GRUPA CALOR

U&R CALOR SP. Z O.O

OD 1 PAŹDZIERNIKA 2011 R. WYTWARZA, PRZESYŁA I DYSTRYBUUJE CIEPŁO NA POTRZEBY C.O. I CWU.

Company reference book group CALOR

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1. About the Company 

21 heating plants and electrical power and heating plants; decentralized energy; over 65 km of heating network; all heating plants meet the operating requirements 

The Calor Group is a company which joins 21 heating plants and electrical power and heating plants in Poland, mainly in small and medium-sized towns (among others Dąbrowa Górnicza, Bytom, Kłobuck, Lubliniec, Myszów, Wojkowice, Kłodzko, Kudowa Zdrój, Szczytna, Polanica Zdrój, Lądek Zdrój, Nowa Ruda, Strzegom, Żarów i Mikołów). It is the biggest private company with Polish capital with such contribution to the decentralised electrical energy market. What is more, the company owns over 65 km of its own heating network, to which more and more new receivers are connecting (it is estimated that the number of receivers will rise by 20% within the next two years). This is a great asset of the company, as it is estimated that building of a new network of this size would cost approximately 100 million PLN. The exploitation of the heating plant is based on coal fuel, thus in 2015 the company did the job of modernization of the dust extraction system in order to make the heating plant meet the new requirements of dust emission which have been in force since 1 January 2016. 

2. Capital Group 

Takeovers run by the group, tax optimization, the Energy Regulatory Office regulations, and other economical and legal factors of the company are reflected in the formal and legal structure of the whole Calor Group. 

The structure of the Calor Group: 

PRIVATE PERSONS (66% of the shares in the Calor Thermal Energy Ltd.) / (34% of the shares in the Calor Thermal Energy Ltd.) -> CALOR THERMAL ENERGY Ltd. 

SILESIAN ENERGY GROUP JSC (100% of the shares in the Lidman Thermal Energy Ltd.) -> LIDMAN THERMAL ENERGY Ltd. (100% of the shares in U&R Calor Ltd.) -> U&R CALOR Ltd.

 BIOTERM Ltd. (a controlled separated special purpose company, not connected with the whole group directly) 

Divided into separate companies, the group owns 20 heating plants and one electrical power and heating plant in small and medium-sized towns. A great advantage of the group is the spread of its activity and a huge number of receivers (contracts signed with over 4,800 receivers - housing cooperatives, manufacturing plants, and other subjects). 

Thanks to the dispersion of the receivers the company is in a very good situation because of a low activity risk (a huge number of the contracts signed), as well as in the context of the changing legal system (a law promoting decentralized energy is being prepared).

 

The company is currently introducing investments connected with the production of the cogeneration energy which are meant to modernize the heating plants, and to make in possible to produce not only heat, but also electrical energy (fundings from NFEP&WM). This provides not only the perspective of much bigger profits, but also makes it possible for the company to sell the energy which, from the economical point of view, gives the possibility to multiply the gained profit without the need to increase the production capacities of the company.

 

Presented below is the table summarizing all heating plants and electrical power and heating plants of the group

 

 

 

 

 

Power (installed)

 

Lp.

Company

Town

Network Length (Km)

MWt

MWe

Pricing

1

U&R Calor Ltd.

Wojkowice

5.90

42.08

2.40

13,641,000.00

2

U&R Calor Ltd.

Bytom

2.60

19.30

1.20

7,031,000.00

3

U&R Calor Ltd.

Dąbrowa Górnicza

2.38

8.32

1.20

14,458,000.00

4

U&R Calor Ltd.

Myszków

13.78

23.26

4.00

38,509,000.00

5

U&R Calor Ltd.

Lubliniec

8.17

17.45

2.40

28,861,000.00

6

U&R Calor Ltd.

Kłobuck

7.36

7.70

0.00

6,912,000.00

7

U&R Calor Ltd.

Będzin

1.11

1.50

0.00

1,466,000.00

8

U&R Calor Ltd.

