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The Basic Activities of JSC Lenenergo
2 
Core types of business activity: 
• electricity transmission and distribution services 
• technological connection of n...
3 
Company Structure 
IDGC Holding bought control of the Company, the city Administration of St. Petersburg (CPMC) receive...
Business Model 
4 
High voltage grids 
(FSK) 
LENENERGO 
Third-party grid organizations (TGOs) 
Electricity trading compan...
5 
Securities 
Capitalization** of JSC Lenenergo, RUB mln 
*** In accordance with the Charter of JSC Lenenergo dividends a...
6 
Corporate Governance Structure 
CEO of JSC Lenenergo (since 2010). Earlier, more than 10 years he has worked in the pub...
7 
Production Activity 
Indicator 
Unit 
2011 
2012 
2013 
1H 2014 
Installed capacity 
MVA 
21,427 
21,952 
23,059 
23,11...
8 
2.01 
11.71 
2.15 
1.83 
1.82 
0.50 
0.9 
0.92 
1.09 
0.82 
0.66 
0.65 
2009 
2010 
2011 
2012 
2013 
2014F 
Reliabilit...
9 
Electricity Transmission Services 
Dynamics of productive supply of electric power, mln kWh 
Dynamics of losses in the ...
10 
Technological Connection Services 
Dynamics of revenue and average rate for technological connection contracts 
Conclu...
JSC LENENERGO CONCLUDED 
1,495 contracts 
FOR TECHNOLOGICAL CONNECTION WITH SUBJECTS OF SMALL BUSINESS OF ST. PETERSBURG I...
12 
582 
330 
6м 2013 
6м 2014 
Financial Performance 
Indicator 
6M 2014 
6M 2013 
For reference: 
31.12.2013 
Change, % ...
13 
Investment Activity 
Parameters of investment program, RUB mln 
Program of renovation of cable network 6-110 kV in St....
14 
20.83 
43.8 
25.7 
428.9 
334.503 
833.835 
127.843 
1,202.89 
2,421.90 
347.598 
334.65 
2011 ( fact) 
2012 (fact) 
2...
15 
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Eng общая презентация ленэнерго 1 пг 2014 ifrs

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The Basic Activities of JSC Lenenergo

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Eng общая презентация ленэнерго 1 пг 2014 ifrs

  1. 1. The Basic Activities of JSC Lenenergo
  2. 2. 2 Core types of business activity: • electricity transmission and distribution services • technological connection of new consumers to grids Service territory: St. Petersburg and the Leningrad Region Service territory 87.3 thousand sq.km Population of the region 6.2 mln people Market share of JSC Lenenergo in electricity transmission as at 30.06.2014 - 67.4 % Major competitors: in St. Petersburg – JSC SPBES in the Leningrad Region – JSC LOESK Assets (as at 30.06.2014) Unit Productive electricity supply mln kWh 14,515.7 Electricity losses % (mln kWh) 10.51 (1,752.6) Connected capacity in 2013 MW 771 Revenue RUB mln 18,185 EBITDA RUB mln 4,015 Net profit RUB mln 330 Capitalization RUB mln 4,565 Payroll people 6,356 Key Indicators for 1H 2014 Installed capacity MVA 23,119 Overhead power lines 0.4-110 kV circuits km 40,567.9 Cable lines 0.4-110 kV km 21,171.3 Substations 35-110 kV pcs (MVA) 379 (14,570) Transformer substations 6-10 kV pcs (MVA) 15,748 (8,549) LENENERGO is the largest electricity distribution grid company (the operator of 0.4-110 kV networks), servicing the territory of St. Petersburg and the Leningrad Region. It is a natural monopoly which tariffs are set by the regulatory bodies – Federal Tariff Service (FTS) and regional regulators (REC) Company Overview
