Federal Grid Company of Unified Energy System

Transcription

1 Federal Grid Company of Unified Energy System 2009 IFRS Results Andrey Kazachenkov, CFO July 21 st, 2010

2 Federal Grid Company: Overview Federal Grid Company natural monopoly in electic power transmission, owns and operates the Unified National Electric Grid (UNEG) (220 kv and higher) Over 121 thousand km of transmission lines and 305 GW of installed transformer capacity, spanning 73 Russian regions From January 1 st, 2010, the Company transferred to a new tariff regulation system based on RAB methodology Regions covered by the Company Shareholder structure Russian Federation: 79.11% Free float: 20.89% Number of staff: 21,500 Market capitalization As of : RUR 412 bln Ticker symbol (MICEX): FEES Key indicators (IFRS) 2009 Revenues, RUR mln 87,580 EBITDA, RUR mln* 43,788 Net profit, RUR mln* 16,101 Number of substations 797 Installed transformer capacity, kv, MVA 305,459 Overall length of lines, thousand km 121 Electricity output from the UNEG, bln kwh 466 Electricity losses, bln kwh 22 * excluding one-time write-offs and revaluations Page 1

3 Schedule of IFRS Reporting Disclosure date: Disclosure date: Disclosure date: Expected disclosure date: Page 2

4 Изменения Changes in Accounting в учетной политике Policy 2009 Combined and Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards and interpretations accepted by the Committee of International Financial Reporting Standards, as well as the accounting policy according to which the financial statements for the year ended December 31 st, 2008 were prepared Some parts of accounting policy were changed to conform with new and adjusted standards and interpretations that came into effect for financial periods starting January 1 st, 2009, (IFRS 8 «Operational Segments», IAS 23 «Borrowing Costs», IAS 1 «Presentation of Financial Statements», IFRS 7 «Financial Instruments: Disclosures») Page 3

5 2009 Key Financial Results Revenues increased 26.5% to RUR 87,580 mln EBITDA increased 31% to RUR 43,788 mln EBITDA margin increased 1.6% to 50% Operating profit was RUR 12,868 mln* Net profit stood at RUR 16,101 mln* * Excluding PP&E revaluation Page 4

6 Combined and Consolidated Statement of Financial Position as at December 31st, 2009 Indicator, RUR mln Change,% Assets 697, , Non-current assets 584, , Property, plant and equipment (PP&E) Financial investments 467, , , ,632 (4) Current assets 112, , Liabilities 697, , Equity 592, , Non-current liabilities 57,030 93, Current liabilities 48,648 81, Page 5

7 2009 Combined and Consolidated Statement of Comprehensive Income Indicator, RUR mln Change, % Revenues 69,251 87, Other operating income 6,587 4,287 (35) Operating expenses (68,175) (78,216) 15 Gross profit* 7,663 13, Operating profit (loss) from current activity* 10,035 12, EBITDA** 33,508 43, Net profit (loss) (23,837) 16,101* - * excluding PP&E revaluation ** excluding one-time accounts and PP&E revaluation Page 6

8 Key Efficiency Indicators (1) Indicator Change, % 1. Profitability ratios EBIT margin*, % EBITDA margin*, % ROA**, % 0.48 (1.06) 1.54 ROE**, % 0.58 (1.36) Liquidity ratios Current liquidity Cash liquidity Financial Stability ratios Equity ratio (0,03) * was used the indicator Revenues ** the loss in 2008 was caused by the financial investment impairment Page 7

9 Key Efficiency Indicators (2) Indicator Change, % 4. Operational Efficiency indices Revenues*/Grid length, RUR/km 742, , % Revenues*/Transformers capacity, RUR/MVA 293, , % FCF, RUR mln 18,014 (55) - Net Debt, RUR mln (79,022) (41,793) - EPS**, RUR (0.031) - * was used the indicator Revenues **excluding PP&E revaluation Page 8

10 Cash Flow Structure Indicator, RUR mln Cash and cash equivalents at the beginning of the period 15,685 15,740 Net cash generated by operating activities 32,455 19,820 Net cash used in investing activities: (32,473) (110,390) Net change in financial investments 53,442 3,350 Interest and dividends received 5,019 4,688 Purchases of PP&E and intangible assets (90,934) (118,428) Net cash generated by financing activities: 18,032 90,515 Proceeds from shares issuance 40,178 20,425 Net change in borrowings (19,985) 2,968 Interest and dividends paid (2,61) (3,210) Financial lease payments - (1,951) Cash received as a result of the merger, net of payments on behalf of the predecessor - 72,283 Net increase in cash and cash equivalents 18,014 (55) Cash and cash equivalents as of the end of the period 33,699 15,685 Page 9

