[investor presentation]guaranteed supplier status obtained in orel and omsk regions from february...
TRANSCRIPT
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26 February 2015
Inter RAO Group FY2014 Consolidated Financial
and Operating Results
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2
Generation:
Commissioning of 2.1 GW of new and modernized power capacity under CDA since 4Q2013
Electricity price on the spot market in the 1st price zone increased 5.3% YoY and 8.0% YoY in the 2nd price
zone;
KOM’s capacity prices in the wholesale market went up by 8.6% YoY
Gas prices in 2014 for the Russian generation assets increased 7.1% YoY, while coal prices decreased 4%
YoY
Heat tariffs increased 20.7% YoY
Supply:
Regulated supply margin for Inter RAO Group’s guaranteed supply companies went up on average by 6.6%
YoY
Guaranteed supplier status obtained in Orel and Omsk regions from February and March 2014 respectively;
Regional expansion and client base increase in guaranteed supply companies independent supply
companies
Key Factors Affecting The Group’s Financial Performance
Trading:
Russian national currency decreased in relation to the currency of major export contracts (EUR, USD) that
led to trading profitability increase and allowed to increase volumes in 4Q 2014
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I. Operational Performance Results
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22 8572 036
4 180
5 965
4
Electricity And Heat Production
Installed Electric Capacity
Total: 35 038 МW
103.6 102.7
8.8 9.2
19.8 19.6
15.3 14.5
0
40
80
120
160
2013 2014
Electricity Production
146.0
-1.0% TWh
147.5
Heat Production
Load Factor
48.7%
Mln.Gcal
6 176
7 544
12 445
680
Installed Heat Capacity
Total: 26 844 Gcal/h
Load Factor
17.6%
4.2 4.0
16.0 16.2
20.8 21.1
0.2 0.3
0
9
18
27
36
45
2013 2014
41.6
0.9%
41.2
TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation
TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation
TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation
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53%
28%
17%
2%
___________________
(1) For Russian generation assets
.
Gas78%
Coal21%
Fuel oil1%
Fuel Consumption
5
Fuel Mix Gas Suppliers⁽¹⁾
Total gas consumption for Inter RAO Group reached 33.2 bcm
Total coal consumption for Inter RAO Group reached 18.0 m tones
340,8319,7344,0
312,7
100
200
300
400
IRAO - Electricity
Generation
TGK-11 Group BGC Group Foreign Generation
318.1
g/KWh
Electricity Production Fuel Efficiency Heat Production Fuel Efficiency
190,0
141,6146,0161,7
0
60
120
180
240
IRAO - Electricity
Generation
TGK-11 Group BGC Group Foreign Generation
145.6
kg/Gcal
Other
# - Electricity production fuel efficiency
for Inter RAO Group # - Heat production fuel efficiency
for Inter RAO Group
TGK-11 Group IRAO – Electricity Generation BGC Group Foreign Generation
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-3%
0%
1%
20%
28%
29%
29%
Tomsk SC
IRAO-Orel SC
MES
Altayenergosbyt
PSK
Saratovenergo
Tambov SC
____________________
(1) Includes electricity sales in retail and wholesale markets
6
Supply Margins of Guaranteed Suppliers
6.6%
RUB/MWh
Number of Customers
Electricity Sales to Customers⁽¹⁾
Electricity Supply
131.6 140.1
24.6 26.1
2013 2014
166.2 156.2
6.4%
Retail Electricity Sales Breakdown
21%
12%
67%
164.9 ТWh
Legal entities,
thousand accounts Households,
thousands accounts
12 09410 876
2013 2014
409370
2013 2014
TWh
Average growth of supply margin YoY
Non-guaranteed suppliers Guaranteed suppliers Loss compensation Households and equated groups of customers Other customers
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0.7 0.4 0.5
1.3
0.6 0.6 0.91.1
1310
13
1820
26
32 33
0
5
10
15
20
25
30
35
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
I quarter II quarter III quarter IV quarter10
30
50
70
90
110
130
