energy market 6 • Higher average price of baseload by 16.9% yoy • SPOT market was influenced by: • the introduced mechanism of remunerating for the operating power reserve • loss in power available for OTSs • situation on the European Carbon market • limitations in the intersystemic exchange • Almost for the whole 2014 energy prices on the forward market were in the upward trend • The average price of baseload increased in 2015 by 4.9% to 168.13 PLN/MWh (in relation to the average baseload price for 2014) • At the end of quotations the price of BASE Y-15 amounted to 177.00 PLN/MWh and was by 17.2% higher than BASE Y-14 at the end of quotations 150 160 170 180 190 200 210 I II III IV V VI VII VIII IX X XI XII 2014 BASE_Y-15 BASE_Y-16 SPOT 2013-14 BASE Y-15, BASE Y-16 prices vs. SPOT prices
  • 7. Energy market and key operating data • The emission allowances market was affected by works over: • the so called backloading • keeping free allowances for energy consuming industry in order to reduce the carbon leakage phenomenon • determination of the strategy of the new climate and energy package • market stabilisation reserve • Price of EUA allowances on SPOT market in 2014 increased by over 50% during 2014 • Coal prices on foreign markets at the end of 2014 were on the lowest level since 2012 • Prices reported at the end of 2014 • Amsterdam-Rotterdam-Antwerp: 70.68 USD/t • Richards Bay: 65.95 USD/t • Newcastle: 63.53 USD/t Global prices of coal regularly decrease 7 60 70 80 90 100 110 120 I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII I II III IV V VI VII VIII IX X XI XII 2012 2013 2014 USD/t Monthly indices of coal prices (globalCOAL) Richards Bay (RPA) Newcastle (Australia) Amsterdam-Rotterdam-Antwerpia 4 5 6 7 8 I II III IV V VI VII VIII IX X XI XII 2014 EUR/t Cena CO2 Dec-15CO2 price Dec-15 EUA price
  • 8. Energy market and key operating data 8 In 2014 we reconstructed the electricity sales portfolio 14 747 14 935 13 205 16 339 3 942 4 115 3 540 3 700 2 500 3 500 4 500 5 500 6 500 7 500 10 000 12 000 14 000 16 000 18 000 2011 2012 2013 2014 PLNmln GWh Sales volume Sales revenue Due to introducing new products into the range and reorganisation of the sales area we reconstructed the portfolio of electricity sales to business customers. At the same time, we managed to maintain the level of sales to household customers. Sales of electricity to end users
  • 9. Energy market and key operating data 9 ENEA Group increased energy production [GWh] Q4 2013 Q4 2014 Change 2013 2014 Change Total generation of energy, including: 2 866 3 357 17.1% √ 11 854 12 812 8.1% √ Conventional generation 2 569 3 099 20.6% √ 10 890 11 779 8.2% √ Generation from RES 297 258 -13.1% 964 1 033 7.2% √ In 2014 ENEA Group increased production of energy both from conventional sources and RES In Q4 2014, RES production dropped due to lesser windiness, hydrological conditions, reduced co-firing
  • 10. 10 Agenda ENEA CG's financial results in 2014 and Q4 2014 Modern management model of ENEA CG Energy market and key operating data New unit in Kozienice Power Plant
  • 11. ENEA Group improved financial results in the demanding market environment Dalida Gepfert Vice-President of the Management Board for Financial Affairs
  • 12. ENEA CG's financial results in 2014 and Q4 2014 12 We reported better financial results [PLN mln] Q4 2013 Q4 2014 Change 2013 2014 Change Net sales revenue 2 363.3 2 628.2 11.2% √ 9 150.5 9 855.4 7.7% √ EBITDA 273.5 399.1 45.9% √ 1 667.6 1 914.9 14.8% √ Net profit 60.9 72.8 19.6% √ 722.5 909.1 25.8% √ Net debt/EBITDA -0.6 0.5 1.1 -0.6 0.5 1.1
  • 13. ENEA CG's financial results in 2014 and Q4 2014 13 In Q4 2014 ENEA Group improved EBITDA yoy in all the key segments of operations 86.2 194.9 187.3 204.29.4 137.3 14.6 -3.4 -32.3 0 50 100 150 200 250 300 350 400 450 500 EBITDA Q4 2013 Trade Distribution Generation Other activity Exclusions EBITDA Q4 2014 [PLN mln] EBIT Growth in segment Drop in segment Change in segment yoy [%] EBITDA margin [%] 11.6% 34.2% 17.2% 0.7% 15.2%1.5% 108.7% 108.2% 10.4% -66.7% 273.5 399.1 1) 1) Includes undistributed expenses of the whole Group and exclusions Amortisation/ depreciation
