tauron group results for q1-3 2011en.tauron.pl/sitecollectiondocuments/prezentacja wynikowa... ·...

TAURON Group Results for Q1-3 2011

9 November 2011

1

Disclaimer

This presentation serves for information purposes only and should not be treated as investment-related advice.

This presentation has been prepared by TAURON Polska Energia S.A. (“the Company”).

Neither the Company nor its subsidiaries shall be held accountable for any damage resulting from the use of

this presentation or a part thereof, or its contents or in any other manner in connection with this presentation.

The recipients of this presentation shall bear exclusive responsibility for their own analyses and market

assessment as well as evaluation of the Company’s market position and its potential results in the future based

on information contained in herein.

In as much as this presentation contains forward-looking statements related to the future, in particular such

terms as „designed”, „planned”, „anticipated”, or other similar expressions (including their negation), they shall

be connected with the known and unknown risks, uncertainty and other factors which might result in actual

results, financial situation, actions and achievements being materially different from any future results, actions

or achievements expressed in such forwards-looking statements.

Neither the Company nor any of its subsidiaries shall be obliged to provide the recipients of this presentation

with any additional information or to update this presentation.

Key Events

2

25 July Signing a contract for supply and purchase of energy carriers, gas fuels and other

products between EC Nowa and ArcelorMittal (current report No. 42/2011)

23 August

Concluding a preliminary agreement with Vattenfall AB for purchase of shares of

Górnośląski Zakład Elektroenergetyczny (current report No. 44/2011)

26 August

Publication of announcement by Fitch rating agency on affirmation of long-term foreign

and local currency ratings for the Company at BBB with stable outlooks in connection

with acquisition of Górnośląski Zakład Elektroenergetyczny (current report No. 45/2011)

29 September

Signing an agreement between TAURON Ekoenergia and WSB Neue Energien

concerning purchase of 100% shares of company Lipniki including 30.75 MW Lipniki

wind farm

24 October

Signing an agreement with the European Investment Bank (EBI) for preferential loans at

total value of PLN 510 million. The funds acquired will be allocated for two investment

projects in the Generation segment

28 October Signing an agreement with banks to increase the value of corporate bonds programme

by PLN 3 billion. Funds from issue of the bonds shall be allocated for purchase of

Górnośląski Zakład Elektroenergetyczny or for implementation of other investment

projects (current report No. 53/2011)

Platforms:

TGE, TFS, GFI,

GPW-POEE

Forward BASE (Y+Q+M)

Forward PEAK (Y+Q+M)

Forward (weighted aver.)

SPOT (TGE + GPW-POEE)

Total weighted average

Price

PLN/MWh

Volume

GWh

Price

PLN/MWh

Volume

GWh

Price

%

Volume

%

186.26 37 034 195.23 105 844 +4.8% +185.8%

208.22 4 432 218.81 14 604 +5.1% +229.5%

188.62 41 466 198.09 120 449 +5.0% +190.5%

191.86 13 061 197.57 19 592 +3.0% +50.0%

189.40 54 527 198.02 140 041 +4.5% +156.8%

Electric energy market price trends

Electric energy

CO2 emission allowances (EUR/t): Certificates (PLN/MWh)

Type of

certificate

Estimated

market price in

December 2011

Substitution fee

for 2011

RES (green) 282.20 274.92

Coal cogeneration (red)

10.00 29.58

Gas cogeneration (yellow)

123.40 127.15

Methane (violet) 56.00 59.16

2010 2011 2011/2010

3

CO2 market analysts’ survey*

Price

(PLN)

Average in 2011 14.13



EUA DEC-11 price forecasted by TAURON at the

end of 2011 10.30

* Source: MontelPowerNews

Group restructuring – Q1-3 2011

Ownership structure rearrangement

Process of sale of assets unrelated to the core operation:

recreational facilities, scheduled completion – Q4 2011

stocks/shares of 10 companies from outside the value chain,

scheduled completion – 2012

Completion of stage II of consolidation of medical services, integration

of Group structure and sale of PŚZiPZ ELVITA, scheduled completion

– Q4 2011

Process of coordination and integration of TAURON Group Structure:

merger of companies with the same core operations (meter servicing

companies in Distribution segment)

process of separation, integration and supervision of operations

unrelated to the core operation of the Group

Business model implementation

4

Co

mp

lete

d

In

pro

gre

ss

Processes of merger of assets in the Group business areas and

registration of the following companies in the National Court

Register (KRS):

