Презентация ОГК-5 на конференции «Перспективная...
DESCRIPTION
«ОГК-5» Стратегия лидерства. Презентация ОГК-5 на конференции «Перспективная модель конкурентного рынка электроэнергии». ОГК-5. 21 сентября 2005г. Содержание. ОГК-5 - пилотный проект энергореформы России Шаги по повышению капитализации ОГК-5 Стратегическая цель – рост стоимости ОГК-5. - PowerPoint PPT PresentationTRANSCRIPT
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-5 -5 -521 2005.
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-5 - -5 -5
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(1965-1969) 2400 (1936-1972) 1182 (1970-1980) 3800 (1960-2000) 1290 _____________________________________________-5 - -5 8672 /Key
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- 88,7%100%- - - - - - - - I. II. III. 01.11.04 - 01.02.05 01.02.05 - 09.09.05 09.09.05 - 28.02.06 - .- - - - - - - - -
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1
0.125
0.875
; 12,5%
; 87,5%
Assets
IC, MWOutput 2004Load 2004
MWths MWh%
Reftinskaya GRES380016313.249
Sredne-Uralskaya GRES11505450.854
Nevinomisskaya GRES1340527845
Konakovskaya GRES2400608029
OGK-5
2005200620072008200920102011201220132014201520162017201820192020
CapacityMW8690869086908690869086908690869086908690869086908690869086908690
Saleths MWh34385356393689438148394024065741911431664442045675456754567545675456754567545675
Load%45474850525355575860606060606060
Revenues$mn672751837924101611591286153517241934199420582125219722562318
COGS$mn55363773684894110421111118412571333138314351489154616051666
Fuel$mn41648556966774883889595510191087112911731220126813181371
Non-fuel *$mn137153167180193204216229238247254262270278286295
Depreciation$mn3222222111111000
EBITDA$mn1191141017776117175352467600611622636651651652
margin,%%181512871014232731313030302928
Net income$mn888575575688132266354455463473483494495496
Estimated free CF$mn918777595890134268355456464473483495495496
* including maintenance capex
WACC%16
DCF$mn91755838324355951081201059281726253
Terminal value (Gordon)$mn334
NPV$mn1514
12.5%87.5%
OGK-5
0
0
Nevinomisskaya GRES
Fully regulated
200320042005 F200620072008200920102011201220132014201520162017201820192020
Load%4547485051535456575960606060606060
CapacityMW13401340134013401340134013401340134013401340134013401340134013401340
Outputths MWh5458563458115987616363396515669168677043704370437043704370437043
Fuel efficiencygce/kWh352350349347346344342341339338336336336336336336336
REGULATED REVENUE$ mn18712413710611512477830
TariffRR/MWh631
Tariff$/MWh22.724.426.027.428.830.231.733.3
y-to-y growth%07.56.55.55555
Revenue$ mn187124137151164177192207223
FREE REVENUE$ mn000404549109120221243268288309332357367378
1. Aton approach$ mn134148164181200221243268288309332357367378
2. Nera approach$ mn
El revenues$ mn
Capacity revenues$ mn
Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
TOTAL REVENUE$ mn187124137146159173185203221243268288309332357367378
COGS$ mn0.0101117136157175194208222237252264276289302316331
Fixed costs$/kW13.415171819202122242425262627282930
Fixed costs$ mn20222426272930323233343637383940
Fuel costs$ mn7386102120135152163175188202212222234245257270
Water costs$/kW1.31.51.61.71.92.02.12.22.32.42.42.52.62.62.72.82.9
Water costs$ mn0891011121314151617181819192020
Other costs (heat, etc)$ mn00000000000000000
Depreciation$ mn21.91.81.61.51.41.31.11.00.90.80.60.50.40.30.10
EBITDA$ mn2320103-1-8-5-1716243344555147
margin%191572-1-5-2-13681113151412
Interests expense$ mn?