Kalety

-

0.40

0.00

-

9

U&R Calor Ltd.

Dobrodzień

-

0.40

0.00

-

10

U&R Calor Ltd.

Lubliniec, Mickiewicza 38

-

0.20

0.00

-

11

CALOR THERMAL ENERGY

Kłodzko

10.26

17.45

4.00

23,685,000.00

12

CALOR THERMAL ENERGY

Mikołów

4.00

26.16

2.40

23,109,000.00

13

CALOR THERMAL ENERGY

Szczytna

1.00

1.86

0.00

-

14

Lidman Thermal Energy

Polanica Zdrój

0.90

3.00

0.00

-

15

Lidman Thermal Energy

Lądek Zdrój

0.96

2.82

0.00

-

16

Lidman Thermal Energy

Nowa Ruda

1.48

4.19

0.00

-

17

Lidman Thermal Energy

Strzegom

1.00

2.31

0.00

-

18

Lidman Thermal Energy

Żarów

-

0.22

0.00

-

19

Lidman Thermal Energy

Kudowa Zdrój

-

0.35

0.00

-

20

Lidman Thermal Energy

Krosnowice

-

0.80

0.00

-

21

BIO TERM Ltd.

Świebodzice

6.30

16.80

5,40*

25,260,000.00

 

 

SUM

67.20

196.54

23.00

182,932,000.00

 


  Existing cogeneration engines

  Cogeneration engines under construction. For all of them an agreement is signed with NFEP&WM for fundings for it. An agreement with the general contractor is also signed. Today U&R Calor has legally valid permissions for building cogeneration in each town. The planned date of completing the whole investment - 4th quarter of 2019 

     Request for fundings submitted to NFEP&WM.

 

*the request was also submitted for Świebodzice in order to modernize the existing cogeneration (summary of the area of modernization: building two new units 2x2,0 MWe, and elimination of one engine of 2,7 MWe)

 Generation capacities and planned modernizations:

 MWt - Megawatt of the heat output

MWe - Megawatt of the energy output

 

Currently all the heating plants owned by the group have the generation capacities of 196,5 MWt and 5,4 MWe.

The group got a funding from National Found for Environmental Protection and Water Management in Warsaw for completing the tasks of building new units producing electrical energy and heat by means of the cogeneration technology in the towns of: Wojkowice, Myszków, Lubliniec, Dąbrowa Górnicza, Bytom, and Mikołów. 

  Total cost of the investment: 59 607 500,00 PLN/net

  Height of the funding: 31 815 579,00 PLN/net

  Own contribution (net): 27 791 741,00 PLN/net 

A list of the cogeneration engines with locations and planned dates of putting into service given:

 

  Wojkowice, power 2 x 1,2 MWe, to be put into service by the end of the 4th quarter of 2019

  Bytom, power 1 x 1,2 MWe, to be put into service by the end of the 4th quarter of 2019

  Lubliniec, power 2 x 1,2 MWe, to be put into service by the end of the 4th quarter of 2019

  Mikołów, power 2,4 MWe, to be put into service by the end of the 4th quarter of 2018

  Dąbrowa Górnicza, power 1 x 1,2 MWe, to be put into service by the end of the 4th quarter of 2018

  Myszków, power 2 x 2,0 MWe, to be put into service by the end of the 4th quarter of 2019

 

After the technological development is finished, the company will have generation capacities of 196,5 MWt and 23 MWe.

 

Industrial networks:

 One of the most important elements of the whole group is its own heat network. The group owns 67,2 of its own industrial network. Each year the number of receivers connected to it grows and new contracts are signed for connecting to the heating network owned by Calor Group. The number of new receivers gets around 10% bigger each year, and it is estimated that this tendency will remain stable at least until 2022.

 

The worth of the company:

The worth of the Calor Group is estimated to be around 200 million PLN (including the industrial networks). The valuation which has been made in May 2018 in 10 biggest heating plants owned by the Group amounts 183 million PLN. Taking under consideration 11 small heating plants and the networks which belong to these, the worth of the group is estimated to be around 200 million PLN.