7
Electricity Trading
€/MWH
+2.5%
-11.1%
-12.5%
Electricity export dynamics and price spread
- 3.5
14.017.5
4.6
3.5- 1.1
0
5
10
15
20
25
2013 2014
Export/Import Volumes
Import Export
TWh
Export
Import
-20.8%
17.5 22.1
Export/Import Breakdown
China24%
Lithuania23%
Finland21%
Kazakhstan12%
Belarus10%
Other10%
Kazakhstan89%
Other11%
Electricity Spot Prices
TWH
Electricity export to Lithuania volume Electricity export to Finland volume
14.0 TWh 3.5 TWh
I quarter II quarter III quarter IV quarter
€/MWh
Electricity price spread in Russia (Europe and Ural) and Finland (right axis)
Electricity price spread in Russia (Europe and Ural) and Lithuania (right axis)
Export Import
#%
Finland (Nord Pool) Russia (Europe & Ural) Lithuania (Nord Pool)
Price change YoY, nominated in EUR
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II. Operational Efficiency Improvement
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9
New Generation Assets Commissioning Under CDA in 2014
Khanty-Mansi
Autonomous area
Chelyabinsk
region
Inter RAO Group commissioned 3 784 MW of new power capacity under
CDA from 2009 to 2014
Tula
region
Omsk
region
Нижневартовская ГРЭС (блок #3.1)
Commissioning date – Mar 2014
Free flow zone - Tumen
Installed capacity – 413 МW
Fuel type – gas
Yuzhnouralskaya GRES-2 (Unit #1)
Yuzhnouralskaya GRES-2 (Unit #2) Omskaya CHPP-5 (TG-1) Omskaya CHPP-3 (TG-13)
Commissioning date – Dec 2014
Free flow zone - Omsk
Installed capacity – 60 MW
Fuel type – gas
New construction
Modernization
Cherepetskaya GRES (Unit #8)
Commissioning date – Dec 2014
Free flow zone - Omsk
Installed capacity – 100 MW
Fuel type – gas
Commissioning date – Dec 2014
Free flow zone - Centre
Installed capacity – 225 МW
Fuel type – coal
Commissioning date – Feb 2014
Free flow zone - Ural
Installed capacity – 408 МW
Fuel type – gas
Commissioning date – Nov 2014
Free flow zone - Ural
Installed capacity – 417 МW
Fuel type – gas
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49% 36% 26%
Commissioning schedule change
Transfer of The Objects and Construction Schedule Change
Under CDA
10
Sverdlovsk region
Republic of Bashkortostan Perm
region
Transfer of the CDA object
ZATONSKAYA CCGT (unit #1,2)
Expected commissioning date – 31.12.2016
Free flow zone - Ural
Installed capacity – 2x228 МW
Fuel type – gas
Capacity utilization rate – 86%
Fuel efficiency rate – 249 g/kWh
Equipment: Power machines
Project financing status¹:
VERHNETAGILSKAYA GRES (unit #12)
Expected commissioning date– 31.12.2017
Free flow zone - Ural
Installed capacity– 420 МВт
Fuel type – gas
Capacity utilization rate – 72%
Fuel efficiency rate – 219 g/kWh
Equipment: Power machines, Siemens
Project financing status¹:
PERMSKAYA GRES (unit #4)
Expected commissioning date– 30.06.2017
Free flow zone - Ural
Installed capacity– 800 МВт
Fuel type – gas
Capacity utilization rate – 85%
Fuel efficiency rate – 221 g/kWh
Equipment: Power machines, Siemens
Project financing status¹:
1 2
Construction of this object will be finished outside
the CDA format, as the CDA status was
transferred to CCGT CHPP-5
Capacity payments after the commissioning will be
determined by the KOM price
Commissioning date of the unit #4 (CCGT-800)
moves 1.5 years forward (from 31.12.2015 tо
30.06.2017) due to the change of contractor
Commissioning schedule change does not bring
any additional fines for the untimely capacity
delivery
Construction of the Zatonskaya CCGT will be
implemented under the terms of capacity delivery
agreement
Capacity payments after the commissioning will be
made according to the CDA price, which
guarantees return on the investment made
Transfer of the CDA object from Verhnetagilskaya GRES to CCGT CHPP-5 provides efficiency increase in implementation of Inter
RAO’s investment projects ___________________
(1) In % from planned cost of the project as of 01.01.2015
.
