Investment Forum VTB Capital "Russia Calling!" Oct 2011
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Investment Forum VTB Capital "Russia Calling!" Oct 2011

on

  • 293 views

Key strategic priorities for 2011 - 2015, financial results for 2010 & 1H 2011

Key strategic priorities for 2011 - 2015, financial results for 2010 & 1H 2011

Statistics

Views

Total Views
293
Views on SlideShare
293
Embed Views
0

Actions

Likes
0
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Investment Forum VTB Capital "Russia Calling!" Oct 2011 Presentation Transcript

  • 1. IR PRESENTATIONKey strategic priorities for 2011-2015,financial results for 2010 & 1H 2011VTB Capital «RUSSIA CALLING!» Investment ForumOctober 05-07, 2011
  • 2. Disclaimer The information in this presentation was received from the sources, which in opinion of IDGC of Centre (“the Company”) are reliable. Nevertheless, we do not guarantee the accuracy of the given information, which may be short or incomplete. All opinions and estimations contained in the present material reflect our opinion at the date of publication, and are subject to the change without any notice. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities representing shares in the Company, 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. The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set forth in the prospectus, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods The Company does not bear the responsibility for consequences of use of opinions containing in the present report or applications, or for incompleteness of the information. No person is under any obligation to update or keep current the information contained herein. By attending the presentation you agree to be bound by the foregoing limitations.2
  • 3. I. Key strategic priorities for 2011-20153
  • 4. Industry Structure Industry restructuring 2003-2007 Current Tariff Structure Market Board 100% Hydro UGC 63% 3% System Operator 34% Heat UGC Power Generation Sales Federal Grid Company Transmission & Distribution Transmission network 220 kV and above) TGC RАО UES HOLDING Other power generating of Russia IDGC companies Power Generation 17% 34% 7% Holding IDGC Losses TGCs (11 IDGCs –distribution Sales 4% 6% network 110 kV and below, 7 sales, 5 DGCs, others) Others •- the structure is provided according to the results of Infrastructure 2011 tariff campaign Benchmark among IDGCs (2010) MCap (09.2011), RUR billion Revenue, RUR billion Net profit, RUR billion RAB, RUR billion MOESK MOESK MOESK MOESK МОЭСК 72 МОЭСК 110.6 МОЭСК 15.6 МОЭСК 205.3 IDGC of Centre 33 IDGC of Centre 60.4 IDGC of Центра Centre 4.7 IDGC of Centre 118.2 МРСК Центра МРСК Центра МРСК Центра МРСК Центра МРСК Центра МРСК МРСК Центра МРСК ЦентраIDGC of Centre and Volga… МРСК Центра и 20 IDGC of Centre and Volga… МРСК Центра и 54.4 Lenergo ЛенЭнерго 3.8 IDGC of Centre and Volga… МРСКМРСК ЦП Центра и 84.8 МРСК ЦП МРСК ЦП IDGC of Volga ЛенЭнерго 16 IDGC of Урала МРСК Urals 49.8 IDGC of Urals МРСК Урала 1.7 Lenergo ЛенЭнерго 78.6 МРСКof Urals IDGC Урала IDGC ofСибири МРСК Siberia IDGC of МРСК Центра и… Centre and Volga МРСК ЦП IDGC of Волги МРСК Volga МРСК of Siberia IDGC Сибири 15 15 # 2 IDGC of Волги МРСК Volga 43.4 39.4 #2 МРСКIDGC of NC… 0.6 Северного МРСК СK 1.4 #2 IDGC of Урала МРСК Urals 77.0 57.2 # 2 МРСКLenergo Волги 14 ЛенЭнерго Lenergo 34.2 МРСК Волги IDGC of Volga 0.3 IDGC ofСибири МРСК Siberia 51.6 МРСК Северо-Запада IDGC of North-West МРСК СЗ 9 IDGC МРСК Северо-… of North-West МРСК СЗ 26.7 МРСК Северо-Запада -0.8 IDGC of North-West МРСК СЗ МРСК Северо-… IDGC of NC МРСК СK 22.9 4 IDGC of Юга МРСК South МРСК Юга IDGC of South 22.0 МРСК Сибири IDGC of Siberia -2.8 МРСК Юга IDGC of South 22.54 МРСК СK МРСК Северного… IDGC of NC 2 МРСК СK МРСК Северного… IDGC of NC 10.5 МРСК Юга IDGC of South -3.6 МРСК Северного… МРСК СЗ IDGC of North-West 18.0
