El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — H1 2012 Earnings Presentation
13 slides from El5-Ener's earnings presentation, Jul 31, 2012
Slide 1: Enel OGK-5 1H 2012 Results
Enel OGK-5 1H 2012 Results Moscow, 31 July 2012
Slide 2: Agenda
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Agenda • Financial Highlights • Power Generation and Sales • Unit Margin on Sales • Focus on CCGTs • Revenues and costs • 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 1H 2012 Results Investor Relations Financial Highlights (Mn RUR)1 1H 2011 1H 2012 % Revenues 29,685 31,238 +5 EBITDA 6,140 7,720 +26 EBITDA margin (%) 21 25 Net Income 2,775 2,976 +7 Net Debt 27,4432 25,635 -7 EBITDA/Net financial expenses3 6.5 6.8 Net Debt/EBITDA4 2.0 1.7 Net
Slide 4: Power Output and Sales
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Power Output and Sales Net Output (TWh) Power Sales (TWh) +7% +7% 20.7 22.1 23.3 24.9 11% CCGT Unregulated 48% Coal 48% 84% Gas 84% Regulated 52% 41% 16% 16% 1H 2011 1H 2012 1H 2011 1H 2012 Plant availability Utilization on total capacity 80%
Slide 5: Unit Margin on Sales (RUR/MWh)
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Unit Margin on Sales (RUR/MWh)1 Unit Price -8% Unit Margin on Sales 945 870 -27% 212 1H 2011 1H 2012 154 Unit Cost of Sales2 -2% 1H 2011 1H 2012 733 716 1H 2011 1H 2012 Unit margin compression due to falling free power prices, partially compen
Slide 6: Focus on CCGTs
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Focus on CCGTs1 Net Output (TWh) 1.3 1.1 Spreads (RUR/MWh)2 269 NGRES SGRES CCGT CCGT 48 Utilization Conventional CCGTs gas units 68% 44% Conventional CCGTs gas units 1 1H 2012 data 2 Calculated as average DAM selling price of Enel OGK-5 minus
Slide 7: Revenues and costs (Bn RUR)
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Revenues and costs (Bn RUR) Operating revenue breakdown Variable costs 18.5 19.2 0.2 2.3 2.4 0.2 31.2 Fuel 29.7 1.7 1.7 16.2 16.8 Purchased power 5.8 7.7 Power 1H 2011 1H 2012 Capacity Heat 22.0 21.7 Other Fixed costs 4.8 4.5 0.4 O&M manageabl
Slide 8: EBITDA evolution (Mn RUR)
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations EBITDA evolution (Mn RUR) +26% +444 7,720 +1,136 Fixed costs and 6,140 other items Generation margin 1H 2011 1H 2012 EBITDA growth mainly supported by increase in generation margin 8
Slide 9: From EBIT to Net Income (Mn RUR)
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations From EBIT to Net Income (Mn RUR) 1H 2011 1H 2012 % EBIT 4,625 5,329 +15 Net Financial Charges1 (1,100) (1,575) +43 Share of result of associates - - n.a. EBT 3,525 3,754 +6 Income Tax (750) (778) +4 Net Income 2,775 2,976 +7 1. Including FX di
Slide 10: Net Debt Evolution
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Net Debt Evolution Net Debt (Mn RUR) Fixed + Hedged on Total Debt -1,808 16% 16% Floating 84% 84% Fixed/Hedged 27,443 -9,042 +973 25,635 31Dec11 30Jun12 +5,814 +447 Net financial FX charges Average Cost of Debt Cash flow Capex 1H 2011 1H 2012
Slide 11: Focus on Liquidity
Enel OGK 5 Enel OGK-5 1H 2012 Results Investor Relations Focus on Liquidity Available credit facilities (Bn RUR)1 Utilized amount (%) -0.7 47.0 46.3 Long-term 70% 67% Short-term 82% 84% 18% 16% 31Dec11 30Jun12 31Dec11 30Jun12 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) 12