 

3. Market environment

 ERO - Energy Regulatory Office

 As heat can be produced in different sources (of different technologies), the costs of production and the prices of the heat differ, which favours the competition and offers the possibility to choose the sources when purchasing the heat delivered to the network. Thus, we can say that the heat market as regards the production in various sources exists, and the possibilities of this market’s functioning depend on technical conditions (the network system and industrial abilities of given parts of the network). The Calor Group owns a relatively big number of its own industrial networks, thanks to which the Group’s position on the market is set, and a stable growth of the amount of heat sold by the Group in the following years can be foreseen.

Providing the heat by means of a heating network has certain traits characteristic for the so called natural monopoly, as the parties of a contract are connected not only by the contract itself, but also by a permanent (and often capital-intensive) heating connection. This limits not only the freedom to choose the heat supplier, but also the supplier’s access to new receivers (due to a cost-effective outreach and technical conditions of the network system). The functioning of the market mechanisms is limited in such cases, and thus the need appeared to create a system which would „substitute” this mechanisms in relation to the natural monopolies. Since 1997 an Energy Law operates in Poland, according to which the President of ERO was appointed to fulfil the tasks of regulating the management of fuels and energy, and of promoting the competition.

The ERO President decides, basing on the determined pricing, on the individual price of heat sending for the Calor Group.

The existence of the heat market on its receiving side also depends on the technical and economic conditions. The heat can be used by the receivers for various purposes (depending on the type of the needs for heat and the technical equipment of the facilities to which the heat is delivered). The most common types of needs are the heating and ventilation of rooms, heating the water in the water supply (the so called sanitary hot water) and technological needs of the industrial receivers.

These needs can be covered by means of using the local (individual) sources of heat, located in the given facilities, or by means of using the heat networks which deliver the heat medium of required parameters to these facilities.

The competition in the area of the producers and suppliers of heat is connected, among others, with big investments, due to which the current heat supplier feels safe. The heat can also be produced by means of using alternative energy sources, especially the so called green energy, which has great perspectives for the future. Of course, many years have to pass before these sources will be the ones to provide the majority of the energy needed. Nevertheless, the whole world, including Poland, will strive to achieve this. Today the main source of energy in Poland are heating plants powered by coal and gas. And so are the heating plants owned by the Calor Group.

 

The heating network as the guarantee for a stable business

The prices determined by ERO

The Group’s strong position on the market due to a regulated “natural monopoly”

 

4. Stages of investments and financial needs

 Both the financial and market situation of the Calor Group is stable. In order for the strategy of the company’s development to succeed, the following actions are planned, with financial and organization outlays involved.

 

STAGE I: Refinancing the Company’s credits

In order to enable more flexible investments and a faster development of the whole group, refinancing of the credit contracts signed by the Calor Group with the BOŚ Bank seems inevitable. The repayment or refinancing of the credits under better conditions will make the faster development and a significant growth of the company’s profits possible.

 

The total sum of bank credits (to be paid): 37,000,000 PLN

 

Valuation of the Group’s worth: 200,000,000 PLN

 

STAGE II: Financing of the Group’s technical development

 

The main factor to extend the future profits is the project to introduce a highly efficient cogeneration  in six heating plants owned by the Group. The production and sell of the electrical energy in the following years will make it possible for the Group to achieve greater profit. A really important element to raise the profitability of the investment (the technical development of the Group) are the agreements about fundings signed with NFEP&WM.

 

Investment cost: 59,607,500 PLN

VAT: 13,709,725 PLN

Funding: 31,815,759 PLN

Own contribution net: 27,791,741 PLN

 

5. Financial results

The Group generates nearly 60 million PLN of trade volume. EBITDA of the whole Group oscillates around 6 - 7 million PLN with minimal net profit of the whole group. This is a purposeful policy of the company caused by tax optimization, as well as by the regulations of the prices and the fear of lowering the pricing (less profit for the company).

