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IR PRESENTATION
Preliminary Results Y2011
The Russia Forum 2012 (Troika Dialog) January 31 – February 03, 2012
Disclaimer
2
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.
Key strategic priorities of the Company
3
I.
205
121
85
79
77
57
52
38
23
18
МОЭСК
МРСК Центра
МРСК ЦП
ЛенЭнерго
МРСК Волги
МРСК Урала
МРСК Сибири*
МРСК Юга*
МРСК СЗ*
МРСК СK*
13,1
5,6
3,2
2,3
2,1
1,7
1,3
1,2 1,0 0,0
МОЭСК
МРСК Центра
МРСК ЦП
МРСК Урала
МРСК Волги
МРСК СK
МРСК СЗ
ЛенЭнерго
МРСК Сибири
МРСК Юга
91
50
47
40
39
35
27
23
17
8
МОЭСК
МРСК Центра
МРСК ЦП
МРСК Урала
МРСК Сибири
МРСК Волги
ЛенЭнерго
МРСК СЗ
МРСК Юга
МРСК СK
79
25
17
17
16
11
11
7
3
2
МОЭСК
МРСК Центра
МРСК Урала
МРСК ЦП
МРСК Волги
Ленэнерго
МРСК Сибири
МРСК СЗ
МРСК Юга
МРСК СK 4
Industry restructuring 2003-2007 Current Tariff Structure
63%
34%
3%
Sales
Transmission & Distribution
Power Generation
100%
17% 7%
Losses 4%
TGCs 6%
34%
RАО UES of Russia
Infrastructure
System Operator
Federal Grid Company
Transmission network 220 kV and above)
Holding IDGC (11 IDGCs –distribution
network 110 kV and below, 7 sales, 5 DGCs,
others)
Market Board
Heat UGC
TGC
Others
Hydro UGC
Power Generation
Industry Structure
Benchmark among IDGCs (9m2011)
Sales
Other power generating companies
MCap (12.2011), RUR billion Revenue, RUR billion Net profit, RUR billion RAB, RUR billion
#2 #2 #2 #2
МРСК Центра МРСК Центра МРСК ЦП
МРСК СЗ
МРСК СK
МРСК ЦП
МРСК СЗ
МРСК СK
МРСК СЗ
МРСК СK
МРСК ЦП
МРСК Центра МРСК Центра МРСК ЦП
МРСК СЗ
МРСК СK
HOLDING
IDGC
MOESK
IDGC of Centre
IDGC of Centre and Volga
Lenergo
IDGC of Urals
IDGC of Siberia
IDGC of Volga
IDGC of North-West
IDGC of South
IDGC of NC
MOESK
IDGC of NC
IDGC of Centre IDGC of Centre and Volga
IDGC of Urals
IDGC of Siberia
IDGC of Volga
Lenergo
IDGC of North-West
IDGC of South
MOESK
IDGC of Centre
Lenergo
IDGC of Urals
IDGC of Centre and Volga
IDGC of NC
IDGC of Volga
IDGC of North-West
IDGC of Siberia
IDGC of South
MOESK
IDGC of Centre IDGC of Centre and Volga
Lenergo
IDGC of Volga
IDGC of Urals*
IDGC of Siberia*
IDGC of NC*
IDGC of South* IDGC of North-West*
4
the structure is provided according to the results of 2011 tariff campaign
* indicative
IDGC of Center
1 Belgorodenergo
2 Bryanskenergo
3 Voronezhenergo
4 Kostromaenergo
5 Kurskenergo
6 Lipetskenergo
7 Orelenergo
8 Smolenskenergo
9 Tambovenergo
10 Tverenergo
11 Yarenergo
Introduction
10 11 4
8 2
5 7
1 3
6
9
The Company controls 83,6% of power transmission market – tariffs are regulated by the State
IDGC of Centre
Smolensk
Bryansk
Belgorod
Voronezh Tambov
Lipetsk Kursk
Kostroma
Yaroslavl Tver
Orel
MCap, RUR billion
as at January 27, 2012
27,4
Revenue (IFRS) RUR billion
68,1
Length of lines, km thousand*
374,7
Substation capacity, MWA
35-110 kV 31 506
6-10/0.4 kV 15 353
Staff number
31 036
Number of shareholders**
16 775
2011
*- overhead power lines 0.4-110 kV ** - as at 12.05.2011 – the date of registry closed
5
Service area– 458 000
km2
15% of the Russian
population
Board of directors approved the Regulations on the dividend policy based on a system executing a set of criteria
The first stage of Smart Grid program is completed in Belgorod
