El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — Q1 2012 Earnings Presentation
13 slides from El5-Ener's earnings presentation, May 3, 2012
Slide 1: Enel OGK-5 1Q 2012 Results
Enel OGK-5 1Q 2012 Results Moscow, 3 May 2012
Slide 2: Agenda
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Agenda • Financial Highlights • Power Generation and Sales • Unit Margin on Sales • Focus on new CCGTs • Revenues, costs and energy margin • EBITDA Evolution • From EBIT to Net Income • Net Debt Evolution • Focus on Liquidity 2
Slide 3: Financial Highlights (Mn RUR)
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Financial Highlights (Mn RUR)1 1Q 2011 1Q 2012 % Revenues 15,548 17,379 +12 EBITDA 3,726 4,066 +9 EBITDA margin (%) 24 23 Net Income 2,063 2,011 -3 Net Debt 27,4432 25,439 -7 EBITDA/Net financial expenses3 9.9 8.0 Net Debt/EBITDA4 2.0 1.8 Net
Slide 4: Power Output and Sales
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Power Output and Sales Net Output (TWh) Power Sales (TWh) +16% +16% 12.1 13.6 10.4 11% CCGT 11.8 Unregulated 48% 45% Coal 85% Gas 83% Regulated 52% 44% 17% 15% 1Q 2011 1Q 2012 1Q 2011 1Q 2012 Plant availability Utilization on total capacity 84
Slide 5: Unit Margin on Sales (RUR/MWh)
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Unit Margin on Sales (RUR/MWh)1 Unit Price -8% Unit Margin on Sales 944 870 -24% 214 1Q 2011 1Q 2012 152 Unit Cost of Sales2 1Q 2011 1Q 2012 -2% 730 718 1Q 2011 1Q 2012 Unit margin compression due to falling free power prices 1 Excluding capac
Slide 6: Focus on new CCGTs
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Focus on new CCGTs1 Net Output (TWh) 0.7 0.6 Spreads (RUR/MWh)2 269 NGRES SGRES CCGT CCGT 56 Utilization Conventional CCGTs gas units 77% 59% Conventional CCGTs units 1 1Q 2012 data 2 Calculated as average DAM selling price of Enel OGK-5 minus
Slide 7: Revenues, costs and energy margin (Bn RUR)
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Revenues, costs and energy margin (Bn RUR) Revenues: key lines 17.3 15.4 Energy Margin1 1.2 1.2 4.2 3.1 Heat + 8% Capacity 11.1 11.8 Power 6.5 6.0 1Q 2011 1Q 2012 Costs: key lines 13.1 11.6 1Q 2011 1Q 2012 2.3 2.1 1.3 Fixed costs 1.2 Purchased
Slide 8: EBITDA evolution (Mn RUR)
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations EBITDA evolution (Mn RUR) +9% +484 -76 -68 4,066 3,726 Manageable Not manageable costs Generation costs and other margin items 1Q 2011 1Q 2012 EBITDA growth supported by increase in generation margin 8
Slide 9: From EBIT to Net Income (Mn RUR)
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations From EBIT to Net Income (Mn RUR) 1Q 2011 1Q 2012 % EBIT 3,129 2,815 -10 Net Financial Charges1 (579) (275) -53 Share of result of associates - - n.a. EBT 2,550 2,541 0 Income Tax (487) (530) +9 Net Income 2,063 2,011 -3 1. Including FX differe
Slide 10: Net Debt Evolution
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Net Debt Evolution Net Debt (Mn RUR) Fixed + Hedged on Total Debt -2,004 16% 16% Floating 84% 84% Fixed/Hedged 27,443 -3,896 +1,816 -431 +507 25,439 31Dec11 31Mar12 FX effect Interest Cash flow from Capex operations Average Cost of Debt 1Q 201
Slide 11: Focus on Liquidity
Enel OGK 5 Enel OGK-5 1Q 2012 Results Investor Relations Focus on Liquidity Available credit facilities (Bn RUR)1 Utilized amount (%) -4.6 47.0 Long-term 74% 42.4 70% Short-term 82% 88% 18% 12% 31Dec11 31Mar12 31Dec11 31Mar12 Well-balanced debt structure 1 Not adjusted for FX differences on EUR-nomi
Slide 12: 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 JSC OGK-5 ’s current expectations and projections about fu
Slide 13: 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) 13