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Edited Transcript of ENG.WA earnings conference call or presentation 27-Sep-19 10:00am GMT

Half Year 2019 Energa SA Earnings Presentation

Gdansk Oct 2, 2019 (Thomson StreetEvents) -- Edited Transcript of Energa SA earnings conference call or presentation Friday, September 27, 2019 at 10:00:00am GMT

TEXT version of Transcript

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Corporate Participants

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* Aleksander Korsak

Energa SA - Head of IR

* Dominik Wadecki;Vice President and COO

* Grzegorz Ksepko

Energa SA - VP of Corporate Matters & Member of Management Board

* Jacek Koscielniak

Energa SA - VP of Financial Matters & Member of Management Board

* Marek Kasicki;Vice President of the Management Board

* Mariusz Wojciech Gajda;VP, Energa Wytwarzanie

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Conference Call Participants

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* Pawel Puchalski

Santander Brokerage Poland, Research Division - Head of Equity Research Team

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Presentation

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Aleksander Korsak, Energa SA - Head of IR [1]

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Good afternoon, ladies and gentlemen. Welcome to our conference during which we will present the results of the Energa Group. I'd also like to welcome those who are following the conference online.

I would like to introduce the Management Board of the Energa Group: Grzegorz Ksepko, President of the Board; Jacek Koscielniak, Vice President, CFO; and Dominik Wadecki, Vice President and COO.

Moreover, we have experts present in the room from the business lines: Distribution, Marek Kasicki, Vice President of the Management Board, ENERGA-OPERATOR, Distribution Business Line; Piotr Meler, President of the Board, Energa-Obrót; Mr. Gajda, also from Energa-Obrót; and Piotr Dorawa, President of the Board, Energa-Obrót.

So we have 100% people from our Board present. We'd like to start with a few words from the board, and then we'll move on to the presentation, and we will follow with a Q&A session. Of course, you are welcome to ask your questions online even now.

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Grzegorz Ksepko, Energa SA - VP of Corporate Matters & Member of Management Board [2]

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Good afternoon, ladies and gentlemen. Welcome again.

Today, we're going to sum up the first 6 months of 2019. As Mr. Korsak has said, 100% of the Board are present because we are -- there are 3 of us, we've been working in this composition of the Board for 3 months now. I'm sure you already know Mr. Jacek Koscielniak, who deals with financial matters. We have a new strong asset, our COO, Dominik Wadecki. So we have a strong team here.

The Energa Group is a unique group in Poland. It has a unique generation mix, and it is quite something in our country. If I'm not mistaken, this year, 41% of the energy generated was from renewable sources, that's 38% of installed capacity, and we would like to develop in this direction. And our new investment, the wind farm Przykona proves that. This investment has just kicked off. We've already received the unprecedented financing, a so-called ESG-linked loan. We've signed the agreement recently. It is unprecedented because it is financing linked to social and environmental factors. So this financing will get better for us, the better we operate in the domain of environment. So that was in guise of an introduction. Welcome again to the conference of the greenest energy group in Poland.

Mr. Wadecki will also say a few words, and then we'll move on to the presentation of the results.

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Dominik Wadecki;Vice President and COO, [3]

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Good afternoon. My name is Dominik Wadecki, and I'm responsible for operations. My role in the group is supervise the building of value from the perspective of the value chain and the governance processes and operational processes that take place in this chain. We have ambitious development plans. And in this context, my role is to develop the assumption and optimize the strategy and make it operational.

That's it from me. Thank you.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [4]

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So now the presentation. Good afternoon. It's a great pleasure to see you here at the Warsaw Stock Exchange. This is a special place for us because that's where we started our adventure with public trading with the capital market. And this adventure is gaining momentum. As Mr. Ksepko has said, we are evolving towards this obvious and desirable directions. After the first 6 months, our cash is stable, and it allows us to consistently implement our investment plans in the rest of the year.

In contrast to certain concerns such as lower revenues due to the freezing of energy prices, which is set out in the regulation to the act from December and -- December 2018, it was set off -- offset by compensations. So it means that at the end of the day, our group is financially stable, and it will remain financially stable. After the first 6 months, our EBITDA is PLN 1.25 billion. It proves that we can build our brand in a strict regulatory environment.

