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12 months and Q4 2011 Performance Biomass Fuels Wind Energy Industrial Outsourcing February 2012.

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Presentation on theme: "12 months and Q4 2011 Performance Biomass Fuels Wind Energy Industrial Outsourcing February 2012."— Presentation transcript:

1 12 months and Q Performance Biomass Fuels Wind Energy Industrial Outsourcing February 2012

2 Contents 2 ■ Business Review ► Existing businesses ► Projects in progress ► Projects in development ■12 months and Q Financial Performance ■Summary

3 Lorem Ipsum Padle Imput Business Review

4 4 Business Review - Metrics ■2011 adjusted EBITDA excluding Wind Farms sale amounted to PLN 56.4 mil. and was above 2010 level by PLN 3.1 mil. ■2011 Net Profit excluding FX on balance sheet valuation and Wind Farms sale amounted to PLN 32.8 mil. and was above 2010 level by PLN 3.4 mil. ■2011 Net Profit including FX on balance sheet valuation and Wind Farms sale amounted to PLN 69.6 mil. and was above 2010 level by PLN 8.0 mil.

5 5 Business Review - Highlights Wind Energy ■Wind Development Pipeline on track ■Construction of WF Łukaszów and WF Modlikowice completed ■In January 2012 WF Łukaszów and WF Modlikowice received PLN 31.7 mil. as the EU subsidy payment and the application for the next tranche of PLN 22.2 mil. has been accepted for reealization ■2011 WF Puck performance excluding unrealized FX above budget Industrial Outsourcing ■EC Saturn above budget ■Energy production of EL Mercury significantly ahead of last year ■EC Zakrzów above budget ■Development of biomass power plants in progress Biomass Fuels ■Pellet production plants GPBE North and GPBE South below budget due to high price of straw, with simultaneously poor quality (high humidity) ■Construction of GPBE East in line with schedule

6 Lorem Ipsum Padle Imput Existing Businesses

7 7 ■EC Saturn: ►Electricity production at the budget level and above last year ►Higher ESP in comparison to 2010, due to annual reconcilliation with Mondi for 2010 and the current year.  EC Zakrzów:EBITDA above the budget, despite lower revenues resulting from lower demand for heat ■EL Mercury: Higher performance than last year and budget as a result of higher gas supply from the Coke Plant ■WF Puck: Better operating results than last year and budget due to better wind conditions ■GPBE North: Production higher than in 2010, but EBITDA below budget due to the high price of straw, with simultaneously poor quality (high humidity) that results with higher operating costs ■GPBE South: Production in line with business plan, but EBITDA below budget due to the high price of straw, with simultaneously poor quality (high humidity) that results with higher operating costs 7

8 Lorem Ipsum Padle Imput 8 Projects in Progress

9 Długi tytuł prezentacji powerpoint Lorem ipsum dolor sit amet, consectetur adipiscing elit. Proin dapibus, tortor eget ultricies accumsan, mi sem tincidunt leo, id faucibus leo mi sed ante. Duis ultrices massa et leo tempor nec pellentesque ipsum ultricies. Nam luctus sollicitudin ullamcorper. Morbi facilisis rutrum risus eget rhoncus. Aliquam porta ultrices sem, ut lacinia nibh commodo condimentum. Etiam sit amet ligula sit amet dui ullamcorper pretium. Vivamus sit amet lorem id ipsum convallis molestie a nec metus. Quisque et urna eu est lacinia luctus et non mauris. Mauris tempus blandit odio, quis ultrices quam placerat nec. Mauris at nulla felis, eget posuere massa. In tristique fermentum imperdiet. Quisque commodo urna quis enim dignissim quis placerat mi convallis. Curabitur commodo fringilla urna, at tristique lacus luctus nec. Nullam aliquet, purus ut ultrices euismod, orci ante tristique nunc, vel tempor massa purus a elit. Curabitur a tortor sem, eget pellentesque purus. Donec in mauris imperdiet risus venenatis laoreet.1 9 Projects in Progress – Wind Energy

10 Start of operations: Power: Ownership: CAPEX: Financing (debt/ equity/grant): Work progress: Offtaker:  2010 (December)  35 MW  100% RWE  Approx. PLN 225 mil  72%/28%  Construction  Q  20 MW  100% Electrabel  Approx. PLN 137 mil  75%/25%  Construction : 2009/2010 Długi tytuł prezentacji powerpoint Progress in Wind Farms Implementation WF Modlikowice [12 turbines; 24 MW] and WF Łukaszów [17 turbines; 34 MW] ■Construction of wind farms completed : ► Both wind farms have obtained use permit and energy production concessions. ► Start-up procedures are in progress ► Launch of energy production in December 2012 ► Since January 2012 the wind farms operate with increasing capacity ■Expansion of projects up to total capacity of 86 MW under development 10

11 Długi tytuł prezentacji powerpoint 11 Projects in Progress – Biomass Fuels

12 12 Projects in Progress - Biomass Fuels ■ GPBE East - pellets production facility servicing contract with GDF Suez Polska : ► Land for the plant purchased, building permit granted ► Advanced constructions, most of the processing line equipment purchased ► Construction in final stage ►Assembly of processing lines in progress ►Start up scheduled for end of Q ►Full planned capacity already contracted ►Debt financing organised in

