PRIVATISATION â WHAT'S NEXT 13 May 2013 - CASE

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13 May 2013, WarsawPRIVATISATION – WHAT’S NEXTPGNiGSector: Oil & GasCompany overviewKey financial data (€m)• Listed on WSE since September 2005 (ticker PGN-WA)• Market Cap: EUR 8.1bn (Mar 2013)• PGNiG Group, a leader on the domestic market, is the only verticallyintegrated company in the Polish gas sector with annual salesexceeding 14 billion cubic meters• The company is also active in crude-oil mining• The Group through its subisdiaries operates on both domestic andinternational markets (Denmark, Egypt, Kazakhstan, Norway,Pakistan)FYE -Dec 2009 2010 2011Revenue 4,618 5,084 5 ,496% growth 4.9% 10.1% 8.1%EBIT 328 690 402.6% margin 7.1% 13.6% 7.3%EBITDA 686 1,054 779% margin 14.9% 20.7% 14.2%Net income 296 587 389% margin 6.4% 11.5% 7.1%Total assets 7,570 8,676 8,507Equity 5,221 5,947 5,490Source:Company dataSource: Company data Note: PLN/EUR= 4.1991Share price performance (PLN)Shareholder structureRevenue breakdown (2011)6Total: €5.5bn527.6%State Treasury72.4%Exploration andProduction12.6%Distribution0.6%43Mar-12 May-12 Aug-12 Nov-12 Feb-13Trade & storage86.8%Source:EuromoneySource:Company data as of 2011, sales to external clients29EneaSector: EnergyCompany overview• Listed on WSE since 2008 (ticker: ENA-WA)• Market Cap: EUR 1.6bn (Mar 2013)• Enea is Poland’s third largest vertically integrated electricity utilitycompany• It operates a sizeable distribution network in north-western Polanddelivering electricity to ca. 2.4 m customers• Enea’s generation portfolio comprises the largest hard coal-fired plantin Poland, the 2,900MW Kozienice plant as well as 56MW of hydrocapacitySource: Company dataKey financial data (€m)FYE -Dec 2009 2010 2011 (1)Revenue 1,709.0 1,872.3 2,315.0% growth n.a 9.6% 23.7%EBIT 120.8 170.1 203.2% margin 7.1% 9.1% 8.8%EBITDA 278.8 326.0 373.1% margin 16.3% 17.4% 16.1%Net income 122.7 152.8 191.2% margin 7.2% 8.2% 8.3%Total assets 2,980 3,245 3,070Equity 2,283 2,497 2,348Source: Company data; Note: PLN/EUR= 4.1991; (1) Based on 4Q 2011 report.Share price performance (PLN)Shareholder structureRevenue breakdown(2011)2018Other29.8%State Treasury51.5%Distribution24.8 %Other7.50%16141210Mar-12 May-12 Aug-12 Nov-12 Feb-13Vattenfall18.7%Generation29.5%Trading38.2%Source: EuromoneySource: Company data; revenue before excise tax.30152 POLAND Privatisation Plan & Investment Opportunities
13 May 2013, WarsawPRIVATISATION – WHAT’S NEXTPGESector: EnergyCompany overviewKey financial data (€ m)• Listed on WSE since 2009 (ticker: PGE-WA)• Market Cap: EUR 7.5bn (Mar 2013)• Polska Grupa Energetyczna (PGE) is the largest utility player in Polandand one of the largest companies in the energy sector in CEE• The company owns generation assets with total installed capacity of13.1GW as well as lignite mines with annual output ofc. 48.9m tonnes• PGE has ca. 40% share in the generation market, c. 25% share indistribution and 5.1m clients• Operations are mainly focussed in southern and central PolandSource: Company dataFYE -Dec 2009 2010 2011Revenue 5,166 4,892 6,716.0% growth n.a. -5.3% 37.3%EBIT 1,277 1,000 990% margin 24.7% 20.4% 14.7%EBITDA 1,907 1,633 1,638% margin 36.9% 33.4% 24.4%Net income 1,036 867 1,188% margin 20.1% 17.7% 17.7%Total assets 13,264 13,622 13,168Equity 9,464 9,495 9,227Source: Company data Note: PLN/EUR= 4.1991Share price performance (PLN)Shareholder structureRevenue breakdown(2011)25Total: €6.7 bn20Other38%StateTreasury62%Renewables1.8%Wholesaletrading2.7Conventionalenergy45.6%15Other3.3%10Mar-12 May-12 Aug-12 Nov-12 Feb-13Distribution3.2%Retail trading43.4%Source: EuromoneySource: Company data31Tauron Polska EnergiaSector: EnergyCompany overviewKey financial data (€m)• Listed on WSE since June 2010 (ticker: TPE-WA)• Market Cap: EUR 2.0bn (Mar 2013)• Tauron Polska Energia is the second largest vertically integrated powercompany in Poland with installed generation capacity of 5.5GW• Key statistics (2011)- 4.6 million tons of trading coal produced- 38.2 TWh of electric energy supplied- 21.4 TWh net electric energy generated- 4.1m clientsSource: Company dataFYE –Dec 2009 2010 2011Revenue 3,272 3,686 4, 959% growth 10.0% 12.7% 34.5%EBIT 316 334 385% margin 9.6% 9.1% 7.8%EBITDA 631 659 722% margin 19.3% 17.9% 14.6%Net income 227 237 296% margin 6.9% 6.4% 6.0%Total assets 5,397 5,924 6,367Equity 3,467 3,846 3,617Source: Company data Note: PLN/EUR= 4.1991Share price performance (PLN)Shareholder structureEBIT breakdown (2011)6050StateTreasury30.1%Total: €385 mGeneration42.7%Distribution36.3%4030Other54.5%KGHM10.4%20Mar-12 May-12 Aug-12 Nov-12 Feb-13ING OFE5.1%Coal mining0.3%Other4.2%Sale of energy16.5%Source: EuromoneySource: Company data32153 POLAND Privatisation Plan & Investment Opportunities
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PANEL 1Panel: 1The state as astakeh
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Strengthening International Coopera
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Panel: 4Lessons learnedand dangers
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