Share capital of the Company

CORPORATE
REPORT
2014
CORPORATE REPORT
2014
_4
TABLE OF
CONTENT
_5
DYNAMICS OF DEVELOPMENT
_06
05 Mission, Vision, Values
_28
03 Services Segment
_50
Employment
_70
V. FINANCIAL DATA
_78
I. ABOUT THE COMPANY
_16
06 Milestones
_30
04 Fuels Segment
_56
Relations with employees
_72
Profit and loss statement
_80
01 Basic data
_17
07 Position on the railway market
_34
III. GROWTH DIRECTIONS
_60
Employee ethics
_73
Sales revenues
_81
02 Range of operations
_20
II. SEGMENTS OF OPERATIONS
_36
01 Research and development
_61
Safety in the workplace
_74
Expenses by type and cash flow
_82
02 Factors of development
_64
Environmental awareness
_76
Cash flow
_83
01 Trading and Sales Division
03 PKP Energetyka S.A. place on
the market
_22
Segment
_38
IV. RESPONSIBILITY
_68
04 Calculation of tariffs
_27
02 Distribution Segment
_44
Employees
_69
DYNAMICS OF
DEVELOPMENT
I ABOUT THE
COMPANY
II SEGMENTS OF
OPERATIONS
III GROWTH
DIRECTIONS
IV RESPONSIBILITY
V FINANCIAL DATA
_06
_16
_36
_60
_68
_78
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_7
PKP Energetyka is breaking records each year. In 2014, the company sold
over 1 TWh more than in 2013, and its revenues increased significantly and exceeded PLN 4.3 billion. The business perspectives and strategy
for 2015 indicate further dynamic development of the company.
The company PKP Energetyka
conducts diversified operations in
many areas based on the sale and
distribution of electricity, provision
of electricity and fuel sales for
railway carriers. The company’s offer
is addressed to railway, business
and institutional recipients.
In terms of the amount of electricity sold, PKP Energetyka ranks 5th in
the country and is the only distribution
system operator (DSO) having its own
distribution network throughout the
country. The company is also a leader
in the construction, operation and modernisation of the energy infrastructure. In recent years, PKP Energetyka
has recorded a significant increase in
revenues at a relatively stable level
of profitability.
Today, the prefix of PKP in the company
name may be a bit misleading because
only half of its revenues comes from it.
Although for years the company has
not confined itself only to energy trade
and the provision of energy services
MULTIFACETED OPERATIONS OF PKP ENERGETYKA
DYNAMICS OF
GROWTH
SALES
OF GAS
ELECTRICITY
FOR
BUSINESS
FUELS
ENERGY
360°
POWER
ENGINEERING
SERVICES
ELECTRICITY FOR
THE RAILWAY
ENERGY
DISTRIBUTION
_8
to traction (railway) clients, it is
the railway past of PKP Energetyka
that makes the company have such
a strong position among energy
companies. Experience gained over
the years results in the company
coping well in the segment of non-traction clients, too. Approximately half
of the revenues come from cooperation with large production facilities, as
well as small and medium-sized enterprises throughout the country.
SOURCES OF UNIQUE
COMPETENCES
Officially, the company PKP Energetyka
has been operating since 2001.
But it is the employees of Polskie Koleje
Państwowe, the company from which
PKP Energetyka derives, who launched
the historic 600V line between Warsaw
- Grodzisk Mazowiecki 88 years earlier.
Then those same people 10 years later
carried out the electrification of other
lines of the Warsaw Railway Junction,
which they rebuilt from rubble after the
war. They were the ones to perform
the electrification of the Polish railway.
The company’s history is its undeniable
asset. It is hard to imagine a more
demanding customer than the Polish
railways. Thanks to this work PKP
Energetyka was able to create an
energy infrastructure on the territory
of the entire country and, most importantly, gain important and unique
expertise, which today can serve
further development. A key competitive advantage of PKP Energetyka
today is the nationwide distribution
network, which makes it possible to
reach clients throughout the country.
GUARANTEE OF RAILWAY
_9
BEST RELIABILITY INDICES OF POWER SUPPLY
EXPERIENCE
Currently, PKP Energetyka’s portfolio,
in addition to railway companies,
includes clients virtually from every
industry - from large manufacturing plants, through steel mills and
industrial facilities, to office buildings.
Large retail chains like Castorama
and Carrefour or the largest shopping
centres e.g. Złote Tarasy in Warsaw
also decide to purchase power from
the company. Clients choose to buy
electric energy from PKP Energetyka
due to not only its competitive prices,
but mainly its complex and professional service. Thanks to the distribution
network throughout the country, the
company not only sells energy to large
customers, but in many cases also
provides them with the distribution
service. Customers often choose PKP
Energetyka as a company having the
19,2
4
MINUTES DURING THE YEAR
SYSTEM AVERAGE INTERRUPTION
DURATION INDEX FOR
LONG INTERRUPTIONS
PKP ENERGETYKA
RWE STOEN OPERATOR
TAURON DYSTRYBUCJA
ENERGA OPERATOR
ENEA OPERATOR
PGE DYSTRYBUCJA
19,24
60,78
150,18
198,30
219,43
241,58
PKP ENERGETYKA
RWE STOEN OPERATOR
TAURON DYSTRYBUCJA
ENERGA OPERATOR
ENEA OPERATOR
PGE DYSTRYBUCJA
0,10
1,29
2,74
3,14
3,21
3,25
PKP ENERGETYKA
RWE STOEN OPERATOR
ENEA OPERATOR
TAURON DYSTRYBUCJA
PGE DYSTRYBUCJA
ENERGA OPERATOR
0,03
0,44
1,93
3,18
3,51
7,53
SAIDI
0,10
4
FAILURES PER RECIPIENT DURING
THE YEAR
SYSTEM AVERAGE INTERRUPTION
FREQUENCY INDEX FOR
LONG INTERRUPTIONS
SAIFI
0,03
4
FAILURES PER RECIPIENT
DURING THE YEAR
SYSTEM AVERAGE INTERRUPTION
FREQUENCY INDEX
FOR SHORT INTERRUPTIONS
MAIFI
_10
PRESENCE ON THE GAS MARKET
FIRST
RECIPIENT OF
GAS
PURCHASE CONTRACT
BY PEC SIEDLCE APPROX.
50 MILLION M3 OF GAS
FIRST DUAL
FUEL
AGREEMENT WITH
CHEMICAL COMPANY
LUVENA FOR GAS
AND ELECTRICITY,
DUAL FUEL PACKAGE
_11
best reliability indices of energy supply
in Poland. The company is the only one
on the market having a bilateral power
system for distribution grid, in contrast
to other energy companies who use
one source of power. This advantage
affects the reliability of the power
system proven by the best reliability
SAIDI, SAIFI, MAIFI indices. In addition,
in the most sensitive areas of the grid,
PKP Energetyka uses not two but as
many as three sources of power.
YEAR OF THE FUTURE,
YEAR OF GROWTH
The year 2014 for several reasons was
a breakthrough year for the future of
the Polish energy market. First of all,
there was a further liberalisation of
the gas market. From July 2014, PKP
Energetyka’s offer also includes it.
The company thus joined the group
of entities that offer customers gas
and electricity in a single package.
It was a groundbreaking decision
like that of the sale of non-traction energy a decade earlier.
However, it is trade in electricity that
is still the basis of PKP Energetyka’s operations. With each year the
number of its customers is growing.
In 2014 the company sold 7.7 TWh
of electricity, which represents a significant increase compared to the
previous year (6.6 TWh). Constant
increasing the sales of energy is made
possible by the introduction of the
TPA rule (Third Party Access). Since
the introduction of this rule in 2004,
the company PKP Energetyka saw
and made the best use of that opportunity. Today, 77.1% of non-traction energy sold comes from to TPA.
Reliable service, continuous
monitoring of the network status
and quick access to the point of
failure are possible thanks to the
deployment of nationwide units of
the Services Branch (105 sections in
the vicinity of 15 facilities, more than
80 network trains and more than
1100 vehicles are stationed there).
It is definitely an advantage, not
only for railway customers. It is also
an area with great potential for development. This allows an abrupt
increase of competitive advantage.
Another area of the company’s
operations is trading in liquid fuels
sold to railway diesel locomotives.
The company has a network of
18 unmanned fuel stations throughout
the country. Owing to the use of
advanced technology and information solutions, the locomotives have
round-the-clock access to fuel, and
the process of refueling takes as
short as 15 minutes. Only the German
DB Energie can equal the system
that PKP Energetyka introduced.
THE PEARL OF INVESTMENTS
The modernisation of the traction
power supply systems (the MUZ
project) has been the biggest
investment programme since
separating from the structures of PKP.
The undertaking involves the construction or modernisation of about
100 power supply facilities and aims to
enhance the capacity of lines, reduce
failures of the grid and distribution
devices, adapt the quality parameters
of electricity and lines to higher
speeds. After modernisation, the
power supply system will meet the
_12
highest environmental protection
requirements.
One of the many beneficiaries of the
project includes Pendolino trains. Since
December 2014, these trains already
run at a speed of 200 km/h. Ultimately,
the lines modernised by PKP
Energetyka will allow Pendolinos these
trains to move at a speed of even up
to 220 km/h.
In the same year, 48 traction substations and section cabins were
modernised or built under the MUZ
project. Work on the project is on
schedule and will be completed in
2015, whereas another 33 built or
modernised facilities will be put into
operation. Railway infrastructure will
be prepared for use over the next few
decades for all users of railway lines on
routes where work is currently in
progress. The company PKP
Energetyka will gain further expertise
worthy of being offered to the
company’s customers in the future.
This is a milestone for the whole
railway market in Poland.
THE GROWTH GENE
Growth is a guarantee of success.
When speaking about growth, one
cannot assume only the recent
changes that are taking place in the
company nor talk about them without
taking into account the people
involved in the process. Growth is a
process of transformation taking place
before our eyes, finally it is events
changing in time. Usually history,
courage and experience stand behind
what is now.
PKP Energetyka leaves nothing to
chance. As a result, it finds it well
practised task to introduce new
services, it looks for market niches and
competes with experienced players.
PKP Energetyka’s acquisition in 2005 of
the first non-traction customer for the
supply of electricity (brewery in Żywiec)
made relevant customers aware that
the liberalisation of the electricity
market actually gives them a real
choice of electricity suppliers. On the
other hand, for the other leading
energy companies it was a signal that
a certain stage had come to an end.
The first customer set a new direction
for the future of PKP Energetyka but
also for the future of the industry.
The competences acquired from
cooperation with the brewery in
Żywiec quickly gained recognition
among new incoming customers. At
the time, hardly anyone would have
expected that after less than 10 years,
the company from under the name of
PKP would be the fifth player on the
market in terms of volume of energy
sold. With the number of the new
customers, the company’s network
assets also grew by including new
power lines, traction substations,
section cabins, power supply lines,
which turned out to be its greatest
asset.