  • 14. ENEA CG's financial results in 2014 and Q4 2014 Segment of trade Increase of EBITDA by PLN 9.4 mln (108.7%) • lower average purchase price of energy by 10.4% √ • higher volumes of sales by 889 GWh √ • lower average selling price by 11.1% • higher written-off debts by PLN 11 mln Segment of distribution Increase of EBITDA by PLN 137.3 mln (108.2%) • average price lower by 19% and lower volumes of energy purchases for covering the book-tax difference and own needs by 143 GWh √ • employment and exploitation process optimisation √ • lower costs of legal regulations under grid assets by PLN 134 mln √ • higher costs of transmission services by PLN 33 mln Segment of generation Increase of EBITDA by PLN 14.6 mln (10.4%) • lower fixed costs by PLN 39 mln √ • higher revenue from sales of heat (by PLN 31 mln) and electricity (by PLN 9 mln) in the segment of heat • asset write-down in the biogas area (PLN 30 mln) 14 In Q4 2014 ENEA Group improved EBITDA yoy in all the key segments of operations [PLN mln] Q4 2013 Q4 2014 Change Generation 140.9 155.5 10.4% [PLN mln] Q4 2013 Q4 2014 Change Trade 8.7 18.1 108.7% [PLN mln] Q4 2013 Q4 2014 Change Distribution 126.9 264.2 108.2%
  • 15. ENEA CG's financial results in 2014 and Q4 2014 15 In 2014 the highest result and the greatest increase in EBITDA was reported in the segment of distribution of ENEA Group 905.9 1 186.5 761.8 728.4 225.8 148.6 -101.8 -10.3 -15.1 0 500 1 000 1 500 2 000 2 500 EBITDA 2013 Trade Distribution Generation Other activity Exclusions EBITDA 2014 [PLN mln] EBIT Amortisation/ depreciation Growth in segment Drop in segment 18.2% 38.8% 20.3% 5.3% 19.4%2.5% -48.9% 24.2% 26.6% -31.6% Change in segment yoy [%] EBITDA margin [%] 1 667.6 1 914.9 1) 1) Includes undistributed expenses of the whole Group and exclusions
  • 16. ENEA CG's financial results in 2014 and Q4 2014 Segment of trade Drop of EBITDA by PLN 101.8 mln (48.9%) • lower average purchase price of energy by 12.4% √ • higher volumes of sales by 3,123 GWh √ • lower average selling price by 15.6% • reduction in household tariff • higher costs of ecological obligations by PLN 52 mln Segment of distribution Increase of EBITDA by PLN 225.8 mln (24.2%) • average price lower by 17% and lower volumes of energy purchases for covering the book-tax difference and own needs by 247 GWh √ • employment and exploitation process optimisation √ • lower costs of legal regulations under grid assets by PLN 166 mln √ • higher costs of transmission services by PLN 110 mln Segment of generation Increase of EBITDA by PLN 148.6 mln (26.6%) • higher revenue from compensation for recovery of stranded costs by PLN 257 mln √ • lower fixed costs by PLN 62 mln √ • higher revenue from sales of heat (by PLN 24 mln) and electricity (by PLN 20 mln) in the segment of heat √ • lower margin on generation of electricity by PLN 95 mln • asset write-down in the biogas area (PLN 30 mln) • loss of EBITDA due to failure of unit No. 9 by PLN 23 mln 16 In 2014 the highest result and the greatest increase in EBITDA was reported in the segment of distribution of ENEA Group [PLN mln] 2013 2014 Change Generation 559.4 708.0 26.6% [PLN mln] 2013 2014 Change Trade 208.2 106.5 -48.9% [PLN mln] 2013 2014 Change Distribution 933.6 1 159.4 24.2%
  • 17. ENEA CG's financial results in 2014 and Q4 2014 17 Despite the realisation of an ambitious CAPEX programme, the Group maintains the debt ratio on a safe level 1 573 687 909 728 1 116 -407 -258 -2 538 -436 -500 0 500 1 000 1 500 2 000 2 500 3 000 3 500 Cash as at 1 January 2014 Net profit Amortization and depreciation Working capital without LTA Receivables from LTA CAPEX¹ External funding Other² Cash as at 31 December 2014 1) Acquisition of tangible and intangible assets and acquisition of shares in MPEC Białystok for PLN 260 mln 2) Including distribution of dividend (PLN 252 mln) [PLN mln]
  • 18. Activities undertaken in 2014-2016 will allow to reduce costs by around PLN 500 mln ENEA CG's financial results in 2014 and Q4 2014 18 Focusing on profitability improvement and a high cost discipline bring indicative effects to the Group [PLN mln] 2014 forecast 2014 realisation Generation 130 133 Distribution 64 102 Sales 5 9 SSC 5 5 Other companies 4 3 Total 208 252 √
  • 19. ENEA CG's financial results in 2014 and Q4 2014 19 A modern management model and the implemented efficiency improvement programme positively affect the financial results of ENEA CG Financial results of ENEA CG exceeded the consensus CAPEX expenditures totalling to PLN 2.7 billion in 2014 with a low value of net debt/EBITDA ratio on the level of 0.5 PLN 252 mln cost savings in 2014 - by 152% more than anticipated in the strategy Management process optimisation allows for a swift reaction and adjusting to the current conditions on the energy market