  • 5. Introduction Service area– 10 2010 458 000 8 km2 11 IDGC of Center 2 4 MCap, RUR billion 33 15% of the as at September 30, 2011 1 Belgorodenergo Russian 2 Bryanskenergo population Revenue (IFRS) 61 RUR billion 3 Voronezhenergo Length of lines, 365 4 Kostromaenergo Yaroslavl km thousand* Smolensk Tver 5 Kurskenergo Substation capacity, MWA 6 Lipetskenergo Bryansk IDGC of Centre Kostroma 31 404 35-110 kV Kursk Orel 7 Orelenergo Lipetsk 6-10/0.4 kV 15 192 Belgorod 8 Smolenskenergo Tambov Voronezh 9 Tambovenergo Staff number 30 906 10 Tverenergo 11 Yarenergo 5 7 Number of 16 775 9 shareholders** 6 The Company is a monopolist – tariffs are regulated by the State 1 3 *- overhead power lines 0.4-110 kV ** - as at 12.05.2011 – the date of registry closed5
  • 6. Story line 2010-2011 09.2010 11.2010 12.2010 01.2011 06.2011 08.201112.2004 –2009 Board of directors approved 5 years RAB tariff system Successful The AGSM approved USD Board of directors the Regulations had been adopted in implementation of the 20.1 million (RUR 611 approved the on the dividend policy Orelenergo and business plan and the million) of dividend corrected based on a system Bryanskenergo investment program for payment (the pay-out ratio business plan and executing a set of criteria iRAB amounts USD 3.9 billion 2010, the actual volume – 12.6%). investment (RUR 118 bln) of CAPEX amounted to The Company fulfilled its program for 2011December’04 103% of the plan –USD obligations to pay dividends due to the newAs part of RAO UES reforming 401 million (RUR 12 on 17.08.2011 tariff balancedIDGC of Centre and North billion) solutionsCaucasus had been registered forRGC integration Company stocks moved across to MICEX quotation list А2.April ‘07 The first stage of The company acquired 5 years RAB tariff Company confirmed 7+ ratingThe final structure of the Company Smart Grid 100% of Yargorelectroset , system adopted in of corporate governance (onhad been accepted, including program is the share of IDGC of Kostromaenergo, the national scale) the highest11 regional grid companies completed in Centre in regional grid Tambovenergo,of central Russia (the decision of among all IDGCs.The board of directors of RAO Belgorod assets increased to Voronezhenergo, 90% Smolenskenergo Company reported 1H2011UES) IFRS financials, and YargorelectrosetMarch ‘08 Affiliation of RGCs demonstrating material growth throughoutMay ‘08 Listing on MICEX and RTS the reporting period across key financial indicators6
  • 7. Strategic goals • Consolidation of TGCs and abandoned power grids in Consolidation of regions power grid assets • Management of inefficient owners’ power grids • Settlement of the "last mile" and the tariff rates growth in 1 the regions of TGCs • Reliable sources of technical and commercial losses calculation system established Improvement of quality and reliability • Replacement of lines and transformers on the basis of of customer services economic expediency • Implementation of the innovative projects (smart grid, 2 smart metering) • Increasing of the reliability indicators (SAIDI, SAIFI) Improving the efficiency of operating • Working in accordance with the RAB methodology activities • Assets management program (unified technical policy) • Improving the procurement process 3 • Optimization of the management structure Improvement of the Company’s equity story • Shareholder value growth through meeting strategic goals 1-3; • Share liquidity program implementation; • Possible privatization in 2013-20147
