El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — FY2012 Earnings Presentation
14 slides from El5-Ener's earnings presentation, Mar 11, 2013
Slide 1: Enel OGK-5 2012 Results
Enel OGK-5 2012 Results Moscow, 11 March 2013
Slide 2: Agenda
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Agenda • Market environment • Financial Highlights • Power Generation and Sales • Unit Margin on Sales • Focus on CCGTs • Revenues and costs • EBITDA Evolution • From EBITDA to Net Income • Net Debt Evolution • Focus on Liquidity 2
Slide 3: Market environment
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Market environment Key macro indicators DAM1 and gas price YoY dynamics in 2012 2011 2012 % GDP growth, % 4,3 3,4 Inflation, % 6,1 6,6 Power demand, TWh1 759 769 +1.4 Centre 220 227 +2.8 South 86 87 +0.9 Regulated gas tariff Urals 253 256 +1.0 DA
Slide 4: Financial Highlights (Mn RUR)
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Financial Highlights (Mn RUR)1 2011 2012 % Revenues 60,102 66,546 +11 EBITDA 13,550 15,021 +11 EBITDA margin (%) 23 23 Net Income 4,964 5,553 +12 Net Debt 27,443 24,968 -9 EBITDA/Net financial expenses2 6.7 6.7 Net Debt/EBITDA 2.0 1.7 Net Debt/Eq
Slide 5: Power Output and Sales
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Power Output and Sales Net Output (TWh) Power Sales (TWh) +5% +6% 42.4 44.5 50.7 3% 11% CCGT 47.9 Unregulated 47% Coal 47% 84% Gas 85% Regulated 50% 42% 16% 16% 2011 2012 2011 2012 Plant availability Utilization on total capacity 79% 82% 57% 56%
Slide 6: Unit Margin on Sales (RUR/MWh)
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Unit Margin on Sales (RUR/MWh)1 Unit Price +2% Unit Margin on Sales 922 937 -8% 191 2011 2012 175 Unit Cost of Sales2 2011 2012 +4% 731 762 2011 2012 Unit margin compression partially compensated for by better CCGTs and coal conditions 1 Excludin
Slide 7: Focus on CCGTs
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Focus on CCGTs1 Net Output (TWh) 2.7 2.3 Spreads (RUR/MWh)2 304 NGRES SGRES CCGT CCGT 54 Utilization Conventional CCGTs gas units 71% 45% Conventional CCGTs gas units 1 2012 data 2 Calculated as average DAM selling price of Enel OGK-5 minus fuel
Slide 8: Revenues and costs (Bn RUR)
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Revenues and costs (Bn RUR) Operating revenue breakdown Variable costs 66.5 37.7 41.4 60.1 3.8 4.8 5.8 Fuel 3.6 15.3 32.9 35.6 Purchased power 12.5 Power 2011 1 2012 2 Capacity Heat and other 44.1 47.4 Fixed costs 10.3 9.0 0.6 O&M manageable 0.8
Slide 9: EBITDA evolution (Mn RUR)
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations EBITDA evolution (Mn RUR) +11% +2,608 -1,137 15,021 13,550 Fixed costs and other items Generation margin 2011 2012 EBITDA growth supported by increase in generation margin 9
Slide 10: From EBITDA to Net Income (Mn RUR)
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations From EBITDA to Net Income (Mn RUR) 2011 2012 % EBITDA 13,550 15,021 +11 Depreciation and amortisation1 (4,826) (5,341) +11 EBIT 8,724 9,679 +11 Net Financial Charges2 (2,452) (2,640) +8 Share of result of associates - - n.a. EBT 6,272 7,040 +12 I
Slide 11: Net Debt Evolution
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Net Debt Evolution Net Debt (Mn RUR) Fixed + Hedged on Total Debt -2,475 16% 17% Floating 84% 83% Fixed/Hedged 27,443 -15,583 +1,952 24,968 31Dec11 31Dec12 +10,500 +656 FX Net financial charges Average Cost of Debt 2011 2012 Cash flow from Capex
Slide 12: Focus on Liquidity
Enel OGK 5 Enel OGK-5 2012 Results Investor Relations Focus on Liquidity Available credit facilities (Bn RUR)1 Utilized amount (%) +1.8 48.8 Long-term 70% 47.0 Short-term 63% 82% 75% 25% 18% 31Dec11 31Dec12 31Dec11 31Dec12 Well-balanced debt structure 1 Not adjusted for FX differences on EUR-nominat
Slide 13: Disclaimer
Enel OGK 5 Investor Relations Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information (“forward-looking statements”). These forward-looking statements are based on OJSC Enel OGK-5 ’s current expectations and projections ab
Slide 14: Contact Us
Enel OGK 5 Investor Relations Contact Us • Alexey Leonov (Head of IR) +7 495 539 31 31 ext. 7631 alexey.leonov@enel.com Visit our website at: www.ogk-5.com (Investor Relations) 14