A few words about the market conditions. As you can see here, coal prices, green certificate prices and emission allowances prices and energy prices have increased significantly between June 2018 and June 2019. These increases in all these categories, of course, had an impact on our results. Despite this fact, we have reached an EBITDA that is year-to-year comparable to the results of the previous year. It's even 8% bigger than last year. However, if you account for one-offs, it would be 6%, so PLN 1.233 billion. The net profit was PLN 252 million, so slightly lower than in the same period in 2018, but we should highlight the fact that we used write-offs for wind farms and for the Ostroleka B plant. In the second -- sorry, in the second quarter 2019, the net profit was PLN 66 million but this result was due to impairment losses. In the first half of the year, we have increased the generation of energy by 3% compared to the same period last year, including by 11% from renewable sources, and we are trying to maintain this trend. The distribution volume decreased slightly mainly due to the reduced consumption of power by one of our clients. On the next slide, we're going to present our financial results in detail broken down into particular business lines.

Now a few words about our biggest business achievements in the first 6 months of the year. As far as Distribution is concerned, in the period, the CapEx was PLN 648 million, which meant an increase by 21% compared to the first 6 months of 2018. We have completed comprehensive modernization of main power supply stations in Katy Rybackie, Ostrów Pólnoc and Gdansk Oliwa. We have connected 5,600 microgeneration installations of the renewable sources, in total, 40 megawatt power. So it was a year-to-year increase of 320% and 380%. Also, we have rebuilt 474 kilometers of medium voltage lines and lines in forests. So that's more or less a 5% increase compared to the first half of last year.

Now Generation Business Line. In May, we accepted the applications for bidders concerning the tender of the plant in Grudziadz. And in June, we obtained connection conditions for the connection to the gas system network. As far as the Przykona wind farm is concerned, that's 31 megawatts. And we also have a power storage facility in Bystra. I'm going to present details later on.

Now the Sales Business Line. We have recorded a significant increase in the number of power delivery points agreement and electricity sales. So the increase was 13% and 23%, respectively, year-to-year. Out of that 2,000 contracts concerned small businesses and individual clients, a big group of our individual clients, 780,000 people used offers that grant them access to additional services such as expert support, third-party insurance, discounts in our e-Store. In total, we serviced over 3.1 million clients, so 256,000 more year-to-year. In June, we introduced property insurance that we sell in the agency-based model. So it's attractive both for clients who buy property, buy apartments or rent property. We use automation in our processes, which helps us shorten the processes and improve them. We have implemented a cutting-edge solution for service workers that enables them to service clients better. In the first 6 months of this year, under the energy efficiency package, we offered approximately 17 new technical services, including energy audits, technical design, feasibility studies, PV sets and reactive power compensation. In the first 6 months, using an electronics -- the electronic channel, we have made 6,800 electronic deals with clients, and 2,500 of them were made online.

Now for the next slide, environmental protection and social responsibility. I have mentioned the ESG-linked revolving credit facility. We signed the agreement in September, so it was signed by Energa Group -- the Energa Group and a consortium of 5 banks. Thanks to this format, the credit facility is very attractive, and it's a good tool supporting the further development of the group.

This is a unique product that has been negotiated by us and with the consortium of banks. Our investments in environment, PLN 172 million in environmental protection spending. The most important elements: replacements of air lines of medium voltage in forested areas, replaced by a fully -- an insulated line; low voltage lines replaced by insulated lines worth PLN 43 million; and the previous one, PLN 42 million. Around PLN 75 million is the worth of that investment.