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Average capacity utilization rate of
Inter RAO Group’s Russian assets
11
Efficiency Increase While Working on The Wholesale Market
Load profile
optimization of
generation assets
1
Revenue increase
from CDA objects
2
Removal of gas
technical limitations
3
4055
44 34 30 35 4253
66 68 64 62
January
Febru
ary
Marc
h
April
May
June
July
August
Septe
mber
Octo
ber
Novem
ber
Decem
ber
Kostromskaya GRES load dynamics in 2014, %
After the modernization had been made to the gas pipeline «Pochinki-Yaroslavl» in 3Q 2014,
technical limitations on gas supply to Kostromskaya GRES were removed, which allowed the
plant to work on its full capacity (З 600 МW)
Load of Kostromskaya GRES increased to over 60% in the second half of 2014 allowing to
boost marginal revenue from electricity sales by RUB 103 m
Commissioning of 1.6 GW of new capacity in 2014 under CDA allowed to increase the
revenue from electricity, capacity and heat sales by RUB 8.0 bn
CDA payments increase (annualized economic effect of RUB 330 m):
unit #2 of Ivanovskie CCGT - 5.7% due to accounting expenses for technical connection to
electric grids in CDA payments
unit #1 of Uzhnouralskaya GRES-2 - 4.5% due to confirmation of technical ability to
produce electricity using reserve fuel type
unit #3.1 of Nizhnevartovskaya GRES - 6.4% due to remarking of unit №3 and consequent
installed capacity increase from 388 МW to 413 МW
6,4
12,5+ 6.5
20,013,5
+ 6.1
0
5
10
15
20
25
30
35
40
2013 2014
32.5
19.9
63.9%
Capacity
Electricity
Revenue dynamics from CDA objects, RUB bn
Electricity production increase on efficient plants under conditions of capacity oversupply and
general decrease of electricity consumption (Sochinskaya HPP +5.0%, Urengoyskaya GRES
+3.3%)
Load decrease of inefficient generation equipment of Kashirskaya GRES by 27.4% and
Cherepetskaya GRES by 3.8% YoY, which allowed to decrease marginal loss on the plants
by RUB 217 m.
Combined marginal revenue from electricity sales of Russian generation assets of Inter RAO
Group in 2014 reached RUB 14.2 bn (+28% YoY)
Efficient generation load in 2014
63
67
71
76
79
Kharanorskaya GRES
Sochinskaya HPP
Nizhnevartovskaya GRES
Permskaya GRES
Urengoyskaya GRES
53%
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1 2011 153
2013 2014
67%
32%
1%
12
Fuel Expenses Optimization of The Russian Assets
Control of
gas prices
growth rate
Fuel efficiency rate
decrease
Coal expenses
decrease
Fuel efficiency rate decrease for electricity at Inter RAO Group’s Russian assets
occurred due to commissioning of new capacity under CDA and optimization of plants’
load profile :
Yuzhnouralskaya GRES (including Yuzhnouralskaya GRES-2): -18.6%
Dzhubginskaya HPP: -4.8%
Nizhnevartovskaya GRES: -4.4%
Cherepetskaya GRES: -1.8%
Fuel efficiency rate dynamics, g/kWh
-1.3%
Inter RAO Group purchased 141 mcm of gas on St. Petersburg International Mercantile
Exchange in November-December 2014
Cumulative economic effect from lower gas purchase price due to recalculation of calorific
value and supply services accounts for RUB 8 m
64%
36%
Price of the burnt coal of Inter RAO Group’s Russian assets on average decreased by
4% YoY in 2014 due to lower negotiated prices for supply and transportation of coal
The most significant decrease in price of burnt coal was achieved at Cherepetskaya
GRES (-10% YoY), Kashirskaya GRES (-6% YoY) and Yuzhnouralskaya GRES
(-4% YoY)
Exchange gas consumers breakdown
1
2
3
Rosneft supplied power plants of BGC Group with 2.3 bcm of gas in terms of 2014 annual
contract
Cumulative economic effect from Rosneft gas supplies to BGC Group’s power plants
accounts for RUB 475 m in 2014
Economic effect from gas supply contracts with Bashneft accounts for RUB 64 m in
comparison with prices of Federal Tariffs Service
315.7319.8
2013 2014
Other consumers
Inter RAO
Coal prices dynamics, RUB/t.
