In 2020. EBITDA is expected to reach more than 4 billion zł. The Management Board of Tauron wants in the long term, at least 40 percent. Consolidated net profit was allocated to dividends for the shareholders, but the first dividend will be possible – according to forecasts – not earlier than in 2020. Group focuses on innovation – investment in their development to be 0.4 percent. of consolidated revenues per year.
Work on the new strategy took a new, appointed in December last year, the management group Tauron. On Friday, the company presented in the Communication basic assumptions document, covering the period up to 2025. Priorities include ensuring financial stability, investments tailored to the needs of the market and the development of innovation and building long-term, strong relationships with customers.
“the strategy sets priorities that transform a group of innovative, tailored to the needs of the market and the customer, developing energy company, to provide its shareholders with a return on invested capital,” – said as quoted in a press release the president of the group Remigiusz Nowakowski.
One of the priorities is to ensure financial stability, including by adopted in March efficiency improvement program, assuming obtain 1.3 billion zł savings in the years 2016-2018. In addition, so-called. strategic initiatives, including the reduction of capital expenditures in the period 2017-2020, are expected to bring financial effect on the level of 1.9 billion zł.
“it will be achieved through actions contributing to a cumulative increase in EBITDA of approx. 1.2 billion zł and reduce capital expenditures by approx. 0.7 billion zł. These are additional financial effects beyond the effects recognized in the program to improve efficiency, “- said on Friday the group.
savings can also suspend the construction of CCGT Power Plant in Będzin Łagisza, which translates into reduced capital expenditures by 1.5 billion zł. The project will be able to run in the event of a favorable regulatory environment and market.
preparing a strategy for the management of Tauron analyzed the ability of group to finance current and planned investments, so that their implementation was made possible with funds generated from operations and debt. As a result of reduced expenditures planned for the years 2016-2020 of approx. 20.2 billion zł to approx. 18 billion zł.
The strategy assumes the continuation begun and far advanced investment projects. In the segment of power generation investments by 2020. Zł amount to 6.7 billion by 2020. More than half of all expenditure on investment at this time, ie. 9.5 billion zł, projects in the distribution segment, including the connection of new customers and sources of energy electricity and modernization and replacement of network assets.
Tauron the continuation of the project to build a power unit with a capacity of 910 megawatts Jaworzno III in a new form of financing, assuming the separation of an organized part of the company and sale of external partners, providing coverage of their non-controlling package. Changing the method of financing the construction of the block affect the reduction of the net debt / EBITDA and limit financial risk.
“Scheduled change the formula funding of this project is an additional element of stabilizing the financial situation of the group Tauron “- explains Nowakowski.
segment coal mining will continue investments in the mining plant Janina, construction shaft Grzegorz Sobieski at the plant, as well as investments in new coal mine Brzeszcze. Total investment in the extraction area is approx. 1.3 billion zł to 2020.
Founded directions investment after 2020 is also known. new power – Tauron wants to invest in the development of e-mobility, distributed heat and power, energy prosumencką, the Smart Home, Smart City and Energy-Related Services. In terms of innovative activity and research and development strategy envisages expenditure of 0.4 per cent. of consolidated revenues per year.
In the long term the group plans to pay a dividend of at least 40 percent. consolidated net profit. “The intention of the company is to provide dividend rate at a competitive level in relation to long-term debt instruments issued in the Polish market by companies with investment-grade” – said in a statement on Friday.
the final dividend recommendation will be influenced by factors such as the liquidity situation of the group, the market situation, the implementation of the investment policy, the cost and the possibility of obtaining financing, legal requirements and the provisions of the financing agreements, in particular those on not to exceed a certain level of debt ratio, as well as providing investment grade.
“payment policy dividends will be subject to periodic review board. I would like to point out that the forecasts underlying the strategy, suggest that the first year in which it will be possible dividend payment, will be the year 2020. Of course, the final decision on the payment of dividend, its amount and the specific conditions of each potential payment will be taken by the general meeting of the company “- said vice-president of the group Marek Wadowski.
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