The company acquired 100% of Yargorelectroset , the share of IDGC of Centre in regional grid assets increased to 90%
5 years RAB tariff system had been adopted in Orelenergo and Bryanskenergo iRAB amounts USD 3.9 billion (RUR 118 bln)
Successful implementation of the business plan and the investment program for 2010, the actual volume of CAPEX amounted to 103% of the plan –USD 401 million (RUR 12 billion)
12.2004 – 2009
The Company fulfilled its obligations for dividend payments of USD 20.1 million (RUR 611 million) (the pay-out ratio – 12.6%); Company stocks moved across to MICEX quotation list A2; 1H2011 IFRS financials have been reported , demonstrating growth of the key financial indicators
Company developed and approved the Program of innovative development for 2011-2016 Board of directors approved Business Plan and Investment Program for 2012
5 years RAB tariff system adopted in Kostromaenergo, Tambovenergo, Voronezhenergo, Smolenskenergo and Yargorelectroset
Story line 2010-2011
December‟04 As part of RAO UES reforming IDGC of Centre and North Caucasus had been registered for RGC integration
6
April „07 The final structure of the Company had been accepted, including 11 regional grid companies of central Russia (the decision of The board of directors of RAO UES)
March „08 Affiliation of RGCs
May „08 Listing on MICEX and RTS
09.2010 11.2010 12.2010 01.2011 06-08.2011 12.2011
Strategic goals of the Company (1)
Improvement of quality and reliability of customer services
• implementation of production program;
• implementation of repair program. The planned amount of repair program for 2012 is RUR 1,5 bn,
6% up than expected fact of 2011;
• implementation of Investment program. The investment program for 2012 includes capital
expenditures of RUR 14,3 bn, expecting reduction of CapEx by (-5,5%) in compare with expected fact for
2011
Improving the efficiency of operating and investment activities
• implementation of selected economically attractive investment projects, approved within
the investment program for 2012;
• reduction of management costs
Improving the investment attractiveness
• extension of long-term regulation period in order to save the parameters and to reduce
the tariff pressure on consumers;
• implementation of measures for share liquidity improvement;
• possible privatization 2013-2014
1
2
3
7
Strategic goals of the Company (2)
Improving the energy efficiency and providing the innovative development
• full implementation of asset management methodology, integration of asset management
system with geo-informational system, that will allow to manage the technical risks (risks of failure
of process equipment)
Improving the availability of power grid infrastructure
• integration of power grid assets of TGC and consolidation of power grids
Development of human capital
• implementation of knowledge and competence of key functional specialists and staff
reserve assessment system;
• development of personnel motivation system
5
4
6
8
IDGC Holding Minor shareholdres
50.23% 49.77%*
Company structure and key shareholders
Russian Federation
53.69%
IDGC of Center, JSC
YarESK, JSC
Energetik, JSC
51%
11 operating business
units
Subsidiaries – 100%
Group of companies
Yargorelectroset, JSC
