Fgc Rosseti · RUS:FEES
Fgc Rosseti — Federal Grid Company — H1 2015 Earnings Presentation
13 slides from Fgc Rosseti's earnings presentation, August 2015
Slide 1: 1H2015 Operational and Financial Results
Federal Grid Company 1H2015 Operational and Financial Results LISTED August 2015 STANDARD DEPOSITARY RECEIPTS
Slide 2: Key corporate developments
Key corporate developments Key Events in 1H2015 1H2015 Consolidated Financial Results • In June the Company held its AGM, where shareholders Revenue decreased by 3.3% y-o-y to RUB 82.5 bn. approved the payment of dividends for 2014 totalling RUB 847.4 million; Total operating expenses excluding
Slide 3: Operational Overview
Operational Overview Electricity Transmission Volume Transmission Grid Length in Operation bn kWh (for respective period) ‘ths km (end of period) 300 145 +0.1% +3.1% 275 140 138.8 139.0 261.0 253.2 250 135 225 130 200 0 0 125 1H2014 1H2015 2014 1H2015 Substations in Operation(1) Total Transformer Ca
Slide 4: Key Financial Results
Key Financial Results Revenue Adjusted EBITDA RUB bn RUB bn 49.9 -7.5% 85.4 -3.3% 50 85 46.2 82.5 40 80 58.4% 30 56.0% 75 0 20 0 1H2014 1H2015 1H2014 1H2015 Adjusted EBITDA Margin Net Debt Position RUB bn 250 +1.2% 220.1 222.8 200 150 2.1x 2.0x 0 100 2014 1H2015 Leverage Source: Company IFRS financi
Slide 5: Revenue Structure
Revenue Structure Total Revenue RUB bn Revenue structure -3.3% 85.4 Y-o-Y RUB bn 1H2014 1H2015 85 Change 82.5 Transmission fee 79.5 77.2 -2.9% Electricity sales 2.1 4.7 120.1% 80 Connection services 3.4 0.4 -87.5% Other revenue 0.33 0.26 - 21.5% 75 0 1H2014 1H2015 Total revenue 85.4 82.5 -3.3% Tarif
Slide 6: Operating Cost Structure
Operating Cost Structure % of Total % of Total 1H2014 1H2015 Y-o-Y RUB bn Operating RUB bn Operating Change Costs Costs Personnel Related Expenses 13.7 24.4% 13.9 25.0% 1.8% Purchased electricity 7.1 12.7% 6.7 12.1% -5.8% Repairs & Maintenance and Materials 2.0 3.5% 1.5 2.6% -26.0% Electricity trans
Slide 7: EBITDA Analysis
EBITDA Analysis Adjusted EBITDA Bridge RUB bn 49.9 50 48 0.6 1.4 46.2 46 -2.8 1.6 44 42 -4.3 40 Adjusted Revenue Other Allowance for Other Finance Adjusted EBITDA decrease operating doubtful debtors operating expenses income EBITDA 1H2014 income increase decrease increase 1H2015 increase EBITDA de
Slide 8: Free Cash Flow
Free Cash Flow Free Cash Flow in 1H2015 RUB Bn 60 3.3 51.3 50 1.0 0.8 46.2 40 30 20 10 -45.1 0 -12.3 -6.1 -10 Adjusted EBITDA Changes in Income tax paid Non-cash Operating cash Capex Interest paid Free cash flow working capital adjustments flow Outflow for the period was covered by company's avail
Slide 9: Debt Capital Structure
Debt Capital Structure Debt profile as of 01/08/2015 Debt repayment structure bn RUB Debt principal amount: RUB 287.97 bn 35 Debt service cost on average: 12.91% 30 25 Average debt maturity: 16.8 years 20 40 40 Flat repayment schedule 15 30 30 100% of total debt is unsecured and ruble-deno
Slide 10: Appendices
awa: er Paes Si
Slide 11: Glossary
Glossary General The Unified National Electric Grid – the UNEG PJSC “Federal Grid Company of Unified Energy System” – Federal Grid Company PJSC “FGC UES” and its subsidiaries – the Group PJSC “Russian Grids” – Russian Grids The Russian Federal Tariff Service – the FTS Financial Metrics A
Slide 12: Investor Relations Contacts
Investor Relations Contacts Egor Toropov Tel.: +7 495 710 9333 ext. 2275 E-mail: toropov-ev@fsk-ees.ru Alexey Novikov Tel.: +7 495 710 9333 ext. 2143 E-mail: novikov-as@fsk-ees.ru 12
Slide 13: Disclaimer
Disclaimer The materials comprising this Presentation have been prepared by the Company solely for use by the Company’s management at investor meetings with a limited number of institutional investors who have agreed to attend such meetings and to be subject to obligations to maintain Company to con