OGK-2 Group 3M 2017 IFRS Results

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Presentation transcript:

OGK-2 Group 3M 2017 IFRS Results May 25, 2017

Disclaimer The information contained herein has been prepared using information available to JSC “OGK-2” (hereinafter - OGK-2 or the Company) at the time of preparation of the presentation. Since making a presentation, on the activities of OGK-2 and the content of the presentation could affect the external or other factors. In addition all relevant information about OGK-2 may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information. Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty. OGK-2 cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in OGK-2, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Operational and Financial Highlights Operational Highlights1 Financial Highlights, mn RUR 3М 2016 3М 2017 Change Electricity Output, mn kWh 16,369 17,538 +7.1% Effective Electricity Output Without Regard to Financial Operations, mn kWh 15,266 16,409 +7.5% Useful Heat Output, thousand Gcal 2,400 2,309 -3.8% Fuel Rate on Electricity, g/kWh 337.3 333.4 -1.2% Fuel Rate on Heat, kg/Gcal 152.3 153.1 +0.5% Installed Capacity Load Factor, % 40.5 42.8 +2.3 p.p. 3М 2016 3М 2017 Change Revenue 32,118 38,145 +18.8% Operating Expenses, incl. (28,133) (30,331) +7.8% Variable Costs2 (19,489) (21,284) +9.2% Fixed Costs2 (6,773) (6,285) -7.2% Depreciation and Amortization (1,871) (2,762) +47.6% Other Operating Income (Expense) 112 (10) - Operating Profit 4,097 7,805 +90.5% EBITDA3 5,968 10,567 +77.1% Profit/ Total Comprehensive Income for the Period 2,667 5,005 +87.7% 1 Management report data 2 Variable and fixed costs classification is based upon management report methodology 3 EBITDA = Operating profit + Depreciation and Amortization

Revenue Revenue Structure, bn RUR Prices and Tariffs1 3М 2017 Average electricity price at the free market, RUR/MWh 1,165.24 Average heat tariff, RUR/Gcal 773.83 Average price for new capacity, RUR/MW per month 859,437.17 Average price for old capacity, 132,334.43 Electricity and Capacity Revenue Structure for 3М 2017 г.1 Structure of Electricity Sales Volume at the Wholesale Market for 3М 20171 1 Management report data

Variable Costs Variable Costs Change Factors Variable Costs Structure, mn RUR 3М 2016 3М 2017 Change Fuel Expenses 16,581 18,150 +9.5% Purchased Heat and Electricity 2,825 3,077 +8.9% Other Variable Costs 83 57 -31.3% Total Variable Costs 19,489 21,284 +9.2% Increase of fuel expenses was due to higher electricity production, as well as growing fuel prices. Lower ecology payments resulted from decreased expenses at Troitskaya station on the back of equipment in reserve. Fuel Expenses, mn RUR Fuel Consumption, thous. t +9.5% 1 Management report data

Fixed Costs and Depreciation Fixed Costs and Depreciation Change Factors Fixed Costs Structure, mn RUR Taxes grew mainly on the account of property tax, on the back of increased water usage payments at Stavropolskaya and Novocherkasskaya stations, resulting from growing production and tariff. Decreased maintenance and repair expenses were due to absent service of gas turbines at Adlerskaya station in 3M 2017, as well as considerable amount of repair works at Surgutskaya station in 3M 2016 as compared to 3M 2017. Lower other fixed costs mostly resulted from decrease of raw and other materials expenses at Adlerskaya station, on the back of absent service of gas turbines in 3M 2017, as well as acquisition of more income from provision for doubtful debt recovery in 3M 2017 year-on-year. 3М 2016 3М 2017 Change Employee Benefit 1,960 1,974 +0.7% Maintenance and Repair Expenses 780 556 -28.7% Fee of the System Operator 500 512 +2.4% Taxes Other than Income Tax 759 819 +7.9% Rent 582 532 -8.6% Other Fixed Costs 2,192 1,892 -13.7% Total Fixed Costs 6,773 6,285 -7.2% Total Fixed Costs, mn RUR Depreciation and Amortization, mn RUR -7.2% +47.6%

EBITDA and Profit EBITDA, mn RUR Profit Bridge for 3M 2017, mn RUR +77.1%

Debt and Liabilities Debt Structure, mn RUR Maturity Profile, as of March 31, 2017, mn RUR Net Debt, mn RUR1 Net Debt/ EBITDA 3.30 2.36 +0.4% 1 Net debt = Total amount of borrowings less cash and cash equivalents

Thank You For Your Attention! IR contacts: Alina Rassmagina Tel.: +7 (495) 428-42-22, ext. 2423 Email: RassmaginaAZ@ogk2.ru