ready, steady, · • consolidation of ogk-2 and ogk-6 will be performed in partnership with...
TRANSCRIPT
Ready, Steady, <Go>Ready, Steady, <Go>
Gazprom Energy Day 2010
Denis Fedorov
General Director, Gazprom Energoholding
September 2010
The information contained herein has been prepared using information available to Gazprom Energoholding (or the Group) at the
time of preparation of the presentation. External or other factors may have impacted on the business of Gazprom Energoholding
and the content of this presentation, since its preparation. In addition all relevant information about Gazprom Energoholding 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 and Gazprom Energoholding cautions that actual
Disclaimer
22
incorrect. Forward looking statements, by the nature, involve risk and uncertainty and Gazprom Energoholding 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 Gazprom Energoholding, 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.
2009 Results Highlights
2008 2009 Change, %
Electricity output, bn kWh* 179,8 164,6 -8
Heat output, mln. Gcal 94,4 99,1 5
Revenue, bn RR 211,2 236,6 12
EBITDA, bn RR 11,8 30,5 159
In spite of difficult economic conditions, the Group’s generating
companies demonstrated strong operating and financial results1:
Consolidation of Assets Maintenance of Strong Results
Achieved controlling stakes in 4 generating companies.
Company 2008 2009
OGK-2 44,5% 50,3%
OGK-6 42,9% 50,3%
Mosenergo 53,5% 53,5%
TGC-1 28,7% 51,8%
3
EBITDA, bn RR 11,8 30,5 159
Investment Program of the generating companies was approved. Main
characteristics of the Program are the following1:
According to Government resolution #238 dated 13.04.2010 price
characteristics for the long-term capacity market have been
defined. These include:
� Calculated capital expenditures for capacity commissioning
� Calculated service expenses
� Calculated payback period
� Basic level of the rate of return on invested capital
Total installed capacity, GW 8,9 2
- commissioned, GW 1,86
Total cost, bn RR 365,5
- financed, bn RR 153,9
(1) Group’s company data.
(2) Excluding Kaliningrad TTP-2.
Launch of the Long-term Capacity MarketApproval of Investment Program
TGC-1 28,7% 51,8%
* Due to decrease in electricity consumption in the Russian Federation.
Core generating assets
100%
Structure of the Group’s Energy Assets
53,5% 51,8% 50,3% 50,3%
4
Non-core generating assets
FSK UES of
RussiaTGC-5 OGK-5
Inter RAO
UES
MRSK
Holding
RAO Far East Energy
Systems
3,7% 5,0% 5,3%10,5%10,5%8,5%
53,5% 51,8% 50,3% 50,3%
Gazprom Energoholding – a Large Power Generation
Player in Russia and the World
1Installed Capacity of the World’s Largest
Generating Companies, GW 1
Installed Capacity of Russian Generating
Companies, GW 1
135
9573 73 64
50 44 43 40 39 39 3620
36
25,4 24,219,5
11,9 9,9 9,1 8,7 8,7 8,6 8,4 6,3 5,9 4,4 3,4
5
619
407320 296 268
187 186 185 165 143 13783 81
1
(1) Company 2009’ annual reports
Electricity Output by the Group’s
Companies, bn kWh 1
Electricity Output by the World’s Largest Generating
Companies, bn kWh 1
Mosenergo61,7
TGC-126,7
OGK-247,2
OGK-629,0
1H 2010 Operating and Financial Results
Improvement of Operating and Financial Results Electricity Output, bn kWh 1
� The company successfully overcame the recession period
� Actual 1H 2010 operating and financial results were higher than
expected
� Positive dynamics are expected in the future
Total 83,3 Total 86,0 Total 85,4
6 m 2009 6 m 2010 6 m 2010 Plan
32,2 31,9 31,5
14,2 14,4 13,5
23,8 23,3 23,7
13,1 16,4 16,7
6
6 m 2009 6 m 2010 6 m 2010 Plan
9,7 10 8,2
4,7 5,6 4,5
2,1 3,1
2,3
4,1 2,1
1,8
6 m 2009 6 m 2010 6 m 2010 Plan
59,774,7 68,8
21,2
27,223,0
19,4
24,921,8
20,4
22,722,6
Total 136,2
Revenue, bn RR (IFRS) 1 EBITDA, bn RR (IFRS) 1
(1) Group’s company data
Total 120,7
Total 149,5 Total 20,6 Total 20,8
Total 16,8
6 m 2009 6 m 2010 6 m 2010 Plan
Gazprom Group is Russia’s Most Responsible Investor in
Power Generation
ЭComplete and Timely Execution of Investment
ProgramInstalled Capacity of the Program, GW 1
� Investment Program will be fully executed within the specified
time-frame
� All changes are economically reasonable and have been
formally approved
� The Group held first place in Russia for capacity
commissioning in 2008-2009
� As of 2Q2010 38.6% of the Program has been financed
(1) Excluding Kaliningradskaya TPP-2.