The key investment projects. The aforementioned Przykona wind farm, 31 capacity -- 31 megawatts with roads built and groundwork being underway as well as stabilization of the land for the foundations of 9 wind energy generators. For the other wind plants, preparatory work is underway for the foundations. Also foundations are being constructed for the medium voltage station. Also work has been completed in terms of internal lines. And I'm talking about Przykona. Now talking about Ostroleka C power plant, the work is in progress according to the planned scheduled. The last key project is the gas-fired power plant, Grudziadz. In March last year, we launched the investment project concerning the construction of a new gas vapor plant. That is modern infrastructure to increase the worth of the group through this modern investment. Energa also received -- obtained the connection conditions and concluded a contract for Gaz-System gas network connection. We also undertook activities to acquire a strategic partner or an industry investor. And subsequently, an energy storage facility in Bystra. The construction of a hybrid energy storage at wind plant has entered the last stage. Bystra has been reached by containers with the battery sets being installed in the warehouse. This is the biggest storage of its kind in Poland and one of the biggest ones worldwide. The storage is the result of a partnership between Poland and Japan, between Energa,, Polskie Sieci Elektroenergetyczne and NEDO governmental agency on the part of Japan as well as Hitachi.

The process of production, as a result, be independent of weather conditions as an additional safety for the production of energy. Now we are at the key stage of the construction. That is the installation of the batteries in the warehouse. These are lithium-ion batteries that have been supplied by Japan. After the work has been completed in a single-year period will take place to test the functionalities of the designed warehouses.

Energa Group in H1 2019, let's summarize the financial results. We have seen a significant increase in revenue, that's plus 20% year-over-year. This is as a result of energy prices increased on the market as well as difference in prices in amounts due to compensation.

Talking about EBITDA of the group. Traditionally, as usual, the biggest share of EBITDA belongs to Distribution Business Line. That was 78% in the first half, 61% in the second quarter 2019; and Generation and Sales, 14% and 11%, respectively, in H2. The sales results were impacted by the act on energy prices. EBITDA grew significantly year-over-year as a result of a one-off event due to the use of provision created in 2018 and as a result of improvement in results generated by a low base of the previous year. And the business line Generation, the results have been stable in spite of the hike in costs, overheads and the higher cost of emission allowances.

Now a handful of details concerning Distribution Business Line. A slightly lower EBITDA compared to the previous year in Q2 was the result of a one-off that took place last year. That is a change in calculation of non-invoice sales due to the switch into new system -- new billing system reports that is the effect of high base. Also, Q2 results in 2019 were impacted by high prices of energy due to losses on the network, which was, however, leveled by margin in sales. Higher interest rates in -- for debt due -- and leasing due to MSR 16 were reflected in a lower net profit of this line.

Ladies and gentlemen, the volume of distribution services was slightly decreased around 2% compared to Q1 last year. But this is the result -- so to say, statistically, it is irrelevant.

Further on financial results for our Distribution Business Line. Let me tell you that first half saw a less positive impact due to the delay of the new tariff for 2019, and it's coming into force, which included higher prices to cover network costs, the excise realty tax and OpEx as well as third-party services.

Now quality indicators -- service quality indicators in Distribution Business Line. As you can see on the slide, the SAIDI and SAIFI indicators have been significantly improved, and we have been modernizing the network in terms of installment of remote switches on air lines on medium voltage, switch stations on internal stations that allow for a quicker identification of the -- location of failure and, as a result, limitation of times of failures. Also, we are trying to increase the resilience to weather conditions through the application uninsulated lines -- replacing uninsulated lines on air lines with partly insulated or insulated wires on low voltage lines. We are also carrying out work on low voltage lines using the adequate technology of 94 lines -- 94% of lines. And also, we are developing technology of our work on air lines on all branches of our operator. And this will also translate into an improvement both in SAIDI and SAIFI indicators.

It is worth noting, ladies and gentlemen, that Distribution Business Line has been supporting financially from EU projects due to development -- for development of energy infrastructure under Infrastructure and Environment Program -- and Environmental Operational Programs for 2020. And in 2019, we accessed PLN 200 million, out of which PLN 126 million will be devoted to implementing a smart grid network that is an innovative technology for monitoring and controlling medium voltage lines and the SCADA/DMS system. The worth of this project is PLN 240 million.