THE LOCOMOTIVE
OF INNOVATION: WE
CO-CREATE THE FUTURE
PKP Energetyka is the locomotive of
innovation. Every day we monitor
trends in the global power industry, we
study them and look for new opportunities. To ensure further dynamic development, the company does its best
to keeps pace with modern solutions.
Renewable energy can in several
years or decades replace the energy
from conventional sources. More
and more companies in Poland are
_13
opting for “green” energy to limit CO2
emissions and protect the environment. Today, more than 11.2% of the
electricity sold by PKP Energetyka
comes from renewable sources.
We are also constantly developing our
skills in the field of installation of photovoltaic panels. In the last year panels
were installed, among others, on the roof
of the modernised traction substation in
Świercze, on the roof of a Health Clinic
in Rumia, and in Sopot an on-grid installation is being built - an installation
connected to the national power grid.
In Poland, renewable energy sources
meet about 11 percent (data for 2012,
source: Eurostat) of the energy demand.
The European Union assumes until 2020
a 20 percent share of green energy
in its ultimate use until 2020. In 2015,
Poland should reach the 15 percent
threshold. PKP Energetyka is among
those who help achieve this goal.
RELIABILITY: WE KEEP
WE EXAMINE CUSTOMER NEEDS
OF SURVEYED
COMPANIES WOULD
LIKE TO RECEIVE
ELECTRICITY
AND GAS FROM
ONE SUPPLIER
74%
OF RESPONDENTS
PLAN TO CHANGE
THEIR ELECTRICITY
SUPPLIER
46%
OF RESPONDENTS
CONFIRMED
THAT THEY HAVE
SWITCHED ENERGY
SUPPLIERS ONCE
ONCE AT LEAST
49%
OF RESPONDENTS
ARE CONSIDERING
CHANGING THEIR
GAS SUPPLIER
36%
* the survey, carried out in collaboration with the analytical company ARC
Rynek i Opinia, was conducted on a sample of 510 companies throughout
Poland (including 278 who use gas), employing at least 50 employees
_14
_15
TO OUR WORD
The key asset of the company is the
reliability of the distribution network.
This is the result of an elaborate
reserve security system that will
provide additional security of the
customer in case of power failures.
Often a customer’s business success
relies on the reliability of the supplier.
PKP Energetyka records the least
interruptions in the supply of electricity to customers among the biggest
suppliers in the country. A review of
the reliability indices achieved by the
company shows that it has the most
reliable distribution network in Poland.
This strengthens its credibility and
provides a high level of security for the
operation of business partners.
Uninterrupted electricity supply is
a very important factor assuring the
effective operation of both big
business customers (factories, works,
foundries, etc.), as well as small
businesses. Frequent and long-lasting
failures cause tangible financial losses
and serious disruptions to the smooth
operation of a business.
PKP Energetyka’s reliability of supplies
is assured by the efficient configuration of the distribution network.
Initially it was designed to provide
uninterrupted power supply to
railways operators. Now, PKP
Energetyka uses its infrastructure and
experience to supply electricity to
business customers. Moreover, it
achieves such excellent indices thanks
to redundant connections to distribution grids and in many instances
through having a third emergency
monitors the needs of the consumer in
order to meet all the requirements of
the market, thus increasing the quality
of its offered products and services
every year. As a result, it is now the
third time that the company has been
honoured with the emblem „Cus
tomer Friendly Company” awarded for
10 years to companies meeting the
highest standards of customer service.
AVERAGE DURATION
OF ALL INTERRUPTIONS
IN ENERGY SUPPLY FOR
PKP ENERGETYKA’S
CUSTOMERS IS ONLY
113 MINUTES, WHICH
GIVES THE COMPANY
A BETTER AVERAGE
THAN THAT OF EUROPE.
RISKS IDENTIFIED: WE
WORK WITH PERSPECTIVE
PKP Energetyka is trying in advance to
identify the potential risks and
implement mechanisms to eliminate
them. That is why last year the
company entered the German EEX.
Within a few years it may lead to some
integration of electricity transmission
systems of the two countries, thereby
making energy prices in Germany
affect those in Poland.
113 MIN
For a modern energy company, like
PKP Energetyka, it is also important to
create an expertise database not only
about the Polish market but also about
foreign markets. It will also enable
potential price risk management, to
which the company may be exposed.
MEETING NEEDS: WE LISTEN
power supply source. In addition the
company provides round-the-clock
maintenance services for power
equipment. With its Regional Facilities
headquartered in 15 biggest Polish
cities and several dozen field units
located in the regions, service crews
can quickly reach every spot in Poland.
The foundation for building durable
and friendly relations with customers
is to understand their specific needs
and respond quickly to changing
expectations. Each of the current and
potential customers can expect
a personalised service.
PKP Energetyka analyses customers’
needs and matches the offer to their
requirements. A study conducted in
May, of 2014 by PKP Energetyka shows
that business customers expect
individual care from the supplier.
63% of respondents confirmed that
the best form of communication is
direct contact with a company
representative.
PKP Energetyka has a team of
customer service experts who keep
track of the customers’ needs, they
respond to inquiries and advise them
on the selection of optimal solutions.
Taking into account the indicators
confirming that the network of PKP
Energetyka is one of the most reliable,
then the quality of energy supply and
customer service are the key differentiators on the competitive energy
market. The company constantly
PKP Energetyka owes its success, i.e.
the expanding portfolio of new
customers, to competences and
knowledge of economic and social
realities in every part of Poland. They
would not mean much if not for the
company’s characteristic growth gene
and developed instinct for the pursuit
of objectives and beating new records.
_16
_17
_20
_23
_26
_27
BASIC DATA
RANGE OF OPERATIONS
MARKET ENVIRONMENT
REGULATORY ENVIRONMENT
CALCULATION OF TARIFFS
I
_28 MISSION, VISION, VALUES
_30 MILESTONES
_32 PLACE ON THE RAILWAY
MARKET
INFORMATION
ABOUT THE
COMPANY
_17
01
BASIC DATA
THIS MUCH ENERGY WAS
SOLD BY PKP ENERGETYKA
IN 2014, WHICH PUT IT
FIFTH AMONG THE BIGGEST
ENERGY COMPANIES
IN THE COUNTRY
7,6TWh
The company PKP Energetyka
conducts multiple operations
based on the sale and distribution of electricity, supply of electricity and fuel sales for diesel locomotives. The company’s offer
is addressed to railway, business
and institutional recipients.
In terms of the amount of electricity sold, PKP Energetyka ranks
5th in the country and is the only
distribution system operator (DSO)
having its own distribution network
throughout the country.
The company is also a leader in the
construction, operation and modernisation of the energy infrastructure.
In recent years, PKP Energetyka
recorded a significant increase
in revenues at a relatively
stable level of profi tability.
PKP Energetyka is constantly adapting
its business strategy to the rapidly
changing market and is striving to
improve the sales volume. In 2014,
sales amounted to 7.6 TWh of
electricity (6.6 TWh in 2013). And the
forecast for 2015 is as high as 12 TWh.
The key value of the company is
its employees. PKP Energetyka
especially cares to ensure workplace
safety in the workplace. In October
2014, the company joined the group
of companies that received the
title of Green Card for Safe Work
Leaders for the years 2015-2016.
_18
COMPANY STRUCTURE
MANAGEMENT
BOARD
PKP Energetyka S.A. includes:
Electricity Trading Branch Division, dealing with trade in electricity,
Electricity Distribution Division, dealing with distribution of electricity,
Services Branch, which consists of 15 Regional Facilities
providing broad range of power engineering services,
_19
SHARE CAPITAL
As of the date hereof, i.e. 31 December 2014, the company’s share capital
amounts to 844,885,320 PLN and is divided into 84,488,532 shares with
a nominal value of 10 PLN each. Changes in the share capital and
ownership structure within 2014 are illustrated by the tables below.
Sales Division, responsible for offerings, product
development and customer service,
Fuel Sales Branch, selling liquid fuels, mainly to rail carriers,
Headquarters - coordinates the management of the Company.
HEADQUARTERS
DISTRIBUTION
BRANCH
TRADING
BRANCH
FUEL SALES
BRANCH
SERVICES
BRANCH
SALES
DIVISION
15 FACILITIES
Information on concessions and licenses held by
the Company to conduct specific activities:
a. concession for trading in electricity – granted on
25 July 2001 by the decision of the President of the Energy
Regulatory Office (ERO) no. OEE/297/3158/N/2/2001/
MS, which was amended on 20 April 2009 by decision
no. OEE/297A/3158/W/2/2009/P and on 12 May
2010 by decision no. OEE/297-ZTO/3158/W/ 2/2010/
BT, establishing the validity of the concession
for the period until 31 December 2030;
b. concession for distribution of electricity – granted
by the decision of the President of ERO of 25 July
2001 no. PEE/237/3158/ N/2/2001/MS, amended by
the decision of the President of ERO of 20 April 2009
no. DEE/237A/3158/W/2/ 2009/PJ and the decision
of the President of ERO of 12 May 2010 no. DEE/237-
ZTO/3158/W/2/ 2010/BT, establishing the validity of the
concession for the period until 31 December 2030;
c. concession for trading in liquid fuels – granted by the
decision of the President of ERO of 28 April 2010 no.
OPC/3158/W/OWA/ 2010/EB, amended by the decisions
of the President of ERO: of 9 September 2010 no.
OPC/ 3158A/W/ OWA/2010/EB: of 11 October 2010 no.
OPC/10095/3158B/ W/OWA/2010/EB; of 1 March 2011 no.
OPC/10095C/3158/W/OWA/2011/EB; of 4 May 2011 no.
OPC/10095D/3158/W/OWA/2011/EB; of 10 September
2012 no. OPC/10095E/3158/W/OWA/2012/ EB; of 2 October
2012 no. OPC/10095F/3158/W/ OWA/2012/EB; of
19 December 2012 no. OPC/10095G/ 3158/W/OWA/2012/
EB; of 24 January 2013 no. OPC/10095H/3158/W/OWA/
2013/EB; of 11 March 2013 no. OPC/10095I/3158/W/
OWA/2013/EB; of 26 April 2013 no. OPC/10095J/3158/W/
OWA/2013/EB; of 24 May 2013 no. OPC/10095K/3158/W/
OWA/2013/ EB; of 26 June 2013 no. OPC/10095L/3158/W/
OWA/2013/EB; and of 22 October 2014 no.
OPC/10095M/3158/W/OSZ/2014/CK the above mentioned
concession was granted for the period until 31 December
2030, for fuel stations at specific locations in the country;
d. concession for trading in gaseous fuels – granted by
the decision of the President of ERO of 4 September
2013 no. OPG/247/3158/ W/DRG/2013/KL, establishing
the validity of the concession for the period from
1 December 2013 until 31 December 2030;
e. license to perform railway freight transport
services – granted by the decision of the President
of the Office for Railway Transport of 4 July 2007
no. WPR/152/2007, for an indefinite period.
Share capital of the Company
No.