Yargoreletroset, JSC is the largest Territory Grid Organization in the Central Federal Region. The result of acquisition of the 100% stake is that IDGC of Center now controls more than 90% of power grid assets in the Yaroslavl region
Energyservice company, JSC
The main activities are providing saving energy services , energy efficiency
Free float 30%
Share capital structure, %
9
CIEET, Closed JSC
Centre of innovations and energy efficient technologies
100%
* - including the State share 0.46%
50,23 15,90%
8,40%
3,20%
2,73%
1,45%
18,09%
IDGC Holding, JSC
GENHOLD LIMITED
THE BANK OF NEW YORK MELLON
IMMENSO ENTERPRISES LIMITED
Energosoyuz Holdings Limited
RUSENERGO FUND LIMITED
Others
5 Committees:
Share capital structure and corporate governance
10
General Meeting of Shareholders
Board of Directors
Audit Commission
Auditor
Internal Control and Audit Department
Chairman of the Management Board–
General Director
Management board
Supreme governing body:
Strategic
governing body:
Internal control for financial
activities of the Company
External control for financial
activities of the Company
Committee on Strategy
Committee on Audit
Committee on personnel
Committee on reliability
Committee on TC*
* - technological connection
History of IDGC of Center corporate
rating on the national scale
NRCG
Confirmed August’ 11
Upgraded (7+) March ‟ 11
Confirmed July’ 09
Confirmed February’ 09
Assigned September’ 08
Developed corporate governance practice, leading position among IDGCs
Revenue forecast for 2012 is RUR 1,8 bn*
29%
25% 15%
13%
8%
7%
3%
СМР в рамках концессионных соглашений
СМР по прямым договорам с МРСК Центра
Услуги прочим заказчикам
Ремонтная деятельность
Расширение просек
Проведение энергетического обследования
Услуги контактного центра
Development of energy saving technologies - Energyservice Company, JSC
11
Russian Government Program “Energy saving and improving the energy efficiency till 2020”
1
Participation in investment and repair programs of IDGC of Centre (development,
reconstruction, repair of energy equipment, строительство, clearing and expansion of firebreaks)
Organizing and conducting energy audits, developing action plans on losses reduction of energy sources for customers;
Financial engineering and implementation of turnkey energy saving projects
Implementation of concession agreements in the area of power grid construction and development of street light lines;
Providing services on sales companies market (energy saving contracts, energy meters
market)
2
3
4
5 * - 100% subsidiary of IDGC of Centre
** - BP for 2012
The key activities The structure of forecast
revenue**
*
CIW within the concession agreements
CIW within the straight contracts with IDGC of Centre
Services for the other customers
Repair activities
Expansion of firebreaks
Conducting the energy research
Services of contact center
Financial and operating indicators: preliminary results 2011 (RAS)
12
II.
Key RAS figures 2009-2011FF
13
EBITDA RUR bn
Net Profit, RUR bn
EBITDA margin %
Net Profit margin %
Productive supply (inc. TGCs) kWh bn
49,1
60,4 68,1
Indicators 2009 2010 2011FF*
Revenue growth, inc.: 12,6% 23,1% 12,8%
Growth of revenue from power distribution
16,7% 22,8% 14,1%
Growth of revenue from technological connection