Under this operational program that is environment and infrastructure and other operational programs, ENERGA-OPERATOR has completed 2 projects of modernization for key electronic -- energy stations. That is the development of Ostrów Pólnoc and Katy Rybackie. Tasks under this project included the creation of the first comprehensive management -- network management system for medium voltage grid through the installation of a fault detection, isolation and restoration module influencing the increase in trustworthiness, the stability of energy supply as well as energy storage with the aim of stabilizing the work of the redistribution system, 4 megawatts (inaudible).

Next slide, please. This shows you how our action has improved our quality of distribution and how that's impacted SAIFI and SAIDI indices.

Now moving to the Sales Business line. A significant increase in profit year-over-year was a result of one-off that is using part of the provision created in the previous year as well as the low base of the previous year. H1 2019 included the impact of the act on energy prices of 2018, which will be developed in a minute. The result of this act is something we see as neutral in impacting the results of the growth. So we are currently at the stage of preparation of an application for the release of compensation.

In terms of Sales Business Line, H1 saw an important impact of the regulatory environment change, as I already mentioned. The act introduced mechanisms leveling out losses for energy operators in order to reduce the price of -- the end prices for the end receivers of energy. Ladies and gentlemen, as I already mentioned, in our opinion, the act on energy prices is neutral enough for us, and any kind of activity in terms of freeze -- prices freeze and clearance settlement with the price -- with the clients as well as the release of compensation -- payouts of compensation until 7th of October pose no financial risk to the group. And we see the act as more or less neutral in impacting our results.

Now moving to the Generation Business Line. And the compound EBITDA result for the group, this comprises 8% of the results for 2018 -- 2019, sorry. Q2 saw the production of 9% more of energy compared to the analogous period in the previous year, and the high prices of energy and property rights caused an increase in revenue.

Due to the changes in legislatory environment, that is the regulation on internal market of energy introducing limitations in terms of support aid for the energy market, known as the Winter Package, premises have been identified, leading to the recognition of an impairment loss worth PLN 270 million, while this write-off does not impact EBITDA. Revenues in Generation Business Line have increased both 6 months-wise and quarter-wise 39% and 31%, respectively. Also, cost of energy has increased due an increase in cost of purchasing key fuels as well as future emissions allowances, and this was including biomass. In the planned expenses, including renovation of Ostroleka B of PLN 19 million worth and as a result of the base for the previous year as a result of the farm -- Przykona wind farm in Q2 in the previous year as well as changes in RES build changes, all that caused an increase of fixed costs in the annual perspective. All this caused a slight decrease of EBITDA of this line in the second quarter and year-over-year, but EBITDA for the first half was stable with an increase at 2% -- 2 percentage points. Now talking about production by fuels, by sources, EBITDA has increased 2%-wise year-over-year in the first half, first of all, from wind and water 25% and 55%, respectively, with a drop in coal share by 42%. EBITDA for particular sources, water, plus PLN 12 million; wind, plus PLN 7 million, CHP, plus PLN 6 million; Ostroleka farm, minus PLN 11 million. Please note that 41% of the production mix was RES in the first half 2019.

Now at the end capital expenditures of the group in Q2. PLN 407 million, that's an 11% increase year-to-year. Nearly 77% of the expenditure in Q2, this was expenditure for the Distribution Business Line. Traditionally, it was earmarked for the modernization of the group and connection of new customers. In the Generation Business Line, an important part was allocated for the tasks that were related to the adjustments to environmental requirements. That concerned Ostroleka B Plant. In H1, the total capital expenditure was PLN 776 million, so 24% more than in the same period in the previous year.

And now the last slide before we -- no, sorry, last but one before we move on to the Q&A session. So investment projects in the Generation Business Line. As you can see, the work is on time, so we're going in the right direction. And the Energa Group is -- has a policy of completing the investments on schedule. And at the end, the main drivers affecting the results of Energa Group in 2019, that's the act on prices and the settlement of compensations, but also the level of must-run production in Ostroleka.

That's it from the presentation. Every one of you has received this presentation in a nutshell plus additional information. So we're here at your disposal. If there are any questions from the room, we are ready to take them and give you answers. We also have an Internet connection, so we'll be able to answer questions that were asked online. We have also experts from particular business lines, so if you have questions concerning details, go ahead.

