El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — H1 2014 Earnings Presentation
12 slides from El5-Ener's earnings presentation, Jul 30, 2014
Slide 1: Enel OGK-5 1H 2014 Results
Enel OGK-5 1H 2014 Results Moscow, 30 July 2014
Slide 2: Agenda
Enel OGK-5 1H 2014 Results Agenda • Financial highlights • Net power output and sales • Unit margin on sales • CCGTs vs. conventional gas units • Revenues and costs • EBITDA evolution • From EBITDA to net income • Net debt evolution • Focus on liquidity 2
Slide 3: Financial highlights
Enel OGK-5 1H 2014 Results Financial highlights (M RUR)(1) 1H13 1H14 % Revenues 32,656 36,046 +10.4 EBITDA 8,311 9,002 +8.3 - EBITDA margin (%) 25 25 - Net income 2,005 3,430 +71.0 (2) Net debt 19,322 19,617 +1.5 EBITDA/Net financial expenses (3) 6.8 9.0 +2.2 (4) Net debt/EBITDA 1.6 1.1 -0.5 (2) Net
Slide 4: Net power output and sales
Enel OGK-5 1H 2014 Results Net power output and sales Net Output (TWh) Power Sales (TWh) -0.6% +0.2% 20.5 20.3 23.2 23.2 12% 10% CCGT Free 48% 46% Coal 83% 83% Regulated Gas 41% 44% 17% 17% 1H13 1H14 1H13 1H14 Plant availability Utilization on total capacity 81% 77% 51% 51% 1H13 1H14 1H13 1H14 Outpu
Slide 5: Unit margin on sales
Enel OGK-5 1H 2014 Results Unit margin on sales (RUR/MWh)1 Unit Price +13.8% 949 1079 Unit Margin on Sales +24.5% 1H13 1H14 226 181 Unit Cost of Sales2 +11.3% 1H13 1H14 767 854 1H13 1H14 Better prices in 2Q 2014 support growth in unit margin on sales 1 Excluding capacity payment 2 Including energy p
Slide 6: CCGTs vs. conventional gas units
Enel OGK-5 1H 2014 Results CCGTs vs. conventional gas units CCGT net output 1H14 Spreads (RUR/MWh) (TWh) 2.4 Conventional gas units1 2.1 84 48 1H13 1H14 1H13 1H14 1H14 utilization on total capacity NGRES CCGT2 60% 488 43% 375 Conventional CCGTs gas units 1H13 1H14 YoY decline in CCGT output due to
Slide 7: Revenues and costs
Enel OGK-5 1H 2014 Results Revenues and costs (B RUR) Variable costs Operating revenue breakdown 21.5 19.3 2.4 3.1 36.0 32.7 2.3 Fuel 18.4 2.3 16.9 Purchased power 8.7 8.5 Power 1 1H13 2 1H14 Capacity 25.0 Fixed costs Heat and other 21.9 5.3 5.7 0.6 0.7 O&M manageable 2.1 2.2 O&M not manageable Pers
Slide 8: EBITDA evolution
Enel OGK-5 1H 2014 Results EBITDA evolution (M RUR) +8.3% +1,260 -451 -118 9,002 8,311 Fixed costs Other items Generation margin 1H13 1H14 EBITDA growth supported by generation margin 8
Slide 9: From EBITDA to net income
Enel OGK-5 1H 2014 Results From EBITDA to net income (M RUR) 1H13 1H14 % EBITDA 8,311 9,002 +8.3 Amortisation, depreciation and impairment (4,153) (3,298) -20.6 EBIT 4,158 5,704 +37.2 Net financial charges (1,637) (1,391) -15.1 EBT 2,521 4,313 +71.1 Income tax (515) (883) +71.5 Net income 2,005 3,43
Slide 10: Net debt evolution
Enel OGK-5 1H 2014 Results Net debt evolution Net Debt (M RUR) Hedged Debt on Total Debt +295 9% 6% Unhedged Hedged 91% 94% 19,322 -6,804 +382 +681 19,617 +6,036 Net financial FX 31Dec13 30Jun14 charges Cash flow from Capex Average Cost of Debt operations1 1H 2013 1H 2014 Cost Weight Cost Weight RUR
Slide 11: Focus on Liquidity
Enel OGK-5 1H 2014 Results Focus on Liquidity Available credit facilities (B RUR)1 Utilized amount (%) 94.2 89.8 30% 26% 86% 91% Long-term Short-term 14% 9% 31Dec13 30Jun14 31Dec13 30Jun14 5B RUR commercial paper issue repaid with cash in June Tenor of 50B RUR registered commercial papers prolon
Slide 12: Contacts
Enel OGK-5 1H 2014 Results Contacts • Alexey Leonov (Head of IR) +7 495 539 31 31 ext. 7631 [email protected] Visit our website at: www.enel.ru (Investor Relations) 12