Non-operational results$ mn0000000000000000
Pre-tax income$ mn-2211891-3-10-6-2615243343555147
Income tax$ mn75420-1-2-1-1146810131211
Net income$ mn-9161461-2-7-5-2412182533423936
Estimated CF$ mn-7181682-1-6-3-1512192633423936
Capex in maintenance$ mn0000000000000000
Free CF$ mn-7181682-1-6-3-1512192633423936
Discounted Free CF$ mn181362-0-3-1-023455643
Terminal value$ mn21
Free market share%00003030306060100100100100100100100100100
NPV$ mn87
NPV/Capacity$/kW65
Energy prices by NERA$/MWh00000000000000
0.013.415.317.520.021.924.025.126.227.428.630.131.633.234.836.638.4
Table for report
20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F
Effective electricity price$/MWh0.022.724.425.126.628.129.331.133.035.538.140.943.947.250.752.153.6
growth y-to-y%0836646677777733
Salesths MWh05458563458115987616363396515669168677043704370437043704370437043
growth y-to-y%0333333333000000
Revenues$ mn187124137146159173185203221243268288309332357367378
Sale of electricity$ mn187124137146159173185203221243268288309332357367378
Other revenues$ mn160000000000000000
y-to-y growth%-34116997991010777733
COGS$ mn0101117136157175194208222237252264276289302316331
Fuel$ mn07386102120135152163175188202212222234245257270
Non-fuel$ mn28313437394244474951525455575960
y-to-y growth%016161511117777555555
Depreciation$ mn22222111111110000
EBITDA$ mn1872320103-1-8-5-1716243344555147
y-to-y growth%-88-12-50-74-142653-43-71-57014152383026-7-8
margin%100191572-1-5-2-13681113151412
Interests and other results$ mn00000000000000000
Pre-tax profit$ mn-2211891-3-10-6-2615243343555147
Income tax$ mn75420-1-2-1-1146810131211
Net income$ mn-9161461-2-7-5-2412182533423936
y-to-y growth%-272-13-54-86-313289-39-60-33916455393126-7-8
margin%-5131041-1-4-2-124681012119
Operating CF$ mn-7181682-1-6-3-1512192633423936
y-to-y growth%-345-12-49-70-1221069-44-76-72913451373026-7-8
margin%-4141161-0-3-2-025681012119
Investing CF$ mn00000000000000000
Capex$ mn11*0000000000000000
Other$ mn00000000000000000
Free CF$ mn-8181682-1-6-3-1512192633423936
y-to-y growth%-335-12-49-70-1221069-44-76-72913451373026-7-8
margin%141161-0-3-2-025681012119
Discounted Free CF$ mn181362-0-3-1-023455643
Terminal value$ mn21
NPV$ mn87
NPV$/kW65
20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F
Skryabin:As it is in 2004 and down to 0 in 2020
Skryabin:As in 2004
Skryabin:2004 actual
Skryabin:2004 actual
Nevinomisskaya GRES
161.102245882120.49824691540.603998967
189.9099372017146.056946588943.8529906128
209.8198848543175.699557612734.1203272417
241.9024937856210.143102813231.7593909724
276.473101982242.246507769734.2265942122
311.041079742277.955614681833.0854650602
357.3674873309307.065318941850.3021683892
417.8238619692338.306704832179.5171571371
485.449226966370.2745093425115.1747176235
562.3457043494404.4710933006157.8746110488
576.4785715234423.0287284018153.4498431216
591.3180820561442.4642676712148.8538143849
606.8995681155462.8201069895144.079461126
623.2601284778484.1407170518139.119411426
640.4387168583506.4727457586133.9659710997
658.4762346578529.8651256864128.6111089714
Revenues
COGS
EBITDA
Reftinskaya GRES
30.296164214931.0367892149
32.802922865733.4941728657
25.443623703726.0854987037
23.68683713924.279337139
25.599436601326.1425616013
24.769703445825.2634534458
37.891922975838.3362979758
60.132839424260.5278394242
87.270110393987.6157353939
119.7595543971120.0558043971
116.4342557724116.6811307724
112.9787989326113.1762989326
109.3878154558109.5359404558
105.6557026838105.7544526838
101.7766130358101.8259880358
97.744442818397.7444428183
Net income
Free CF
Sredne-Urals GRES
Fully regulated
200320042005 F200620072008200920102011201220132014201520162017201820192020
Load%4950515253555657585960606060606060
CapacityMW38003800380038003800380038003800380038003800380038003800380038003800
Outputths MWh1631316677170431741017776181421850818874192401960719973199731997319973199731997319973
Fuel efficiencygce/kWh341341340340339339338338337337336336336336336336336
REGULATED REVENUE$ mn02502893172422602791711830
TariffRR/MWh
Tariff$/MWh13.615.317.318.619.820.922.023.124.225.4
growth%13137.56.55.55555
Revenue$ mn0250289317345372398427457489
FREE REVENUE$ mn0000121134149333370686762847867888910934958984
1. Aton approach$ mn402448498554617686762847867888910934958984
2. Nera approach$ mn435504545592630667700733762791844877913949
El revenues$ mn299349389434470510546578608637673706743783
Capacity revenues$ mn136154156158160157154156154154171170169166
Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
TOTAL REVENUE$ mn0250289317362395428503553686762847867888910934958984
COGS$ mn214.1249278315355385417434451468484495506517528540552
Fixed costs$/kW12.114151617181920212223232425252627