Period
Amount of the Company’s
share capital
1
as at 31.12.2014 r.
844.885.320 zł
_20
_21
NORTHERN
FACILITY
Sopot
POMERANIAN FACILITY
Szczecin
KUJAWY
FACILITY
Bydgoszcz
02
RANGE OF OPERATIONS
EASTERN
FACILITY
Białystok
MASOVIAN
FACILITY
WESTERN
FACILITY
Poznań
LOWER SILESIAN FACILITY
Wrocław
ŁÓDŹ
FACILITY
STAROPOLSKI FACILITY
Częstochowa
Warszawa
Łódź
SŁOTWINY
FACILITY
Słotwiny
ŚWIĘTOKRZYSKIE
FACILITY
Kielce
SILESIAN
FACILITY
Gliwice
UPPER SILESIAN FACILITY
Katowice
SOUTHERN
FACILITY
Kraków
RANGE OF OPERATIONS
PKP Energetyka S.A. operates throughout Poland.Our
headquarters are located in 15 major Polish cities. In each
region we have a dedicated staff to support our Customers.
LUBLIN
FACILITY
Lublin
_22
03
PKP ENERGETYKA S.A.
PLACE ON THE MARKET
_23
3A. MARKET
ENVIRONMENT
There are four groups that constitute the immediate market
environment of the Company PKP Energetyka. These are:
domestic electricity producers,
entities engaged in the transmission, distribution and
sales of energy and selling it to end users,
electricity providers, involved in the construction or
modernisation of high and very high voltage lines,
entities selling fuels for railway operators.
ELECTRICITY
AND GAS
In the electricity segment, a natural
direction of PKP Energetyka internationalisation activities within
the scope of wholesale are energy
markets of the neighbouring
countries, in particular that of the
Germany, Scandinavian market,
the Czech Republic, Slovakia and
Austria. In the case of wholesale
natural gas, the most natural
direction of development is towards
Germany (EEX) and the OTC market.
Going beyond the Polish electricity market is caused by the forecasts
that indicate an increase in the
wholesale price of energy from
161.0 PLN/ MWh in 2014 to 235.1
PLN/ MWh in 2020, that is by 46.0%.
This would have significant consequences for retail sales. Today, our
market is dominated by participants
interested in the physical delivery
of goods. The share of entities
interested in activites for their own
needs is low. However, getting out
of subsequent production units
from ERO compensations system
will have a strong and negative
impact on the market, and this
in turn requires an appropriate response of PKP Energetyka
to emerging signs of reduced
liquidity. Therefore, it is reasonable
to reach out to foreign markets.
In the natural gas segment we can
talk about the initial development
of the gas wholesale market, which
main liquidity factor is the stock
exchange commitment. Currently,
the market is dominated by a single
entity – PGNiG. The number of competitors will gradually increase, but
PGNiG will remain the leader for
a long time. The market is in the
early stages of development, that
is why its liquidity is very low.
_24
DISTRIBUTION
SERVICES
FUELS
PKP Energetyka is the only company
in Poland with a distribution network
deployed over the whole country.
Despite such an extensive network, its
technical condition is still very good,
which is reflected in the best electricity
supply indices (precise data on p. 11).
The European Union is planning to
make significant investments in the
rail segment over the next six years
for the purpose of supporting the modernisation and expansion of railway
connections on its territory, including
Poland. This requires a special focus
of the Services Branch on the market
of railway infrastructure modernisation, in which it has a significant share
in the field of catenary systems modernisation works. EU funds allocated
for the development of European
railway infrastructure also gives
the chance to grow in international
markets. The total value of EU expenditure on the expansion and modernisation of railway lines in Poland in
the years 2015-2020 is projected at
41.5 billion PLN. This is over two times
more than the amount granted in
the previous financial perspective.
In the non-railway segment significant
funds of PSE Operator for the
expansion of transmission networks
were identified, with a significant level
of works directed to external
suppliers. This represents a significant
potential for the development of the
Services Department of PKP
Energetyka. The total value of EU
expenditure on the expansion and
modernisation of distribution and
transmission networks in the years
2014-2020 is projected at 10 billion
PLN. Moreover, investment plans for
OSD and PSE approved by the
President of ERO amount to 41.7
billion PLN. Currently on the market
there are few companies engaged in
the construction or modernisation of
HV and LV infrastructure.
The German market may be the
point of reference for the operation
of PKP Energetyka on the market
of fuel sales to rail operators. The
analysis shows an existing potential
for growth of the market of fuels for
rail operators in Poland. The projected
increase in demand for railway fuels
is calculated for the years 2015-2020.
The share of PKP Energetyka in the
market is estimated at 31.5%.
_25
_26
_27
3B. REGULATORY ENVIRONMENT
The creation and functioning of efficient and effective laws is important for the
operations of PKP Energetyka S.A., in particular when drafts of laws are
formulated not only at the national level but also that of the European Union.
The operations of PKP Energetyka S.A. are regulated by many laws, supervised
by different ministerial departments and central institutions (e.g. The Office for
Railway Transport, Energy Regulatory Office). The areas in which the Company
operates have recently been going through significant legislative changes (e.g.
changes in the functioning of the electricity market), and because the final clear
form of these changes is not yet known, great uncertainty is caused by the
impact of planned legal changes on the company.
Significant factors and risks associated with the
regulatory and legal environment:
NATIONAL
the state’s energy policy,
changes in the scope of system services such as:
modification of the current system service mechanism,
launching the service of Interventional Cold Reserve1,
opening new service packages for reducing demands2,
amending the Energy Act, in particular the optimization
of the support system of renewable energy and support
system for cogeneration, as well as other acts,
the matter of implementing the directive on Energy
Efficiency („EED”) into national law,
1. Group of coal production facilities which due to technical,
economic and environmental terms have been foreseen
for permanent withdrawal as of 2016. In order to
utilize the production capacity of these facilities, a new
service was defined called interventional cold reserve,
which by the decision of the President of ERO was
introduced to the catalogue of system services in the
Transmission Grid Operation and Maintenance Manual.
2. Megawatts.
3. SAIDI - system average interruption duration index
for long interruptions in electricity supply, indicated
in minutes per customer. SAIDI is the coefficient of
reliability constituting the sum of the products of
durations of power outages (in minutes) and number
of recipients exposed to the effects of this interruption
during the year, divided by the total number of
supported recipients connected to the grid.
4. SAIFI - system average interruption frequency index
in the supply of electricity - SAIFI, is the coefficient
of reliability constituting the number of recipients
exposed to the effects of all breaks during the year,
divided by the total number of supported customers.
the matter of implementing the qualitative tariff in distribution, which will
cause the level of regulated revenues to depend on SAIDI and SAIFI indices.
3
4
FOREIGN
work on joining Poland to the market coupling mechanism, i.e.
a combination of markets involving national power exchanges and using
an algorithm of determining transaction prices that is common to all.
The tariff s are calculated according to
the guidelines of the Energy Regulatory
Office for the calculation of tariff s
taking into account the Act of 10 April
1997 - Energy Law (Journal of Laws
of 2012 item 1059 as amended):
regulation of the Minister of
Economy of 18 August 2011 on
detailed principles of forming
and calculating tariff s and settlements in electricity trading, (Journal
of Laws of 2013 item 1200),
04
regulation of the Minister of Economy
of 4 May 2007 on detailed conditions
for the functioning of the power
system (Journal of Laws of 2007,
No. 93, item 623, as amended),
Act of 29 August 2007 on the rules
of covering the costs incurred by
producers in connection with the
early termination of long-term
contracts for the sale of power and
electricity (Journal of Laws of 2007,
No. 130, item 905, as amended),
Information of the President of
the Energy Regulatory Office No.
37/2014 of 16 October 2014 on
the transition fees for 2015.
CALCULATION OF TARRIFFS
_28
05
MISSION,
VISION,
VALUES
_29
MISSION
The mission of PKP Energetyka S.A. is providing
customers with energy products and services of the
highest quality.
VISION
In 2020, PKP Energetyka S.A. will be the business
partner of choice for power customers on
the railway market and business partners
from other markets through fully focusing its
resources on customers and their needs, and
assuring security and stability of cooperation.
VALUES
The overriding values followed by PKP Energetyka
S.A. and all its employees, supporting the
implementation of the company’s vision and
achievement of its business goals, are:
1. Customer focus - customers’ needs
are a top priority to the company.
2. Security. We guarantee high quality of service, as
well as reliability and punctuality of deliveries.
3. Responsibility. We support the growth
of our customers and guarantee
friendly and professional relations.
4. Partnership. We build our business based
on years of relations with contractors.
_30
06
MILESTONES
_31
DECEMBER 2014
Start of the process of privatisation
of PKP Energetyka. An invitation to
negotiate for companies interested
in acquiring shares of the company
PKP Energetyka was published.
NOVEMBER 2014 OCTOBER 2014
PKP Energetyka signed the first
contract for the sale of energy
under the dual fuel offer.
Luvena became a customer
of the company. Under the
agreement, the manufacturer of fertilizers will until the end
of 2015 purchase 30 GWh of
gas and 15 GWh of electricity.
PKP Energetyka began trading on
the German energy exchange EEX.
The company has 3 brokers with
a license to trade on the EEX.
Within the framework of the
road lighting project in Łódź, PKP
Energetyka is modernising
1224 street lights in LED technology
on residential streets, as well as
608 sodium lamps on the main
streets of the city. The project
will be implemented under the
programme „Energy efficient
street lighting - OWL”. The tender
is worth 2.3 million PLN.
_32
SEPTEMBER 2014 JULY 2014
The company published the results
of studies carried out on a group of
510 companies. The analysis
focused on the companies’
expectations of retailers and on
market demand for dual fuel,
allowing to buy both electricity and
natural gas from a single partner.
PKP Energetyka’s survey is the first
such comprehensive analysis
carried out among Polish
companies. The results showed
that 74% of the companies
surveyed opted to receive energy
and natural gas from one supplier,
and 49% of respondents confirmed
that they had changed their energy
supplier at least once.
The Energy Regulatory Office
approved the tariff for trading
natural gas for the company,
thanks to which as of 1 July PKP
Energetyka began sales of the
fuel. Thus, the company joined
the group of entities which offer
their customers natural gas
and electricity in a package.
JUNE 2014
On the buildings of the facility of
PKP Energetyka in Słotwiny were
installed photovoltaic panels with
a capacity of 140 kW.
They provide energy for the
facility’s own needs and at the
same time are connected to the
national distribution network. The
investment was financed through
the loan granted by the National
Fund for Environmental Protection
and Water Management.
_33
MAY 2014
The company published data on
reliability indices. Another year in
a row PKP Energetyka has recorded
the least interruptions among
the leading energy distributors
in Poland. The average of all
interruptions in energy supply
to customers in 2013 amounted
to approx. 190 minutes, which
placed the company at the
European level. The review of
reliability indices achieved by the
company show that its network
is the most reliable in Poland.