8,9
1,86
Program Total
Commissioned as of 30.06.10
7
(1) Group’s company data
Cost of the Program, bn RR 1The Group’s Share in Russian Capacity
Commissioning in 2008-2009, MW 1
In 2010 the Group plans to install circa 2 GW of capacity
(1) Excluding Kaliningradskaya TPP-2.
GEH
57%
Other
generating
companies
43%
365,5
153,9
Program Total
Financed as of 30.06.10
Long-Term Capacity Market
Main Price Characteristics
According to Government Resolution #238 dated 13.04.2010 the
following main price characteristics for capacity under Power Supply
Agreements have been established:
Calculated capital expenses for
capacity installation, thousand
RR / kW
� 28,8-41,9 for gas generation
�49,2-53,5 for coal generation
Calculated maintenance
expenses, thousand RR / MW
� 80 for gas generation
Share of Capacity under Power Supply
Agreements in Revenues from Capacity Sales, %
2008 2009
88,164,4
11,935,6
Mosenergo
New capacity
Old capacity
8
expenses, thousand RR / MW
monthly�123 for coal generation
Calculated maintenance expenses are subject to
annual indexation
Share of capital expenditures
compensated by capacity sales,
%
� 71-79 for gas generation
�80 for coal generation
The remaining part is compensated by the sale of
electricity
Basic level of invested capital
rate of return, %
� 15 for the capacity suppliers that did not issue
additional shares
� 14 for the remaining capacity suppliers
Calculated payback period 10 Years
2008 2009
2008 2009
96,384,4
3,7
15,6
TGC-1
New capacity
Old capacity
Established price characteristics of Power Supply Agreements give
advantages to generating companies and allow capital expenses to be
paid back in a reasonable period of time
Main Strategic Directions for Gazprom Energoholding
Development
Execution of Investment Program Reliability and Efficiency of Electricity
Production
� The Ministry of Energy forecasts growth of electricity demand
in Russia
� Increasing demand underlines necessity of new capacity
commissioning
� The Group plans to increase installed capacity from 36 GW to
44,8 GW (1) by 2020
� An increased level of production reliability will be
proven as the number of accidents decrease
� Production efficiency will be shown via
performance, high operating results and an increase in
energy efficiency
9
Business Architecture DevelopmentImprovement of Management Efficiency
� Administrative measures to centralize the management
system will be performed at the Gazprom Energoholding
level
� Implementation of the management system based on the
world’s best practices will allow GEH to improve operating
management efficiency
� Consolidation of the current assets
� Consolidation of OGK-2 and OGK-6 2
� Transition to the unified share
� Gazprom Energoholding IPO
(1) Excluding capacity decommissioning
(2) Corporate decisions on the consolidation are being discussed
2000
Investment Program Execution
Electricity demand, bn kWh 1
Planned Increase of Installed Capacity under
Capacity Delivery Contracts (DPM), GW
Cost of the Investment Program, bn RR
11,9
13,5
Total 44,8 *
Total 36
Financed153, 942 %Amount to be
financed211, 658 %
Total 365, 5 bn RR
10
980 994
1151
1388
1619
1860
9851127
12881419
1553
1197
1426
1710
800
1100
1400
1700
2000
2006 2010 2015 2020 2025 2030
Maximum
Basis
General scheme (4,1 %)
The Russian Ministry of Energy forecasts growth in electricity demand. Increasing demand underlines the necessity of new
capacity commissioning
(1) According to data from the Ministry of
Energy, July 2010
Current installed capacity Planned installed capacity
9,110,6
8,7
10,6
6,3
7,8
2,3
* Excluding capacity decommissioning
Reliability and Efficiency of Electricity Production
• Prioritize safety and ensure efficiency during production planning and allocation of investments to new construction and the
refurbishment of generating assets
• Prioritize efficient use of energy resources.
