- TAURON Group revenues are almost PLN 5.3 billion in Q1 2011. After making them comparable [1], the Groups revenues would be over PLN 4.1 billion, which means 9.3% growth as compared to Q1 2010, when the Group’s revenues were almost PLN 3.8 billion.
- EBITDA grows (Earnings Before Interest, Taxes, Depreciation, Amortizations) by 4.7% to PLN 860 million in Q1 2011 from approx. PLN 822 million in the previous year. EBITDA margin was 16.2%, and after making it comparable – 20.8%, which means maintaining at a level similar to Q1 2010, when it was 21.7%
- Growth of net profit by 7.9% from almost PLN 360 million in Q1 2010 to almost PLN 388 million in Q1 2010
- Operating cost reduction programme by PLN 1 billion for 2010-2012 implemented in 35%; PLN 87 million savings in Q1 2011.
- Stable growth of demand for the Group’s energy confirmed by the growth of the generated, distributed and sold energy volumes
- Significant part of the demand covered from own sources; 5.9 TWh produced in the Generation segment combined with RES in Q1 2011, so 11.1% more than a year before
- Increased volume of energy supplied by the Distribution segment. In Q1 2011 it was 10 TWh, so 3.7% more than a year before
- Growth of the retail sale of electric energy by 7.7% with almost 8.6 TWh in Q1 2010 to over 9.2 TW in Q1 2010; the increased sales volume is the effect of the growth of demand among the current clients and gaining new clients
- Further growth of the number of customers in the Distribution segment. In Q1 2011 TAURON had over 4.12 customers, which is 21 thousand more than at the end of Q1 2010
- The scheduled investment projects in most activity segments under way; restructuring of the Capital Group implemented according to schedule
- Revision of ‘TAURON Group Corporate Strategy for 2011-2015 with a projection until 2020’.
- TAURON Group’s results are growing in a stabile manner, which should be met with satisfaction of the investors. We are working hard on further improvement of the results implementing many initiatives in the areas of the improvement of operating efficiency, investment or financing. The adjustment of our strategy to the dynamically changing market conditions was an important event. We want the main objective, i.e. the growth of the Group value, to be maximized, hence the revision of our strategy, says Dariusz Lubera, President of the Management Board of TAURON Polska Energia.
Main operating data and financial results
Key operating data |
Q1
2010 |
Q1
2011 |
Change
|
Hard coal mining (millions of tons) |
1.36 |
1.15 |
-15.4% |
Electricity generation
(net production) (TWh) |
5.31 |
5.90 |
11.1% |
Including: RES |
0.23 |
0.23 |
0.0% |
Heat generation (PJ) |
8.11 |
7.36 |
-9.2% |
Distribution (TWh) |
9.64 |
10.0 |
3.7% |
Supply of electricity (TWh) |
8.58 |
9.24 |
7.7% |
Number of clients (Distribution) (thousand) |
4.104 |
4.125 |
0.5% |
Financial results in Q1 2011 |
Q1 2010 |
Q1 2011 |
Change
|
Revenues (PLN million) |
3 794 |
5 299 |
39.7% |
comparable [2] |
3 794 |
4 145 |
9.3% |
EBITDA (PLN million) |
822 |
860 |
4.7% |
EBIT (PLN million) |
476 |
511 |
7.3% |
Net profit (PLN million) |
360 |
388 |
7.9% |
Revenues
TAURON Group’s revenues in Q1 2011 were PLN 5.3 billion. After making them comparable, the Group’s revenues would be over PLN 4.1 billion, which means 9.3% growth as compared to Q1 2010, when the Group’s revenues were almost PLN 3.8 billion. The higher revenues are, to a large extent, the effect of the growth of the volumes of the generated and supplied energy, and the revenues from distribution. In Q1 2011, the downward trend of the share of revenues from long-term contracts (LTC) continued. Although their value was close to Q1 2010, and amounted to PLN 73 million, their share in the revenues fell from 1.9% a year ago to 1.4% in Q1 2011.
- TAURON Group’s financial position is a very good one. The results achieved in Q1 2011 justify our satisfaction. We recorder growth of all the key results. Additionally, our debt remains low and safe, which is very important in the context of the planned growth of investment in the next years, comments Krzysztof Zawadzki, TAURON Polska Energia Vice-President of the Management Board, Chief Financial Officer, the successfully implemented efficiency improvement programme is a significant factor. The objective of PLN 1 billion savings in 2010-2012 is implemented according to schedule.
EBITDA and net profit
In Q1 2011 TAURON Group recorded growth of EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortizations), by 4.7% to PLN 860 million, as compared to PLN 822 million achieved in the same period of 2010. The EBITDA margin was 16.2%, and after making it comparable, 20.8%. This means maintaining profitability at the EBITDA level close to Q1 2010, when it was 21.7%. The Group recorded EBITDA growth in most segments. The largest influence on the EBITDA growth was from Generation and Distribution. The areas provided almost 80% of the Group’s EBITDA in Q1 2011, when a year ago it was 6 percentage points less. Generation EBITDA was PLN 352 million, i.e. 10% more than in Q1 2010. In the Distribution segment the growth was even stronger and amounted to 17%, and the EBITDA value was over PLN 328 million. As regards RES, the Company doubled its EBITDA in Q1 2011 to PLN 40 million from PLN 19 million a year ago. The good operating results translated into TAURON Group’s net profit, which in Q1 2011 was PLN 388 million, i.e. 7.9% more than a year before. The improvement of the results is also the effect of the consistently implemented efficiency improvement policy. The programme for 2010-2012 has already brought PLN 350 million savings from the planned PLN 1 billion. It was only in Q1 2011 that the programme provided for PLN 87 million of savings.
[1] Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade, in Q1 2010 was internal supply in the Group and was consolidated.
[2] Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade, in Q1 2010 was internal supply in the Group and was consolidated.