APRIL 2014
The first on the new market
reference project of modernising
stations with a capacity of
110 kV for the company Tauron
Dystrybucja in Złotoryja was put
into operation. When realising
the project, of great use was
the experience gained in the
works carried out on high-voltage
equipment under the programme
Modernising Power Systems.
FEBRUARY 2014
Operational cooperation was
started in the scope of gas
trading with GAZ-SYSTEM S.A.
and a contract for the distribution of this fuel was signed with
the Polish Gas Company. This was
the next stage that prepared the
company to enter the gas market.
_34
07
POSITION ON THE
RAILWAY MARKET
_35
The company PKP Energetyka maintains and
modernises the railway energy infrastructure,
provides electricity to railway operators, is
responsible for powering electric devices
related to conducting traffic and safety of
traction vehicles on the railway lines.
The largest player on the Polish railway
market is Grupa PKP established in 2001 as
a result of the restructuring of the state-owned enterprise Polskie Koleje Państwowe
(Polish State Railways). The main purpose of
these changes was to separate railway
transport operations from the management
of railway lines and establish independent
commercial entities able to provide services
not only on the railway market.
Grupa PKP combines public service with
operations characteristic of the modern
enterprise functioning in a market economy.
Grupa PKP comprises PKP S.A., i.e. the parent
company, and 13 companies providing
services on the railway, energy and ICT
markets, too. The operations of the group’s
companies are supervised and coordinated
by PKP S.A. which sets goals for them and
ensures that the goals be properly implemented. The mission of Grupa PKP’s companies is
building trust and improving the image of the
railway, thereby increasing the role of railway
transport in Poland to model the modern
railways operating in Europe.
The companies from Grupa PKP employ
a total of nearly 85 housand workers-specialists
from the transport, ICT and energy industries
and real estate market.
In terms of number of employees, Grupa PKP
is the second-largest employer in Poland. The
group tries its best to fulfill the role of
a responsible employer by implementing the
principles of corporate governance and
quality policy.
_36
_38
_44
_50
_56
TRADING SEGMENT AND SALES DIVISION
DISTRIBUTION SEGMENT
SERVICES SEGMENT
FUELS SEGMENT
II
SEGMENTS OF
OPERATIONS
_37
_38
01
TRADING SEGMENT
AND SALES DIVISION
_39
The operations of the Trading Segment includes electricity purchase and sales.
In January 2013, the company additionally established Sales Division responsible for
acquiring and serving customers and business partners. The segment of electricity
trading brings the company approx. alf of its revenues, thereby becoming its core
business. The number of customers purchasing electricity from PKP Energetyka
increases from year to year, mainly due to the continuous increase in sales of Third
Party Access (TPA). As much as 77.1% of the energy sold by the company is in this
model. In 2014, the company sold 7.6 TWh of electricity, i.e. by 1 TWh more than in
2013 and by more than 2 TWh than in 2012.
STRUCTURE OF
THE VOLUME OF
ENERGY SOLD
TRACTION
ENERGY
2,1TWh
NON-TRACTION
ENERGY
5,5TWh
TPA
4,6TWh
_40
SALES
DIVISION
TPA CUSTOMERS
INNOVATIONS IN
THE SEGMENT
The Sales Division, established in January 2013, is rapidly growing. Many
contracts for the purchase of electricity is prepared via a structure
dedicated to acquiring and serving customers and business partners of
PKP Energetyka. Its strength is in the professional consultants available
throughout the country. The department is a key initiative of the company
in building its position and expansion on the TPA market. In line with the
strategy of PKP Energetyka, it will become an effective tool not only in
acquiring new customers but also offering them a range of additional
services. In addition to selling and distributing electricity and electricity services, as of July 2014, the company’s offer included natural gas.
Starting operations in the Third Party Access sales segment aimed
to strengthen market position and open up to non-traction customers.
A key customer acquired in 2015 in this segment is Energa Operator
purchasing energy to cover system losses and its own needs for the OSD
operations. Its demand is at the level of 1.6 TWh/year. It is the largest
thus far contract in the history of energy sales in PKP Energetyka.
The year 2014 was a breakthrough for
the Company due to starting to sell
natural gas. In addition, a model of
dual-fuel purchase was introduced,
which involves the sale of electricity and gas in one package. This
solution ensures reduction in the
cost of media but also in the formalities related to their settlement.
One of the many innovations
introduced in the company every year
is selling so-called „green energy”
to customers interested in this
product. McDonalds decided to use
this system to power its buildings
in the country using “green energy”
coming from PKP Energetyka.
_41
SALES
CHANNELS
TGE
TYPE OF BUSINESS
ON EEX
Many contracts for the purchase of electricity are concluded via tenders.
Therefore, the Company reorganised and strengthened the department
responsible for obtaining customers in the framework of public procurement law.
Currently, the department has acquired customers even for the year 2018.
In 2014, the company launched a partner channel (external sales network) covering
the territory of the whole country. It focuses on customers from the segments
SOHO (small office/home office) and SME (small and medium enterprise).
Towarowa Giełda Energii S.A. (TGE
S.A.) - Polish Power Exchange - is one
of the key segments of the wholesale
electricity market in Poland. In 2014
the share of TGE in the total volume
of electricity sales by producers was
54%. Over the last four years, the
volume of trading in electricity on
all markets operated by TGE S.A.
doubled, from just over 81 TWh in
2010 to nearly 187 TWh in 2014,
significantly exceeding the size of
domestic consumption. Among the
participants of trading on TGE S.A.
are the biggest national (PGE, Tauron,
Enea, Energa) and international
(RWE, Vattenfall) energy groups.
PKP Energetyka S.A., as one of the
fastest growing companies trading
in electricity, is gradually increasing
its activity on the floors of TGE S.A.
On the German EEX, PKP Energetyka trades in the financial futures of Phelix
Futures. These are the contracts settled in cash and without physical delivery.
Their base product is the index of average price on the Following Day Market
on the German power exchange EPEX Spot. In practice, thanks to the contracts
Phelix Futures, energy can be traded on the German market without the
physical presence.
_42
AIM OF BUSINESS
ON EEX
There are several aims of trading
in Phelix Futures contracts on
the EEX. Firstly, as in any trading
activity, making profits based on:
“buy cheap, sell expensive” is what
counts. Secondly, through presence
on the German energy market, the
analytical knowledge base on this
market is built. When in the future,
by increasing cross-border capacity,
the Polish energy market will be
more correlated with the German
market, purchase decisions in terms
of customers’ portfolios on the
Polish market will have to take into
account the realities on the German
market. Thirdly, presence on the
EEX will allow the company PKP
Energetyka to enter the market of
physical energy in Germany, from
where energy may also be imported
in the future and then, sold by the
company to its customers in Poland.
_43
GAS
The year 2014 is the year in which liberalisation of the natural gas market
in Poland progressed. One of the
biggest events was separating from
the structures of PGNiG S.A. the
company PGNiG Obrót Detaliczny,
which deals in serving customers
consuming up to 25 m3 per year.
In addition, an important element
in the development of the market
in terms of creating competition
was the increase in trade on the
Polish Power Exchange (TGE).
For PKP Energetyka, the year 2014
was the time in which the company
began operating on the natural
gas market, thus introducing the
sale of natural gas to its offer.
Before beginning to sell blue fuel
to end customers, the company,
in order to meet all the formal
aspects of the business, signed an
agreement with the Distribution
System Operator concerning the
distribution of natural gas, gained
access to the trading platform
on the Polish Power Exchange,
as well as received the Tariff for
trading high methane natural
gas, approved by the President of
the Energy Regulatory Office.
The first contract for the sale
of blue fuel was signed by the
company in July 2014 with PEC
Siedlce. The agreement guarantees
the purchase of approx. 50
million m3 of natural gas.
An important event was also
presenting the first offer of natural
gas and electricity in a package, the
so-called dual fuel offer. The first
offer, under which Luvena, a company
producing fertilizers would until the
end of 2015 purchase 30 GWh of gas
and 15 GWh of electricity, was signed
by PKP Energetyka in November 2014.
_44
02
DISTRIBUTION
SEGMENT
_45
One of the biggest competitive
advantages of PKP Energetyka S.A.
over other electricity suppliers
is that the company has its own
distribution network throughout the
country. In the scope of distribution,
the company PKP Energetyka S.A.
supports the rail sector and business
entities, as well as individual clients
throughout the country.
Its distribution network is located
both in the centers of large cities,
and in less urbanised areas
with underdeveloped electricity
infrastructure. The company
is constantly investing in its
modernisation and expansion.
In 2014, PKP Energetyka S.A. sold
3.34 TWh of distribution services,
which represented a decrease of
1.83% compared to sales in 2013.
The decline in sales compared to the
previous year was caused by
a decline in sales of traction electricity distribution service (by 4.88%).
At the same time sales of non-traction electricity distribution services
(by 4.30%) increased, which is
a natural consequence of the
activities of the terminal of the
Distribution Branch (new recipients
generate additional sales).
This increase was limited by a drop in
the consumption of sales to PKP PLK
S.A. (as a result of milder weather
conditions in winter period of 2014
compared to the previous year).
One of the most important
challenges of 2014 was the
project RAB (Regulatory Asset
Base) related to the valuation of
distribution assets, their reva-
Sales of electricity distribution services in GWh
Description
2013
2014
The volume of electricity distribution services
3398,9
3336,8
Traction energy
2269,5
2158,8
Non-traction energy
1129,4
1178,0
_46
luation for tariff purposes, and
to prepare the regulatory model
for use in calculations of the
tariff s in the coming years.
This method was accepted by the
President of the Energy Regulatory
Offi ce and was implemented in the
tariff of 2015. Application of this
method will bring the company
tangible economic benefi ts. This
will, above all, signifi cantly increase
the profi tability of distribution
operations, bringing closer in
a period of several years the levels
of margins to other ”big” OSD.
In 2014, on the basis of agreements
for connecting the traction network
to the distribution network of the
company signed with PKP PLK S.A.,
as part of the MUZ programme,
43 powering facilities were
modernised and built (42 traction
substations and 1 section cabin).
Total expenditures incurred for the
execution of connection investment
tasks related to the MUZ programme
in 2014 amounted to 311 million PLN.
This represents approximately
75% of all expenditures incurred
by the company as part of their
distribution operations. Within
the framework of the project, at
the end of 2014, 3624 permits
were obtained for using the area
for construction purposes.
capacity, is PINI UNO POLAND Sp.
z o.o. - Food processing plant in
Kutno, power connection: 5.8 MW.
In 2014, aside from the MUZ
programme, also investments
related to connecting new entities
to the distribution network were
carried out, both traction (with
a voltage of 3 kV DC), as well as
non-traction. They completed seven
spectacular connections with
a power connection of at least 2 MW.
The Services Branch realised investments at a record level in the
company’s history of over 400 million
PLN. This exceeds three times the
average size of investments in the
years 2010-2013 and is 56% more than
the investments realised in 2013.