Gas suppliers breakdown of BGC Group
Gazprom
Bashneft
Rosneft
-4.0%
Diversification of gas suppliers:
Purchase of gas on commodities exchange :
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13
Heat Segment Efficiency Increase
Tomsk branch Omsk branch
9.0
9.5
2013 2014
+4.6%
3.6
3.9
2013 2014
+9.5%
BashRTS BGC Group
9.4
10.1
2013 2014
+8.0%
5.510.6
2013 2014
+93.2%
RUB bn RUB bn
Tariff influence on heat revenue Heat sales influence on electricity sales
10%
90%
18%
82%
54%
46%
100%
Heat revenue dynamics, TGK-11 Group Heat revenue dynamics, BGC Group
Revenue factor analysis, TGK-11 Group Revenue factor analysis, BGC Group
Exceeding the maximum level of tariff growth allowed to improve the financial position of the segment
of heat production and transmission
Tomsk branch Omsk branch BashRTS BGC Group
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-8.8%
2.0%4.1%
-9.2%
-2.2% -2.4%
14
Employee expenses optimization in 2014
Employees number dynamics breakdown
Economic effect from employee benefit expenses optimization accounted for RUB 2.8 b
% YoY
Optimization of the number of employees of Inter RAO Group
Optimization of motivation system and employee benefit system
Increase of the management norm in the parent company and in production
subsidiaries
Implementation of typical organization structure for subsidiaries
Management optimization through subsidiaries mergers
Outsourcing of non-core activities
Main steps on the way to employee expenses optimization
Electricity
Generation
Heat
Generation
Supply
Trading Foreign
Assets Other
Employees number breakdown
Electricity generation
20%
Heat generation21%
Supply20%
Trading1%
Foreign Assets25%
Other13%
62.5 thousand
employees -1.7%
#% - Employee number dynamics at Inter RAO Group
TGK-11
Group BGC
Group PSK(3) MES(4)
Saratov-
energo Tomsk
SC
___________________
(1) Organic growth
(2) BashRTS excluding lease of Ufa Heat distribution network
(3) Excluding Omsk Supply Company
(4) Excluding Moscow regional united billing centre
Employee number dynamics for
Heat generation segment
Employee number dynamics
for Supply segment (1)
% YoY % YoY
(BBashRTS(2)
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15
Operating Efficiency Improvement Plan for 2015
Implementation of «Lean production» system at the branches of Inter RAO – Electricity Generation Group;
Management expenses optimization as a result of management offices merger of production branches due to regional segmentation
(Djubginskaya HPP – Sochinskaya HPP, Kostromskaya GRES – Ivanovskie CCGT);
Removal of limitations of technical conditions on the technical connection of CDA projects on Yuzhnouralskaya GRES-2 (+286 MW);
Profitability increase from electricity sales placed in the 2nd price zone after the removal of limitations of the free flow between price zones;
Load increase of Kaliningradskaya CHPP-2 in heat regime and heat sales increase;
Exploring the possibility of capacity re-attestation on CDA objects;
Working on Saint-Petersburg Mercantile Exchange in order to purchase gas on better conditions
Coal consumption system optimization
Implementation of the program of maintenance and repairs staff number optimization on the power plants
Expected financial effect from implementation of the efficiency increase plan will be RUB 4.5 b in 2015
Electricity Generation
segment
Supply
segment
Employees number optimization of Inter RAO Group’s guaranteed suppliers
Introduction of «united billing» system
Centralization of trading, purchase and treasury functions of supply companies
Optimization of supply companies’ client offices
Diversification of supply business – development of extra paid services
Heat Generation
segment
Completion of TGK-11 Group reorganization in form of separation of generation assets and heat distribution network into independent legal entities in
order to increase operational efficiency and provide transparent tariff formation
Load optimization of BGC Group’s and TGK-11 Group’s power plants in heat mode
Diversification of gas suppliers and increase in the number of independent fuel suppliers
Increase of received payments for the heat energy
Optimization of the number of employees at BGC Group and TGK-11 Group and outsourcing of non-core employees
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III. IFRS Financial Results
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RUB bn 2014 2013 Change
Revenue 741.1 662.3 11.9%
Operating expenses 728.0 687.9 5.8%
Operating profit/loss 19.9 -18.5 -
Adjusted EBITDA 57.8 39.2 47.4%
EBITDA margin 7.8% 5.9% 32.2%
Adjusted EBIT 36.5 15.5 136.4%
Net income/(Loss) 9.8 -24.0 -
Adjusted net income⁽¹⁾ 25.4 17.5 45.1%
Free Cash Flow (FCF) 22.7 -20.2 -
CAPEX 36.0 41.0 -12.2%
RUB b 31.12.2014 31.12.2013 Change
Total assets 585.5 512.6 14.2%
Total equity 348.2 334.6 4.1%
Adjusted total debt⁽²⁾ 117.2 59.6 96.7%
17
Key Financials
____________________
(1) Adjusted net income excludes provisions and impairments (RUB 13.0 bn in 2014 and RUB 31.1 bn in 2013) and revaluation of put and call options (RUB 2.6 bn in 2014 and RUB 10.4 bn in
2013)
(2) Includes share in debt of joint ventures RUB 10.1 bn as of 31.12.2014 (RUB 6.8 bn as of 31.12.2013).
