El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — 9M 2012 Earnings Presentation
13 slides from El5-Ener's earnings presentation, Nov 8, 2012
Slide 1: Enel OGK-5 9M 2012 Results
Enel OGK-5 9M 2012 Results Moscow, 8 November 2012
Slide 2: Agenda
Enel OGK 5 Enel OGK-5 9M 2012 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 9M 2012 Results Investor Relations Financial Highlights (Mn RUR)1 9M 2011 9M 2012 % Revenues 44,345 48,012 +8 EBITDA 9,781 11,264 +15 EBITDA margin (%) 22 23 Net Income 4,573 4,666 +2 Net Debt 27,4432 26,353 -4 EBITDA/Net financial expenses3 6.5 5.5 Net Debt/EBITDA4 2.5 1.8 Net
Slide 4: Power Output and Sales
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations Power Output and Sales Net Output (TWh) Power Sales (TWh) +6% +6% 31.1 33.0 37.4 2% 11% CCGT 35.2 Unregulated 47% Coal 47% 85% 84% Regulated Gas 51% 42% 15% 16% 9M 2011 9M 2012 9M 2011 9M 2012 Plant availability Utilization on total capacity 7
Slide 5: Unit Margin on Sales (RUR/MWh)
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations Unit Margin on Sales (RUR/MWh)1 Unit Price -1% Unit Margin on Sales 939 927 -14% 200 9M 2011 9M 2012 172 Unit Cost of Sales2 +2% 9M 2011 9M 2012 740 755 9M 2011 9M 2012 Unit margin compression partially compensated for by better fuel efficienc
Slide 6: Focus on CCGTs
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations Focus on CCGTs1 Net Output (TWh) 2.1 1.6 Spreads (RUR/MWh)2 304 NGRES SGRES CCGT CCGT 55 Utilization Conventional CCGTs gas units 68% 42% Conventional CCGTs gas units 1 9M 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 9M 2012 Results Investor Relations Revenues and costs (Bn RUR) Operating revenue breakdown Variable costs 48.0 27.8 30.0 44.3 2.2 3.7 4.1 Fuel 2.5 11.1 24.1 25.9 Purchased power 8.8 Power 9M 2011 9M 2012 Capacity Heat and other 33.0 34.7 Fixed costs 7.4 6.6 0.6 O&M manageable 0
Slide 8: EBITDA evolution (Mn RUR)
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations EBITDA evolution (Mn RUR) +15% +1,775 -292 11,264 9,781 Fixed costs and other items Generation margin 9M 2011 9M 2012 EBITDA growth mainly supported by increase in generation margin 8
Slide 9: From EBITDA to Net Income (Mn RUR)
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations From EBITDA to Net Income (Mn RUR)1 9M 2011 9M 2012 % EBITDA 9,781 11,264 +15 Depreciation and amortisation2 (2,354) (3,592) +53 EBIT 7,427 7,672 +3 Net Financial Charges3 (1,848) (1,867) +1 Share of result of associates - - n.a. EBT 5,579 5,8
Slide 10: Net Debt Evolution
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations Net Debt Evolution Net Debt (Mn RUR) Fixed + Hedged on Total Debt -1,090 16% 16% Floating 84% 84% Fixed/Hedged 27,443 -11,773 +1,415 26,353 31Dec11 30Sep12 +9,068 +200 FX Net financial charges Average Cost of Debt 9M 2011 9M 2012 Cash flow Cap
Slide 11: Focus on Liquidity
Enel OGK 5 Enel OGK-5 9M 2012 Results Investor Relations Focus on Liquidity Available credit facilities (Bn RUR)1 Utilized amount (%) +10.7 57.7 Long-term 70% 47.0 Short-term 54% 82% 76% 18% 24% 31Dec11 30Sep12 31Dec11 30Sep12 Well-balanced debt structure Improved liquidity available 1 Not adjusted
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