  3. 3. 3 Company Structure IDGC Holding bought control of the Company, the city Administration of St. Petersburg (CPMC) received 25% +1 share of the Company in the course of additional issue On 16 July 16 Emperor Alexander III approved the Charter of Electric Lighting Company, founded by Carl Siemens 1886 1992 … 2005 2008 In 2005 at the General Meeting of Shareholders it was decided to reorganize the Company. A new distribution grid company engaged in electric power transmission and technological connection received its historical name of JSC Lenenergo As a result of privatization LENENERGO, Open Joint Stock Company of the Power Industry and Electrification was established, which became the successor of the Leningrad production association of the power industry and electrification LENENERGO with the functions of electricity generation, transmission and distribution of 2010 Within the creation of the unified electric grid company JSC Lenenergo acquired CJSC TSEC and CJSC Kurortenergo 2013 Brief History of JSC Lenenergo Situational and analysis center (SAC) was established
  4. 4. Business Model 4 High voltage grids (FSK) LENENERGO Third-party grid organizations (TGOs) Electricity trading companies End users Generation wholesale electricity market Major TGOs in the region: in SPb – JSC SPbES, in LR – JSC LOESK •Independent electricity trading companies •Guaranteeing suppliers: JSC PSK, LLC RSK-Energo, LLC Rusenergosbyt, LLC Energy Holding •Direct consumers – participants of wholesale and retail electricity markets Payment of losses in Lenenergo networks TGK-1, OGK-6, NW GRES, LAES, etc. Consolidated revenues system* electricity fee purchase of electricity electricity transmission fee electricity transmission fee electricity electricity electricity 0.4-110 kV grids 0.4-10 kV grids > 220 kV grids electricity *RGR of TGOs and RGR of FGC comprise RGR of Lenenergo Transmission services Distribution grid company electricity transmission fee Market share of TGOs . . . Branch of FSK UES – MES of North-West Wholesale electricity market 34%
  5. 5. 5 Securities Capitalization** of JSC Lenenergo, RUB mln *** In accordance with the Charter of JSC Lenenergo dividends are accrued on A-type preferred shares in the amount of 10% of Net profit following the results of the completed fiscal year. The sum of dividends for 2013 amounted to 25% of the Company’s Net profit for 2013. Dividends payment*** ** Calculation of the capitalization was produced at a weighted average price on MICEX Stock Exchange at the end of the period Capitalization on MICEX SE, RUB mln (at a weighted average price) 31.12.2011 31.12.2012 31.12.2013 29.08.2014 11,139 7,759 3,742 4,484 Year Dividends on ordinary shares, RUB per 1 ordinary share Dividends on preferred shares, RUB per 1 preferred share Accrued dividends, RUB thousand For 2011 No 1.5198 141,742 For 2012 0.163119 1.32347 308,583 For 2013 0.0391 0.4556 106,000 Authorized capital 1,752,079,150.05 Ordinary shares* 1,658,814 839.05 Preferred shares 93,264,311 Authorized Capital of Lenenergo, pcs (RUB)* Share Capital Structure of JSC Lenenergo****, % of ordinary shares The purpose of funds is the Program of renovation of the cable network 6-110 kV in St. Petersburg Issue volume – RUB 3.174 bn Offering price – RUB 6.06 per 1 share defined as the weighted average price of ordinary shares by results of trades on MICEX Stock Exchange for the period from 18.01.2013 up to 19.04.2013 (3 months). On 20.06.2013, the General Meeting of Shareholders of JSC Lenenergo approved the authorized capital increase by placement of additional ordinary