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Report of the Management Board on the Operations of the ENEA Capital

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Report of the Management Board on the Operations of the ENEA Capital Operating Summary 2-6 Operating Summary Comment of the Management Board 3 Selected financial data 4 In H1 2014 ENEA Capital Group generated: • PLN 4,840 mln net sales revenues Results in H1 2014 were The results were negatively (growth by 5.3% yoy), supported with e.g.: affected by: Key information on ENEA Capital 5 • PLN 1,103 mln EBITDA (growth by 17.7% yoy), Group • PLN 625 mln net profit (growth by 37.4% yoy). The Group's results in H1 2014 were positively affected by Key events in H1 2014 6 recognition of revenues from lower margin on generation of the recognition of the revenue from compensation for recovery electricity in ENEA of stranded costs, which added to the EBITDA with the amount the compensation for recovery of stranded costs Wytwarzanie - Segment of Organisation of ENEA Capital Group 8-9 of PLN 258 mln. A lower price of coal with transport contributed System Power Plants to a reduction in costs of materials and value of goods sold. Results were also supported with a higher volume of purchased Description of ENEA Capital Group's 10-19 energy with a lower average purchase price by 12.5%. operations lower costs of consumption lower average selling price Analysing only Q2 2014 the Group generated: and value of sold goods of electricity Segments of operations 10-14 • PLN 2,466 mln net sales revenues (growth by 11.3% yoy), Information on concluded 15-19 • PLN 642 mln EBITDA (growth by 65.6% yoy), agreements • PLN 416 mln net profit (growth by 163.1% yoy). In H1 2014 the highest EBITDA was reported in the segment of lower average purchase lower tariffs for Presentation of the financial position 20-30 price of electricity households of ENEA Capital Group distribution and amounted to PLN 606 mln (growth by 13.7% yoy). The highest growth in EBITDA was noticed in Factors affecting ENEA Capital Group's the segment of generation, whose EBITDA result in the reporting 31-48 results period after a growth by 57.6% amounted to PLN 440 mln. The segment of trade realised EBITDA result on the level higher volumes of sales of Information on shares and shareholding 49 of PLN 82 mln. introduction of yellow electricity by 1,200 GWh and red obligations Authorities of the Capital Group 50 Other information significant for the Despite the implementation in H1 2014 of an intensive investment 51-55 assessment of the Issuer's situation programme (higher CAPEX by 23.4% yoy), the net debt/EBITDA ratio was on a favourable level of -0.2. Attachments 56-61 In January-June 2014 ENEA CG generated 6,114 GWh electricity, i.e. by 2.3% more than in the same period in the previous year. Generation Glossary of terms 62-64 of energy from RES grew at that time by 20.2%. The sales of conventional electricity grew by 920 GWh, and sales of electricity from RES increased by 89 GWh yoy. In H1 2014 the Group sold 7.8 TWh electricity to end users, i.e. by 1,174 GWh more than in the previous year. A detailed index of issues contained in this report is to be found on page 65 2 Comment of the Management Board Dear Sirs and Madams, In the analysed period in ENEA CG we adopted strategies In June we and ENERGA, PGE Polska Grupa Energetyczna in recent times several significant events have occurred in relating to five most important areas: generation, distribution, and TAURON Polska Energia signed the letter of intent relating to ENEA CG which I would like to emphasise to you. sales, trading and shared services. They constitute the details of the cooperation in research and development projects. The key the corporate strategy adopted in October 2013 for 2014-2020. goal of the cooperation is to be searching for technological In April an annual General Meeting of Shareholders of ENEA S.A. They were developed by internal teams of ENEA CG, which know solutions corresponding to the challenges faced by the Polish was held, during which the Shareholders adopted a resolution on the energy business from scratch. The most important tasks of energy sector. the amount of dividend from the profit generated in 2013. the segment of sales include e.g. maintaining existing For the whole time we are working on enhancing ENEA Group's Pursuant to it, on 12 August the Company distributed PLN 0.57 Customers, gaining new and guaranteeing an appropriate level of dividend per share to investors. efficiency so that it could optimally use its potential and flexibly margin. We are finalising the process of introduction to adjust to the demanding situation on the energy market. Again, also the strong financial position of ENEA CG was the market of the offer of the so called dual fuel, which is joined confirmed. On 30 April Fitch Ratings agency upheld our sales of electricity and gas. ENEA