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Questions and Answers

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Aleksander Korsak, Energa SA - Head of IR [1]

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I'll start with a question from the Internet.

So is the group planning to expand its wind capacity apart from Przykona?

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Grzegorz Ksepko, Energa SA - VP of Corporate Matters & Member of Management Board [2]

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Of course, it's something we are not excluding. Currently, we are updating our strategy that was adopted in 2016. I think that this update is something we'll be able to present soon. And I think the direction related to the development of RES will be highlighted in this updated strategy. So it's something we're not ruling out. We're working on various investments in the RES area, also in wind generation.

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Aleksander Korsak, Energa SA - Head of IR [3]

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The next question from the Internet concerns smart grid. Can we expect -- when can we expect the first results in terms of the improvement of quality indices?

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Grzegorz Ksepko, Energa SA - VP of Corporate Matters & Member of Management Board [4]

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Before I give the floor to the express -- experts of the Distribution Business Line, I must say that we have been improving these indices every year. But now I will ask Mr. Kasicki to give us some details.

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Marek Kasicki;Vice President of the Management Board, [5]

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Good afternoon. As far as smart grid is concerned, it's a comprehensive project, and it will continue until 2022. So you will see the results in 2023, actually.

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Aleksander Korsak, Energa SA - Head of IR [6]

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Pawel?

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [7]

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Pawel Puchalski, Santander. If Energa is such a unique group, I'd like to dedicate some more time to the investment that is not really in line with your unique character. So could you tell us more about Ostroleka C? How advanced is this project? How much cash have you spent? And with the CapEx slide, I can't see the CapEx earmarked for Ostroleka. Let's start with these questions.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [8]

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Pawel, I have the pleasure of being the head of the screening committee for Ostroleka C, so I feel obliged to provide you with some answers. As I've already said, that project is on time. We can see progress on the construction side. Mr. Wadecki visited the site a few days ago. I were there 3 weeks ago. So the progress is visible. So the so-called lean concrete has already been put in place for the cooling stack. We have installed the poles for the machine room. So everything is on schedule. And it is in line with the plan for this investment.

You've asked about CapEx. We all know that it's approximately PLN 6 billion, that's the gross amount. As you are aware, we have the contractor, that's the GE Power plus Alstom consortium. We're collaborating with the contractors on the ongoing basis. And that's it. That's all I can say today. And it's financed on the ongoing basis. This project is being implemented in compliance with the current contract. So, so far, we haven't seen any grounds, any reasons for a delay of the project or excessive CapEx.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [9]

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I haven't asked about the total CapEx. I've asked about something different because you've shown your slide with your CapEx in Q2 and Q2 2018. And I couldn't see any expenditure on Ostroleka there, and I'd like to know what that is because I believe that it might be a significant amount because the only significant amount in the Generation Business Line, that was the desulfurization facility.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [10]

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So if today, the EBITDA is PLN 1.258 billion, and our safety index is 3.5, so you can see the financing sources. And we're going to inform you about the detail in the relevant reports in the right time when we achieve the milestones in the project.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [11]

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So let me ask you a tricky question then. Hypothetically speaking, has the company analyzed the cost of abandoning the construction of Ostroleka C, so abandoning the project and the results of the non-achievement of the capacity market's requirements?

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [12]

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So my answer will be tricky as well. You have the Management Board here. We're providing answers. We are acting in compliance with the currently binding law, and we're responsible for every investment we make.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [13]

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Okay. I have several more questions, unfortunately. You've shown a slide with debt, and I don't like it, actually. There's something wrong because when I calculate it, your balance, actually, then debt is PLN 7 billion, and the net debt is PLN 5 billion. And both amounts you show are underestimated by PLN 700 million or PLN 800 million.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [14]

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Let me give you the answer. The H1 report was pretty thoroughly -- although it was called just a review, but it was quite thoroughly analyzed by an auditor. That's one of the reasons for which we have organized this conference only today because there were certain -- there's some works were in progress concerning the report. And no auditor has challenged these amounts. We have the opinion of our auditors that the report was structured in line with the standards, with the law and all the requirements in effect. And the liabilities and assets have been disclosed thoroughly and reliably. So that's me -- that's it from me. Pawel, I encourage you to read the financial report more thoroughly.

