El5-Ener · RUS:ELFV
El5-Ener — Enel OGK-5 — Investor Presentation (May 2012)
25 slides from El5-Ener's investor presentation, May 2012
Slide 1: Enel OGK-5 Investor Presentation
Enel OGK-5 Investor Presentation May 2012
Slide 2: Enel today
Enel SpA Enel OGK-5 Investor Relations Investor Relations Enel today1 Global Strategy Maintaining our leadership in mature energy markets Deliver organic growth in: renewables, Latam, Russia and Eastern Europe Accelerate efficiencies and operational excellence Tight control on capex Leadership in in
Slide 3: Enel Presence in Russia
Enel SpA Enel OGK-5 Investor Relations Investor Relations Enel Presence in Russia Upstream gas Power generation Energy supply 19.6% of SeverEnergia 56.4% of Enel OGK-5 49.5% of Rusenergosbyt Gas fields in the north of Western Largest independent retail power Core asset of Enel‟s vertical Siberia
Slide 4: Enel OGK-5 in Brief
Enel SpA Enel OGK-5 Investor Relations Investor Relations Enel OGK-5 in Brief Key facts Enel OGK-5 is a wholesale generating company spun off from RAO UES as part of the Russian power sector reform Ownership structure1 Majority stake owned by Enel S.p.A., a global utility Enel OGK-5 owns four
Slide 5: Power Plants
Enel SpA Enel OGK-5 Investor Relations Investor Relations Power Plants1 Asset location and description Fuel mix Moscow Advantages All plants in 1st price zone Favourable fuel mix Price zone I (991 RUR/MWh)2 Two highly efficient CCGTs commissioned under capacity Price zone II contracts (DPM) wi
Slide 6: Enel OGK-5 vs. Peers
Enel SpA Enel OGK-5 Investor Relations Investor Relations Enel OGK-5 vs. Peers Installed Utilization Controlled by Positioning Capacity (IC), Fuel Mix ratio2 (2011) MW 1 InterRAO 9,861 61% OGK-1 Gazprom 17,869 51% OGK-2 InterRAO 8,357 44% OGK-3 E.ON 10,345 74% E.ON Russia Enel 9,562 57% ENEL OGK-5 1
Slide 7: Energy Margin
Enel SpA Enel OGK-5 Investor Relations Investor Relations Energy Margin Spreads evolution (RUR/MWh)1 Gas spread Key margin growth drivers Coal spread Coal spread expansion driven by lower coal cost vs. gas cost increase CCGT spread contribution (>3x above conventional gas in 2011) Favourable D
Slide 8: Cost Management
Enel SpA Enel OGK-5 Investor Relations Investor Relations Cost Management Main efficiency improvement areas Heat rate reduction Own-needs consumption reduction; Technical area Water consumption reduction Planned maintenance optimization 2011 savings examples: Unplanned unavailability reduc
Slide 9: EBITDA Growth
Enel SpA Enel OGK-5 Investor Relations Investor Relations EBITDA Growth EBITDA evolution (Bn RUR)1 2012 – 2016 EBITDA CAGR2: ~20% Future EBITDA expansion will be mainly driven by: Higher contribution from new CCGTs Dark spread expansion Better efficiency of existing power plants as a result of
Slide 10: Investments
Enel SpA Enel OGK-5 Investor Relations Investor Relations Investments Historical CAPEX 2012-16 CAPEX structure (Bn RUR) Total CAPEX in 2007-11: Total CAPEX in 2012-16: 70Bn RUR 47Bn RUR 10
Slide 11: Key Investment Projects
Enel SpA Enel OGK-5 Investor Relations Investor Relations Key Investment Projects Environmental projects at Reftinskaya Revamping projects Dry ash removal system Revamping of 300MW units at Reftinskaya Long-term revamping programme of Commissioning starts in 2H 2012 six 300MW units Strong cont
Slide 12: Key Challenges for Russian Energy System
Enel SpA Enel OGK-5 Investor Relations Investor Relations Key Challenges for Russian Energy System Blackouts possible at Risk of non-sufficiency of Need to avoid excessive peak loads new commissionings pressure on end users Latest blackout risk occurred Russia‟s installed Government to balance cap
Slide 13: Annexes
Enel SpA Investor Relations • Annexes 13
Slide 14: Financial Highlights (m RUR)
2011 Results Enel OGK 5 Investor Relations Financial Highlights (m RUR)1 1. Audited financial results under IFRS 2. Revenues and EBITDA from non-regulated bilateral contracts netted with the corresponding amount of power purchases 3. Excluding the effect of accrual of approx 1.3 Bn RUR of provisions
Slide 15: Ebitda evolution (m RUR)
2011 Results Enel OGK 5 Investor Relations Ebitda evolution (m RUR) 15
Slide 16: Net debt evolution (m RUR)
2011 Results Enel OGK 5 Investor Relations Net debt evolution (m RUR) 16
Slide 17: Focus in liquidity (bn RUR)
2011 Results Enel OGK 5 Investor Relations Focus in liquidity (bn RUR) 1. Not adjusted for FX differences on EUR-nominated facilities 17
Slide 18: Financial Highlights (m RUR)
1Q12 Results Enel OGK 5 Investor Relations Financial Highlights (m RUR)1 1 Unaudited financial results under IFRS 2 As of 31 December, 2011 3 Excluding FX differences and the corresponding change in fair value of derivatives 4 Net debt at the end of the period divided by 12 months rolling EBITDA 18
Slide 19: Focus on new CCGT's (m RUR)
1Q12 Results Enel OGK 5 Investor Relations Focus on new CCGT‟s (m RUR) 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 fuel
Slide 20: Ebitda evolution (m RUR)
1Q12 Results Enel OGK 5 Investor Relations Ebitda evolution (m RUR) 20
Slide 21: Net debt evolution (m RUR)
1Q12 Results Enel OGK 5 Investor Relations Net debt evolution (m RUR) 21
Slide 22: 2012 short term outlook
Enel‟s 2012-16 Russian Outlook Enel OGK 5 Investor Relations 2012 short term outlook 1 1 Russian EBITDA numbers include Enel OGK-5 and consolidated portion of Rusenergosbyt; Enel OGK-5 portion in total EBITDA amounts to EUR 0.35b and EUR 0.38b for 2011 and 2012 respectively 22
Slide 23: Targets of Enel's international division
Enel‟s 2012-16 Russian Outlook Enel OGK 5 Investor Relations Targets of Enel‟s international division 3 1 Net of connection fees 2 Romania, France & Belgium and Enel Investment Holding 3 Russian EBITDA numbers include Enel OGK-5 and consolidated portion of Rusenergosbyt; Enel OGK-5 portion in total
Slide 24: 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 (Enel S.p.A.) current expectations and
Slide 25: Contact Us
Enel OGK 5 Investor Relations Contact Us • Alexey Leonov (Head of IR) +7 495 539 31 31 ext. 7631 [email protected] Visit our website at: www.ogk-5.com (Investor Relations) 25