TAURON Sprzedaż sp. z o.o. – 3.01.2011

TAURON Obsługa Klienta sp. z o.o. – 3.01.2011

TAURON Dystrybucja S.A. – 1.09.2011

TAURON Wytwarzanie S.A. – 31.08.2011

TAURON Ciepło S.A. (stage I) – 1.09.2011

Sale of assets unrelated to the core operation for the total sum of

PLN 11.5 million, including:

recreational facilities – for the amount of PLN 5.9 million

stocks/shares – for the amount of PLN 5.6 million

Merger of 2 companies from the field of electric network renovation

Completion of stage I of consolidation of medical services in PŚZiPZ

ELVITA

Transfer of PEPKH shares from TAURON Wytwarzanie to TAURON

PE

Follow-up of integration of assets in the Heat segment by

TAURON Ciepło:

Acquisition by TAURON Ciepło of companies: EC Tychy and

EC Kamienna Góra; scheduled completion – Q1 2012

Contribution of shares of EC Nowa to TAURON Ciepło;

scheduled completion – Q1 2012

Capacity – 50 MWe / 182 MWt

Scheduled commissioning – mid 2013

ZEC Bielsko-Biała – new heating unit


Scheduled commissioning – end 2015 (new unit) and end

2012 (boiler reconstruction)

Elektrociepłownia Tychy – new CHP unit and fluidized bed

boiler reconstruction (biomass burning)

Implementation of investment programme


Scheduled commissioning – 2012

Elektrownia Jaworzno III – new fluidized bed boiler

(biomass burning)

Status as of 30 September 2011:

Construction works in progress. General contractor:

Polimex-Mostostal

Status as of 30 September 2011 :

Construction works in progress. General contractor:

consortium of Rafako and Omis


On 3 August – agreement signed for construction of WR 40

boiler for Elektrociepłownia Tychy with company Fabryka

Kotłów SEFAKO

On 14 September – call for tender for ”Construction of new

heating unit with fluidized bed boiler, heat condensation

turbine including accompanying facilities at Elektrociepłownia

Tychy S.A.”

Wind farm – Marszewo

Capacity – 100 MWe



On 21 July – public tender was announced for ”Construction

of Marszewo wind farm of 82 MW capacity including supply

and installation of the wind farm”. The selection of contractor

is in progress

On 3 August – public tender was announced for Contract

Engineer. The selection process is in progress

Elektrownia Stalowa Wola – K-10 boiler modernisation

(biomass burning)

Capacity – 20 MWe



Construction works in progress. General contractor: Rafako

5

Implementation of investment programme (2)


Commencement of the project – 2010; scheduled

commissioning – 1st half of 2015

Elektrownia Stalowa Wola – new gas and steam unit


Process of selection of general contractor is in progress

6


Commencement of the project – 2nd half of 2015

Elektrociepłownia Katowice – new gas and steam unit


Process of contractor selection is under preparation

On 19 September contract was signed with Energoprojekt

Katowice for preparation of technical documentation

necessary to obtain construction permit

Capacity – 40 MWe


Wind farm – Wicko


Process of contractor selection in progress

On 26 August the Contract Engineer was selected:

consortium of Group Polska (leader) and Ingenieria IDOM

International

Capacity – approx. 850 MWe

Commencement of the project – 2016

Elektrownia Blachownia – new gas unit


Establishment of special purpose vehicle is in progress as

well as activities aimed at obtaining approval for

concentration (European Commission approval for

establishment of joint enterprise)

Implementation of investment programme (3)

7

Scope – adjustment of six OP-650k type boilers to lower

nitrogen oxides emission standards which will be binding in

Poland from 2018

Commencement of works – July 2010, scheduled

completion – January 2016

Elektrownia Jaworzno III – modernization of boilers


Modernisation was completed as well as works related to

construction of nitrogen removal system at unit No. 2 –

adjustments are in progress

General contractor: consortium of Fortum Power and Heat

(consortium leader) and Zakłady Remontowe Energetyki

Katowice (consortium member)