shares. An additional issue was finished on 10.09.2014 Additional issue **** as of the last closing date of the shareholder register – 19.05.2014 After allowing for acquisition by JSC Rosseti of JSC Lenenergo shares by public offering 64% 17,5% 6% ОАО Россети г. Санкт-Петербург в лице КУГИ ОАО МРСК Урала ENERGYO SOLUTIONS RUSSIA (CYPRUS) LIMITED RUSENERGO FUND LIMITED Citigroup Global Markets Limited JSC Rosseti St. Petersburg represented by CPMC JSC IDGC of Ural ENERGYO SOLUTIONS RUSSIA (CYPRUS) LIMITED RUSENERGO FUND LIMITED Citigroup Global Markets Limited * After addition issue 2013-2014
  6. 6. 6 Corporate Governance Structure CEO of JSC Lenenergo (since 2010). Earlier, more than 10 years he has worked in the public administration, including in the Committee on Power and Engineering Support of the Government of St. Petersburg. Graduated from St. Petersburg State University. PhD in Economics. Awarded government awards. Deputy General Director for Finance of JSC Rosseti (since 2013). He has long experience in energy companies of Russia. Graduated from St. Petersburg State University. PhD in Economics. Awarded government awards. Egor PROKHOROV Chairperson, Board of Directors Andrey SOROCHINSKIY CEO
  7. 7. 7 Production Activity Indicator Unit 2011 2012 2013 1H 2014 Installed capacity MVA 21,427 21,952 23,059 23,119 Overhead power lines 0.4-110 kV (on route) km 36,587 36,859 37,214 37,397.9 Overhead power lines 0.4-110 kV (circuits) km 39,783 40,053 40,408 40,567.9 Cable lines 0.4-110 kV km 19,554 20,400 21,259 21,171.3 Substations 35-110 kV pcs 373 377 379 379 Substations 35-110 kV MVA 13,742 13,969 14,570 14,570 Transformer substations 6-10 kV pcs 14,770 15,025 15,531 15,748 Transformer substations 6-10 kV MVA 7,686 7,983 8,490 8,549 Main characteristics of assets Repair program, RUB bn Average duration of power supply interruptions, min 79% completed 0.74 0.77 0.98 1.22 1.5 0.98 2009 2010 2011 2012 2013 2014 6.60 15.82 5.32 5.28 5.00 2.40 2009 2010 2011 2012 2013 6M 2014
  8. 8. 8 2.01 11.71 2.15 1.83 1.82 0.50 0.9 0.92 1.09 0.82 0.66 0.65 2009 2010 2011 2012 2013 2014F Reliability of Electricity Supply Undersupply Undersupply during AWP Electric power undersupply in JSC Lenenergo, thousand MWh Maximum consumption of power system, MW 7,402 7,420 7,654 6,980 7,514 8,432 2010 2011 2012 2013 2014F 2015F Accident rate for 2009-2014, accidents per 1,000 c.u. 4.00 7.70 7.95 6.31 4.07 AWP 2009/10 AWP 2010/11 AWP 2011/12 AWP 2012/13 AWP 2013/14 Share of equipment of substations and power lines that have develop their normative service life 60% 65% по Санкт-Петербургу по Ленинградской области до 25 лет более 25 лет < 25 years > 25 years In the Leningrad Region In St. Petersburg
  9. 9. 9 Electricity Transmission Services Dynamics of productive supply of electric power, mln kWh Dynamics of losses in the networks of JSC Lenenergo, mln kWh,% Structure of electric power supply by categories of consumers 29.0% 2.3% 1.2% 14.5% 0.4% 19.8% 32.7% Промышленные потребители Транспорт Сел. хоз-во и пищ. пром. Непромышленные потребители Бюджетные потребители Население ТСО 18,626 18,539 19,104 19,083 10,469 10,436 10,902 10,530 2010 2011 2012 2013 СПб ЛО 28,975 30,007 29,613 29,095 3,587 3,546 3,578 3,432 10.7 10.6 10.4 10.1 9,9 10,1 10,3 10,5 10,7 10,9 3420 3470 3520 3570 3620 2010 2011 2012 2013 Result of measures for loss reduction of electricity in 2014 Loss reduction, mln kWh reduction of technical losses 3.1 reduction of commercial losses 63.6 Economic effect from the implementation of programs to reduce losses in 2014 RUB 195 mln 0.4% from supply to network Industrial consumers Transport Agriculture and food industry Non-industrial consumers Budget consumers Population Territorial Grid Organizations St. Petersburg Leningrad Region In accordance with the approved program of energy saving and increase of energy efficiency of JSC Lenenergo for 2014-2019 target of energy losses by the end of 2019 is planned at the level of 8.38% as to supply to network
