- Increase of revenue of TAURON Group by almost 13 percent to over PLN 15.4 billion in 2010, from almost PLN 13.7 billion a year before.
- Increase in EBITDA (operating profit increased by amortisation) by almost 5 percent, from over PLN 2.6 billion in 2009 to PLN 2.8 billion in the previous year. Maintaining the EBITDA margin at the high level– in 2010 the profitability amounted to 18 percent.
- Increase of net profit by 4.6 percent from almost PLN 950 million to almost PLN 1 billion in 2010.
- The programme of operating costs cutting executed according to the assumptions; target for the years 2010-2012 at the level of PLN 1 billion of savings sustained, PLN 60 million of savings in the fourth quarter of 2010 and PLN 295 million during the whole year.
- Growing demand for energy of the Group, both conventional and green, confirmed by increased volumes of generated, distributed and sold energy.
- Considerable part of demand covered by own sources; 21.3 TWh generated by segment Generation in 2010, i.e. 14.4 percent more than a year before, including 1.1 TWh of energy generated from renewable sources, where the volume increased by 12.7 percent year to year.
- Increased volume of the energy supplied through the segment Distribution. In 2010 it was 37.5 TWh, i.e. 3 percent more than a year before.
- Increase in retail sales of electrical energy by 12.8 percent, from 30.4 TWh in 2009 to 34.3 TWh in 2010; increased volume of sales is the result of growing demand among existing customers as well as acquiring of new clients.
- Further growth in number of clients in the segment Distribution. At the end of 2010 TAURON had over 4.1 million clients, i.e. by 23 thousand more than at the end of 2009 .
- Planned investment projects in most of the business segments ongoing; restructuring of the Capital Group performed according to the plans.
- The review of the strategy executed is in progress; reasonable adjustment to changing legal and market conditions.
- Results generated by TAURON Group last year certainly give reasons for satisfaction, not only to us but predominantly to the company shareholders. Intensive actions aimed at simplification of the Group, increase of its operational effectiveness, resulted in generating pure profit at the level of almost PLN 1 billion in almost every area, which has placed us among the most profitable companies in Poland, not only in energy sector but in the overall economy. We shall consequently implement the strategy of the Group, adjusting it to the changing market and legal conditions, so that the positive trend is continued, both this year and in the years to follow – says Dariusz Lubera, President of the Board of TAURON Polska Energia.
- Many actions and programmes which we were executing last year and which we are continuing this year, have already influenced our results - almost PLN 300 million of acquired savings, restructured debt, or consequently executed restructuring of the Group are the factors which contributed to improved effectiveness. We are very well prepared for further implementation of our strategy as well as for challenges which the changing energy market faces us with – adds Krzysztof Zawadzki, the Vice- President of the Management Board, director on economic-financial issues of TAURON Polska Energia.
The most important financial results
Revenue
In 2010, TAURON Group noted revenue at the level of PLN 15.4 billion, i.e. by almost 13 percent higher than a year before. It is mainly the effect of increase in volume of both generated and sold energy, as well as revenue from distribution of energy and sales of heat.
The good results were generated in spite of lower inflows due to stranded costs. Revenue due to KDT compensation amounted to about PLN 438 million in 2010. Share in total revenue decreased from 3.5 percent in 2009 to 2.8 percent in the last year.
EBITDA and net profit
In 2010, the increase in EBITDA of TAURON Group amounted to almost 5 proc. In relation to 2009. Last year EBITDA amounted to PLN 2.8 billion. It is mainly the consequence of very good results generated by the Distribution segment. Only in this segment TAURON generated over PLN 1.1 billion EBITDA. A year before the value was by about PLN 350 million less. Good results are mainly a consequence of increased sales performed at higher average fees for distribution services, at simultaneous lower cost of energy purchase needed to cover balance differences, as well as lower permanent costs. Costs of coverage of balance differences decreased by 18 percent in 2010 (PLN 112 million) to PLN 518 million.
Higher results of segment Distribution and better dynamics as compared to other segments, were reflected in further increase of its role in the EBITDA structure of the Group. The share of segment Distribution in 2010 amounted to 41 percent – it was 30 percent higher a year before. Together with the segment Generating, only these two segments generate 85 percent EBITDA for TAURON Group.
The increase in operation level results is traditionally reflected in net result which was by 4.6% higher in 2010 than a year before, and amounted almost to PLN 1 billion.
