E.on Se · XETR:EOAN
E.on — E.ON Russia — H1 2014 Earnings Presentation
9 slides from E.on's earnings presentation, Aug 21, 2014
Slide 1: E.ON Russia 2014 first half results
E.ON Russia 2014 first half results 21 August 2014
Slide 2: 2014 first half results
2014 first half results1 EBITDA2 EBIT2 14.5bn 12.7bn 10.3bn 8.9bn Earnings decline in first half mainly due to lower gross margin higher gas procurement cost lower capacity fee (KOM) for Berezovskaya H1 2013 H1 2014 H1 2013 H1 2014 Capex increase as planned - mainly allocated to Berezovskaya
Slide 3: Market environment
Market environment DAM price vs. gas price 1st pricing zone 2012 2013 2014 Day ahead market price (DAM) +13% YoY but 150% new commissioning and decrease of power consumption (-1%) put pressure on full year DAM price 120% Base level1 2nd pricing zone 90% DAM price -12% YoY mainly due to high shar
Slide 4: Operational development
Operational development Electric power generation Load factor TWh 35 80% 30 25 60% 20 15 40% H1 2011 H1 2012 H1 2013 H1 2014 H1 2011 H1 2012 H1 2013 H1 2014 Efficiency Gfe/kWh1 Power generation declined by 2.6% mainly 350 due to planned inspections of CCGTs (Surgutskaya/Yaivinskaya) 300 Load fac
Slide 5: Earnings development
Earnings development EBITDA drivers H1 2013 vs. H1 2014 RUBbn Gross margin: -8% to RUB18.4bn Electricity price growth could not completely H1 2013 14.5 offset the increase of fuel costs Reduced capacity (KOM) payments for Berezovskaya Gross margin -1.6 Controllable costs: +18% to RUB5.1bn 1 In
Slide 6: Berezovskaya new build
Berezovskaya new build Comissioning date: June 2015 1st June 2015 stated as commissioning date to the regulator Start of hydrostatic test scheduled for 24 August 2014 and completes the boiler erection Option to bring the commissioning up to 3 months forward Capex significant below benchmark
Slide 7: Financial outlook
Financial outlook RUBbn (EBITDA)1 EBITDA sensitivity of Berezovskaya COD against 2015 outlook 40 RUB1bn COD 1st May 2015 29 30 + 23 COD 1st June 2015 20 15 - 9 6 RUB1bn COD 1st July 2015 10 XX 0 CSA/DAM Penalty for delay 2013 2014 2015 2016 E E E ~RUB14bn full year EBITDA contribution, thereof ~90%
Slide 8: E.ON Russia IR - Reporting calendar & contact
E.ON Russia IR - Reporting calendar & contact Reporting calendar Date Event October 27, 2014 Publication of the RAS statements of E.ON Russia for 9 months of 2014 November 13, 2014 Publication of the IFRS statements of E.ON Russia for 9 months of 2014 Contact Dmitri Ermilichev Mail: Ermilichev_D@eon
Slide 9: Disclaimer
Disclaimer This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON Russia and other information currently available to E.ON Russia. Various known and unknown risks, uncertainties and other factors could lead to material differences between the