Professional Documents
Culture Documents
19 February 2014
2013
PannErgy Plc
1. Executive summary
The fourth quarter of 2013 was a determining period for PannErgy Group and particularly the
Geothermal Project of Miskolc, as the geothermal system ran its first heating season to supply
the District Heating Company of Miskolc (MIH Ltd).
Recently, other outstanding events have been:
o
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
PannErgy Plc
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
PannErgy Plc
Projects in operation
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2013
PannErgy Plc
be made early in 2014 are foreseen to be launched in the spring. The deployment of the second
phase is anticipated to start during the 2014 heating season (autumn).
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
PannErgy Plc
2013
74970
55145
10494
JulyJlius
15623
18800
9537
August
Augusztus
September
Szeptember
October
Oktber
November
November
December
December
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
PannErgy Plc
2013
3232
2978
2667
2614
2280
1686
1359
499
January
February March
April
May
451
June
394
July
379
459
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
PannErgy Plc
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
PannErgy Plc
In association with the implementation of the project, as part of the preparations a 20-hectare
area for the greenhouse has been selected and purchased, and the change of ownership has
been registered by the land registry office. The Company submitted its request for the rezoning
of the area as a construction site and the modification of the effective settlement development
plan to the Municipality of Kistokaj. The modification of the settlement development plan was
approved by the local General Assembly, and therefore the competent authorities could be
contacted. Currently, there are consultations in relation to the heat supply of the project,
preparations for planning towards the finalization of utilization for other purpose, as well as
discussions with the engineers and authorities concerning the compilation of the preliminary
environmental documentations.
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
PannErgy Plc
2. Financial analysis
2.1 Profit & loss account
The Companys consolidated sales revenues amounted to HUF 1280 million in 2013, which
indicated a 69 % increase in comparison with the corresponding period in the previous year
(HUF 755 million). The principal reason for this growth was the startup of the Geothermal
Project of Miskolc, which resulted in a total amount of HUF 571 million proceeds in 2013. In
contrast, as compared to 2012, their sales dropped from HUF 631 million to HUF 568 million
because of the smaller sales revenues from electric power consumption and other charges paid
by the tenants of the real-estate properties that were under their management. From among
these items, public utility charges are passed over by the Company (resold energy), and
therefore they are recognized both as sales revenues and direct costs. From our sales revenues,
HUF 71 million was constituted by heat sales in Szentlrinc and HUF 38 million belonged to
operations in Berekfrd.
The level of direct costs increased by 33%, primarily due to the direct costs incurred with the
geothermal operations commenced in Miskolc in the period under review. The gross profit
connected with the real-estate properties and other assets came to be nearly break-even, while
on the other hand energy-related activities were operated with significant gross profits. When
the results of property utilization are ignored, the gross cash flow margin indicated a value over
75%.
The indirect costs of sales totalled up to HUF 945 million in the period under review, including
general administration costs, as well as the non-recurrent and non-capitalizable costs of the
startup of the Miskolc Project.
The balance of other expenditures and other incomes was nearly break-even in the period
under review. The deterioration after the base period can be attributed to the other
expenditures of the Miskolc project, the non-recurrent write-off of the geothermal investment
projects in the earlier periods, as well as changes in the local tax regulations.
From 39 employees at the end of the base period, the full-time headcount of the Group was
reduced to 28 people, bringing about a decrease in operating costs in the future unless no
further demands for resources occur with the progress of the Gyr project.
HUF 613 million loss was stated to be the operating profit (EBIT) in the period under review,
which is nearly HUF 65 million less favourable than the corresponding value in the base period.
The business cash flow (EBITDA) indicated HUF 166 million outflow, which is by HUF 49 million
more favourable than the situation in the base period. For the given period, HUF 447 million
depreciation was accounted, and its value exceeded the base value by HUF 114 million.
The financial profit amounted to HUF 246 million loss in the period under review, remaining
under the value in the same period of 2012 by HUF 407 million. During the period, the financial
profit was negatively impacted by the weakening of the Hungarian forint against the euro,
changes in the interest margins, the results of hedging transactions, as well as the financial
closing of the selling of Synergon shares.
The Company had no extraordinary incomes. The Company assessed HUF 44 million as the
payable amount of its taxes.
The consolidated annual net profit was HUF 890 million loss due to the above-detailed
reasons , which was less favourable than the HUF 463 million loss in the base period.
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10
2013
PannErgy Plc
3. Miscellaneous
3.1 Deferred taxes
PannErgy Group has the following deferred tax positions (data in HUF million):
Loss recognized for future use
Deferred tax incomes
Recognized tax incomes
6277
628
577
Following HUF 577 million in the past, the Company now recognizes HUF 628 million as
deferred tax incomes. The difference has been written back against the profit.
Taxes are calculated with a 10% corporate income tax rate with respect to the tax laws
currently in effect.
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11
2013
PannErgy Plc
3.3 Employees
Full-time headcount
Own headcount
31 December 2012
PannErgy Plc
Associated companies
Total
31 December 2013
6
33
39
Change
7
21
28
1
-12
-11
3.6 Key events after the balance sheet date (until 18 February 2014)
Of the associated events, the Company releases extraordinary information.