(40,8%) 32,7% (23,3%)
EBITDA growth 13,0% 43,6% 23,7%
Net profit growth 44,4% 255,2% 9,7%
ROE 3,14 11,12 11,25
46,9 57,6
65,7
2009 2010 2011ПФ
Revenue RUR bn
от технологического присоединения
прочие услуги
от передачи э/э
7,6 11,0 13,6
15,6%
18,1% 19,9%
2009 2010 2011ПФ
1,3
4,7 5,2
2,7%
7,8% 7,6%
2009 2010 2011ПФ
51,5 53,4 54,1
2009 2010 2011ПФ * - Forecast Fact
from technological connection
other services
from power distribution
Dynamics of costs structure
14
* - Forecast Fact
Type of cost, RUR bn 2009 2010 2011FF* %2011/2010
Purchased energy for losses compensation
6,8 9,2 8,7 -5,6%
FGC UES, JSC services 7,8 11,0 12,8 16,5%
DGCs services 8,0 9,4 11,2 18,7%
Services of contractors for maintenance and repair of equipment
0,6 0,5 0,5 -7,6%
Labor costs 6,0 7,5 8,0 6,8%
Insurance fee 1,4 1,9 2,6 40,5% Raw and materials 1,4 1,7 2,0 20,7%
Amortization of fixed assets and NMA
4,0 4,3 5,2 20,5%
Leasing 1,8 1,3 0,9 -31,5% Rent fee 0,3 0,4 0,5 32,4% Others 6,3 5,3 4,8 -11,1% Total 44,4 52,6 57,2 8,9%
14,1 14,7 14,9
30,4
37,8 42,3
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
2009 факт 2010 факт 2011 ПФ
Неподконтрольные затраты
Подконтрорльные затраты
24,5%
11,8%
4,8% 1,3%
RUR bn Dynamics of costs structure
2009-2011FF*:
Uncontrollable costs
Controllable costs
fact fact FF
Loan portfolio dynamics & credit rating
Recommended ratio Net Debt/EBITDA = 3
Net debt/EBITDA, RUR billion
Structure of loan portfolio %, 2011
History of IDGC of Centre credit rating
Standard&Poor‟s
Confirmed February‟11
Confirmed July ’10
Assigned November‘09
NRА*
Confirmed (outlook
“Positive”) December „11
Upgraded (level AA-) December ‘10
Confirmed October ’10
Upgraded (level A+) September ’08
Upgraded (level А) August ‘07
* National Rating Agency
Credit rating history
15
6,8 7,6 11,0
13,6 9,3 10,8
14,7 18,7
1,4 1,4 1,3 1,4
0,0
0,5
1,0
1,5
2,0
0
5
10
15
20
25
30
35
40
2008 2009 2010 2011ПФ
EBITDA Чистый долг Net Debt/EBITDANet debt
49%
18%
18%
12%
3%
Сбербанк
ВТБ
Росбанк
Альфа-Банк
Газпромбанк
Sberbank
VTB Rosbank Alfa-Bank Gazprombank
Avg. rate 8,35%
16
Year Commissioning,
RUR billion
Commissioning power on fixed assets
km MVA
2009 7,7 2414 877
2010 10,0 4155 1050
2011* 13,9 4374 1385
2012F 14,4 4010 811
- Others
14.35
RUR billion
Expected CAPEX for 2011-2015 amounts to RUR 102 billion*
Main uses of CAPEX in 2012
Sources of finance in 2012
- Replacement of the main power equipment
- New construction(substations, overhead и cable lines)
- Developing/Modernization of accounting systems
- ASMD systems, connection, IT
- Modernization and reconstruction
* Forecast Fact
60%
36%
2% 2%
Тарифные источники
Заемные средства
Прочие собственные средства
Плата за ТП
Tariff sources
Borrowed sources Other own sources Payments for technological connection
39,0%
35,9%
6,3%
6,1%
3,0 % 0,4%
9,2%
5,6
5,16
0,91
0,88
0,43 0,05
1,32
14,35
100%
- Purchase of fixed assets
0,43
Tariffs 2012 – main schedule points
Government approved the Decree 1178 of 29 December, 2011 "On the pricing of regulated tariffs in the Electric Power Industry
The approval of regional regulators of common rates of tariffs for the period from 01 January 2012 till 30 June 2012, at the level ≤ 2011 (subject to execution of the Decree 1172) - is satisfied.