  • 8. Company structure and key shareholders Russian Federation Share capital 53.69% structure, % IDGC Holding Minor shareholdres 50.23 15.90 50.23% 49.77%* % %Group of companies Free float IDGC of Center, JSC 30% 8.40% 3.20% Subsidiaries – 100% 2.73% 18.09 1.45% % Others Yargorelectroset, Energy service Energetik, JSC ОАО «Холдинг МРСК» IDGC Holding, JSC JSC company, JSC Jamica Limited Jamica Limited Yargoreletroset, JSC is the The main activities are 51% largest Territory Grid providing saving energy Organization in the Central services , energy THE BANKof New York Mellon The Bank OF NEW YORK MELLON 11 operating YarESK, JSC Federal Region. The result of acquisition of the 100% efficiency IMMENSO Enterprises Limited Immenso ENTERPRISES business stake is that IDGC of Center LIMITED now controls more than 90% units -November of power grid assets in the Energosoyuz Holdings Limited ЭНЕРГОСОЮЗ ХОЛДИНГС ЛИМИТЕД 11, 2009 Yaroslavl region Rusenergo Fund Limited Energetik, JSC acquired the controlling stake of YarESK, JSC, which is target company for consolidation of power grid assets in Yaroslavl region * - including the State share 0.46%8
  • 9. Share capital structure and corporate governance Supreme governing body: General Meeting of Auditor Shareholders Developed corporate Strategic Audit governance Commission governing body: practice, leading position Board of Directors 5 Committees: Outer control for financial among IDGCs activities of the Company Committee Management board on Strategy Chairman of the Committee Management Board– History of IDGC of Center corporate on Audit General Director rating on the national scale Committee on personnel NRCG** Confirmed (7+) August’ 11 Internal Control and Committee Upgraded (7+) January ’ 11 Audit Department on reliability Confirmed July’ 09 Confirmed February’ 09 Committee Assigned September’ 08 Inner control for financial on TC* activities of the Company * - technological connection9
  • 10. M&A projects - grid assets integration TGCs in IDGC of Centre service area Amount of other TGCs = 441 120 • The other TGCs’ average share in revenue 102 in IDGC of Centre service areas – 20%; 100 80 70 • Required Gross Revenue (RGR) of the 62 60 53 Company due to the assets consolidation 39 in regions may increase to RUR 10 billion 40 25 26 by 2015, RGR share may grow by 97%; 14 18 23 20 9 0 • One of the key goals of the Company is the Belgorod Voronezh Bryansk Tambov Smolensk Kursk Tver Lipetsk Kostroma Orel Yaroslavl integration of power grid assets that will allow: • increasing the reliability level of power supply • enlarging the power distribution sales market Share of the Company in the power • improving the quality of customer service transmission market, 2007-2015F • balancing the tariff on power distribution 2007 2008 2009 2010 2015F Market share in 83% 83.6% 83.8% 84% 97% terms of money10
  • 11. Integration key steps • Providing monopoly on power grid services market in the regions of presence with more than 97% share; Target/ • Long-term target program for the consolidation of power grid assets have Program been developed and approved (power grid assets consolidation plan for 2011 - 2015) • Company consolidates the assets primarily in 3 ways: acquisition of power grid, long term property rent, purchase of shares of power grid Methods and companies; advantages • The basic advantages of consolidation are as follows: implementation of consolidation of a unified technical policy, the development of a unified scheme of long-term development of power grids, improving the reliability of electricity supply to consumers of all categories, increasing of power grid capacity • It is planned in 2011 to consolidate municipal power grid assets of the Plans for Voronezh region, to acquire the property in the Lipetsk region and to 2011-2015 consolidate the assets in the Tver region; • Program provides working with more than 5 thousand owners11
  • 12. Dynamics of losses Output Change, Dynamics of losses, Year % 2006-2011 (F) kW (thousand) p.p. 12%2006 6 238 10.35 10.35% 10.11% 9.52% 10.01% 9.93% 10% 9.40%2007 5 932 9.52 (0.83) 8%2008 5 875 9.40 (0.12) 6%2009 5 977 10.11 0.71 4%2010 6 230 10.01 (0.10) 2% 0%2011F 6 237 9.93 (0.08) 2006 2007 2008 2009 2010П 2011F 2010 2011П Reduction of losses – the priority target for the management Increase of losses was a result of implementation of integration Implementation of renovation program and modern program, introduction of common metering systems will allow IDGC to reduce losses by technical requirements for all subsidiaries 1% by 2015 will allow to reduce losses12