Budapest, 19 February 2014
PannErgy Plc's
Board of Directors
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
12
PannErgy Plc
2013
Data sheets
Name of the company:
Address of the company:
Sectoral classification:
Period:
Telephone:
Fax:
E-mail:
Investor relations:
Consolidated
Accounting principles
Hungarian
IFRS
Other
Capital net
worth/
Share capital
710.0
0.5
1972.7
5.0
5.0
245.0
5.0
5.0
5.0
24.0
80.0
5.0
5.0
Voting rights 13
(%)
Share
(%)3
100.00
100.00
93.09
83.78
83.78
92.90
83.78
83.78
83.78
93.09
93.09
93.09
93.09
Classification 2
100.00
100.00
93.09
83.78
83.78
92.90
83.78
83.78
83.78
93.09
93.09
93.09
93.09
F
F
F
F
F
F
F
F
F
F
F
F
F
Voting rights allowing participation in decision-making at the general meeting of any business
entity under consolidation
2
Full (F); Joint management (J); Associated (A)
3
% values to be interpreted indirectly
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13
PannErgy Plc
2013
31.12.2012 Change%
(audited)
Assets
Fixed assets
Intangible assets
Goodwill
Tangible assets
Investments
Receivables under financial lease
Receivables from deferred tax
Long-term receivables
Total fixed assets
1 369
70
12 618
23
0
577
2
14 635
1 281
70
10 208
23
0
577
2
12 161
Inventories
Accounts receivables
Other receivables
Receivables under financial lease
Financial assets at FVTPL
300
726
337
0
0
1 271
188
961
0
510
23.6
386.2
35.1
282
384
2 029
37
752
3 719
762.2
51.1
54.6
16 688
15 880
105.1
421
-3 009
10 516
2 366
-850
9 420
270
9 690
421
-3 276
10 516
3256
-804
10 113
283
10 396
100.0
91.8
100.0
72.7
105.7
93.1
95.4
93.2
2 598
2 290
17
4 905
595
1 240
14
1 849
436.6
184.7
121.4
265.3
106.9
100.0
123.6
100.0
100.0
100.0
120.3
0.0
789
334
1 900
1 379
41.5
24.2
209
737
2 069
106
250
3 635
197.2
294.8
56.9
16 688
15 880
105.1
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
14
Q4 2013
Sales revenues
Direct costs of sales
Gross profit
Gross profit rate %
including: direct depreciation
Gross cash flow
Gross cash flow rate %
Indirect costs of sales
Other incomes
Q4 2012
Change%
Year
2013
Year
2012
Change%
655
166
394.6
1 280
755
169.5
-387
-141
274.5
-947
-711
133.2
756.8
268
25
333
44
40.9%
15.1%
26.0%
5.8%
96
16
209
94
364
41
542
138
55.6%
24.7%
42.3%
18.3%
-263
-206
127.7
-945
-650
145
49
49
100.0
350
150
233.3
Other expenditures
-305
-53
575.5
-351
-92
381.5
Operating profit
-251
-185
135.7
-613
-548
111.9
-38.3%
-111.4%
-47.9%
-72.6%
-99
-82
-166
-215
-15.1%
-49.4%
-13.0%
-28.5%
15
-8
-187.5
90
652
13.8
Financial expenditures
-86
-37
232.4
-336
-491
68.4
Financial profit
-71
-45
157.8
-246
161
-152.8
-322
-230
140.0
-859
-387
222.0
10
-39
-25.6
-44
-76
57.9
-312
-269
116.0
-903
-463
195.0
-6
-150.0
13
-303
-275
110.2
-890
-463
120.7
77.2
192.2
2013
20PannErgy Plc
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com
2013
20PannErgy Plc
Classification of shareholders
Domestic institutions
Foreign institutions
Domestic private persons
Foreign private persons
Employees, senior officers
Own holding *
Shareholder belonging to the central
budget 1
International Development
Institutions 3
Other
Total
100.00
100.00
21 054 655
100.00
100.00
21 054 655
Administrative body
Ownership rate
3
Voting rights allowing participation in decision-making at the general meeting of the issuing entity
* Own property: The property of the company or its 100 % subsidy
2
RS2. Changes in the number of shares (pcs) in own holding in the year under review
At company level
Subsidiaries *
Total
1 January
2013
1 840 174
935 203
2 775 377
31 March
2013
1 840 174
935 203
2 775 377
30 June
2013
1 840 174
935 203
2 775 377
30 September
2013
1 840 174
935 203
2 775 377
31 December
2013
1 840 174
935 203
2 775 377
* The volume of PMM Ltd treasury shares in the 100% ownership of the company
RS3. List and particulars of Shareholders with stakes over 5%
(at the end of the period)
Nationality 1
Activity 2
ONP Holdings SE
Name
Hungarian National
Asset Management
Ltd (Magyar Nemzeti
Vagyonkezel Zrt.)
Stake (%) 3
Number
(pcs)
2 424 010
Notes 5
11.51
Voting right
(%) 3,4
13.26
1 814 640
8.62
9.93
1 675 745
7.96
9.17
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2013
20PannErgy Plc
1.3 Data sheets on the organization and operations of the issuing entity
6
33
39
TSZ2. Senior officers and (strategic) employees controlling operations of the Issuing entity
Type1
BD
BD
Name
Balzs Bokorovics
Dnes Gyimthy
Position
Chairman
Member, ViceChairman
Member, CEO
BD,
Pter Tth
SP
BD
Gbor Briglovics
Member
BD
Csaba Major
Member
BD
Attila Juhsz
Member
BD
Zsolt Perlaky
Member
BD
Istvn Trcskei
Member
Shareholding (pcs) T O T A L:
1
Starting date
End/termination date of the
of
commission
commission
31.08.2007
for an undefined period of time
31.08.2007
for an undefined period of time
Shareholding
(pcs)
170 000
30.04.2013
31.08.2007
30.04.2013
31.08.2007
30.04.2010
31.08.2007
3 600
326 000
499 600
PannErgy Plc
Board of Directors
Investor Relations: Valria Szab +36 1 323-2383 fax: +36 1 323-2373 e-mail: info@pannergy.com