Scope – adjustment of six OP-650k type boilers to

standards of lower nitrogen oxides emission which will be

binding in Poland from 2018

Commencement of works – July 2010, scheduled

completion – January 2015

Elektrownia Łaziska – modernization of boilers


Modernisation and construction of nitrogen removal system

at unit No.12

General contractor: STRABAG

Capacity – 910 MWe

Scheduled commissioning – 2nd half of 2016

Elektrownia Jaworzno III – new coal-fired unit


The process of selection of contractor and contract engineer

is in progress. Negotiations with individual bidders were

commenced

On 11 August permit for construction of the unit was obtained

Investment expenditure

8

In Q1-3 2011 the TAURON Group invested over PLN 1.4 billion, almost 90% of which constituted expenditures in Generation and

Distribution segments

A dynamic increase in expenditure in Generation segment results from increased expenditure on new generation units (from PLN 122 to

255 million) and other expenditures (including mainly NOx installations and modernisation of the existing boilers to biomass burning)

Increase in expenditures in Distribution segment resulted from increased expenditures on modernisation of network assets (by approx.

PLN 133 million). The increase in expenditure on new connections amounts to approx. PLN 93 million.

70 105

243

558 23

27

488

665

19

17

22

28

0

200

400

600

800

1 000

1 200

1 400

1 600

Q1-3 2010 Q1-3 2011

Mining Generation RES Distribution Supply Other

PLN million

865

1 401

62%

Q3

2010

Q3

2011

Change

(dynamics) Q1-3 2010 Q1-3 2011

Change

(dynamics)

Production of commercial coal

(million tons) 1.17 1.18 0.9% 3.38 3.78 11.8%

Electricity generation

(net production) (TWh) 5.33 5.09 -4.5% 15.54 16.30 4.9%

Including RES (TWh) 0.32 0.31 -4.3% 0.85 0.77 -9.8%

Heat generation (PJ) 1.28 0.99 -22.7% 11.80 10.39 -11.9%

Distribution (TWh) 9.18 9.41 2.5% 27.94 28.82 3.1%

Retail electricity supply (TWh) 8.54 8.54 0% 25.39 27.11 6.8%

Number of customers – Distribution

(thousand) 4 129 4 137 0.2% 4 129 4 137 0.2%

Key operational data

9

Financial results for Q1-3 2011

The data is presented in comparable form:

Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q1-3 2010 was treated

as internal supply in the Group and it was consolidated. 10

Share of minority shareholders in net profit

6%

43% 40%

4%

37% 41%

12% 9% 3%

3%

-2.7% -2.4%

-500

0

500

1 000

1 500

2 000

2 500

Q1-3 2010 Q1-3 2011

Mining Generation RES Distribution Supply Other Unassigned items/ Exclusions

TAURON Group's EBITDA by segments [PLN million];

EBITDA structure [%]

4%

2 159 2 371 9.8%

4%

10 951

11 870

3 297

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

Q1-3 2010 Q1-3 2011

8.4%

38.5%

TAURON Group's revenues [PLN million]

15 167

1 128

1 321

0

200

400

600

800

1 000

1 200

1 400

Q1-3 2010 Q1-3 2011

TAURON Group's EBIT [PLN million]

17.1%

15% 3%

825

1 020

0

200

400

600

800

1 000

1 200

Q1-3 2010 Q1-3 2011

TAURON Group's net profit [PLN million]

23.7%

Financial results for Q3 2011

The data is presented under comparable form:

Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated

as internal supply in the Group and it was consolidated. 11

Share of minority shareholders in net profit

3 691

3 784

1 052

0

1 000

2 000

3 000

4 000

5 000

6 000

Q3 2010 Q3 2011

2.5%

31.0

TAURON Group's revenues [PLN million]

4 836

4% 4%

44% 36%

4% 6%

43% 45%

6% 10% 1%

1%

-3.2% -2.4%

-200

0

200

400

600

800

Q3 2010 Q3 2011


TAURON Group's EBITDA by segments [PLN million];

EBITDA structure [%]

690 736

6.7%

345

383

0

100

200

300

400

Q3 2010 Q3 2011

TAURON Group's EBIT [PLN million]

10.9%

13% 1%

252

292

0

100

200

300

Q3 2010 Q3 2011

16.0%

TAURON Group's net profit [PLN million]

Financial results for Q1-3 2011 - EBITDA

EBIT

Depreciation

Increase in segment

Decrease in segment

Change in segment in %

EBITDA margin

Changes in EBITDA by segments (PLN million and %), EBITDA margin per segment (%)

* During three quarters of 2011 in Supply segment the valuation of RES (green) energy certificates is recognized in the amount of approx. PLN 53.1 million.