The project of introducing the cogeneration in 6 heating plants owned by the Group will make it possible to produce electrical energy which would not be the subject of tariff classification. After completing the investments and the tasks connected with organization and finances (refinancing the credits), the company plans a significant improvement of the financial results of the companies which are part of the Calor Group*:


U&R CALOR

 

 

2017

2018 P

2019 P

2020 P

2021 P

2022 P

Net profit

27,181,755

30,244,550

41,324,778

55,499,180

56,208,157

56,927,613

Operation activity costs

26,895,708

28,615,276

30,200,159

45,753,465

44,325,431

45,286,408

including amortisation

2,783,355

3,331,893

3,528,046

6,336,096

5,442,221

5,819,668

Profit from the sell

286,047

1,629,274

11,124,619

9,745,715

11,882,726

11,641,206

Other operation profits

1,740,911

0

240,500

1,788,200

1,788,200

1,788,200

Other operation costs

81,149

81,970

83,610

84,450

86,140

87,010

Operation activity profit

1,945,808

1,547,304

11,281,509

11,499,465

13,584,786

13,342,396

Financial income

80,774

0

0

0

0

0

Financial costs

1,783,528

1,253,826

737,852

1,600,891

1,318,554

1,229,854

Profit pre-tax

245,054

293,478

10,543,657

9,848,574

12,266,232

12,112,542

Income tax

125,613

55,761

2,003,295

1,871,229

2,330,584

2,301,383

Other profit reductions

-125,521

 

 

 

 

 

Net profit

242,962

237,717

8,540,362

7,977,345

9,935,648

9,811,159

EBITDA

3,026,409

3,625,371

14,071,704

16,184,670

17,708,453

17,932,209

 CALOR EC

 

 

2017

2018 P

2019 P

2020 P

2021 P

2022 P

Net profit

17,777,185

20,871,940

25,467,360

25,941,690

26,424,880

26,917,770

Operation activity costs

17,249,517

17,659,218

22,033,178

21,272,021

21,523,937

21,838,218

including amortisation

1,246,381

1,289,008

3,427,758

2,281,111

2,226,327

2,153,428

Profit from the sell

527,768

1,447,722

1,669,182

2,904,669

3,135,943

3,314,552

Other operation profits

686,272

0

406,500

406,500

406,500

406,500

Other operation costs

35,853

0

0

0

0

0

Operation activity profit

1,178,187

3,212,722

3,840,682

5,076,169

5,307,443

5,486,052

Financial income

176,128

0

0

0

0

0

Financial costs

1,032,191

841,850

733,410

697,130

611,300

593,490

Profit pre-tax

322,124

2,370,872

3,107,272

4,379,039

4,696,143

4,892,562

Income tax

0

450,466

590,382

832,017

892,267

929,587

Other profit reductions

-28,200

 

 

 

 

 

Net profit

350,324

1,920,406

2,516,890

3,547,022

3,803,876

3,962,975

EBITDA

1,568,504

3,659,880

6,535,030

6,660,150

6,922,470

7,045,990

 *Profit and EBITDA include the additional payments for the electrical energy produced in a highly effective gas cogeneration. Since 2019 a change in fundings is planned in the form of constant supplementary payments for 15 years. The amount will be determined by means of an auction. The amount of payments is agreed to be 100 PLN for 1 MWh, with the planned production of over 100 000 MWh by the whole Group.

 

Planned indexes to be achieved in 2022 by the whole Calor Group:

 

  Net income: 90 million PLN

  Net profit: 18 million PLN

  EBITDA: over 28 million PLN

 

SUMMARY

21 heating plants and electrical power and heating plants

Number of receivers ~4,800

Over 65 km of the group’s own heating network

The biggest private operator on the decentralized energy market in Poland

The company’s value of over 200 million PLN

Fundings from NFEP&WM of the amount of 32 million PLN

Stable financial situation of the company

Current EBITDA of the whole group - 6,3 million PLN (2017)

Targeted EBITDA of the whole group in 2022 - 28 million PLN

 

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