• Systematic approach to increasing energy efficiency and ecological safety - correlation between targets, programs and
execution methods
Energy efficiency is one of the measures to increase production efficiency
Fuel rate
11
Current equipment:
• The fuel rate will decrease with the
modernization of equipment
•Power Supply Agreements for modernized
objects have a big role in power sector
development
Production efficiency increase is expressed through operating results improvement
Novocherkasskaya GRES:
Fuel rate – 324 gr/kWh
Commissioning year – 2014
Kirishskaya GRES:
Fuel rate – 2221 gr/kWh
Commissioning year – 2011
Novocherkasskaya GRES:
Fuel rate – 374 gr/kWh
Kirishskaya GRES:
Fuel rate - 348 gr/kWh
After modernization:
(1) For the new energy block CCGT-800
Centralization of corporate functions at a corporate centre level and service centre level
Implementation of long-term planning with unified standards and a unified long-term financial model
Improvement in Management Efficiency
12
Analysis, systematization and distribution of best practice among generating companies
Implementation of a unified ERP - system (SAP)
Business Architecture Development
Transition to
IPO
Gazprom Energoholding has
completed the first stage at this point
13
Consolidation of current assets
Consolidation of OGK-2 and OGK-6
Transition to unified share
Each stage of the business architecture is aimed at increasing the Company’s value
Consolidation of OGK-2 and OGK-6
OGK-2 and OGK-6 consolidation
will allow the joint company to
become one of the largest power
generation companies in Russia
Expected installed capacity after consolidation of OGK-2 and OGK-6
0
5
10
15
20
25
30
25,3 23,2
9,111,9 9,9 8,7 8,6 8,5 7,5
8,7
(1)
Installed capacities of Russia’s largest generating
companies as of May 2010, GW
14
Corporate decisions upon this consolidation are being discussed.(1) Total installed capacities of Inter RAO UES stations, excluding OGK-1.
Increase of
business scope
Synergy
• OGK-2 and OGK-6 have a mutually complementary geographic position of assets:
– The joint company will be represented in most of Russia’s Unified Energy Systems
– Enhanced positions in Unified Energy Systems of the North-West and South of Russia
• Reduction of general administrative and managerial expenses as a result of economies of scale and
elimination of overlapping functions
• Centralization of purchases, including fuel purchases
• Centralized planning and implementation of a joint Investment Program
• Introduction of consistent corporate governance standards
Key Results
Gazprom’s presence in power generation is one of the necessary conditions to achieving leadership in
the global energy markets
Gazprom Group’s strategy in power generation is based on a long-term Program aimed at
improvement of production and management efficiency as well as market capitalization growth
15
As a result of asset consolidation, Gazprom Energoholding has become the largest generation
company in Russia in terms of installed capacity and financial results
The target structure for Gazprom Energoholding is a vertically integrated generation company with
a single operating centre and a presence throughout the production chain
This model will improve operating efficiency and significantly reduce costs, which is one of the
factors affecting market capitalization growth. Another key growth driver is the execution of M&A
projects and the commission of new efficient capacities in both Russia and abroad
Market Concerns regarding Gazprom as the Major
Shareholder
Market Concerns Mitigating concerns
• According to Government Resolution gas is
sold to Gazprom Energoholding companies at
prices established by the Government
• Gas sales to Gazprom Energoholding
companies are at a higher price
• Gazprom does not account for minority
shareholder interests• Consolidation of OGK-2 and OGK-6 will be
performed in partnership with leading
investment banks in a transparent process
16
Gazprom is an effective and responsible owner, which is interested in the market capitalization
growth of Gazprom Energoholding companies
• The Group’s companies have the advantage of access to
debt financing
• Execution of investment liabilities is guaranteed by main
shareholder
• Operating efficiency improvement
• Gas supplies are guaranteed and stable
Advantages of Gazprom being the Major Shareholder
Appendix
17
TGC-1(1/2)
Description
Asset Details
Shareholder structure
� TGC-1 is a key power generation company and supplier of electricity and heat in the Northwestern
Federal District
� The company operates in 4 regions of the Russian Federation: Saint-Petersburg, Leningrad and
Murmansk regions and the Republic of Karelia.