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176,2 190,1
404,0
450,0
34,7
43,2+ 13.9
46,255,2
+ 9.0
+ 46.0 + 8.5
1,2
2,6+ 1.4
Revenue
2013
Revenue
2014
7.1
10.1
5.0
6.3
-3.8
+ 9.6
30.7
40.3
+ 1.5
4.4
2.9
+ 3.0+ 1.3 + 0.2
0.5
0.3
+ 3.0
-6.8
EBITDA
2013
EBITDA
2014
741.1
11.9%
39.2
47.4%
18
Revenue Bridge EBITDA Bridge
Evolution of Key Financials
RUB bn RUB bn
EBITDA increased mainly in Generation and Supply segments
662.3 57.8
Generation Trading Supply
Foreign
assets
Other
Generation
Trading Supply
Foreign
assets
Other Unallocated
items and
eliminations
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19
Key Segments: Generation
176.2190.1
30.7 40.3
2013 2014
Revenue and EBITDA dynamics
RUB bn 17.4% 21.2%
EBITDA Contribution by Company
23.830.3
2.9
3.2
6.8+ 6.5 + 0.3
4.0
+ 2.8
2013 2014
40.3
30.7
RUB bn
Revenue breakdown
RUB bn
25.0% 13.2% 15.4%
EBITDA margin⁽⁴⁾
EBITDA breakdown
23.8
6.9
30.3
10.0
RUB bn
23%
77%
Electricity generation⁽²⁾ Heat Generation⁽³⁾
75%
25%
2013 2014
45.242.1
34.328.7
102.2 108.1
Electricity Capacity Heat
Other
2013 2014
3.2 2.5 + 5.9 + 3.1
+ 5.6
- 0.7
176.2 190.1
IRAO – Electricity
Generation
TGK-11
Group
BGC Group
Revenue EBITDA EBITDA margin ⁽¹⁾
____________________
(1) EBITDA margin calculation excludes inter-segment revenue (RUB 30.2 bn in 2013 and RUB 34.1 bn in 2014)
(2) Electricity generation includes financial results of Inter RAO – Electricity Generation
(3) Heat Generation includes financial results of BGC Group and TGK-11 Group
(4) EBITDA margin calculation excludes inter-segment revenue in 2014 (INTER RAO – Electricity Generation – RUB 26.5 bn; TGK-11 Group – RUB 2.8 bn; BGC Group - RUB 4.8 bn)
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Key Segments: Supply
Revenue and EBITDA dynamics Revenue Contribution by Company
EBITDA breakdown EBITDA Contribution by Company
10.17.1
404.0
450.0
2014 2013
RUB bn 1.7% 2.2%
8.1
2.0
RUB bn
22%
78%
Guaranteed suppliers Independent supply companies
80%
20%
2013 2014
_________________
(1) EBITDA margin calculation excludes inter-segment revenue (RUB 0.2 bn in 2013 and RUB 0.8 bn in 2014)
1.21.8
1.4
2.0+ 0.5
4.33.8
+ 0.6+ 0.6
0.7
2.0
+ 1.3
2013 2014
10.1
7.1
RUB bn
71.386.4
46.353.540.253.9+ 10.0
256.2246.2
+ 15.1 + 7.2 + 13.7
2013 2014
450.0
404.0
RUB bn
MES PSK
Other RN-Energo
MES PSK Other RN-Energo
Revenue EBITDA EBITDA margin ⁽¹⁾
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Key Segments: Trading and Foreign Assets
Trading: Revenue and EBITDA Foreign Assets: Revenue and EBITDA
46.2
2.9 4.4
55.2
2013 2014
RUB bn
6.3% 8.0%
34.7
5.0 6.3
43.2