  • 13. Expected CAPEX for 2011-2015 amounts to RUR 102 billion* Main uses of CAPEX in 2011 11.7% 100% Development, Commissioning, 1.75 Year 6.0% 4.0 % 1.6 RUR billion RUR billion 7.4% 0.9 0.6 14.95 15.68 32.8% 1.1 2011F 2012F 17.58 18.84 2013F 20.82 20.82 4.9 14.95 14.95 2014F 23.92 23.93 38.1% 2015F 24.57 24.15 Sources of finance in 2011 5.7 5.7 4% 1% Borrowed sources RUR billion Tariff sources - Replacement of the main power equipment - New construction(substations, overhead и cable lines) 42% 53% - ASMD systems, connection, IT Payments for connection services - Developing/Modernization of accounting systems Others - Modernization and reconstruction - Others * - in accordance with the adjusted IP which had been approved in September, 201113
  • 14. The development of energy-saving technologies –Energy Service Company, JSC The Program of the RF Government -“Energy-saving and enhancement of power efficiency for the period up to 2020” Share in the authorized capital -100% Energy Service Company, JSC Key goals of establishment Key tasks  Diversification of the Company’s  Conducting energy audits, evaluation and 1 operations, strengthening its market reduction of energy losses of consumers; positions, increase of revenues;  Implementation of service and maintenance  Formation of the competence center for the functions to ensure stable and reliable implementation of measures for energy- operation of power facilities; saving and power efficiency based on  Work on the analysis of new projects and Energy Service Company (design and 2 construction of facilities using energy- existing utility systems and equipment (expert review); efficient technologies);  Development of design and estimate  Formation of the resource base of highly documentation and its coordination qualified personnel and technology for (examination) in the supervisory bodies; 3 implementation of the repair program and  The activities within energy service the program of energy-saving and power efficiency of IDGC of Centre. contracts.14
  • 15. Attractive target for investments • Transition to RAB is a vigorous driver for increase in operational efficiency and decrease in costs per unit RAB regulation • The first IDGC among others which transferred all its branches to RAB: 2009: 3 branches, 2010: 4 branches, since 01.01.2011: 4 branches • High level of RAB - USD 4.0 billion (RUR 121 billion as at 01.01.2011) • Capital formation rate is lower than profitability rate of invested capital • Developed and implemented KPI system Strong team • Strong financial performance - positive dynamics on all key financial of managers and operating indicators for 4 years • Transparent system of corporate management (7+ corporate governance rating on national scale) • Investment history of distribution grid complex attracts high attention of analysts and investors: Prospects of growth - on 21.06.2011 Annual General Meeting of Shareholders approved dividend payments for 2010 in amount of USD 20.05 million (RUR 610 million) - sector is significantly undervalued as compared to foreign peers15
  • 16. II. Financial results for 2010 & 1H2011 (IFRS)16