� TGC-1 includes 55 power generation stations. Generating assets consist of power generation
stations of different types: heat, hydro, diesel and combined. Share of Hydro Power Plants in total
electricity output is about 50%.
� Number of employees – more than 9 thousand people.
� Average year of capacity commissioning – 1973.
Station Elecricity capacity MW Heat capacity
Gcal/h
Commissioning
year
Location of Assets
Kolskiy branchMurmansk TPP
51,8%
25,7%
22,6%
GEH
Fortum Power and heat
Others
18
Source: Group’s companies data
Centralnaya TPP 78,5 1 414 1897
Pravoberezhnaya TPP-5 244 1 432 1922, 2006
Vasileostrovskaya TPP-7 85 1 084 1932,2009
Pervomayskaya TPP-14 330 1638 1957
Yuzhnaya TPP-22 800 2 250 1978
Avtovskaya TPP-15 321 1 833 1956,2007
Vyborgskaya TPP-17 255 1 060 1954
Severnaya TPP-21 500 1 185 1975
Dubrovskaya TPP-8 192 185 1933
Narvskaya TPP 125 - 1955
Cascade of Vuoksinskiye HPPs 195 - 1949,2009
Cascade of Ladozhskiye HPPs 342 - 1926-1956
Luzhskaya HPP-2 0,5 - 1954
Petrozavodskaya TPP 280 689 1976
Cascade of Vygskiye HPPs 240 - 1956-1967
Cascade of Kemskiye HPPs 330 - 1967-1991
Cascade of Sunskiye HPPs 51 - 1929-1954
The group of small HPPs 12 - 1903-1947
Diesel Power plant 2 - 2005
Cascade of Nivskiye HPPs 578 - 1934-1964
Cascade of Tulomskiye HPPs 324 - 1937-1965
Cascade of Pazskiye HPPs 188 - 1950-1970
Cascade of Serebryanskiye HPPs 512 - 1970-1987
Apatitskaya TPP 323 735 1959
Murmanskaya TPP 12 1 111 1934
TGC-1 6 315 14 362
Karelskiy branch
� Electricity capacity – 915 MW
� Heat capacity – 689 Gcal/h
Kolskiy branch
� Electricity capacity – 1 912 MW
� Heat capacity – 735 Gcal/h
Nevskiy branch
� Electricity capacity – 3 427,8 MW
� Heat capacity – 12 073 Gcal/h
Murmansk TPP
� Electricity capacity – 12 MW
� Heat capacity – 1 111 Gcal/h
electricity, g per kWh
heat,kg per Gcal
301139
TGC-1(2/2)
Main operating results Fuel Balance and Rate
Gas
89%
Fuel oil
7%
Coal
4%
Main Operating Results
26,1 26,9 26,826,7 26,3 26,9
41,9%48,9% 49,8%
0%10%20%30%40%50%60%70%80%90%100%
25.6
25.8
26.0
26.2
26.4
26.6
26.8
27.0
2007 2008 2009
Electricity output, bn kWh
Heat output,mln Gcal
Installed capacity utilization factor, %
19
Main financial results Investment Program
Project Capacity (increase),
MW
Commissioning
date
Lesogorskaya HPP-10 6 31 December 2011
Lesogorskaya HPP-11 6 31 December 2012
Lesogorskaya HPP-12 6 31 December 2013
Pervomayskaya TPP-14 180 1 July 2010
Pervomayskaya TPP-14 180 1 July 2011
Pravoberezhnaya TPP-5 450 31 December 2012
Svetogorskaya HPP-11 7,25 31 December 2010
Svetogorskaya HPP-12 7,25 31 December 2011
Svetogorskaya HPP-13 7,25 31 December 2012
Centralnaya TPP 100 31 December 2015
Yuzhnaya TPP-22 450 31 December 2010