13 13 Projects in Development

14 14 Milestone reached: LMP – Local master plan ED – Environmental decision GCT – Grid connection terms BP – Building permit * - Appeal procedure Wind Farms Development Status 14 F – 42 MW LMP,ED,GCT E- 38 MW LMP, ED,GCT D – 105 MW LMP, ED*,GCT C – 28 MW LMP*, ED*, GCT G – 50 MW LMP Projects for construction Project anticipated for sale in 2012 H – 124 MW LMP, ED A– 26 MW LMP, ED, GCT Wind farm projects at advanced stages of development B– 24 MW LMP, ED I– 30 MW LMP

15 2012 Biomass Power Plants Development Plan Biomass Power Plants ■Biomass Power Plant South: power plant with a capacity of 30 MW connected to the the electricity grid ►Location of the plant selected; in Mid August 2011 the tender process for land purchase commenced; Environmental Decision and Grid Connection Terms have been acquired; Negotations concerning Grid Connection Contract in progress; Technical Construction design in progress, application for building permit submitted. Launch of operations scheduled for H ■Further investments in biomass power plants ► Negotiations with three other industry players to launch further biomass power or heat plants of 85MWt/30MWe in progress. 15

16 16 12 months and Q4 2011/2010 Financial Performance

17 17 12 months and Q4 2011/2010 Performance - Revenues excluding Wind Farms sale  12 months: ► SM - higher current GE revenues; negative impact of lower RE prices ► SM – Higher Equity Service Payment due to reconciliation fro 2010 and current year ► SM – recognition of profit share in RE Cerificates sale- 75% recognised in 12 months 2010 and 25% in 12 months 2011 ► EL Mercury – higher electricity sales and higher valuation of certficates for reduced emission of CO 2 ► WF Puck – more energy sold due to much better wind conditions and higher valuation of certficates for reduced emission of CO 2 ► GPBE – higher sales of pellets ► GPBE South – start of operations in January 2011 ► EC Jeziorna – no revenues from operations (sold in December 2010) 17  Q4 2011/2010: ► SM - higher current GE revenues, negative impact of lower RE prices ► SM – higher current Equity Service Payment ► EL Mercury – higher electricity sale ► WF Puck – more energy sold due to much better wind conditions ► GPBE – higher sales of pellets ► GPBE South – start of operations in January 2011 ► EC Jeziorna – no revenues from operations (sold in December 2010)

18 18 12 months and Q4 2011/ Revenues 18 ► Impact of revenues excluding Wind Farms sale ► Impact of revenues from wind farms sale (WF Wartkowo, WF Pągów) in 2010 amounted to PLN 60.4 mil. and in 2011 the revenues from wind farms sale (WF Klukowo, Samborsko) amounted to PLN 78.6 mil. ► Impact of revenues excluding Wind Farms sale ► Impact of revenues from wind farms sale (WF Pągów) in Q amounted to PLN 42.6 mil. and in 2011 the revenues from wind farms sale (WF Klukowo, Samborsko) amounted to PLN 78.6 mil.

19 12 months and Q4 2011/2010 Performance - Adjusted EBITDA* Excluding Wind Farms sale  12 months: ► Impact of revenues ► EL Mercury oraz WF Puck – better efficiency ► Lower management option costs by PLN 2.6 mil. ► Sale of land by the receiver and collection of PLN 4.3 mil. receivables by EC Wizów ► EBITDA in GPBE North and GPBE South lower due to higher prices of straw and higher production costs due to poor straw quality (high humidity) ► Impact of PLN 3.8 mil. of costs of arbitration proceedings with Mondi in 12 months 2011 ► In 2011 no wind farms write-off costs 19 Adjusted EBITDA includes interest from the lease of property and shares in the profits of Wind Farms,,  Q4 2011/2010: ► Impact of revenues ► WF Puck - better efficiency ► Lower management option costs by PLN 0.7 mil. ► EBITDA in GPBE North lower due to higher prices of straw and higher production costs due to poor straw quality (high humidity) ► Impact of PLN 1.6 mil. of costs of arbitration proceedings with Mondi in Q ► In 2011 no wind farms write-off costs

20 12 months and Q4 2011/2010 Performance – Adjusted EBITDA * 20 * Adjusted EBITDA includes interest from the lease of property and shares in the profits of Wind Farms,, ► Impact of Adjusted EBITDA excluding Wind Farms sale ► Impact from WF Wartkowo and WF Pągów sale in 2010 on EBITDA amounted to PLN 40.5 mil., whereas the impact on EBITDA from WF Klukowo and Samborsko sale in 2011 amounted to PLN 51.8 mil. ► Impact of Adjusted EBITDA excluding Wind Farms sale ► Impact from WF Pągów sale in 2010 on EBITDA amounted to PLN 31.9 mil., whereas the impact on EBITDA from WF Klukowo and Samborsko sale in 2011 amounted to PLN 51.8 mil.