  • 20. 20 Agenda ENEA CG's financial results in 2014 and Q4 2014 Modern management model of ENEA CG Energy market and key operating data New unit in Kozienice Power Plant
  • 21. Thanks to the reorganisation of structures and process we have built competitive advantages on the market Krzysztof Zamasz President of the Board
  • 22. Modern management model of ENEA CG New corporate governance: New corporate governance changed the way the functions in the Group are managed Introduced a clear and effective Capital Group's management model Guarantees efficient and transparent management of all the companies Defines the issue of the Group's interest in order to implement the strategy Introduced relevant amendments to the Statutes of ENEA Group Companies, rules of the Boards and their Supervisory Boards guaranteeing efficient management Improved the decision making model due to transferring of some competences to Committees and entities managing the Management Departments Committees and Management Departments in ENEA Group The Management Board of ENEA S.A. Trade and Promotion Committee Finance and IT Committee Risk Committee Compliance Committee Management Committee Investment Committee Audit Management Department Purchase Management Department HR Management Department Security and Legal Service Management Department Communication Management Department 22
  • 23. SSC Customer Service IT Finance and Accounting Personnel Logistics Legal Services coordination Modern management model of ENEA CG 23 The structure built with Customer needs in mind raises the efficiency and facilitates management We are implementing almost 30 optimisation projects aiming at the facilitation and fastening of the day to day operations, which will contribute to raising the quality of our services We improved the management process We have shortened the decision making path We efficiently use the employee potential and knowledge in the Group We introduce homogeneous standards of provided services We have reduced costs (elimination of bureaucracy and task doubling)
  • 24. Modern management model of ENEA CG 24 New integrated information systems support process management SAP • Automation and raising the specialisation level • Increasing the elasticity of business processes • Reduction of costs related to maintaining separate systems • Standardised and tailored executive reports Integration of key information on the company in one place ENEA, ENEA Operator, ENEA Centrum, ENEA Trading IFS • Business process optimisation • Implementation of a uniform solution in units being part of the segment of generation • Optimal use of the system licences and dedicated database • Building the competence centre Management support with the area of generation ENEA Wytwarzanie WORKFLOW • Improvement of work in SAP/IFS system • Optimisation of costs and time related to logistics, storing, management, printing and copying paper documents • Increasing the safety of document circulation • Development of a central repository of documents Organisation of the purchase documents circulation ENEA, ENEA Operator, ENEA Centrum, ENEA Trading, ENEA Wytwarzanie CCSS • Standardisation and improvement of the Customer Service quality • Optimisation of the information infrastructure supporting Customer Service processes • Starting e-Invoices and electronic channels of Customer service: e-CSC, e-Payments • Better efficiency of post-sales servicing processes Starting of the central billing system and CRM - Comprehensive Customer Service System (CCSS) ENEA, ENEA Operator, ENEA Centrum
  • 25. Modern management model of ENEA CG In 2015, we are planning to increase the capital expenditures in all the areas of operations: 25 Implemented organisational solutions allow for building an optimum investment portfolio Area of generation - mainly unit 11 and wind farm acquisitions Area of distribution - mainly improvement of reliability ratios (infrastructure modernisation, connection of new recipients and energy generators) Capital expenditures [PLN mln] 2013 2014 2015 plan Generation 1 265 1 832 2 509 Unit 11 969 1 096 1 587 RES 16 13 418 Distribution 900 826 899 Support and other 29 91 125 TOTAL 2 195 2 749 3 558 Optimal investment portfolio Investment decisions Investment Committee; ENEA's Board ENEA CG financial model Guarantee of a homogeneous assessment of investment projects and selection of the best projects Continuous observation of the macroeconomic, legal and energy market environment Projection of ENEA Group's development in the long run ENEA CG strategy Environment monitoring