11 Operating Expense Structure Indicator, RUR mln Depreciation of PP&E 16,216 16,740 Employee benefit expenses and payroll taxes 13,680 15,904 Purchased electricity 12,924 15,431 Repair and maintenance services 7,955 9,029 Accrual of allowance for doubtful debtors 1,872 5,527 Rent 1,575 1,435 Loss on disposal of PP&E 1,488 1,413 Consulting, legal and auditing services 1,025 1,293 Business trips and transportation expenses 996 1,251 Insurance 1,211 1,153 Amortization of intangible assets Others 8,782 8,110 Total 68,175 78,216 Page 10

12 Revenue Structure Revenues Indicator, RUR mln Transmission fee 66,229 80,242 Electricity sales 2,516 3,348 Technological connection services 49 3,053 Grids repair and technical maintenance services Total revenues 69,251 87,580 Other operating income Indicator, RUR mln Design works 357 1,033 Communication services Rental services Other revenues 5,222 2,469 Total other operational revenues 6,587 4,287 Page 11

13 Contacts Federal Grid Company of Unified Energy System 5А Akademika Chelomeya Street, Moscow, Investor Relations Department Tel: Mobile: Alexander Duzhinov Nadezhda Sukhova Olga Ovchinnikova Tatiana Mayba Page 12

14 Appendix Page 13

15 Combined and Consolidated Statement on Financial Position as at December 31 st, 2009 (IFRS) RUR mln Non-current assets 850, ,914 Property, plant and equipment 740, ,349 Intangible assets 6,392 6,933 Investments in associated companies 58,451 44,632 Available-for-sale investments 35,229 11,774 Long-term promissory notes 8,952 51,010 Other non-current assets 959 3,216 Current assets 126, ,827 Cash and cash equivalents 33,699 15,685 Bank deposits 10,187 2,386 Short-term promissory notes 48,681 57,251 Accounts receivable and prepayments 29,248 31,076 Profit tax prepayments 988 3,635 Inventories 3,271 2,767 Other current assets Total assets 976, ,741 Page 14

16 Combined and Consolidated Statement on Financial Position as at December 31 st, 2009 (IFRS) RUR mln Equity 801, ,063 Share equity: ordinary shares 576, ,757 Treasury shares (6,864) (6,864) Share premium 10,347 10,347 Reserves 267,533 (2,860) Retained earnings (47,795) 13,337 Minority interest 1,570 1,346 Non-current liabilities 93,079 57,030 Deferred profit tax liabilities 83,640 36,779 Non-current debt 6,000 17,318 Retirement benefit obligations 3,439 2,933 Current liabilities 81,797 48,648 Accounts payable to the shareholders of FGC UES 40,178 - Current debt and current portion of non-current debt 7,545 16,211 Accounts payable and accrued charges 32,938 31,456 Other taxes payable 1, Total equity and liabilities 976, ,741 Page 15

17 Combined and Consolidated Statement of Comprehensive Income for the year ended 31 (IFRS) RUR mln Revenues 87,580 69,251 Other operating income 4,287 6,587 Operating expenses (78,216) (68,175) Gain on sale of available-for-sale investments 1,504 2,563 Reversal of impairment provision for property, plant and equipment Specific impairment provision for property, plant and equipment and intangible assets 9,642 - (2,287) (191) Revaluation loss on property, plant and equipment (105,693) - Operating (loss)/ profit (83,183) 10,035 Finance income 10,000 8,483 Finance costs (1,484) (7,119) Impairment of available-for-sale investments and associates ( 2,018) (45,107) Share of result of associates 1,893 (1,372) Loss before profit tax (74,792) (35,080) Profit tax 13,347 11,243 Loss for the period (61,445) (23,837) Page 16

18 Combined and Consolidated Statement of Comprehensive Income for the year ended 31 (IFRS) RUR mln Other comprehensive income Change in revaluation reserve for property, plant and equipment 297,862 - Share of other comprehensive income of associates 13, Foreign currency translation difference 9 61 Available-for-sale investments 25,032 - Effect of change in tax rate on revaluation of property, plant and equipment - 2,717 Profit tax recorded directly in other comprehensive income (65,366) (82) Other comprehensive income for the period, net of profit tax 270,930 3,038 Total comprehensive income for the period 209,485 (20,799) Loss attributable to: Shareholders of FGC UES (61,196) (23,784) Minority interest (249) (53) Total comprehensive income attributable to: Shareholders of FGC UES 209,261 (20,753) Minority interest 224 (46) Loss per ordinary share attributable to the shareholders of FGC UES, basic and diluted (in RUR) (0.053) (0.031) Page 17

19 Financial Investments Indicator, RUR mln December 2008 December 2009 Investments in associated companies 44,632 58,451 Available-for-sale investments 11,774 35,229 Long-term promissory notes 51,010 8,952 Short-term promissory notes 57,251 48,681 Total 164, ,313 Page 18