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Investor Presentation IFRS CONSOLIDATED FINANCIAL RESULTS OF THE ROSSETI GROUP AND PJSC FGC UES FOR 6 MONTHS 2020 DISCLAIMER The information contained in this presentation has been prepared by the Company and presented on an “as is” and “as available” basis, and, consequently, you shall bear the risks associated with the use of, and reliance upon, such information. The recipient shall not rely upon the information contained herein, or its completeness, accuracy, or objectivity, for any purposes. The information contained herein shall be verified for authenticity, completeness, and updates. Some information in this presentation may contain forecasts and assertions concerning future events or financial performance of ROSSETI (the “Company”) and its subsidiaries. Such assertions are based on numerous assumptions related to the current and future plans of the Company’s business strategy and the conditions in which such strategy will be pursued in the future. We caution you that such assertions shall not guarantee certain results in the future and are connected with risks, uncertainty, and assumptions that may not be predicted with full certainty. Consequently, the actual results and outcomes of activities may be substantially different from the presumptions or forecasts stated in such assertions with respect to any future events. Such assertions are made as of the date of this presentation and are subject to change without notice. We have no intention of updating such assertions to bring them into line with any actual results. This is not a prospectus or advertisement of any securities. This is not an offer or invitation to sell, or a recommendation to subscribe to, or buy, any securities. Nothing contained herein shall form the basis for any contract or commitment whatsoever. 2 IFRS CONSOLIDATED FINANCIAL RESULTS OF THE ROSSETI GROUP FOR 6M 2020 3 THE BACKBONE OF RUSSIA’S ELECTRIC GRID SECTOR AND A GLOBAL ELECTRIC POWER LEADER A global leader in power An S&P Global Platts Top 250 Global Of electric power generated in Russia is #1 transmission and distribution #70 Energy Company (2019) 78% distributed via the grids of ROSSETI subsidiaries Key operations Geographic coverage 29 grid subsidiaries Power transmission and distribution 80 Russian regions Geographic coverage Connection services Industry position 802 thousand MVA Transformer capacity Transmission and 2,37 million km Generation distribution Sales Power consumption Power lines Mission 221 thousand employees Headcount Ensure reliable, high-quality and affordable electric power supply to consumers 517 thousand Set up robust infrastructure Number of substations Deploy cutting-edge innovative and digital technology 4 KEY EVENTS AND OPERATING HIGHLIGHTS Key events in 6M2020 and after the reporting period Net electric power supply, billion kWh January – completed the project to provide electric power for the Offshore -4,6% Superfacility Construction Yard, a project of NOVATEK. 383,6 365,8 February – the AСRA rating agency affirmed its credit rating on ROSSETI at the national scale’s highest level of AAA (RU), with a Stable outlook April - ROSSETI and FGC UES placed 5-year 6.5% bonds for a total par value of 20 billion rubles 6M 2019 6M 2020 May – At FGS UES’s General Meeting, shareholders resolved to transfer the functions of the sole executive body to ROSSETI Commission capacity, GW June – ROSSETI’s share price reached its all-time high +8,5% June – The Annual General Shareholder Meeting resolved to pay a record dividend of 23 billion rubles (including the interim dividend for Q1 2019), refreshed the Board 5,1 of Directors and approved the new version of the Articles of Association 4,7 August – ROSSETI’s ordinary shares were included in the Moscow Exchange’s key indices 6М 2019 6М 2020 5 KEY FINANCIAL RESULTS 6M 2020 6M 2019 Change Indicator RUB bn RUB bn RUB bn % Revenue 482.3 500.1 (17.8) (3.6) Operating expenses 411.7 414.0 (2.3) (0.6) EBITDA (adj.)1 152.2 159.6 (7.4) (4.6) Net profit (adj.) 2 54.8 60.4 (5.6) (9.3) Net cash flow from operating activities 119.5 103.0 16.5 16.0 Net debt 399.8 422.83 (23.0) (5.4) Despite the COVID-19 pandemic-related constraints in 6M 2020, the Company has maintained its financial stability ROSSETI has ensured uninterrupted electric power supply to consumers The Group has met the surge in demand from hospitals, with newly built healthcare facilities quickly connected to electric power grids 1. EBITDA is calculated as profit or loss before interest expense, taxation, depreciation and amortization less losses from impairment of fixed assets and gains from exchange of assets with JSC DVEUK in 6M 2019. 2. Profit is calculated as adjusted profit for the period less losses from impairment of fixed assets and gains from exchange of assets with JSC DVEUK in 6M 2019. 