  • 26. Modern management model of ENEA CG Key features of the coordinated model: 26 Adopted rules of risk management are set based on the highest management standards and are compliant with best market practices within this area The concept of the risk management in ENEA Group was based on the coordinated model. The key strategy of its functioning is coordination of the risk management processes in the Group by ENEA S.A. The Group Companies manage risks based on homogeneous standards specified in Policies and Procedures The Companies manage risks operationally within allocated limits and subject to the rules approved by ENEA Group's Risk Committee Particular companies report to the parent company within realised activities as regards risk management ENEA S.A. is the process coordinator in the Group Front-, Middle- and Back Office organisational division is in force in the companies
  • 27. 27 ENEA CG's financial results in 2014 and Q4 2014 Modern management model of ENEA CG Agenda Energy market and key operating data New unit in Kozienice Power Plant
  • 28. Commissioning of the new unit will allow to maximise production and margin level Paweł Orlof Vice-President of the Management Board for Corporate Affairs
  • 29. 0% 20% 40% 60% 80% Scope of works preformed in 2014 New unit in Kozienice Power Plant 29 2014 was a key period for a successful investment implementation 2012 – 2013 2014 2015 Performance of a reinforced concrete structure of the cooling tower jacket to the level of 163 m Performance of the lower foundation slab with poles of the load bearing structure of the turbine set Performance of the foundation and steel structure for the engine room to the level of 17 m Completion of the assembly of the boiler's load bearing structure with grate Completion of the boiler slab assembly Completion of the assembly of absorber's and IOS blowdown tank's structure
  • 30. We have been consistently realising the vision of an integrated, flexible and efficient energy group Q4 2014, 2014 IR contact: gielda@enea.pl
  • 32. Additional information Attachment 1 - Higher EBITDA in Q4 2014 in the segment of generation was realised due to reduction in fixed costs and higher revenue of the segment of heat 32 40 23 -49 141 155 0 50 100 150 200 250 EBITDA Q4 2013 Segment of System Power Plants Segment of Heat Segment of RES EBITDA Q4 2014 [PLN mln] Generation – EBITDA Q4 2014 bridge Growth Drop
  • 33. Additional information Attachment 2 - EBITDA in the segment of trade increased by 143% yoy in Q4 2014 due to higher volumes of sales and lower electricity purchase price 33 15 3 -9 9 18 0 5 10 15 20 25 30 EBITDA Q4 2013 First contribution margin Cost of sales Other factors EBITDA Q4 2014 [PLN mln] Trade – EBITDA Q4 2014 bridge Growth Drop
  • 34. Additional information Attachment 3 - Lower costs of legal regulations under grid assets, exploitation process and employment optimisation affected the growth of EBITDA in the segment of distribution in Q4 2014 34 9 138 -8 -2 127 264 0 50 100 150 200 250 300 EBITDA Q4 2013 Regulation Gird assets Organisation Other factors EBITDA Q4 2014 [PLN mln] Distribution – EBITDA Q4 2014 bridge Growth Drop
  • 35. Additional information Attachment 4 - Higher revenue from compensation for coverage of stranded costs and a significantly lower level of fixed costs were reported in 2014 in the segment of generation 35 167 33 -51 559 708 0 100 200 300 400 500 600 700 800 EBITDA Q4 2013 Segment of System Power Plants Segment of Heat Segment of RES EBITDA Q4 2014 [PLN mln] Generation – EBITDA 2014 bridge Growth Drop
  • 36. Additional information 36 Attachment 5 – Lower first contribution margin charged the result of the segment of trade in 2014 10 -102 -10 208 106 0 50 100 150 200 250 EBITDA 2013 First contribution margin Cost of sales Other factors EBITDA 2014 [PLN mln] Trade – EBITDA 2014 bridge Growth Drop
  • 37. Additional information 37 Attachment 6 - Employment and grid assets exploitation process optimisation supported the result of the segment of distribution in 2014 2 174 48 1 934 1 159 0 200 400 600 800 1 000 1 200 1 400 EBITDA 2013 Regulation Gird assets Organisation Other factors EBITDA 2014 [PLN mln] Distribution – EBITDA 2014 bridge Growth Drop