The two biggest connections are PKP
Intercity S.A. - a traction network
on the entrance section to Warsaw
Technical Maintenance of Pendolino
at the station Warszawa Grochów,
power connection: 8.6 MW and
Uma Investments Sp. z o.o. - The
production facility plant in Kutno,
power connection: 8.0 MW. In
addition, more than 1,400 contracts
were signed for connecting new
customers to the company’s distribution network. About 50 of
them are connections at medium
voltage, and 7 are connections
for customers with a connection
capacity of at least 3 MW. The
largest connection of a recipient
planned for 2015, taking into
account the size of the connection
In 2014, the implementation of
a project was completed concerning
the installation and testing of cross-connection of overhead contact
lines on the the CMK railway line.
The project aimed at improving
power supply parameters on the
CMK, in particular strengthening
of the power supply system and
reducing voltage drops and power
losses in the traction network. Test
operation confirmed that the use
of a cross-connection of overhead
contact lines is fully justifi ed
and brings tangible benefi ts.
After carrying out detailed analyses
and observed operation, taking into
account the results of completed
studies, it was decided to realise
the installation of the cross-connection in the target system on
the CMK railway line in 2015.
_47
NATIONAL DISTRIBUTION NETWORK
OWNED BY PKP ENERGETYKA
SOPOT
SZCZECIN
BIAŁYSTOK
BYDGOSZCZ
POZNAŃ
WARSZAWA
SŁOTWINY
LUBLIN
WROCŁAW
KIELCE
CZĘSTOCHOWA
GLIWICE
KATOWICE
KRAKÓW
_48
_49
Distribution assets of the Company as of 31.12.2014
Measurement unit
Own
Leased
Total quantity
HV and MV power lines
km
13 653
480
14 133
incl. cable lines
km
4 417
208
4 625
LV power lines (excluding connections)
km
5 490
11
5 501
incl. cable lines
km
5 111
11
5 122
Power supply lines and return cables
km
1 180
57
1 237
incl. cable lines
km
1 018
57
1 075
HV and MV switching stations
pcs.
6 482
288
6 770
in this traction substations
pcs.
447
13
460
in this sectioning cabins
pcs.
346
2
348
in this regional HV / MV switching stations
pcs.
6
HV/MV, MV/MV and MV/LV transformers
pcs.
8 625
347
8 972
Total power of installed transformers
MVA
5 929
284
6 213
Rectifier sets
pcs.
984
41
1 025
installed power
MW
4 125
214
4 339
7
High-speed circuit-breakers
pcs.
3 947
102
4 049
8
Central remote control dispatch centres (NC)
pcs.
22
0
22
traction substations controlled from NC
pcs.
447
13
460
disconnectors controlled from NC
pcs.
9 760
469
10 229
No.
1
2
3
4
5
6
Description
6
_50
03
SERVICES SEGMENT
_51
_52
_53
THE MODERNISATION
OF THE TRACTION
POWER SUPPLY
SYSTEMS
GDYNIA
E65
One of the key business areas of PKP
Energetyka S.A. are specialised and
comprehensive services to maintain
the rail infrastructure for the infrastructure manager PKP Polskie Linie
Kolejowe. The most important of
them is the continuous maintenance
of catenary devices. This is possible
thanks to the optimally distributed
executive potential located in the
most important railway junctions
throughout Poland.
READINESS FOR THE
IMPLEMENTATION
OF DIFFICULT TASKS
The Services Branch implements
its projects effectively and efficiently. Its reliability can be proved by the
fast implementation of the project
of December 2014, when two days
before the first transit of the train
ED 250 ”Pendolino” via line E65, the
company received an order from the
Leader of the Consortium for hanging
1300 m of catenary system on the
line E 65 in Jurkowice near Mleczewo.
The works along with the organisation of human workforce,
equipment and materials were to
be completed in just 48 hours.
The completion date coincided
with a very important event in the
history of PKP - commissioning of
the E65 line for the first transit of the
train „Pendolino”. The works lasted
36 hours without interruption, in
difficult weather conditions (low temperature of -2 degrees Celsius and
strong winds with freezing drizzle)
and included hanging two-line and
two-wire networks 440 mm2 in the
vicinity of active railway track.
The final success of the works resulted
from good organisation, expertise of
the workers and the best equipment.
CONTRACTOR
QUALIFICATION SYSTEMS
In June and July 2014, we established
three Contractor Qualification
Systems, adopted for three years as
an initiative of the Services Branch in
order to use them for the realisation
of investments under the MUZ
programme. They are the shortest
path selection of contractors for the
realisation of electrical structures.
POZNAŃ
WARSZAWA
E59
E65
WROCŁAW
Establishing the Systems allows
for direct invitations to tender of
qualified contractors without having
to publish procurement notice.
KATOWICE
E30
RZESZÓW
KRAKÓW
_54
SERVICES SALES
REVENUES
CONSTRUCTION
WORKS
295,7MPLN
MODERNISATIONS
417,4MPLN
Their effect is the possibility to shorten
by about 60 days each of the proceedings conducted in accordance
with Public Procurement Law. Due
to the possibility of using such an
action, about 30 cases of the implementation of tasks in the MUZ
programme could be accelerated.
TECHNOLOGY OF THE FUTURE
In 2014, modernisation works of
catenary system on railway lines were
carried out, in connection with their
preparation for „Pendolino” transit
launch. The works were performed
on lines: no. 1 (Warszawa Centralna
- Katowice, sec. Warszawa Włochy –
Grodzisk Mazowiecki –
MUZ PROJECT - FINAL STATE
1081,8MPLN
CATENARY
SYSTEM
250,6MPLN
50 track kilometers), no. 4 (Grodzisk
Mazowiecki – Zawiercie, st. Szeligi –
10 track kilometers) and no. 61 (Kielce
– Fosowskie, sec. Częstochowa –
Fosowskie – 97 track kilometers).
Success in the realisation of such
extensive works accumulated in
a short time was possible thanks to
the use of one of three trains in Europe
for stream replacement of catenary
system, owned by PKP Energetyka.
Another technological novelty, which
increased the efficiency of works more
than three times, was developing new
technology of application of anti-icing
and anti-frost agent on catenary wires.
_55
3817
314
PLOTS ACQUIRED
ADMINISTRATIVE DECISIONS
OBTAINED
TECHNICAL EMPLOYEES OF
THE COMPANY INVOLVED
IN THE PROJECT
153
638
23 940 M
RECTIFIER SETS
INSTALLED
TRANSFORMERS
INSTALLED
TOTAL AREA OF BUILT
MODERNISED
BUILDINGS
APPROX
500
OTHER
REVENUES
118,0MPLN
2
MUZ - THE LARGEST
INVESTMENT PROGRAMME
The project of modernisation of the
traction power supply systems - MUZ is the largest project implemented by
PKP Energetyka, consisting in strengthening the traction power supply
systems. The project involves the construction of 31 new and modernisation of 69 existing traction substations
and section cabins on seven key railway
lines. In addition, it includes the construction of 122 km of 110 kV power
supply lines. Thanks to the project MUZ,
the company has gained experience
in implementing complex projects.
322,1 MW
94
348 KM
INCREASE OF TOTAL
INSTALLED POWER
MODERNISED AND BUILT
STRUCTURES
OF POWER SUPPLY LINES
INSTALLED
(FROM 641.8 MW TO 963.9 MW)
(TRACTION SUBSTATIONS AND
SECTION CABINS)
_56
_57
04
FUELS
SEGMENT
The Fuel Branch is engaged in selling
of diesel fuel to locomotives.
The company PKP Energetyka has
a network of 18 unmanned fuel
stations located throughout the
country. The scope of the investment
works and applied technical and IT
solutions makes it the leader among
fuel sellers to railway operators in
Poland and second in Europe. Only
German railway DB Energie have similar
technologies on their fuel stations.
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FUEL SALES VOLUME IN M3
Gdynia
+7.1%
Suwałki
Szczecin
Tczew
Olsztyn
Białystok
Czerwieńsk
37 747M
40 435 M
2013
2014
3
Poznań
Warszawa
Małaszewicze
Węgliniec
Wrocław
Wałbrzych
3
Lublin
Tarnowskie
Góry
Kamieniec
Jaworzno
Szczakowa
Rybnik
NETWORK OF UNMANNED
FUEL STATIONS FOR
RAILWAY LOCOMOTIVES
In 2014 there was an increase in sales
volume in this sector of activity from
37.747 m3 to 40.435 m3 of diesel. Such
an increase was obtainable among
others by acquiring customers from
outside the PKP group.
Investments translate directly into
increased sales. In 2014, it amounted
to 168 million PLN.
The company, through implementation
of modern technical and IT solutions,
offers the carriers 24h access to the
filling infrastructure on their stations.
Logging into the system and gaining
access to the distributor is possible by
appropriately personalised and
encoded proximity Flota cards.
Until now, PKP Energetyka has supplied
the carriers with more than 7,700 such
cards.
Fuel stations equipped with modern
devices and solutions can be managed
via remote control of devices, realisation of fueling processes and their
continuous recording and settlement.
The licence of the Energy Regulatory
Office of 28 April 2010 granted to PKP
Energetyka S.A. for trading in liquid
fuels at railway fuel stations is valid
until 31 December 2030. The extension
of the licence in 2014, allows the
company to carry out activities
pertaining to trading in liquid fuels
also outside PKP Energetyka S.A. fuel
station.
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_61 RESEARCH AND DEVELOPMENT
_64 GROWTH FACTORS
III
GROWTH
DIRECTIONS
RESEARCH
AND DEVELOPMENT
Rail transport, like every branch of
the economy, needs innovation.
PKP Energetyka fulfils the requirements of the market by conducting
research and development
works in this field every year.
The most important task that the
company managed to accomplish
in 2014 was the installation and
testing of cross-connection of
overhead contact lines of tracks of
the CMK line. In order to improve
power supply parameters on railway
line no. 4, which is a part of the
European transport corridor E65
a, in Poland known as the Central
Railway Route (CMK), a development in places which need strengthening of the supply system was
planned - between traction substations and section cabins - cross-connections of overhead contact lines.
Cross-connection is a set of devices,
in which apart from one or two
high-speed circuit-breakers, the
primary component is the automation
that ensures cooperation with neighbouring structures, traction
substation and section cabin, which
task is to limit the voltage drops and
power losses in the catenary system.
In view of the fact that such connections are not used in Poland, it was
necessary to develop the design of
such a connection. After developing
technical documentation and building
the device in the catenary system,
short-circuit tests were performed
and analysis of correct selectivity of outages, which allowed the
engagement of the device to test
operation under real conditions.
Test operation confirmed that the use
of a cross-connection of overhead
contact lines was fully justified
and brought tangible benefits.
