2. Company Development
Milestones Client proposition
• Efficient and district heating services
2000 Foundation
Segments • Public lighting
• Energy Trading
Aggressive
2005
Growth • Industrial clients (including Blue
Chips)
2007 IPO Customers
• Municipalities
International • Residential clients
2009 Expansion +
SPO • Hot Water
Further
2010 International • Steam
Growth • Electricity
Main
EETEK Acquisition Products
2011 • ESCO
Warsaw SPO
• Energy Outsourcing
Bond Prog. I
• Public Lightning
(EUR 35 M) 1
3. Diversified International Project Portfolio
EC Mielec
• Heat and electricity
• Capacity: 170.5 MWth and
24.4 Mwel
Euro-Energetyka
Energy distribution and Mielec Gheorgheni
trading
Gorlice Zalau
EC Gorlice
• Heat and electricity
• Capacity: 87.2 MWth and 7.0
Mwel
Győr Targu
Rába-Audi Project Mures
• Energy and utility services
• Blue-chip industrial
consumers
(Rába, Audi, Dana)
• Capacity: 8.4 MWth and 8.5 Public lighting
MWel ESCO
District heating 2
4. Technology-Free, Knowledge-Based
Alternative Energy Business
E-Star
Polska
Industrial Municipality
Residential
Gas Gas
Boilers Engines
Natural gas Coal
Biomass Turbines Geothermal
Boilers / Inert gas Biomass,
Waste to Energy
Biogas Geothermal Solar
3
5. Diversified Revenue Sources
with Bluechip Industrial Clients
Distribution of Revenues - H1 2011
Residential Industrial Municipal Total
Hungary 3% 23% 11% 37%
Poland 0% 37% 10% 47%
Romania 10% 0% 5% 15%
Total: 13% 61% 26% 100%
Reliable international bluechip industrial clientele
4
6. Corporate Structure
Post-Merger Integration
• Reorganized corporate structure
• Higher level of integration
• E-Star Polska to be established
Current Planned
Hungary Hungary
Poland
Cyprus
Poland E-Star Polska
100% 71% 85%
100% 71% 85%
FondElec
E-Star Polska E-Star EC Gorlice E-Star EC Mielec
Management
Management
company 51%
51.66%
51%
48.34%
Operating
companies EC.Energetyka*
5
7. Current Projects Secure
EBITDA and Net Income Growth
Country Project Project description
• Taking advantage of synergies
Restructuring
• Non-core and loss generating activities to be sold
Buyout of minority • Will foster faster decision making
stakeholders in subsidiaries
• Other reconnection possibilities through network
Poland
• 8,4 MWel and 7,4 MWth capacity
New Gas Cogen in
Mielec • Expansion of the Special Economic Zone in Mielec
provides great opportunities
Acquisition of • Owning and operating both the distributional network
distributional network and energy production leads to higher efficiency and
provides wilder business development opportunities
• Many improvent opportunities at Raba project
Hungary R&D projects • Significant projects relying on renewable resources
• Geothermal, Biogas, Biomass
Romanian CAPEX • Over performing institutional reconnections
Romania
program • EUR 4 M saving on rationalizing
6
8. The Future
2011 - Greatest Achievements
• Entering Poland by EETEK • New Gas Cogeneration 8,4 MWe
acquisition (EUR 21 M + EUR 4,5 M)
• Organizational improvement (500)
• SPO (10%) EUR 9,4 M
• Romanian reconnections
• Closing E-Star HUF nominated Bond
Program EUR 34,5 M • ERP, CRM, Microsoft Navision
• Successful Bank Financing – BZ • Re - branding
EUR 4 M
2011 2012 2013 2014 2015
Consolidation Entering 4th Bring projects to Entering 5th
Entering Poland
country perfection country
EUR 20 M EBITDA
EBITDA EUR11,1 M Further growth EUR 500 M
Market CAP
Overall CAPEX program of EUR 215 M