This did not occur during three quarters of 2011.

12

41%

13.2% 19.6% 13.0% 2.2% 29.6% 73.9% -

19.7% 15.6%

20.0%

-3%


Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated

as internal supply in the Group and it was consolidated.

2 159

2 371 .6,4

-27.3

28.7

164.0 6.6 1.2 1.4

0

500

1 000

1 500

2 000

2 500

EBITDA Q1-3 2010


EBITDA Q1-3 2011 PLN

million

1 128

1 321

35% 19% 3% 2%

Change in EBIT vs. operational factors (PLN million); EBIT margin (%)

Increase

Decrease

EBIT

Financial results for Q1-3 2011 - EBIT

EBIT

margin

13


Due to the change of electric energy supply model, the value of revenues from obligatory supply generated by public trade in Q3 2010 was treated as

internal supply in the Group and it was consolidated.

10.3%

8.7%

11.1%

1 128

1 321

39

70

-111 -73

52

118

88 9

0

200

400

600

800

1 000

1 200

1 400

EBIT Q1-3 2010 Energy supply volume

Energy supply prices Energy purchase prices

Revenues from LTC Revenues from sales of transmission

system services, other products

(except electrical energy)

Volume and price of distribution services, connection charges

Volume and price of coal supply

Other EBIT Q1-3 2011 PLN

million

14

Changes in cash flow level

Increase

Decrease

Cash – changes in the period of Q1-3 2011

1 472

885

1 281

1 049

87

(412) (139)

(1 519) (160)

(399)

(263) (114)

1 780 (1 679)

(688)

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

PLN million

Group’s debt

1 899

1 4921 320 1 321

1 032

1 474 1 376

885

0

500

1 000

1 500

2 000

31.12.2009 31.12.2010 30.06.2011 30.09.2011

financial debt cash

Net financial debt (PLN million), net financial debt/EBITDA (x)

0.3x 0.01x -0.02x*

net financial debt/ EBITDA

Decrease in cash level as of 30 September 2011, due to intensified implementation of investment projects in

Q3 2011

* In relation to EBITDA value for 2010

0.16x*

15

Assuming closing of transaction of GZE purchase, financed by debt (PLN 3.5 billion), the net financial debt

to EBITDA ratio would amount to approx. 1.2x

30

145

164

145

74

147

129

88

73

95108

0

20

40

60

80

100

120

140

160

180

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011

Revenue from compensation

Compensation due to termination

of Long-Term Contracts

Indexed advanced payments under LTC Termination Act

Annual adjustments of these advance payments

Part of the final adjustment

-9.5%

Revenue due to compensation

consists of:

0.8% 4.5% 5.0% 4.0% 1.9% 4.2% 3.5% 1.4% 1.9%

XX% Share of LTC in quarterly revenue

484 438

16

2.0% 2.2%

17

Prime costs structure

Cost increase during Q1-3 2011 applies mainly to:

use of consumables and energy, including mainly coal consumption caused by the increase in electricity generation

increase of taxes and other charges, including environmental fees related to the increase in electricity generation

During Q1-3 2011, variable costs made 45%, and fixed costs made 55% of the total amount of costs, similar to the period of Q1-3

2010

15% 15%

28% 30%

23% 21%

6% 7%

27% 26%

1% 1%

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

Q1-3 2010 Q1-3 2011

Depreciation and impairment Use of consumables and energy Outsourced services

Taxes and other charges Employee benefits costs Other prime costs

mln zł Prime costs structure

6 761 7 023

Reduced heat losses

Reduced employment costs

Reduced energy purchase costs

Reduced lateral development costs

Increased production efficiency

Increased by-product utilization

Reduced expenditure related to emission of pollution

As of the end of Q3 2011, 1241 persons participated in the

programme (since its implementation), out of which 611

terminated their employment contracts in 2011 (total since the

programme implementation: 1169 persons). Savings resulting

from reduced employment have been included in the amounts

shown for individual segments.