Adoption of regional regulators solutions as follows: - Establishing (or revising) of a long-term options for RAB- regulation from 01 July 2012 and aligning them with the FTS of Russia; - Establishing of tariffs for electricity transmission for 2H2012, provided not exceeding the 11% average growth rate compared with approved tariff level from 01 January 2012
Before 1 April 2012
Approval of the new tariff decisions
1 July 2012
IPR to 2018
Approval of FTS of Russia of long-term RAB regulation strandards
Method of long-term indexing
In the case of absence before 1 January
2012
17
Key points of 1178 Decree
18
Must be approved by the FTS of Russia (RECs’ can
not make changes)
Criteria for LPR regulation
«Leverage»:
Value of debt at the end of each year of the period must be >=25% of the
invested capital; Correspondence of growth of the average tariff rate
with Ministry of Economical Development
(MED) forecast (no increase in 2013 above
10%)
Based on the actual commissioning of the
actual inputs on CAPEX since 01.07.2014 – taking into account
actual load
Invested capital basis
from 1% to 3% (3% - in the case of growth
(OPEX/CU* i-1 : OPEX/CUi >
2*CPI forecast 1-st year of RAB
regulation ( i – period of transition)
Efficiency index
Territorial grids: for new IC** - approved by FTS
in agreement with MED; for old IC – approved by
regional regulatory agencies
(1=< return on old capital<=return on new
capital)
Rates of return
For 1st period of LPR – in accordance with MED
standard, further taking into account temps of
decrease in accordance with an energy saving
program***)
Amount of losses
Require changes in the guidelines for tariff regulation on RAB basis № 231 of 26 June, 2008 and approval of the FTS in agreement with MED on rates of return on new capital
* conventional unit
** invested capital
*** 10% penalty is applied in the case of absence of the program
long-term period of
regulation (LPR)
M&A projects - grid assets integration and key steps for investment attractiveness improvement
19
III.
• Providing monopoly on power grid services market in the regions of presence with more than 97% share;
• Long-term target program for the consolidation of power grid assets have been developed and approved (power grid assets consolidation plan for 2011 - 2015)
Integration key steps
Plans for 2011-2015
Methods and advantages of consolidation
Target/ Program
• Company consolidates the assets primarily in 3 ways: acquisition of power grid, long term property rent, purchase of shares of power grid companies;
• The basic advantages of consolidation are as follows: implementation 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 in some regions were Company operates;
• Program provides working with more than 5 thousand owners
20
M&A projects - grid assets integration
TGCs in IDGC of Centre service area
9 14 18
23 25 26
39
53 62
70
102
0
20
40
60
80
100
120
Ta
mb
ov
Ku
rsk
Ko
strom
a
Orel
Tv
er
Lip
etsk
Be
lgo
rod
Brya
nsk
Sm
olen
sk
Ya
rosla
vl
Vo
ron
ezh
Amount of other TGCs = 441
• The other TGCs‟ average share in revenue in IDGC of Centre service areas – 20%;
• Required Gross Revenue (RGR) of the Company due to the assets consolidation in regions may increase to RUR 10 billion by 2015, RGR share may grow by 97%;
• One of the key goals of the Company is the integration of power grid assets that will allow:
• increasing the reliability level of power supply
• enlarging the power distribution sales market
• improving the quality of customer service
• balancing the tariff on power distribution
21
Share of the Company in the power
transmission market, 2007-2015F
2007 2008 2009 2010 2015F
Market
share in
terms of