21 21  12 months ► Impact of EBITDA ► Total impact of realized negative FX in 12 months 2011 higher than in 12 months 2010 by PLN 3.1 mil. ► Lower income tax by PLN 0.2 mil. ► Higher interest rate from cash deposits by PLN 2.5 mil. 12 months and Q4 2011/2010 Performance – Adjusted Net Profit * Excluding Wind Farms sale 21 *Adjusted Net Profit exluding unrealized F/X  Q4 2011/2010: ► Impact of EBITDA ► Total impact of realized neagtive FX in Q higher than in Q by PLN 1.3 mil. ► Higher income tax costs in Q by PLN 2.9 mil. Compared to Q ► Higher interest rate from cash deposits by PLN 0.8 mil.

22 22 ► Impact of adjusted Net Profit excluding Wind Farms sale ► Impact of wind farms sale on Net Profit in 2010 amounted to PLN 32.6 mil., whereas impact from sale of wind farms in 2011 amounted to PLN 35.9 mil. ► Discount on Klukowo/Samborsko Wind farms salr in 2011 amounted to PLN 7.5 mil. (net impact of PLN 6.1 mil.), wheras discount on Wartkowo /Pągów Wind Farms sales in 2011 amounted to PLN 0.4 mil. (net impact of PLN 0.3 mil.) 12 months and Q42011/2010 Performance – Adjusted Net Profit * 22 *Adjusted Net Profit exlucing unrealized FX ► Impact of adjusted Net Profit excluding Wind Farms sale ► Impact of wind farms sale on Net Profit in Q amounted to PLN 25.7 mil., whereas impact from sale of wind farms in 2011 amounted to PLN 35.9 mil. ► Discount on Klukowo/Samborsko Wind farms salr in 2011 amounted to PLN 7.5 mil. (net impact of PLN 6.1 mil.), wheras discount on Pągów Wind Farms sale in 2011 amounted to PLN 0.2 mil. (net impact of PLN 0.1 mil.)

23 23  12 months ► Impact of Adjusted Net Profit ► Total impact of unrealized positive FX in 12 months 2011 higher than in 12 months 2010 by PLN 1.1 mil. 12 months and Q4 2011/2010 Performance – Net Profit 23  Q4 2011/2010: ► Impact of Adjusted Net Profit ► Total impact of unrealized positive FX in Q higher than in Q by PLN 1.2 mil.

24 24  Q4 ► Impact of EBITDA ► Total impact of unrealized negative FX in Q (PLN mil ) lower than in Q (PLN mil. ) by PLN 1.1 mil.  YTD ► Impact of EBITDA ► Total impact of unrealized negative FX in YTD 2010 (PLN -0.5 mil ) than in YTD 2009 (PLN 2.1 mil. ) by PLN 2.6 mil. Q4 and YTD 2010/2009 Performance – Net Profit Performance vs 2011 Forecast 24 Forecasted category2011 Forecast2011 PerformanceDifferenceComments EBITDA98,0103,95,9 EBITDA is impacted by: -higher operating revenues mainly due to better efficiency of facilities -higher GE prices(mainly in EC Saturn) and higher revenues on Wind Farm sales -costs odf arbitration proceedings with Modi Adjusted EBITDA102,0108,26,2 Adjusted EBITDA is impacted by: -higher revenues from operation business, which can be achieve d through better efficicciency of the facilities -higher Green Energy prices,(mainly in EC Saturn) -higher revenues from wind farm sales -costs of arbitration with Mondi a -interest rate from leasing. Net Profit67,069,62,6 -Impact of the above factors on EBITDA -Much lower financial costs than forecasted -impact of unrealized FX on BS valuation -Highrte interests on cash deposits -Impact of discount related to delayued proceeds from Wind Frams sale Net Profit without unrealized FX67,069,02,0 Impact of EBITDA and financial revenues from unrealized F/X, whic are not included in Forecast

25 25 Forecast 2012

26 2012 Forecast 26 CAGR = 26%

27 27 Financing of investment plans

28 28  Q4 ► Impact of EBITDA ► Total impact of unrealized negative FX in Q (PLN mil ) lower than in Q (PLN mil. ) by PLN 1.1 mil.  YTD ► Impact of EBITDA ► Total impact of unrealized negative FX in YTD 2010 (PLN -0.5 mil ) than in YTD 2009 (PLN 2.1 mil. ) by PLN 2.6 mil. Q4 and YTD 2010/2009 Performance – Net Profit Investment Plan 28 Own Equity Needs until after 2012SUM Biomass Power Plant South WF WF GPBE EAST WF Development SUM Debt Financing until after 2012SUM Biomass Power Plant South WF WF GPBE EAST WF Development SUM CAPEX Until after 2012SUM Biomass Power Plant South WF WF GPBE EAST WF Development SUM

29 29 Summary

30 30 Summary ■ Adjusted Net Profit and Adjusted EBITDA excluding Wind Farms sales above budget and higher than last year ■ Progress in Wind Farms development ■ Launch of production in WF Modlikowice and WF Łukaszów ■ Start of construction of Biomass East according to the schedule ■ Progress in development of biomass power plants 30


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