2013 2014
RUB bn
14.6% 14.3%
Trading: Revenue Contribution by Geography Foreign Assets: EBITDA Contribution by Geography
6.6
9.37.0
2.95.7
6.72.6
3.24.8
5.7
11.621.1
+ 9.5
6.3
7.9
- 1.6
+ 2.7
- 4.1
+ 1.0 + 0.6 + 0.9
2013 2014
RUB bn
55.2
46.2
0.5
1.71.9
1.10.8
0.9
0.90.3
+ 0.6
1.7
1.5
+ 0.2
+ 1.2
- 0.8
+ 0.1
2013 2014
6.3
5.0
RUB bn
Revenue EBITDA EBITDA margin ⁽¹⁾ Revenue EBITDA EBITDA margin ⁽¹⁾
(1) EBITDA margin calculation excludes inter-segment revenue (RUB 1.3 bn in 2013 and RUB 1.5 bn in 2014).
(2) Georgia, South Ossetia, Azerbaijan, Mongolia, Ukraine, Norway, Latvia and Estonia;
Russian
Federation
Finland
Lithuania
Belarus
China Кazakhstan Other⁽2⁾
Кazakhstan
Georgia Moldavia
Armenia
Turkey
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Consolidated Operating Expenses
OPEX breakdown
Consolidated operating expenses of Inter RAO Group
for 2014 amounted to RUB 728.0 bn
⁽¹⁾
Expenses 2014 728.0
Other
Employee benefit expenses
Fuel expenses
Electricity transmission fees
Purchased electricity and capacity
Expenses 2013 687.9
OPEX dynamics
RUB bn
+ 33.6
+ 14.1
+ 7.9
+ 3.8
- 19.3
Consolidated revenue growth of Inter RAO Group for the year 2014 (+11.9% YoY)
is two times higher than consolidated operating expenses growth (+5.8% YoY)
⁽¹⁾
____________________
(1) Other expenses include depreciation and amortization, provision for impairment of accounts receivables, impairment of property, plant and equipment and other operating expenses
5.8%
Purchased electricity
and capacity
Electricity transmission
fees
Fuel
expenses
Employee
benefit
expenses
Other
38%
25%
20%
6%
11%
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59.6
18.2
117.2
35.5
Скорректированный долг2 Скорректированный чистый долг3
23
Debt and Liquidity Analysis(1)
Debt Composition Debt Maturity Profile
Debt Evolution
By maturity By currency
Short-term
40.1%
Long-term
59.9%
Total Debt Statistics⁽²⁾
RUB
65.8%
USD
26.3%
RUB bn
EUR
5.3%
Other
2.6%
RUB bn
RUB bn
1.52
2.03
107.1
Adjusted debt2 Adjusted net debt3
Fixed
37.0%
Floating
63.0%
By percentage rate
____________________
(1) Includes financial lease
(2) Includes share in debt of joint ventures in the amount of RUB 10.1 as of 31.12.2014 .(RUB 6.8 bn as of 31.12.2013)
(3) Includes cash deposits (3-12 months) in amount of RUB 6.1 bn as of 31.12.2014. (as of 31.12.2013 – RUB 1.5 bn) and share in debt of joint ventures in amount of RUB 10.1b n
as of 31.12.2014. (as of 31.12.2013.- RUB 6.8 bn)
Includes share in debt of joint ventures
Excludes share in debt of joint ventures Total Debt-to-EBITDA ratio as of 31.12.2013 as of 31.12.2014