El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — H1 2013 Earnings Presentation
13 slides from El5-Ener's earnings presentation, Jul 30, 2013
Slide 1: Enel OGK-5 1H 2013 Results
Enel OGK-5 1H 2013 Results Moscow, 30 July 2013
Slide 2: Agenda
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Agenda • 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: Financial Highlights (Mn RUR)
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Financial Highlights (Mn RUR)1 1H 20122 1H 2013 % Revenues 31,238 32,656 +5 EBITDA 7,404 8,311 +12 EBITDA margin (%) 24 25 Net Income 2,694 2,005 -26 Adjusted net income3 2,694 2,900 +8 Net Debt 24,9684 25,441 +2 EBITDA/Net financial expenses5
Slide 4: Power Output and Sales
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Power Output and Sales Net Output (TWh) Power Sales (TWh) -7% -7% 22.1 20.5 24.9 11% CCGT 23.2 12% Free Coal 48% 48% 84% 83% Regulated Gas 41% 40% 16% 17% 1H12 1H13 1H12 1H13 Plant availability Utilization on total capacity 82% 81% 55% 51% 1H1
Slide 5: Unit Margin on Sales (RUR/MWh)
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Unit Margin on Sales (RUR/MWh)1 Unit Price +9% Unit Margin on Sales 870 949 +17% 181 1H12 1H13 154 Unit Cost of Sales2 1H12 1H13 +7% 716 767 1H12 1H13 Favourable coal price dynamics lead to higher unit margin on sales 1 Excluding capacity paym
Slide 6: Focus on CCGTs
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Focus on CCGTs Net Output (TWh) 2.4 2.4 1H 2013 Spreads (RUR/MWh)1 291 1H12 1H13 48 1H 2013 utilization on total capacity Conventional CCGTs gas units 68% 40% Conventional CCGTs gas units 1 Calculated as average DAM selling price of Enel OGK-5
Slide 7: Revenues and costs (Bn RUR)
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Revenues and costs (Bn RUR) Operating revenue breakdown Variable costs 19.3 19.3 32.7 2.4 2.4 31.2 2.3 Fuel 1.9 16.9 16.9 Purchased power 8.5 7.7 Power 1H12 1 1H13 2 Capacity 21.6 21.9 Heat and other Fixed costs 5.1 5.3 0.4 0.6 O&M manageable
Slide 8: EBITDA evolution (Mn RUR)
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations EBITDA evolution (Mn RUR) +12% +1,276 -163 -206 8,311 7,404 Fixed costs Other items Generation margin 1H 2012 1H 2013 EBITDA growth driven by generation margin expansion 8
Slide 9: From EBITDA to Net Income (Mn RUR)
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations From EBITDA to Net Income (Mn RUR) 1H 2012 1H 2013 % EBITDA 7,404 8,311 +12 Depreciation and amortisation1 (2,391) (4,153) +74 EBIT 5,014 4,158 -17 Net Financial Charges2 (1,611) (1,637) +2 EBT 3,402 2,521 -26 Income Tax (708) (515) -27 Net In
Slide 10: Net Debt Evolution
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Net Debt Evolution Net Debt (Mn RUR) Hedged Debt on Total Debt +473 8% 17% Unhedged 83% 92% Hedged 24,968 -6,274 +730 25,441 31Dec12 30Jun13 +1,189 +4,828 Net financial FX charges Average Cost of Debt Cash flow from Capex operations post 1H 20
Slide 11: Focus on Liquidity
Enel OGK 5 Enel OGK-5 1H 2013 Results Investor Relations Focus on Liquidity Available credit facilities (Bn RUR)1 Utilized amount (%) -1.9 63% 60% 48.8 46.9 75% 69% 25% 31% 31Dec12 30Jun13 31Dec12 30Jun13 Long-term Short-term 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 OJSC Enel OGK-5 ’s current expectations and projections ab
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