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Message from the Ceo

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Message from the Ceo Annual report 2019 STRATEGIC REPORT MESSAGE FROM THE CEO Dear Shareholders, Inter RAO is pleased to present its performance results for 2019. During the reporting period, the Company continued its commitment to improving efficiency, bolstering its financial, economic, and production results, introducing modern management technologies to ensure reliable power supply to consumers, increasing shareholder value, and maintaining a leading position in the Russian electric power industry. All the decisions and actions taken by management were implemented in accordance with the Company’s strategic objectives and in the interests of shareholders. 16 Strategic report Sustainable Development Report Corporate Governance Report Appendix MODERNIZING FACILITIES Installed capacity utilization factor in 2019, % In 2019, the Company’s activities largely focused on preparations for a new Inter RAO 47.4 investment cycle in the Russian electric power industry – the Thermal Power (Generation in RF) Plant Modernization Program Based on Capacity Delivery Agreements. Thanks OGK-2 32.9 to the timely and thorough preparation of projects for competitive capacity T-Plus 39.3 delivery as part of the modernization program for 2022-2025, the Group won Mosenergo 48.6 almost half of the total capacity offered by the program. This means that more Unipro 47.2 than 6.7 GW will be upgraded at eight of the Group’s power plants over the next Enel Russia 46.2 five years. TGC-1 46.8 Inter RAO management also devoted a great deal of attention to developing and improving the quality of its assets, which had a major impact on growth in key performance indicators. GENERATION IN THE RUSSIAN FEDERATION SUPPLY AND ENGINEERING There have been some major successes in supply activities. The Group Electric power generation in 2019 amounted to 120.5 bln kWh, which is right has bolstered its leadership on the Russian retail electric power market around the same level as the previous year. The utilization rate of installed and increased its share to 18.3%. This growth resulted from the effective generating capacity at the Group’s power plants in Russia continues work of new guaranteed suppliers in the Vladimir and Vologda Regions to be among the highest in the industry at 47.4%. Thermal power output as well as the expansion of the customer base in the entire Inter RAO supply from collectors amounted to 40 mln Gcal/h, down by 3.6% compared segment. with 2018. The implementation of the CDA Investment Program in previous years and the decommissioning of obsolete facilities significantly boosted All the Group’s supply companies implemented measures to improve the efficiency of the Group’s key segment – its power generating assets services as part of requirements for the activities of guaranteed suppliers. in Russia. This is the result of many years of systematic work to improve the efficiency of client services. A major state-sponsored project in partnership with the company ROSNEFTEGAZ to ensure energy security in the Kaliningrad Region resulted In an effort to increase the transparency of payments in the housing in the commissioning of the third and largest power plant of the project and utilities sector, Inter RAO and the regional executive authorities continued in 2019 – the Pregolskaya TPP with total capacity of 455 MW. This means that to set up unified information and settlement centers (UISCs). In addition the construction of a gas-fired generating facility in the region has now been to the UISCs that are already functioning in the Moscow and Leningrad completed. The construction of the last coal-fired power plant – Primorskaya Regions, new centers opened in the Tomsk Region and Republic TPP with capacity of 195 MW – is currently proceeding as scheduled. of Bashkortostan. 17 Annual report 2019 STRATEGIC REPORT TRADING STRATEGIC OBJECTIVES Significant achievements were also made in the trading segment, especially In the medium term, Inter RAO will implement a new strategy until 2030 that with respect to electricity exports. As a result of tactical advantages is supposed to be approved in the first half of 2020. This document is based on the Russian and foreign electricity markets, the favorable pricing on the goal of maintaining leading positions in the Russian electric power industry environment, and other factors, exports increased by 15.7% in 2019 and developing new businesses as well as digital business transformation. and amounted to 19.3 bln kWh, primarily as a result of exports to such destinations as Lithuania and Georgia. Revenue in the segment topped These new challenges will be met by devoting special attention to matters RUB 77 bln for the first time. concerning social responsibility and sustainable development, which will ensure the Company’s further growth and effective work for the next decade. TRANSACTIONS WITH RUSSIAN AND FOREIGN ASSETS In 2019, Inter RAO effectively terminated its participation in Kazakhstan’s Changes in key financial results, RUB bln Ekibastuzskaya TPP 2 as well as in Turkey’s Trakya Elektrik project. In addition, the Group consolidated a 100% stake in JSC Tomskenergosbyt following 2019 1,032.1 141.5 the completion of the buyback process from minority shareholders. 962.6 2018 121.3 2017 869.2 FINANCIAL RESULT 97.6 Revenue EBITDA Comprehensive efforts in all business segments over the course of the year helped push the Group’s annual revenue over RUB 1 trillion for the first time in its history. EBITDA increased by 16.7% and amounted to RUB 141.5 bln. Net profit amounted to RUB 81.9 bln, an increase of 14.3% compared with the previous year. Boris Kovalchuk This year, the Company faces the challenge of boosting its key production and financial indicators. Chief Executive Officer 18.
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