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Aleksander Korsak, Energa SA - Head of IR [15]

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Do we have any more questions? Yes, of course.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [16]

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You have mentioned the decreased -- the 2% decrease of the volume. I don't find it statistically irrelevant. And in Q2, year-to-year, the decrease of the volume of distribution was about 4%. Surely, you can't call it statistically irrelevant. That's -- so that's why I'd be happy to know why this -- so this big increase, I guess, the most important things for a few last -- for a few years. Can -- what can we expect in the quarters to come? Was it a one-off event? Or is it a trend?

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [17]

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Let me answer in the following way. As a general rule, we don't publish long-term financial plans. But I will ask Marek Kasicki to give you an answer because we have support from the financial department from ENERGA-OPERATOR.

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Marek Kasicki;Vice President of the Management Board, [18]

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As far as our volume is concerned in 2019, as we've mentioned, one of our biggest customers decided to use their own source, and that's one of the repercussions. I believe that's it when it comes to the volume. Now the tariffs, the volumes are decided -- tariff volumes are decided every year, and it also impacts the unit tariff, of course, in a positive impact.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [19]

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If I may, one more question to the distribution. There was this interesting slide. There was a bit of bridge for Q2. And in the Q2, you've disclosed a loss of PLN 72 million on the margin. So I wanted to ask you whether this loss will also continue in the further quarters or was it a result of some one-off events. So actually, you will tell me that you are forecasting a very bright future for everyone, but I want to ask about the PLN 72 million. So what is the result of a one-off event? And what was behind it?

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [20]

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I guess Mr. Kasicki is in the best place to answer.

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Marek Kasicki;Vice President of the Management Board, [21]

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It's a result of a one-off event. So we cannot talk about loss here. And so in 2018, our result base was different. So actually, it's related to the change of the format of disclosing non-invoiced sales. You can see it in the 6-month bridge.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [22]

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And can I find out what was the value of this positive one-off in 2018 ?

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Marek Kasicki;Vice President of the Management Board, [23]

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60 million -- PLN 60 million.

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Aleksander Korsak, Energa SA - Head of IR [24]

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Do we have any other questions, apart from Pawel, of course? Pawel, go ahead.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [25]

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So once again, in the Generation Business Line, there is this asterisk saying that the result is combined with the trading result. So I wanted to ask what was the impact on -- of trading on EBITDA in the Generation Business Line.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [26]

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I believe Piotr Meler can answer this question, or Mariusz?

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Mariusz Wojciech Gajda;VP, Energa Wytwarzanie, [27]

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The effect of trading is actually small. Actually, it happened only in Ostroleka B, where purchased power to sell it with a margin. So it's a small percentage.

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [28]

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Small percentage of the revenue or small percentage of the EBITDA? Because percentages may differ of the revenue.

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Mariusz Wojciech Gajda;VP, Energa Wytwarzanie, [29]

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A small percentage of the revenue. So actually, it might be a big portion of this PLN 48 million that's disclosed here. I can't tell you precisely now, but it's approximately a few million zlotys. I would need to check that. So we're talking about a quarter, about a quarter.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [30]

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Of course, the Investor Relations office and Mr. Korsak with his team are at your disposal. If you have any additional questions, please send them an e-mail. And if we're not able to provide you details now, we'll be very willing to give you answers by e-mail. Pawel, do you have any more questions?

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Pawel Puchalski, Santander Brokerage Poland, Research Division - Head of Equity Research Team [31]

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Later.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [32]

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Okay.

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Aleksander Korsak, Energa SA - Head of IR [33]

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Thank you very much for your participation, and please ask us questions online.

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Jacek Koscielniak, Energa SA - VP of Financial Matters & Member of Management Board [34]

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Thank you very much. We're going to see you during the next conference. Thank you. Thank you for coming. See you soon.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]