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_63
All projects important for the company’s development and the
development of railway transport in Poland, carried out in 2014:
01
02
03
04
05
INSTALLATION AND TESTING
OF CROSS-CONNECTION OF
OVERHEAD CONTACT LINES
OF TRACKS
TESTING THE
IMPLEMENTATION OF
A RESERVE SYSTEM OF
REMOTE CONTROL USING
GSM COMMUNICATIONS
DEVELOPMENT OF NEW
COMMUNICATIONS
PROTOCOL FOR REMOTE
CONTROL OF POWER
SUPPLY STRUCTURES
DEVELOPMENT OF GUIDELINES
FOR DETERMINING THE
MANNER OF WORK OF
A NEUTRAL POINT OF SN
NETWORKS POWERED FROM
TRACTION SUBSTATIONS
AND HV/MV STATIONS
ACQUIRING THE STUDY
ENTITLED: ANALYSIS
OF THE POSSIBILITY
OF IMPLEMENTING THE
SYSTEM OF BRAKE ENERGY
REGENERATION IN ELECTRIC
RAIL TRACTION UNITS
The scope of the task included
the installation and carrying
out of a supervised operation
of a technical solution which is
significant from the view point
of view of the modernisation
of the power supply system
modernization of traction of
major railway lines - expected
to be used in situations when
the infrastructure manager
should not give its approval
for increasing cross-section of
traction network or in cases
when the construction of new
traction substations should not
be implemented due to lack
of funds or lack of operational
and economic justification.
The scope of the task included testing
the possibility of implementation
of the solution significant from the
point of view of reliability and safety
of functioning of the remote control
system of power supply structures.
The scope of the task included
establishment of the relevant
parameters of remote control
systems of power supply
structures within the works
aimed at their modernisation
and adaptation to standards
and technical level of systems
used by other OSD.
The scope of the task included
establishment of rules regarding
the selection of technical
solutions in relation to 110 kV/
MV stations constructed by
the Company as part of the
modernisation of the traction
power supply systems (currently
mainly on lines: E-65, E-30).
The study summarises and
organises important features
of the existing solutions in
the scope of energy regeneration (recovery) from a technical
and economic point of view and
formulates guidelines about the
type of regenerative system and
location - the most appropriate to implement a pilot solution,
together with the determination of
operational tests. This task forms
the basis (resource of necessary
knowledge) to properly analyse
the technical and economic rationality of the possible installation of a prototype solution
able to function in the distribution network of the company.
This issue is significant in the
context of cooperation of MV
networks supplying traction
substations and non-traction
loads with HV/MV stations of other
OSD, mainly from the viewpoint
of ensuring an appropriate
level of shock protection.
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_65
GROWTH FACTORS
The most important factors aff ecting
the conditions of the Company’s
operation on the electricity market:
• the possession of licences
granted by the Energy Regulatory
Offi ce (ERO) for trading and
distribution of electricity throughout the country,
• the possession of unique
devices designed to convert
AC energy into energy with
parameters characteristic for
electric traction power supply
system in Poland (3 kV DC),
• the process of gradual liberalisation of rules for access of European
operators to railway infrastructure in Poland, creating prospects for
new entities performing transport
services using electric traction,
• the possession of distribution devices located along the
railway lines throughout the
country, including in urban areas
located near train stations, as
well as in areas with underdeveloped public electrical power infrastructure, which determines
the attractiveness of the implementation of connecting new
electricity recipients (mainly
customers outside of the railway
market) to the company’s network
in many such locations,
• the size of investments of PKP
Polskie Linie Kolejowe S.A. for
the modernisation of railway
lines within the modernisation and expansion of electric
traction power supply systems,
• the economic development of
areas along the railway lines,
primarily in the centres of large
cities and in suburban areas, where
structures such as warehouses, hypermarkets, production facilities,
businesses are built and will
be built, and where residential housing will be developed,
• the use of Third Party Access - TPA.
The most important factors
aff ecting the conditions of the
company’s operation on the electricity services market are:
• the possession of network train
bases, located throughout the
country, along all electrifi ed railway
lines. This means high availability in the case of failure of devices
(this feature of the company’s off er
is unique on the Polish market). At
the same time there is a possibility
of using this potential also to carry
out the restoration and modernisation works of the catenary devices,
which provides great fl exibility in
the scope of disposition and utilisation of productive capacity,
• the possession of modern
equipment used to perform
modernisation works using
pipelined technology of
catenary system exchange,
• the company’s experience in
playing the role of a leader in
consortia carrying out com-
prehensive modernisation
works of railway infrastructure. Activity in this area is treated
primarily as activity supporting
the sales of electricity services
provided by the organisational units of the company,
• the company gaining competence
in the scope of construction
and modernisation of electricity infrastructure up to HV
voltage level, for OSP and OSD.
_66
Since 01.09.2010, the company
has conducted licensed business
of selling diesel to internal
combustion traction units. The
company launched 18 unmanned
stations, thereby gaining a signifi cant share of the market for the
supply of liquid fuels to internal
combustion rail traction units.
Since 1 July 2014, the company
has been conducting licensed
operations in the scope of natural
gas sales. At the end of 2014, the
owner of the company, PKP S.A.,
began the process of privatisation.
Individual relationships with
the customers is an important
advantage but also the value of the
company. Each is treated individually, both in terms of business demonstrated by customised off ers but
also in personal terms shown in the
approach to the customers. This, in
turn, can be perfectly seen on the
example of the individual service
model and building a relationship
with the customers. This value is
confirmed by the results of
a study conducted by PKP
Energetyka together with one
of the big research companies
which shows that 63% of respondents are satisfi ed with
such a model of cooperation.
_67
PKP ENERGETYKA S.A.
STRATEGY FOR THE
YEARS 2015-2020
The superior strategic objective of
the company in 2020 is the realisation of the vision of the company
with a simultaneous increase in the
EBITDA margin achieved. The vision
of the company has been defined as:
In 2020, the company PKP Energetyka
will be the business partner of
choice for power customers on
the railway market and customers
from other markets through fully
focusing of resources on customer
needs, and assuring security
and stability of cooperation.
The main actions to ensure the realisation of this strategic objective are:
• realisation of intensive investment
projects in assets engaged in
conducting distribution activities,
• increasing the volume of elec-
tricity sales while maintaining
adequate levels of profitability,
• strengthening the company’s
position on the electricity services
market in the presently operated
segments and diversification of
the range of services provided,
• further optimisation of the
business model and cost
structure of the company,
• ensuring full concentration of all
the resources of the company on
the customers and their needs.
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EMPLOYEES
EMPLOYMENT
RELATIONS WITH EMPLOYEES
EMPLOYEE ETHICS
SAFETY IN THE WORKPLACE
ENVIRONMENTAL AWARENESS
IV
RESPONSIBILITY
_69
EMPLOYEES
The company PKP Energetyka S.A. employs over seven thousand
employees. Among them are skilled electricians, engineers
and experts in many fields. Thanks to the specialised staff, the
company can realise large contracts and provide complex energy
services. PKP Energetyka S.A. strives to constantly improve the
competences of its employees and the comfort of their work.
NEW TRAINING POLICY
In 2014, PKP Energetyka S.A. developed a new training
policy with its main pillar being the focus on current
business tasks and the related competences required
and the measurement of training effectiveness.
OBJECTIVES OF NEW TRAINING POLICY:
supporting the implementation of the strategic objectives
of the company by investing in human capital development,
good position preparation and investing in the growth potential
of the employees to create so-called „surplus education”,
providing capital of employees prepared to
implement key tasks of the company,
improvement of qualifications in the context of the
anticipated organisational and technological changes,
increasing flexibility and versatility of the employees,
development of efficiency-oriented work
culture and knowledge sharing.
_70
COMPANY SOCIAL
BENEFITS FUNDS ARE
CHANNELLED FOR:
support for employees in
a difficult financial situation,
funding of holidays,
sanatorium treatment,
trips for groups of employees,
holidays for children
and teenagers,
funding of sporting activities,
cultural and educational events
and tickets for cultural events,
financial aid in the form
of cash or vouchers,
returnable loans,
housing loans.
EMPLOYMENT
COMPANY SOCIAL
BENEFITS FUND
The company has the Company
Social Benefits Fund (CSBF). Terms
and conditions of using the benefits
under the fund are determined
by the applicable regulations
agreed with the social partners.
FRIENDLY RECRUITMENT
The company has a document entitled
”Principles of policy of personnel
selection for PKP Energetyka S.A.”,
which sets out the principles of recruitment and selection and hiring
employees. A complementation of
this document is the published and
applied procedure ”Recruitment of
employees”. Internal recruitment
takes precedence over external.
During recruitment, apart from
the classic interview, among
others the following may be used:
competency interview, psychometric tests, testing of competence
using the AC method, carried out by
_71
persons with appropriate qualifications, knowledge and skills tests.
Recruitment meetings are conducted
by the recruitment committee
consisting of at least two people
being the authorised employee of
the Human Resources Management
Office and the future superior.
MODERN HR TOOL
Since the end of September 2014,
HR portal has been operating at PKP
Energetyka. It is an integrated system
that is used to support employee
service through the computerisation
of certain processes. HR portal accelerates and simplifies the processes
that previously were implemented by
the circulation of paper documents
and other unconnected systems. All
employees with a company domain
account who work on business
computer connected to the corporate
domain have access to the portal.
Number of employees
Employment
2013
2014
7 286
7 192
7 285
7 189
Average employment
In job positions
As of 31 December
In persons
NEW COLLECTIVE
LABOUR AGREEMENT
The New Collective Labour
Agreement (CLA) for employees
of PKP Energetyka has been in
force since the beginning of 2014.
It was created as a result of an
agreement with the social partners,
under which a new remuneration policy was developed. The regulations apply to mutual respect
for the principles of equal opportunities of employees, including in
particular the principles of remuneration, consistent with the type
and quality of work. In addition,
it provides for the possibility of
training, raising qualifi cations and
promotion, as well as stability of
employment. It also ensures that
the working conditions are free
from any discriminatory actions.
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RELATIONS
WITH EMPLOYEES
To ensure the best possible conditions
and comfort of people working
in the company, PKP Energetyka
cares about the efficient flow of information between its departments and regional locations.
Among the tools and channels of
internal communication, which are
used in the company are: information
boards, the company bulletin ”Dobra
Energia” (Good Energy), newsletters, mailing, daily press services with
current information from the market.
COMPANY BULLETIN
The bulletin ”Dobra Energia”,
which is the most important tool
of communication, contributes to
raising awareness of employees
about the company and its activities.
Thanks to „Dobra Energia”, the
company employees are informed
about the latest internal news. This
communication applies not only
to employees but also managers.
It is a communication between
management and employees, but also
between employees from different
departments and different locations.
The bulletin publishes news about the
activities of the company, information
on its current operational activities
and investments, organisational
office messages regarding changes
to the legal acts of the company and
new regulations, content related
to the working environment, but
also texts aiming to promote
workplace integration and to
encourage the employees to share
their passions and interests.
SPORTS EVENTS
The company also uses sports
events as a tool for integration.
In 2014 the company conducted
survey on the forms of physical
activity preferred by employees.
40% of respondents replied that they
were interested in playing football.