  • 17. Key IFRS financial indicators 2008 - 2011 Key indicators 2008-2010 and 1H2011 (IFRS) RUR billion 2008 2009 2010 CAGR 1H2010 1H2011 Growth, % Revenue 43.7 49.3 60.6 17.8% 29.5 35.2 19.2% Revenue growth 12.8% 22.9% 28.6 33.6 17.6% EBITDA 8.8 8.6 12.4 18.7% 5.7 8.6 49.9% EBITDA margin 20.2% 17.4% 20.5% 19.3% 24.3% 5 p.p. Net Income 2.8 2.1 5.1 35.0% 2.3 3.8 63.7% Net margin 6.4% 4.3% 8.4% 7.9% 10.9% 3 p.p. Net Debt 9.3 10.8 14.7 25.6% 14.7 11.4 -22.4% Net Debt/EBITDA 1.1 1.3 1.2 5.8% Sources: Company’s data Sources: Company’s data, KPMG auditor Key operating drivers in 1H2011: •The control for final commercial and procurement procedures •The economy on procurement for 1H2011 amounts about RUR 1.9 billion (about 14% of all procurement procedures) • Staff optimization •The number of employees within the executive office reduced by 154 in 9 months of 2011 (-7%) •The conclusion of the single contract between FGC UES and IDGC of Centre• In April 2011 the working group between UES FGC and IDGC of Centre was created – the single contract on providing the services has been concluded. Theprinciple advantage is that the payment for the services provided is based on balanced capacity. The estimated economical effect is about RUR 1.4 billion per year of reducing the tariff17
  • 18. Loan portfolio structure & credit rating Net debt/EBITDA, RUR billion Credit rating history 40 22 1.94 35 30 1.5 1,5 1.25 1.18 23.2 25 21.9 1.06 20 11 14.7 14.9 15 10.8 11.1 9.3 9.4 10 0,5 0.5 History of IDGC of Centre credit rating 5 0 0 Standard&Poor’s 2008 2009 2010 2011П 2011F Confirmed February’11 Net debt долг Чистый Долг Loan portfolio net Debt/EBITDA Confirmed July ’10 Assigned November‘09 Recommended NRА* ratio Net Debt/EBITDA = 3 Upgraded to АА- December ‘10 Confirmed October’10 Structure of loan portfolio (%), 2011 Confirmed September’09 Upgraded (level A+) September’08 7% Sberbank Upgraded (level А) August‘07 17% Rosbank 48% Alfabank 27% Gazprombank * National Rating Agency18
  • 19. Required Gross Revenue** structure and structure of operating expenditures 2011 RUR billion Required gross Non-controllable costs– revenue 69.6 RUR 39.9 billion structure, % 4.6 54.0 14.2 4.6 16.7 5.3 10 11 1 9 7.4 2011 8 11.5 Productive supply, 2 13.4 7.5 billion kWh 53.7 FGC services 7 8.6 6 7.9 3 Average TGO 5 4 11.9 130 services 5.0 tariff, 9.5 kop/kWh Losses 14.8 11.2 purchase Others Belgorod (1) Lipetsk (2) Tariff 16.5% growth Voronezh (3) Tver (4) Yaroslavl (5) Kursk (6) Revenue OPEX Controllable Bryansk (7) Smolensk (8) incl. TGCs* costs *** Kostroma (9) Tambov (10)* - RGR according to the Tariff Balanced Solutions for 2011 (according to the revision on 01.08.2011, Government Regulation1172) Orel (11)** - exc. Yargorelectroset*** - Controllable costs within OPEX 19
  • 20. Stock performance and liquidity increase 05.2008 04.2009 09.2010 08.2010 2Q2011 3Q2011 4Q2011 Company ‘s Company’s Company’s Confirmation of Dividends payment Launch of option shares were shares were shares were presence in RTS EU USD 20.05 million program listed on included in the included in and RTS-2 (RUR 610 million), DR program MICEX index: RTS EU* MICEX A2 (quotation list MICEX PWR inclusion B), RTS Dividends for 2010: Company’s priorities for the stock performance improvement: Total (RUR million) 610.9 • Stable dividend policy • Quotation list update (MICEX A1) Net profit share 12.6% • Depositary receipts launching • Inclusion in international indexes Dividend yield 1.37% - forecast * - RTS energy utilities20
  • 21. Company’s shares and sector indexes dynamics Beginning of trading: Stock market indicators,multipliers May 21, 2008 Quotation list: TSR (2010) 66% Peer companies Company reports the good financials for 2009 and plans «А2» MICEX P/E 4,5 6,6 8,8* on all the branches to adopt Shares of IDGC of Centre are part of the RAB after Jul 01, 2010 calculation base in indices: 70% EV/ 3,2 3,2 5,1* - MICEX PWR 60% EBITDA - RTS-electricity 50% - RTS-2 40% EV/S 0,8 0,6 1,2* 30% Feb 17. Head of EV/RAB 0,44 0,41 1,29* Russian Government 20% announced the need to 10% curb the growth rate of 0% tariffs on power-10%-20%-30% Shares of the-40% Remaining branches to adopt Company have been RAB (Nov’10, Jan’ 11)-50% included into MICEX-60% A2 quotation list The information that government Company reports-70% intends