Purchase costs optimization

Improvement of management and operating processes

Optimization of balance sheet differences

Change of consumers settlement system

Optimization of mail service costs

Efficiency improvement programme

TAURON Group implements cost efficiency improvement plan

The savings programme for the years 2010-2012 which assumes operational costs reduction by

approximately PLN 1 billion has been implemented according to the plan

GENERATION – result in Q3 2011: – PLN 59 million;

cumulated result since programme implementation– PLN 369

million

RES + OTHER – result in Q3 2011: PLN 0 million;

cumulated result since programme implementation – PLN 8

million

MINING – result in Q3 2011: – PLN 7 million;


million

VOLUNTARY REDUNDANCY PROGRAMME

SUPPLY – result in Q3 2011: – PLN 1 million;


million

DISTRIBUTION – result in Q3 2011: – PLN 11 million

cumulated result since programme implementation –

PLN 144 million

18

Implementation of the efficiency

improvement programme

19

30.09.2011

PLN 1

billion

42

369 8

144 9

428

0

200

400

600

800

1 000

Mining Generation RES + Other Distribution Supply Savings to be achieved

Savings plan 2010-2012

PLN million Efficiency improvement programme 2010-2012

cumulated OPEX savings

Fund raising

Increased

Group’s value

Continuation of costs efficiency improvement programme

Achieving synergies from integration of areas

Commencement of integration with GZE group following concluding of

transaction with Vattenfall

Implementing and execution of liquidity management policy in the

Group

Tax optimisation – the analysis of TAURON PE application on

registering of tax capital group is in progress

Obtaining of preferential financing/ subsidies from the EU funds

and environmental funds (NFOŚiGW i WFOŚiGW)

Obtaining of preferential funding from EBI/EBOiR for projects in

Distribution and Generation segments

20

Key directions of development and growth

Thank You – Q&A

21

TAURON Polska Energia S.A., ul. Lwowska 23, 40-389 Katowice

tel. +48 32 774 27 06, fax +48 32 774 25 24

Investor Relations Section

Marcin Lauer

[email protected]

tel. (32) 774 27 06

Paweł Gaworzyński

[email protected]

tel. (32) 774 25 34

Magdalena Wilczek

[email protected]

tel. (32) 774 25 38

22

mailto:[email protected]









Additional Information

23

BASE 2011 transactions

24

Average price of concluded transactions [PLN/MWh]: Volume [GWh]

Yearly 193.48 75 914

Quarterly 199.69 20 263

Monthly 199.64 9 667

TOTAL 195.23 105 844

175

180

185

190

195

200

205

210

215

2009-02-16 2009-06-16 2009-10-14 2010-02-11 2010-06-11 2010-10-09 2011-02-06 2011-06-06 2011-10-04

Pri

ce [

PL

N/M

Wh

] Base 2011 contract prices

Y-11 Q1-11 Q2-11 Q3-11 Q4-11

PEAK 2011 Transactions

25

Average price of concluded transactions [PLN/MWh]: Volume [GWh]

Yearly 218.94 12 172

Quarterly 220.37 1 225

Monthly 215.85 1 208

TOTAL 218.81 14 604

204

209

214

219

224

229

234

2010-03-13 2010-06-11 2010-09-09 2010-12-08 2011-03-08 2011-06-06 2011-09-04

Pri

ce [

PL

N/M

Wh

] PEAK 2011 contract prices

Y-11 Q1-11 Q2-11 Q3-11 Q4-11


26

Average price [PLN/MWh] 202.81 Contracts [MW] 8 868

Prices min-max [PLN/MWh] 192 – 210 Volume [GWh] 77 897 Last price [PLN/MWh] 202.36

202.81

192.00

210.00

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

190

193

196

199

202

205

208

211

2010-02-24 2010-05-19 2010-08-11 2010-11-03 2011-01-26 2011-04-20 2011-07-13 2011-10-05