The report of this study initiated
the preparation and carrying out a
pilot project in this regard - “Kolej na
sport” (Time for Sport), which took
place at the Łódź Facility. Within
the project, the company provided
workers, among others, with sports
clothes for the game and enabled
regular workouts at the sports hall.
In addition to the sports programme,
employees who purchase a monthly
subscription on preferential terms,
can regularly enjoy sports activities of
various types throughout the country.
EMPLOYEE ETHICS
The Code of Ethics of Grupa PKP is
a key element of the project under
the name “Zareaguj” (Respond), which
aims at establishing a comprehensive
ethics programme in the PKP
Group. The Code of Ethics adopted
by the company is a set of desired
organisation rules and standards of
conduct, based on the ethical value
system. The document specifies the
behaviour within the organisation,
as well as relations with key
stakeholder groups, customers
and partners, local community
and competition. An additional
element of the Code is internal
anti-fraud policy and anti-mobbing
policy adopted in accordance with
the expectations of workers.
ETHICS REPRESENTATIVE
PKP Energetyka S.A. appointed
the Ethics Representative, who
promotes ethical behaviour and
actively represents the company
and its values also in the external
environment, e.g. in the Ethics
Committee of Grupa PKP and the
Working Group of the Coalition
of Ethics Representatives within
the Programme Business and
Human Rights 2014-2020 appointed
at the UN Global Compact.
LEADER OF VALUES
In addition, from among the
employees have been selected
Leaders of Values dedicated to helping
other workers in the interpretation of
the provisions of the Code and related
documents, as well as to supporting
the communication activities or ethics
trainings directed to the employees.
Ethics Representative along with
Leaders of Values and Secretary form
the Ethics Commission promoting
desired behaviours and norms based
on the ethical value system.
ANTI-MOBBING ACTIONS
Within the development of ethical
actions, Anti-mobbing Commission
has been established to take responsibility for, among others,: providing
explanations and answering the
concerns of employees, conducting
investigations, as well as communication and preventive activities in its
operations. The works of the Ethics
Committee are led by the Ethics
Representative. The company’s
employees have a number of choices
for contacting the Ethics Representative, various committees or Leaders
of Values, both anonymously and in
a fully explicit way.
_74
SAFETY IN THE
WORKPLACE
Concerned about the work environment, PKP Energetyka
maintains a high level of safety of their employees.
Providing services to the
public, the company wishes to
implement them in a manner
safe for health and life, and in
doing so it also prevents potential
emergency and accident events.
To avoid electric shocks, PKP
Energetyka uses all the required
and available protections. The
employees of our Company
performing their daily duties are
equipped with the necessary safety
equipment and devices limiting the
exposure to injuries and accidents,
and protecting their health and life.
Since 2004, the company has been
exercising the Integrated System
of Management of Quality, Safety
and Environmental Protection.
_75
IMPROVEMENT OF SOLUTIONS
GREEN CARD OF A LEADER
Working in PKP Energetyka,
especially in positions related to the
modernisation and repair of network
and network trains, is distinguished
by a large indicator of threats, more
than in positions in other industries.
In October 2014, PKP Energetyka
joined the group of companies
that received the title of Green
Card for Safe Work Leaders for the
years 2015-2016. The Leader Title
is awarded by the Central Institute
for Labour Protection - National
Research Institute (CIOP-PIB).
Threats of accidents result mainly
from working on equipment of
high, medium and low voltage,
working on catenary devices under
mechanical tension, which when
broken, can cause shock and/or fall
from a height, working at height with
electrical equipment, working on
working platforms of network trains
in motion, working on active tracks,
working at night and in diffi cult
weather conditions.
The purpose of the Leaders Forum
is to build institutional, partnership
contacts between its members, as
well as employers and employees
who are shaping the working
conditions with the use of achievements of science and technology,
especially developed by CIOP-PIB.
It is worth noting that among
the preventive actions in 2014,
employee trainings were completed.
200 employees were trained in the
scope of first aid, 400 employees
were trained in the scope of
working at height. Also trainings
in building and commissioning
of scaff oldings were conducted
(120 employees were trained).
Continuous monitoring and identifi cation of emerging risks are
necessary. Sometimes it is only
necessary to look at a diff erent angle
on the things already known.
In terms of health and safety
at work, we all agree - these
issues have the highest priority
for PKP Energetyka.
_76
ENVIRONMENTAL AWARENESS OF
PKP ENERGETYKA EMPLOYEES
In 2014, in order to improve environmental awareness, PKP Energetyka
organised trainings for employees,
which included the scope of environmental protection. Their aim was to
raise awareness of the impact of the
work on nature and indicate ways of
behaviour in an emergency or potential
emergency situations that could cause
permanent damage to the environment
in the context of the executed work.
In 2014 we updated the study entitled
”Evaluation of buildings and electrical
devices of PKP Energetyka S.A. in
terms of the presence of asbestos”,
which includes, among others,
asbestos removal schedule for the
years 2014-2030. According to it, the
complete removal of asbestos present
in products and electrical equipment
is scheduled until 31 December 2030.
Its quantity is constantly monitored
_77
through supervision of the environmental factor M-ZOŚ-D (ratio of
removed asbestos to the total amount
of asbestos). In order for the plan of
removal until 2030 to be successful,
this ratio should not be less than
6% per year. In 2014 PKP Energetyka decommissioned 66.05 Mg of products
and 2.79 Mg of electrical equipment
containing asbestos. This high level
(68.84 Mg) of withdrawn asbestos
contributed to the achievement of
a record M-ZOŚ-D index value at
a level of almost 17% (16.8%).
The company has a certificate of
environmental management system
according to the standard PN-EN ISO
14001:2005.
The environmental management
system is implemented within
the framework of the Integrated
Management System. Once a year
the company conducts an external
audit, which confirms the compliance
of the environmental management
system with the standard. In addition,
every year, internal audits are carried
out within the framework of the
Integrated Management System, as
well as environmental reviews. They
are aimed to check whether the legal
provisions and procedures for the
environmental protection are followed
by individual organisational and manufacturing units of the company.
The size of the expenditure incurred
on fixed assets in the scope of environ-
mental protection amounted in
2014 to 5,625,000.00 PLN. These
funds were earmarked for investments related to the modernisation and thermal modernisation
of the company’s buildings, investments in construction and modernisation of devices related to the water
supply and sewerage facilities of the
company, investment in the photovoltaic installation on the company
building and to continuation of investments from previous years, among
others improvement of the rainwater
drainage capacity from paved areas
of the company, thermal modernisation of buildings, modernisation of boiler rooms and construction of other structures of similar use.
The complete removal of asbestos present in
products and electrical equipment is scheduled
to be finished until 31 December 2030.
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PROFIT AND LOSS STATEMENT
SALES REVENUES
EXPENSES BY TYPE AND CASH FLOW
CASH FLOW
_79
FINANCIAL
DATA
2014
The year 2014 was characterised by a constant tendency of
increase in revenues compared to
previous years. The past 14 years of
the company’s business indicates
constantly improving financial
results. Since 2002, sales revenues
have been steadily increasing. In
2002, they amounted to 1.4 billion,
and in 2014 as much as 4.3 billion.
These data leave no doubt that the
company increases the number of its
customers each year and reaches to
more and more satisfied consumers
of electricity and energy services.
FINANCES
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_81
PROFIT AND LOSS STATEMENT
SALES REVENUES
The previous year was characterised by a constant tendency of increase
in revenues compared to previous years. In relation to the year 2013,
sales net revenues grew by as much as 811,255 thousand PLN.
The increase in sales revenues of 811,255 thousand PLN constitutes a 23% increase in relation to the previous
year. It was mainly influenced by the revenues from electricity trading, which increased from 1,723,652
thousand PLN in 2013 to 2,190,002 thousand PLN in 2014. This represents 27% growth. Moreover, the company
has recorded the largest increase in revenues in the services sector, it amounted to as much as 36%.
tPLN
Sales net revenues and equivalent, including:
2013*
2014
3 505 632
4 316 888
2014
2013*
tPLN
Change
2014/2013
Dynamics
2014/2013
Change
Plan
Implementation
Plan
Implementation
value
(%)
value
(%)
3 532 331
3 505 632
3 607 009
4 316 888
811 255
23,1%
709 879
19,7%
3 391 999
4 238 686
Sales net revenues and
equivalent, including:
113 634
78 202
2 344 987
2 534 570
2 375 527
3 038 275
503 705
19,9%
662 748
27,9%
Other operating revenues
35 822
42 021
Electricity and distribution service, including:
Other operating expenses
37 763
55 285
Electricity distribution
811 704
810 918
877 601
848 273
37 355
4,6%
-29 328
-3,3%
111 693
64 937
1 533 283
1 723 652
1 497 926
2 190 002
466 350
27,1%
692 076
46,2%
Financial revenues
18 625
16 416
Services
740 308
773 817
996 646
1 056 869
283 052
36,6%
60 223
6,0%
Financial costs
17 175
17 932
Sales of fuel
175 557
165 931
181 911
168 226
2 295
1,4%
-13 685
-7,5%
113 143
63 422
Cost of production
for own needs
271 478
31 314
52 925
53 567
22 253
71,1%
642
1,2%
0
0
0
-49
-49
-
-49
-
Operating expenses
Profit (loss) on sales
Profit (loss) from operations
Profit (loss) from business
Result of extraordinary events
Electricity trade
Change of state of products
Gross profit (loss)
Income tax
Other obligatory profit decrease (loss increase)
Net profit (loss)
113 143
63 422
23 183
14 683
0
0
89 960
48 739
*data for 2013 adjusted according to the change in accounting policy in the financial year
*data for 2013 adjusted according to the change in accounting policy in the financial year
Sales revenues
2014
%
2013*
%
4 316 888
100%
3 505 632
100%
848 273
20%
810 918
23%
Electricity trade
2 190 002
51%
1 723 652
49%
Services
1 056 869
24%
773 817
22%
Sales of fuel
168 226
4%
165 931
5%
Cost of production for own needs
53 567
1%
31 314
1%
Sales net revenues
Electricity distribution
SALES
REVENUES
2013
3,5 BIL PLN
2014
4,3 BIL PLN
*data for 2013 adjusted according to the change in accounting policy in the financial year
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CASH FLOW
The financial data presented in this section are based on the Report of the Management Board of the
Company PKP ENERGETYKA S.A. with its registered seat in Warsaw for the financial year 2014.