money
83% 83.6% 83.8% 84% 97%
08.2010
Confirmation of presence in RTS EU and RTS-2
- forecast
22
Stock performance and liquidity increase
Company ‘s shares were listed on MICEX (quotation list B), RTS
Company’s shares were included in the index: MICEX PWR
Company’s shares were included in RTS EU*
Dividends payment USD 20.05 million (RUR 610 million), pay-out-ratio 13%
* - RTS energy utilities
Dividends for 2010:
Total (RUR million) 610,9
Net profit share 13%
Dividend yield 1,33%
Company‟s priorities for 2012:
• Stable dividend policy
• Quotation list update (MICEX A1)
• Depositary receipts launching
• Inclusion in international indexes
• Launching of option program
04.09 05.2008 3Q11
2Q11
09.10
4Q11
1Q12
Quotation list update (MICEX A2 )
Quotation list update (MICEX-RTS A1 )
-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Ав
густ
20
08
Ок
тяб
рь
20
08
Дек
аб
рь
20
08
Фев
ра
ль
20
09
Ап
рел
ь 2
00
9
Ию
нь
20
09
Ав
густ
20
09
Ок
тяб
рь
20
09
Дек
аб
рь
20
09
Фев
ра
ль
20
10
Ап
рел
ь 2
010
Ию
нь
20
10
Ав
густ
20
10
Ок
тяб
рь
20
10
Дек
аб
рь
20
10
Фев
ра
ль
20
11
Ап
рел
ь 2
011
Ию
нь
20
11
Ав
густ
20
11
Ок
тяб
рь
20
11
Дек
аб
рь
20
11
МРСК Центра Индекс ММВБ Индекс ММВБ-Энергетика
Информация о намерениях Правительства о переходе на RAB -регулирование
23
Stock market indicators*
2011 MRKC Russian peers
Int. peers
P/E 4,9 5,3 6,9
EV/ EBITDA
3,3 2,9 4,7
EV/S 0,7 0,5 1,0
EV/RAB 0,37 0,37 1,28
* Data calculation – forecast 2011
Beginning of trading: May 21, 2008 Quotation list: «А2» MICEX
Shares of IDGC of Centre are part of the calculation base in indices:
- MICEX PWR
Feb 17. Head of Russian Government announced the need to curb the growth rate of tariffs on power
Company reports the good financials for 2009 and plans on all the branches to adopt RAB after Jul 01, 2010
Remaining branches to adopt RAB (Nov’10, Jan’ 11)
Shares of the Company have been included into MICEX A2 quotation list Company reports good IFRS financials on 1H2011
Oct
ob
er 2
00
9
Ap
ril
20
10
No
vem
ber
20
08
Sep
tem
ber
20
11
Oct
ob
er 2
011
No
vem
ber
20
11
Dec
emb
er 2
011
1
Au
gu
st 2
00
8
Oct
ob
er 2
00
8
Dec
emb
er 2
00
8
Feb
rua
ry 2
00
9
Ap
ril
20
09
Ju
ne
20
09
Au
gu
st 2
00
9
Dec
emb
er 2
00
9
Feb
rua
ry 2
010
Ju
ne
20
10
Au
gu
st 2
010
Oct
ob
er 2
010
Dec
emb
er 2
010
Feb
rua
ry 2
011
Ju
ne
20
11
Au
gu
st 2
011
Ap
ril
20
11
Sep
tem
ber
20
08
Ja
nu
ary
20
09
Ma
rch
20
09
Ma
y 2
00
9
Ju
ly 2
00
9
No
vem
ber
20
09
Ja
nu
ary
20
10
Ma
rch
20
10
Ma
y 2
010
Ju
ly 2
010
No
vem
ber
20
10
Ja
nu
ary
20
11
Ma
rch
20
11
Ma
y 2
011
Ju
ly 2
011
IDGC of Centre
MICEX
MICEX Power
Company‟s shares and sector indexes dynamics
Attractive object for investment
External favorable factors
1
24
• Presence in 11 regions of Central Russia, with strong growth prospects; • Second largest company of 11 interregional distribution grid companies in terms
of capitalization, revenue, net income, the value of RAB; • Significant underestimation as compared with foreign peers (in multiples P / E,
EV / EBITDA, EV / S, EV / RAB); • Growth of electricity consumption in the whole of Russia for the period 2009-
2020, CAGR - 2,8% *
2
Internal favorable factors • Leading position in innovation in the distribution sector (smart grid, smart
metering); • Highest level among the analogs of corporate governance (National grade 7 +); • The leader of the transition to RAB-regulation; • Growing financial and economic indicators for the period 2009-2011 (sales CAGR
- 20%, EBITDA CAGR - 33% net profit CAGR - 97%); • Low debt level, credit rating S &P; • Strong management team
*Source: Agency for Energy Forecasting
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