GWh PLN/MWh Yearly contracts BASE Y-12

Wolumen [GWh] Ceny notowań Y-12 Średnia cena Volume [GWh] Y-12 transaction prices Average price

PEAK 2012 transactions

27

Average price [PLN/MWh] 228.97 Contracts [MW] 1 902

Prices min-max [PLN/MWh] 224.65 – 232.50 Volume [GWh] 7 218 Last price [PLN/MWh] 226.65

228.97

224.65

232.50

0

200

400

600

800

1 000

1 200

1 400

224

225

226

227

228

229

230

231

232

233

2011-01-20 2011-02-27 2011-04-06 2011-05-14 2011-06-21 2011-07-29 2011-09-05 2011-10-13

GWh PLN/MWh Yearly contracts PEAK Y-12



28

Average price [PLN/MWh] 216.80 Contracts [MW] 555

Prices min-max [PLN/MWh] 208.90 – 222 Volume [GWh] 4 862 Last price [PLN/MWh] 213.50

216.80

208.90

222.00

0

100

200

300

400

500

600

700

800

900

1 000

208

210

212

214

216

218

220

222

224

2011-01-12 2011-02-16 2011-03-23 2011-04-27 2011-06-01 2011-07-06 2011-08-10 2011-09-14 2011-10-19

GWh PLN/MWh Yearly contracts BASE Y-13

Wolumen [GWh] Ceny notowań Y-13 Średnia cena Average price Y-12 transaction prices Volume [GWh]

PEAK 2013 transactions

29

Average price [PLN/MWh] 245.31 Contracts [MW] 20

Prices min-max [PLN/MWh] 245.12 – 245.50 Volume [GWh] 75 Last price [PLN/MWh] 245.12

245.31

245.12

245.50

0

20

40

60

80

100

120

140

160

180

200

245,0

245,3

245,5

2011-10-14 2011-10-16 2011-10-18 2011-10-20 2011-10-22

GWh PLN/MWh Yearly contracts PEAK Y-13


Mining – key financial data

Change: Revenue EBITDA EBIT in the segment (PLN million)

809

961

88 125

848

0

200

400

600

800

1000

1200

Q1-3 2010 Q1-3 2011

30

289309

28 273 4

0

50

100

150

200

250

300

350

Q3 2010 Q3 2011

Generation from conventional sources – key

financial data

4 074

4 650

937 910527 484

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

Q1-3 2010 Q1-3 2011

31


1 3621 470

304 254166

107

0

200

400

600

800

1 000

1 200

1 400

1 600

Q3 2010 Q3 2011

Generation from renewable sources – key

financial data

120

151

83

112

66

93

0

20

40

60

80

100

120

140

160

Q1-3 2010 Q1-3 2011

32


44

58

30

44

23

37

0

10

20

30

40

50

60

70

Q3 2010 Q3 2011

Distribution – key financial data

3 325 3 412

8471 011

366521

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Q1-3 2010 Q1-3 2011

33


1 096 1 102

298347

138184

0

200

400

600

800

1 000

1 200

Q3 2010 Q3 2011

Supply – key financial data

34

Change: Revenue EBITDA EBIT in the segment (PLN million) EBIT and EBITDA – comparable data*

2 853

3 198

42 7240 700

500

1 000

1 500

2 000

2 500

3 000

3 500

Q3 2010 Q3 2011

8 693

9 983

211 218206 2110

2 000

4 000

6 000

8 000

10 000

12 000

Q1-3 2010 Q1-3 2011

8 693

9 983

158 218152 2110

2 000

4 000

6 000

8 000

10 000

12 000

Q1-3 2010 Q1-3 2011

*Comparability of data was applied, considering EBIT for three quarters of 2010, evaluation of ownership rights from RES (PLN -53.1 million)

Other – key financial data

405 404

52 53

15 20

0

50

100

150

200

250

300

350

400

450

Q1-3 2010 Q1-3 2011

35

Change: Revenue: EBITDA EBIT in the segment segmencie (PLN million)

89 86

10 9

-3 -2

-20

0

20

40

60

80

100

Q3 2010 Q3 2011

tauron group results for q1-3 2011en.tauron.pl/sitecollectiondocuments/prezentacja wynikowa... ·...

Documents