Main Financial Results
Source: Group’s companies data, RSA financial statements
26,2 31,1 38,42,3 2,8
7,6
0,1 0,23,4
8,8%
9,0%
19,8%
0%
5%
10%
15%
20%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2007 2008 2009
Revenue, bn RR EBITDA, bn RR
Net profit, bn RR EBITDA margin, %
Mosenergo(1/2)
� Mosenergo is one of the largest regional generating companies in Russia
� Power plants of OJSC Mosenergo supply about 70% of electricity consumed in Moscow
region and 66% of heat consumed in Moscow
� OJSC Mosenergo includes 15 Power Plants
� Number of employees – more than 13 thousand people
� Average year of capacity commissioning - 1985
Station Elecricity capacity MW Heat capacity Gcal/h Commissioning
year
Description
Asset Details
Shareholder Structure
Location of Assets
53,5%
26,5%
20,1%
GEH
Moscow property Department
Others
20
HPP-1 95 951 1897
GRES-3 604 480 1914
TPP-8 605 2 192 1930
TPP-9 210 560 1933
TPP-11 330 1 011 1931
TPP-12 418 2 031 1941
TPP-16 360 1 484 1945
TPP-17 192 712 1950
TPP-20 730 2 400 1952
TPP-21 1 800 4 958 1964
TPP-22 1 310 3 606 1960
TPP-23 1 420 4 530 1966
TPP-25 1 370 4 088 1976
TPP-26 1 420 3 986 1979
TPP-27 1 060 1 876 1996
Mosenergo 11 924 34 865
Mosenergo
• Electricity capacity – 11 924 MW
� Heat capacity – 34 865 Gcal/h
Source: Group’s companies data
Mosenergo(2/2)
Main Operating Results Fuel Balance and Rate
Gas98%
Fuel oil0,6%
Coal1,4%
electricity, g per kWh
heat,kg per Gcal
245 166
63,7 64,3 61,765,6 62,4 65,4
68% 65%59%
0%10%20%30%40%50%60%70%80%90%100%
59.0
60.0
61.0
62.0
63.0
64.0
65.0
66.0
2007 2008 2009
Electricity output, bn kWh
Heat output,mln Gcal
Installed capacity utilization factor, %
21
ProjectCapacity (increase),
MWCommissioning date
TPP-12 220 31 December 2013
TPP-16 420 31 December 2013
TPP-20 420 30 November 2014
TPP-26 420 30 November 2010
TPP-9 61,5 30 June 2012
Source: Group’s companies data, RSA financial statements
Main Financial Results Investment Program
78,0 94,4 112,16,2 8,1
17,8
0,7 1,4 4,5
7,9%
8,6%
15,9%
0%
5%
10%
15%
20%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2007 2008 2009
Revenue, bn RR EBITDA, bn RR
Net profit, bn RR EBITDA margin, %
OGK-2(1/2)
Serovskaya GRES
� Electricity capacity – 538 MW
� About 70% of generating capacity of OGK-2 is located in the Ural Federal District.
�OGK-2 includes 5 Power Plants situated in Pskovskaya (Pskovskaya
GRES), Sverdlovskaya (Serovskaya GRES), Chelyabinskaya (Troitskaya), Stavropolskiy
(Stavropolskaya GRES) and Khanty-Mansiyskiy (Surgutskaya GRES) regions.
�2nd place for installed capacity utilization factor among other OGKs.
�Number of employees – about 5 thousand people
�Average year of capacity commissioning– 1975.