  10. 10. 10 Technological Connection Services Dynamics of revenue and average rate for technological connection contracts Conclusion and execution of technological connection contracts, pieces (MW) Dynamics of submitted application for technological connection, pieces (MW) 8,069 2,896 8,487 3,111 7,083 3,877 Заключено договоров Закрыто договоров 6 мес 2012 6 мес 2013 6 мес 2014 370 MW 289 MW 236 MW 181 MW 94 MW 130 MW Indicator 2011 2012 2013 2014 Plan Δ in % 2013 Fact/ 2014 Plan Revenue on technological connection, RUB mln (w/o VAT) 8,629 7,580 6,807 8,183 20% Connected capacity, MW 321 523 771 609 -21% Average rate on executed contracts, RUB/MW 25,919 13,933 8,452 13,431 59% Structure of revenue on technological connection, RUB mln (w/o VAT) 3,083 1,328 1,652 6м 2012 6м 2013 6м 2014 Contracts concluded Contracts executed 6M 2012 6M 2013 6M 2014 6M 2012 6M 2013 6M 2014 12,006 11,160 12,449 6м 2012 6м 2013 6м 2014 1,029 MW 1,327 MW 1,279 MW
  11. 11. JSC LENENERGO CONCLUDED 1,495 contracts FOR TECHNOLOGICAL CONNECTION WITH SUBJECTS OF SMALL BUSINESS OF ST. PETERSBURG IN 1H 2014 52 ENTREPRENEURS ADDRESSED THE PUBLIC RECEPTION OF LENENERGO IN THE OF ENTREPRENEUR HOUSE IN 1H 2014 Implementation of Services on Technological Connection to Power Networks 11 COSTS OF THE GRID COMPANY FOR EXECUTION OF CONTRACTS – OVER RUB 1 BN Total revenue RUB 320 mln under 3,880 contracts with subjects of small business AVERAGE PAYMENT RATE PER 1 KW AT TECHNOLOGICAL CONNECTION RUB 6,800 VAT INCLUDED
  12. 12. 12 582 330 6м 2013 6м 2014 Financial Performance Indicator 6M 2014 6M 2013 For reference: 31.12.2013 Change, % for 6M 2014 6M 2014/ 6M 2013 Operational indicators Productive electricity supply, mln kWh 14,516 14,119 29,613 - 2.8% Electricity losses, % 10.51 10.97 10.11 - -0.46 p.p. Connected capacity, MW 130 94 371* - 38.3% Financial indicators Assets 132,256 105,992 120,845 9.4% - Equity capital 49,715 43,760 49,465 0.5% - Liabilities, including: 82,541 62,232 71,380 15.6% - - non-current liabilities 44,888 27,027 34,700 29.4% - - current liabilities 37,653 35,205 36,679 2.7% - Revenue, including: 18,185 13,806 37,323 - 31.7% - from electricity transmission 15,504 11,357 27,480 - 36.5% - from connection 1,652 1,328 6,807 - 24.3% - other 1,030 1,121 3,036 - -8.1% Operating expenses 16,538 12,080 31,008 - 36.9% Operating profit 1,648 1,727 6,316 - -4.6% EBITDA 4,015 3,707 10,358 - 8.3% EBITDA margin, % 22.1% 26.9% 27.75% - -4.8 p.p. Net profit 330 582 3,281 - -43.4% Net profit margin, % 1.81% 4.22% 8.79% - -2.4 p.p. Net debt 25,674 23,604 23,300 10.2% - Net debt/EBITDA 2.4 2.5 2.2 - - Agency Rating Moody’s Ba2 (outlook stable) Moody’s Interfax Rating Agency Aa2.ru (outlook stable) Credit rating Assigned November, 2009 Confirmed February, 2014 Revenue, RUB mln Net profit, RUB mln 13,806 18,185 6м 2013 6м 2014 Revenue for 6M 2014 was RUB 18,185 mln, 32% up than in the same period of 2013. Thus, there is a drop in Net profit by RUB 252 mln (-43%) due to an increase in the reporting period of the costs for services in electric power transmission by networks of third-party DGCs, depreciation costs and creation of reserves for litigation and claims in part of definition of the volume and cost of services in electric power transmission by networks of a number of third-party grid organizations