to adopt RAB good IFRS financials-80% on 1H2011-90% Сентябрь 2008 Ноябрь 2008 October 2009 October 2008 June 2009 Ноябрь 2009 Март 2009 April 2009 July 2010 February 2010 October 2010 May 2010 June 2010 July 2011 Август 2011 Август 2008 Август 2010 Сентябрь 2009 April 2011 May 2011 June 2011 May 2009 Декабрь 2008 Декабрь 2010 Февраль 2011 Февраль 2009 April 2010 Август 2009 Ноябрь 2010 Декабрь 2009 Июль 2009 Сентябрь 2011 January 2010 September 2010 March 2010 January 2011 February 2011 Июль 2010 Май 2010 Март 2011 September 2008 August 2008 December 2010 Апрель 2011 September 2011 March 2009 September 2009 December 2009 Февраль 2010 Октябрь 2010 Июль 2011 Апрель 2009 July 2009 November 2010 Май 2011 August 2011 Май 2009 August 2009 December 2008 Апрель 2010 Июнь 2011 August 2010 Октябрь 2008 November2008 Июнь 2009 Сентябрь 2010 February 2009 Июнь 2010 Январь 2009 November 2009 Октябрь 2009 March 2011 January 2009 Январь Январь Март МРСКof Centre IDGC Центра Индекс ММВБ MICEX Индекс ММВБ-Энергетика MICEX Power * - Average international peer companies21
  • 22. THANK YOU FOR YOUR ATTENTION! IR specialists will provide you with any additional information upon your request: Head of IR Miroshnichenko Tatiana ir@mrsk-1.ru IDGC of Center 4, 2nd Yamskaya str., Moscow, Russia 127018 T: +7 495 747 9292 F: +7 495 747 9292 www.mrsk-1.ru Tickers: MICEX: MRKC RTS: MRKC, MRKCG22
  • 23. APPENDIX23
  • 24. RAS Financial indicators for 2008-11F* RUR billion 2008 2009 2010 2011* CAGR Revenue 43.6 49.1 60.4 68.2 16.1% Costs 37.6 43.3 50.9 57.9 15.5% EBITDA 6.76 7.64 10.96 11.49 19.3% RUR billion EBITDA margin 112.7% 131.7% 115.1% 112.4% 80 Net profit 0.87 1.33 4.71 3.28 55.6% 68,15 70 60,4 Net profit margin 2.00% 2.71% 7.80% 4.81% 60 49,05 50 43,55 The basic causes to correct business plan of IDGC of Centre for 2011 are: 40 •Revision of the tariff balanced solutions for 2011 by the regional 30 regulation authorities; 20 •Correction of investment program as a result of revision of the 10,96 11,49 tariff balanced solutions for 2011. 7,64 6,76 10 4,71 1,33 3,28 0,87 0 2008 2009 2010 2011* * - corrected business plan, which had been approved by BD in September 2011 Revenue Выручка EBITDA Net profit Чистая прибыль24
  • 25. Decrease in RGR Decrease in RGR in accordance to Government Regulation №1172 offset by lower costs in 2011 75,00 73,00 -3.90 -5.87 -7.9% 71,00 74.02 69,00 -2.73 67,00 68.15 65,00 Revenue 2011 Выручка 2011г. (ТБР Decrease in OPEX Сокращение Revenue 2011 Decrease in CAPEX Выручка 2011г. (ТБР Сокращение (TBS* 01.01.2011) на 01.01.11) операционных капитальных с учетом ПП №1172) (TBS* taking into расходов расходов account GR №1172) Figures Revenue from services OPEX CAPEX 2011 74.02 68.77 17.68 (TBS* 01.01.2011) 2011 68.15 64.87 14.95 (TBS* taking into account GR №1172) Absolute CHNG -5.87 -3.90 -2.73 *Tariff Balanced Solutions25
  • 26. RAB adoption. Results Date of Subsidiaries Total value IRAB, transition of invested RUR million Full value of IC and iRAB capital 400 RUR million 350 Belgorodenergo 50 609 19 930 300 115from 01.01.2009 Lipetskenergo 250 25 726 10 030 Tverenergo 55 276 14 366 200 Kurskenergo 30 782 10 802 150from 01.01.2010 Yarenergo 21 586 8 968 100 226 42 Bryanskenergo 20 045 5 989 50from 01.11.2010 76 Orelenergo 0 21 571 6 407 Полная величина ИК Full value of Остаточная величина ИК Value of «new» Kostromaenergo invested capital (ПИК) invested capital (ОИК) 17 058 7 603 IRAB (IRAB) Tambovenergo 18 609 5 515 Филиалы перешедшие01.01.2011 RAB subsidiaries after на RAB после 01.01.2011from 01.01.2011 Voronezhenergo RAB subsidiaries before 01.01.2011 Филиалы перешедшие на RAB до 01.01.2011 38 110 12 650 Smolenskenergo 37 041 13 735 Approved iRAB on subsidiaries – Yargorelectroset* USD 3.9 billion 3 969 2 168 (RUR 118 billion)* Total 340 382 118 162 *Including Yargorelectroset 100% stake is owned by IDGC of Center26