(1) 99% of OJSC Centrenergoholding is owned by Gazprom Energoholding
Description
Asset Details
Shareholder Structure
Location of Assets
50,3%
49,7%
OJSC Centrenrgoholding, MRG Ltd
Others
1
22
Pskovskaya GRES
� Electricity capacity – 430 MW
� Heat capacity – 121 Gcal/h
� Electricity capacity – 538 MW
� Heat capacity – 110 Gcal/h
Stavropolskaya GRES
� Electricity capacity – 2 400 MW
� Heat capacity – 145 Gcal/h
TroitskayaGRES
� Electricity capacity – 2 059 MW
� Heat capacity – 315 Gcal/h
Surgutskaya GRES-1
� Electricity capacity – 3 280 MW
� Heat capacity – 958 Gcal/h
Station Electricity
capacity, MW
Heat
capacity
Gcal/h
Commissio
ning date
Pskovskaya GRES 430 121 1993
Stavropolskaya GRES 2 400 145 1975
Troitskaya GRES 2 059 315 1960
Serovskaya GRES 538 110 1954
Surgutskaya GRES-1 3 280 958 1972
OGK-2 8 707 1 649
Source: Group’s companies data
OGK-2(2/2)
Main Operating Results Fuel Balance and Rate
Gas
76%
Fuel oil
0,3%
Coal
23,7%
electricity, g per kWh
heat,kg per Gcal
347152
48,0 49,8 47,22,5 2,5 2,4
63% 65% 62%
0%10%20%30%40%50%60%70%80%90%100%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2007 2008 2009
Electricity output, bn kWh
Heat output,mln Gcal
Installed capacity utilization factor, %
23
ProjectCapacity (increase),
MWCommissioning date
Troitskaya GRES 660 30 November 2014
Serovskaya GRES 420 30 November 2014
Stavropolskaya GRES 420 30 November 2016
Adlerskaya TPP 180 31 October 2012
Adlerskaya TPP 180 31 December 2012
Source: Group’s companies data, RSA financial statements
Main Financial Results Investment Program
33,8 40,5 40,31,2-0,3
3,6
0,0 -1,41,7
3,6% -0,7%
8,9%
-5%
0%
5%
10%
15%
20%
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2007 2008 2009
Revenue, bn RR EBITDA, bn RR
Net profit, bn RR EBITDA margin, %
OGK-6(1/2)
� About 40% of generating capacity of OGK-6 is located in Unified Energy System Centre
� OGK-6 includes 6 GRES and operates in the following regions: Rostovskaya (Novocherkasskaya
GRES), Leningradskaya (Kirishskaya), Ryazanskaya (Ryazanskaya GRES), Vologodskaya
(Cherepovetskaya GRES) and Krasnoyarskaya (Krasnoyarskaya GRES-2)
� Holds the 1st and 2nd places among other OGKs for installed electrical and heat capacity
respectively
� Number of employees – more than 6 thousand people
� Average year of capacity commissioning– 1975.
Description
Asset Details
Shareholder Structure
Location of Assets
50,3%
9,6%
40,1%OJSC Centrenergoholding
OJSC FSK UES
Others
24
Cherepovetskaya GRES
� Electricity capacity – 630 MW
� Heat capacity – 39 Gcal/h
Kirishskaya GRES
� Electricity capacity – 2 100 MW
� Heat capacity – 1 234 Gcal/h
Ryazanskaya GRES
� Electricity capacity – 3 070 MW
� Heat capacity – 180 Gcal/h
Novocherkasskaya GRES
� Electricity capacity – 2 112 MW
� Heat capacity – 75 Gcal/h
KrasnoyarskayaGRES-2
� Electricity capacity – 1 250 MW
� Heat capacity – 1 176 Gcal/h
Station Electricity
capacity, MW
Heat capacity
Gcal/h
Commissioning
date
Kirishskaya GRES 2 100 1 234 1965
Cherepovetskaya GRES 630 39 1976
Ryazanskaya GRES 3 070 180 1974
Novocherkasskaya GRES 2 112 75 1965
Krasnoyarskaya GRES-2 1 250 1 176 1961
OGK-6 9 162 2 704
Source: Group’s companies data
OGK-6(2/2)
Main Operating Results Fuel Balance and Rate
Gas51%
Fuel oil1%
Coal48%
electricity, g per kWt/h
heat,kg per Gcal
366
152
34,1 38,9 29,04,3 4,4 4,4
43%49%
37%
0%
10%
20%
30%
40%
50%60%
70%
80%
90%
100%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2007 2008 2009
Electricity output, bn kWh
Heat output,mln Gcal
Installed capacity utilization factor, %
25
ProjectCapacity (increase),
MWCommissioning date
Kirishskaya GRES 540 30 November 2011
Novocherkasskaya GRES 330 30 November 2014
Cherepovetskaya GRES 420 30 November 2014
Ryazanskaya GRES 60 30 November 2014
Novocherkasskaya GRES 36 31 December 2012
Main Financial Results Investment Program
Source: Group’s companies data, RSA financial statements
35,3 42,3 41,9
4,41,6
5,1
1,9 0,82,8
12,5%
3,8%
12,2%
-5%
0%
5%
10%
15%
20%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2007 2008 2009
Revenue, bn RR EBITDA, bn RR
Net profit, bn RR EBITDA margin, %