Cash flows from operational activities
tPLN
EXPENSES BY TYPE AND CASH FLOW
2013
2014
Net profit (loss)
89 960
48 739
Total adjustments
31 589
229 649
Net cash flows from operational activities
121 549
278 388
2013
2014
250
4 285
Expenses
-276 178
-450 741
Net cash flows from investing activities
-275 928
-446 456
2013
2014
Cash flows from investing activities
tPLN
Inflows
Expenses by type and cash flow
2012
2013
2013
after
adjustments
2014
Depreciation
79 737
79 588
79 588
91 378
Use of materials and energy
307 347
442 079
256 461
330 806
Outsourced services
680 761
749 861
749 861
928 028
Inflows
403 855
465 511
Taxes and fees
26 202
25 617
25 617
28 480
Expenses
-285 968
-184 210
Remuneration
358 463
379 585
379 585
400 366
Net cash flows from financial activities
117 888
281 302
Social security and other benefits
96 595
88 379
90 603
98 330
Total net cash flows
-36 491
113 234
Other expenses
9 502
10 874
10 874
12 781
Balance-sheet change in cash
-36 254
113 234
1 560 287
1 799 409
1 799 409
2 348 517
Cash and cash equivalents at the beginning of the period
158 457
122 203
3 118 895
3 575 393
3 391 999
4 238 686
Cash and cash equivalents at the end of the period
122 203
235 437
tPLN
The value of sold goods and materials
Total operating expenses
Cash flows from financial activities
tPLN
_84
HEADQUARTERS SALES REGIONS
PKP Energetyka S.A.
with its seat in Warsaw
00-681 Warsaw
ul. Hoża 63/67
Administrative Office of the
Management Board
phone: +48 (22) 391 90 00
fax: +48 (22) 474 14 79
energetyka@pkpenergetyka.pl
Masovian Sales Region
ul. Sławińska 7/9
01-218 Warsaw
phone: +48 (22) 474 55 02
esr01@pkpenergetyka.pl
Upper Silesian Sales Region
ul. Damrota 8
40-022 Katowice
phone: +48 (32) 714 35 41
esr09@pkpenergetyka.pl
Łódzki Sales Region
ul. Tuwima 28
90-002 Łódź
phone: +48 (42) 205 56 65
esr02@pkpenergetyka.pl
Kujawy Sales Region
ul. Zygmunta Augusta 7
85-082 Bydgoszcz
phone: +48 (52) 518 52 75
esr10@pkpenergetyka.pl
Eastern Sales Region
ul. Hetmańska 103
15-727 Białystok
phone: +48 (85) 673 12 96
esr03@pkpenergetyka.pl
Northern Sales Region
ul. Jana z Kolna 29
81-859 Sopot
phone: +48 (58) 742 02 02 w.
300 esr11@pkpenergetyka.pl
Świętokrzyskie Sales Region
ul. Paderewskiego 43/45
25-502 Kielce
phone: +48 (41) 278 34 31
esr04@pkpenergetyka.pl
Lower Silesian Sales Region
Biuro we Wrocławiu
ul. Joannitów 13
50-525 Wrocław
phone: + 48 (71) 717 15 46
esr12@pkpenergetyka.pl
Lublin Sales Region
ul. Okopowa 5
20-022 Lublin
phone: +48 (81) 472 17 44
esr05@pkpenergetyka.pl
Southern Sales Region
Biuro w Krakowie
ul. Kamienna 14
31-403 Kraków
phone: +48 (12) 351 59 40
esr06@pkpenergetyka.pl
CONTACT
DETAILS
Southern Sales Region
Biuro w Rzeszowie
ul. Stefana Batorego 26
35-005 Rzeszów
phone: +48 (17) 711 13 58
esr06@pkpenergetyka.pl
Staropolski Sales Region
ul. Rejtana 41/43
42-207 Częstochowa
phone: +48 (34) 376 14 66
esr07@pkpenergetyka.pl
Silesian Sales Region
ul. Powolnego 1
45-078 Opole
phone: +48 (77) 55 415 61
esr08@pkpenergetyka.pl
Lower Silesian Sales Region
Biuro w Wałbrzychu
ul. Armii Krajowej 1B
58-302 Wałbrzych
phone: +48 (74) 637 46 38
esr12@pkpenergetyka.pl
Western Sales Region
Biuro w Poznaniu
ul. Kolejowa 4a
60-715 Poznań
phone: +48 (61) 633 54 74
esr13@pkpenergetyka.pl
Western Sales Region
Biuro w Zielonej Górze
ul. Dworcowa 4a
65-018 Zielona Góra
phone: +48 (68) 419 24 72
esr13@pkpenergetyka.pl
Pomeranian Sales Region
ul. Hetmana Stefana
Czarnieckiego 8
70-221 Szczecin
esr14@pkpenergetyka.pl
_85
DISTRIBUTION REGIONS FACILITIES
Masovian Distribution Region
ul. Sławińska 7/9
01-218 Warszawa
phone: +48 (22) 392 46 91
fax: +48 (22) 392 46 92
ed.rd1@pkpenergetyka.pl
Silesian Distribution Region
ul. Zabrska 41
44-100 Gliwice
phone: +48 (32) 719 44 92
fax: +48 (32) 719 48 74
ed.rd8@pkpenergetyka.pl
Łódź Distribution Region
ul. Tuwima 28
90-002 Łódź
phone: +48 (42) 205 53 78
fax: +48 (42) 205 57 30
ed.rd2@pkpenergetyka.pl
Upper Silesian
Distribution Region
ul. Damrota 8
40-022 Katowice
phone: +48 (32) 714 35 47
fax: +48 (32) 714 35 46
ed.rd9@pkpenergetyka.pl
Eastern Distribution Region
ul. Składowa 59
08-110 Siedlce
phone: +48 (25) 746 33 79
fax: +48 (25) 746 33 72
ed.rd3@pkpenergetyka.pl
Kujawy Distribution Region
ul. Żeglarska 2
85-519 Bydgoszcz
phone: +48 (52) 518 33 74
fax: +48 (52) 518 13 74
ed.rd10@pkpenergetyka.pl
Świętokrzyskie
Distribution Region
ul. Paderewskiego 43/45
25-507 Kielce
phone: +48 (41) 278 34 98
fax: +48 (41) 278 35 21
ed.rd4@pkpenergetyka.pl
Northern Distribution Region
ul. Dworcowa 5
14-200 Iława
phone: +48 (89) 674 84 10 w. 10
fax: +48 (89) 677 32 52
ed.rd11@pkpenergetyka.pl
Lublin Distribution Region
ul. Okopowa 5
20-022 Lublin
phone: +48 (81) 472 17 63
fax: +48 (81) 472 54 99
ed.rd5@pkpenergetyka.pl
Lower Silesian
Distribution Region
ul. Paczkowska 26
50-503 Wrocław
phone: +48 (71) 717 55 03
fax: +48 (71) 717 55 03
ed.rd12@pkpenergetyka.pl
Southern Distribution Region
Kamienna 14
31-403 Kraków
phone: +48 (12) 393 19 00 w. 150
fax: +48 (12) 393 19 00 w. 105
ed.rd6@pkpenergetyka.pl
Western Distribution Region
ul. Kolejowa 4a
60-715 Poznań
phone: +48 (61) 633 54 73
fax: +48 (61) 633 54 73
ed.rd13@pkpenergetyka.pl
Staropolski
Distribution Region
Spichrzowa 11
63-400 Ostrów Wielkopolski
phone: +48 (62) 724 34 70
fax: +48 (62) 724 15 34
ed.rd7@pkpenergetyka.pl
Pomeranian
Distribution Region
ul. Hetmana Stefana
Czarnieckiego 8F
70-221 Szczecin
phone: +48 (91) 471 53 35
fax: +48 (91) 471 56 92
ed.rd14@pkpenergetyka.pl
PKP Energetyka S.A.
Masovian Facility
ul. Sławińska 7/9
01-218 Warszawa
phone: +48 (22) 474 54 70
fax: +48 (22) 474 55 30
ez1@pkpenergetyka.pl
PKP Energetyka
S.A. Łódź Facility
ul. Tuwima 28
90-002 Łódź
phone: +48 (42) 205 53 75
fax: +48 (42) 205 56 70
ez2@pkpenergetyka.pl
PKP Energetyka S.A.
Eastern Facility
ul. Hetmańska 103
15-727 Białystok
phone: +48 (85) 652 62 70
tel./fax: +48 (85) 652 00 20
ez3@pkpenergetyka.pl
PKP Energetyka S.A.
Świętokrzyskie Facility
ul. Paderewskiego 43/45
25-502 Kielce
phone: +48 (41) 278 34 20
fax: +48 (41) 345 61 53
ez4@pkpenergetyka.pl
PKP Energetyka S.A.
Lublin Facility
ul. Okopowa 5
20-022 Lublin
phone: +48 (81) 472 11 01
fax: +48 (81) 472 54 99
ez5@pkpenergetyka.pl
PKP Energetyka S.A.
Southern Facility
ul. Kamienna 14
31-403 Kraków
phone: +48 (12) 351 59 00
fax: +48 (12) 351 59 05
ez6@pkpenergetyka.pl
PKP Energetyka S.A.
Staropolski Facility
ul. Rejtana 41/43
42-207 Częstochowa
phone: +48 (34) 324 95 67
fax: +48 (34) 323 65 36
ez7@pkpenergetyka.pl
PKP Energetyka S.A.
Silesian Facility
ul. Zabrska 41, 44-100 Gliwice
phone: +48 (32) 719 44 70
fax: +48 (32) 719 43 92
ez8@pkpenergetyka.pl
PKP Energetyka S.A.
Upper Silesian Facility
ul. Damrota 8, 40-022 Katowice
phone: +48 (32) 714 35 00
fax: +48 (32) 714 35 05
ez9@pkpenergetyka.pl
PKP Energetyka S.A.
Kujawy Facility
ul. Zygmunta Augusta 7
85-082 Bydgoszcz
phone: +48 (52) 518 33 70
fax: +48 (52) 518 33 76
ez10@pkpenergetyka.pl
PKP Energetyka S.A.
Northern Facility
ul. Jana z Kolna 29, 81-859 Sopot
phone: +48 (58) 742 02 02 sekretariat
fax: +48 (58) 721 37 19
ez11@pkpenergetyka.pl
PKP Energetyka S.A.
Lower Silesian Facility
ul. Joannitów 13, 50-525 Wrocław
phone: +48 (71) 717 56 96
fax: +48 (71) 717 53 55
ez12@pkpenergetyka.pl
PKP Energetyka S.A.
Western Facility
ul. Kolejowa 4a, 60-715 Poznań
phone: +48 (61) 633 54 71
fax: +48 (61) 633 54 06
ez13@pkpenergetyka.pl
PKP Energetyka S.A.
Pomeranian Facility
ul. Czarnieckiego 8, 70-221 Szczecin
phone: +48 (91) 471 14 71
fax: +48 (91) 471 58 14
ez14@pkpenergetyka.pl
PKP Energetyka S.A.
Energy Works Facility
Słotwiny, 95-040 Koluszki
phone./fax: +48 (44) 714 16 92
ez15@pkpenergetyka.pl
PKP Energetyka S.A.
with its seat in Warsaw
ul. Hoża 63/67
00-681 Warsaw
Administrative Office of
the Management Board
phone: +48 (22) 391 90 00
fax: +48 (22) 474 14 79
energetyka@pkpenergetyka.pl