  13. 13. 13 Investment Activity Parameters of investment program, RUB mln Program of renovation of cable network 6-110 kV in St. Petersburg (2010-2014) Capital investments, RUB mln (w/o VAT) CAPEX, RUB mln 5,788 1,437 6,719 1 757 594 3 345 4 015 843 3 347 16 27 Факт 1 пл. 2013 План 1пл. 2014 Факт 1 пл. 2014 ТПиР Новое строительство Прочие 1H 2013 (Fact) 1H 2013 (Plan) 1H 2014 (Fact) Technological re- equipment and reconstruction New construction Other Indicator FACT PLAN 2014-2019 6M 2013 6M 2014 Δ in % 6M 2014 / 6M 2013 2014F 2015F 2016F 2017F 2018F 2019F Investment program (disbursement), RUB mln (w/o VAT) 5 788 6 719 116% 25 864 29 987 28 376 24 525 24 242 24 286 157 280 Input of capacity (MVA) 247 245 99% 1992 2 508 2 781 2 758 1 729 1 757 13 525 Input of capacity (km) 624 735 118% 2604 2 591 3 133 1 949 2 320 2 943 15 540 Name Capital investments Financing of capital investments Commissioning of fixed assets RUB mln (w/o VAT) RUB mln (VAT included) RUB mln (w/o VAT) Planned estimated cost 6,445 7,605 6,435 including by years: 2010 Fact 169 68 2011 Fact 1 152 1 195 2012 Fact 1 008 1 052 578 2013 Fact 2 217 2 162 3 638 1H 2014 Fact 137 303
  14. 14. 14 20.83 43.8 25.7 428.9 334.503 833.835 127.843 1,202.89 2,421.90 347.598 334.65 2011 ( fact) 2012 (fact) 2013 (fact) 6M 2014 (fact*) 6M 2014 (plan) Innovative activities in the field of energy efficiency Activities in the field of innovative technologies development R&D Innovative Development Currently, work is underway on formation of the Innovative Development Program of JSC Lenenergo for 2014-2018. Innovative Development Program Term: 2011  2016 Objective: Increase of the economic and energy efficiency of power supply of consumers through introduction of innovative technologies, business processes and development. Funding of the Program areas, RUB mln R&D “Design of reinforced concrete poles for OTL 110 kV from centrifuged partitioned racks” R&D “Research and development of electric energy storages (by directions) and experimental verification of the technical decisions on the physical layout” The work was approved by JSC Rosseti for inclusion in R&D Plan of JSC Lenenergo and carrying out procurement procedures. The work was considered at the meeting of the Scientific and Technical Council of JSC Rosseti (Minutes of the meeting of the section "Technology and equipment of substations" of the Scientific and Technical Council of JSC Rosseti # 2/1 of May 28, 2014). Perspective R&D projects to be launched in 2014 * Investment Program for 2014 was approved as part of the Investment Program for 2012-2017 by Decree # 240 of the Ministry of Power Industry of Russia of 05.05.2012 pursuant to Decree # 977 of the Government of 01.12.2009. Deviation from planned targets was determined by the situation associated with the lack of adjustment of the investment program in 2012-2013, which led to the failure of the plan for one group of objects of the Investment Program and fulfillment of other, with total overfulfillment of targets overall on the Investment Program.
  15. 15. 15 THANK YOU!

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