Trading took over long-term ratings in national and foreign currency on the level of the competences connected with the portfolio risk management, Sincerely, "BBB" and a long-term national rating on the level of "A(pol)". purchase of fuels and internal purchases. The area of generation In the opinion of analysts the outlook of the ratings is stable. on the other hand focuses on the cost optimisation of electricity In Q2 we obtained financing for the implementation of key, production and securing generating capacities. The segment of as for the Group's development, projects. distribution's challenges include preparation of the Group to introduce the quality tariff. The operations will be directed at On 15 May a programme agreement was signed with Bank improving SAIDI and SAIFI indices and "smart grid" Gospodarstwa Krajowego relating to the long-term bond issue Krzysztof Zamasz development. However, the Shared Service Centre focuses on valued PLN 1 bln, and on 30 June we and four banks: PKO BP, the supporting activity for the whole Group within the customer President of the Board of ENEA S.A. ING Bank Śląski, Pekao S.A. and mBank concluded an agreement service, accounting and payroll, teleinformation, and finally also relating to a bond issue programme up to the maximum amount logistics and HR services. of PLN 5 bln. The obtained funds will be designated for the implementation of the investment programme described in the strategy for 2014-2020 and for the financing of the current operations of ENEA CG. The realisation of our key investment is on the schedule - namely, a modern unit with the capacity of 1,075 MW gross, which is being developed on the area of the power plant in Kozienice. At the end of Q2 the progress of works was ca. 35%. In June the first of four boiler columns was mounted. Presently, we are finalising the works connected with the assembly of the whole core load bearing structure of the boiler. At the end of May ENEA Wytwarzanie concluded an agreement of subscription for 85% shares in Miejskie Przedsiębiorstwo Energetyki Cieplnej in Białystok. The transaction finalisation is to be still approved by the Office of Competition and Consumer Protection. The purchase of shares of MPEC Sp. z o.o. will allow for the optimisation of heat production and will strengthen the position of ENEA CG on the local market. We estimate that due to the effects of synergy we will produce in the Białystok power plant by 20-25% more energy and heat, and we will also achieve by ca. one fourth more red certificates. We participate as well in other acquisition processes within RES and cogeneration. 3 Selected consolidated financial data of ENEA Capital Group 31 December 30 June [PLN ‘000] H1 2013 H1 2014 Change Change % [PLN ‘000] Change Change % 2013 2014 Net sales revenues 4 595 625 4 840 195 244 570 5.3% Total assets 16 322 024 16 997 305 675 281 4.1% Profit / (loss) from operations 551 673 758 918 207 245 37.6% Total liabilities 4 834 076 5 125 507 291 431 6.0% Profit / (loss) before tax 573 376 767 859 194 483 33.9% Non-current liabilities 2 556 816 3 148 621 591 805 23.1% Net profit / (loss) for the reporting period 454 809 624 935 170 126 37.4% Current liabilities 2 277 260 1 976 886 -300 374 -13.2% EBITDA 937 593 1 103 498 165 905 17.7% Equity 11 487 948 11 871 798 383 850 3.3% Net cash flows from: Share capital 588 018 588 018 - - operating activities 880 225 330 191 -550 034 -62.5% Book value per share [PLN] 26.02 26.89 0.87 3.3% investing activities -771 707 -1 141 116 -369 409 -47.9% Diluted book value per share [PLN] 26.02 26.89 0.87 3.3% financing activities -12 247 510 872 523 119 4271.4% Balance of cash 1 193 280 1 273 613 80 333 6.7% Weighted average number of shares [pcs.] 441 442 578 441 442 578 - - PLN mln Net profit per share [PLN] 1.03 1.41 0.38 36.9% 1 200 Diluted profit per share [PLN] 1.03 1.41 0.38 36.9% 1 103 1 000 938 [PLN ‘000] Q2 2013 Q2 2014 Change Change % 800 625 Net sales revenues 2 215 291 2 466 452 251 161 11.3% 600 Profit / (loss) from operations 196 445 492 179 295 734 150.5% 455 Profit / (loss) before tax 202 439 498 937 296 498 146.5% 400 Net profit / (loss) for the reporting period 157 965 415 605 257 640 163.1% 200 EBITDA 387 698 642 025 254 327 65.6% Weighted average number of shares [pcs.] 441 442 578 441 442 578 - - 0 Net profit per share [PLN] 0.36 0.94 0.58 161.1% H1IH 2013 H1IH 2014 Diluted profit per share [PLN] 0.36 0.94 0.58 161.1% Net profit EBITDA 4 List of key information on ENEA Capital Group unit H1 2013 H1 2014 Change Change % Q2 2013 Q2 2014 Change Change % H1 2013 / H1 2014 Net sales revenues PLN '000 4 595 625 4 840 195 244 570 5.3% 2 215 291 2 466 452 251 161 11.3% EBITDA PLN '000 937 593 1 103 498 165 905 17.7% 387 698 642 025 254 327 65.6% Growth in EBITDA EBIT PLN '000 551 673 758 918 207 245 37.6% 196 445 492 179 295 734 150.5% by PLN 166 mln Net profit PLN
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