3. Data as of December 31, 2019 6 REVENUE STRUCTURE 6M 2020 6M 2019 Change Indicator Revenue structure 6М 2020 RUB bn RUB bn RUB bn % 2% 2% Total revenue, including: 482.3 500.1 (17.8) (3.6) 8% Electric power transmission Electric power transmission 425.5 423.6 1.9 0.4 Sales of electric power and Sales of electric power and capacity 39.6 60.3 (20.7) (34.3) capacity Connection services Connection services 9.3 9.5 (0.2) (2.1) 88% Other revenue and revenue Other revenue 6.6 5.2 1.4 26.9 from leases Revenue from leases 1.3 1.3 - - The overall decrease in revenue from electric power transmission and from sales of electric power and capacity was caused by: • a general decline in business activity due to restrictive measures on the territory of the Russian Federation aimed at combating the spread of COVID-19, abnormally warm winter period; • the termination of the guaranteeing supplier function by certain subsidiaries of the Group Decrease in revenue from network connections was driven by the schedule services provided as per customer requests Increase in other revenue mainly from general contractor service agreements of the subsidiaries of PJSC FGC UES as a result of changes in the percentage of work completion in different stages of construction projects 7 OPERTING COST STRUCTURE 6M 2020 6M 2019 Change Indicator RUB bn RUB bn RUB bn % Electric power transmission and distribution 78.2 77.4 0.8 1.0 services Electric power for compensation of losses 71.0 75.0 (4.0) (5.3) Electricity sales 24.4 36.5 (12.1) (33.2) Amortization 68.7 63.3 5.4 8.5 Taxes and duties, other than income tax 13.6 13.6 0 - Other expenses 155.8 148.2 7.6 5.1 Total operating expenses 411.7 414.0 (2.3) (0.6) Provisions for expenses credit losses 3.9 10.0 (6.1) (61.0) (impairment of receivables) Losses from impairment of fixed assets 5.3 - 5.3 - Higher expenses for electric power transmission and distribution services were due to tariff indexation on services of other territorial grid organizations; Costs of purchased electricity to compensate for losses and costs of purchased electricity for sale declined as a result of lower electric power consumption amid the COVID-19 pandemic and the termination of the guaranteeing supplier function by certain subsidiaries of the Group; Higher depreciation and amortization charges, driven by the commissioning of new fixed assets under the capex program; The increase in other operating expenses was driven by a series of measures put in place to address the spread of COVID-19 as well as the consolidation of electric grid assets The decrease in provision for expected credit losses from consumer engagement efforts, including receivables restructuring agreements; Recognition of losses from impairment of fixed assets across PJSC ROSSETI LENENERGO. 8 DEBT PROFILE A balanced approach to loan portfolio management, and financial stability Financial debt A balanced financial policy provides for continued business flexibility and stability in the face of new economic challenges, as demonstrated by the Company’s high credit ratings: 900 7,2% 7,0% 8% 6,2% The Group’s debt portfolio is dominated by long-term borrowings with the average 600 2 38 44 6% maturity of debt at over eight years and no FX risk (100% of the debt portfolio is denominated in Russian Rubles); 327 298 343 300 4% The weighted average interest rate of the Group’s debt portfolio is 6.2%, 1.1 p.p. lower than the lending rates in the Russian Federation2; 239 226 202 Consistent net debt reduction - 399.8 billion rubles. A comfortable repayment schedule 0 2% with peak debt payments after 2022; 2018 2019 6M 2020 6мес2020 Investment-grade credit ratings from two major global agencies. Repayment schedule1, RUB bn Credit ratings at the sovereign level BBB- Sovereign credit rating Stable Outlook 327 Baa3 Sovereign credit rating Stable Outlook 111 69 34 AAA Prime credit rating Stable Outlook 2020 2021 2022 2023+ 9 1. Repayment of loans and borrowings (less accrued but unpaid interest). 2. According to the Central Bank of the Russian Federation, data as at June 2020 for corporate borrowers with a term exceeding three years. IFRS CONSOLIDATED FINANCIAL RESULTS OF PJSC FGC UES FOR 6M 2020 10 KEY EVENTS AND HIGHLIGHTS Key Events in 6M2020 and after the reporting period Consolidated financial results for 6M 2020 January - 10-year 6.75% bonds were placed for a total of 10 billion rubles 6M 2020 6M 2019 Change Indicator with maturity/offer term of 10 years; RUB bn RUB bn RUB bn % February - FGC UES completed the construction of a 295 km transit link in Revenue 114.8 115.0 (0.2) (0.2) the Irkutsk Region from Ust-Ilimskaya HPP to the new 500 kV Ust-Kut Operating expenses 73.2 70.6 (2.6) 3.7 substation, part of the Peleduy Energy Ring; EBITDA (adj.)1 70.7 73.8 (3.1) (4.2) April - 5-year 6.5% bonds were placed for a total of 5 billion rubles with Net profit (adj.)2 37.5 39.3 (1.8) (4.6) maturity/offer term of 5 years; Net debt 158.0 176.83 (18.8) (10.6) May - The Annual General Shareholder Meeting resolved to pay a dividend Net cash flow from operating 64.0 66.2 (2.2) (3.3) for 2019.
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