Fixed costs$ mn46515762667073778183868891949699102
Fuel costs$ mn167196220252288314342355369383397405413421430438447
Water costs$/kW0.050.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.1
Water costs$ mn11111112222222222
Other costs (heat, etc)$ mn00000000000000000
Depreciation$ mn00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00
EBITDA$ mn36403948404487119235295362372382394406419433
margin%1414121310101722343943434343434444
Interests expense$ mn?0
Non-operational results$ mn00000000000000000
Pre-tax income$ mn36403948404487119235295362372382394406419433
Income tax$ mn9109111010212956718789929497100104
Net income$ mn2730303630336691178224275283291299308318329
Estimated CF$ mn2730303630336691178224275283291299308318329
Capex in maintenance$ mn
Free CF$ mn2730303630336691178224275283291299308318329
Discounted Free CF$ mn30252719183036606568605346413632
Terminal value$ mn191
Free market share%00003030306060100100100100100100100100100
NPV$ mn836
NPV/Capacity$/kW220
Energy prices by NERA$/MWh2528303233353637384042444648
10.311.812.914.516.217.318.518.819.219.519.920.320.721.121.521.922.4
Table for report
20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F
Effective electricity price$/MWh15.317.318.620.822.223.627.229.335.638.942.443.444.545.646.848.049.3
growth y-to-y%13812761582299223333
Salesths MWh1631316677170431741017776181421850818874192401960719973199731997319973199731997319973
growth y-to-y%2222222222000000
Revenues$ mn250289317362395428503553686762847867888910934958984
Sale of electricity$ mn250289317362395428503553686762847867888910934958984
Other revenues$ mn160000000000000000
y-to-y growth%161014991810241111223333
COGS$ mn214249278315355385417434451468484495506517528540552
Fuel$ mn167196220252288314342355369383397405413421430438447
Non-fuel$ mn5258636771757982858890939699101105
y-to-y growth%16121313884444222222
Depreciation$ mn00000000000000000
EBITDA$ mn36403948404487119235295362372382394406419433
y-to-y growth%11-222-1699937972623333333
margin%1414121310101722343943434343434444
Interests and other results$ mn00000000000000000
Pre-tax profit$ mn36403948404487119235295362372382394406419433
Income tax$ mn9109111010212956718789929497100104
Net income$ mn2730303630336691178224275283291299308318329
y-to-y growth%11-222-1699937972623333333
margin%1111910881316262933333333333333
Operating CF$ mn2730303630336691178224275283291299308318329
y-to-y growth%11-222-1699937972623333333
margin%1111910881316262933333333333333
Investing CF$ mn00000000000000000
Capex$ mn11*0000000000000000
Other$ mn00000000000000000
Free CF$ mn2730303630336691178224275283291299308318329
y-to-y growth%13-222-1699937972623333333
margin%11910881316262933333333333333
Discounted Free CF$ mn30252719183036606568605346413632
Terminal value$ mn191
NPV$ mn836
NPV$/kW220
20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F
Skryabin:As it is in 2004 and down to 0 in 2020
Skryabin:As in 2004
Skryabin:2004 actual
Skryabin:2004 actual
Sredne-Urals GRES
249.9552670742210.035102110339.9201649639
288.7533318422252.350343062136.4029887801
317.2252172574292.414942642824.8102746146
362.1600607708337.940371009324.2196897615
394.5098639692389.82466802544.6851959438
428.3458460474432.9293408307-4.5834947833
503.3642127417480.12631349423.2378992476
552.7949662572511.942411458240.852554799
685.6855982563545.7136426551139.9719556011
762.1068104887579.9047626744182.2020478143
846.749905177616.1535285597230.5963766174
866.9454052004645.210133629221.7352715714
888.150680225675.6670368111212.4836434139
910.4162190009707.5926770473202.8235419535
933.7950347155741.0588679472192.7361667683
958.3427912158776.1409651035182.2018261123
984.1179355412812.9180417304171.1998938108
Revenues
COGS
EBITDA
Konakovo GRES
30.321237437430.3450373521
27.649314033727.6716264537
18.839981763818.8608066892
18.392267771418.4116052021
3.54718296593.5650329019
-3.4958914907-3.4795290494
17.649498468717.6643734154
31.037767183731.0511546357
106.3696422893106.3815422466
138.4656428672138.4760553299
175.2464632535175.2553882215
168.5131539145168.5205913879
161.4830470108161.4889969895
154.1425003968154.1469628808
146.477225752146.4802007413
138.4722573494138.4737448441
130.1119192962130.1119192962
Net income
Free CF
Fully regulated
200320042005 F200620072008200920102011201220132014201520162017201820192020
Load%5455555656575858595960606060606060
CapacityMW11501150115011501150115011501150115011501150115011501150115011501150
Outputths MWh54405500556156215682574258035863592459846044604460446044604460446044
Fuel efficiencygce/kWh320320320320320320320320320320320320320320320320320
REGULATED REVENUE$ mn0869810780869155580
TariffRR/MWh
Tariff$/MWh1415.817.819.220.421.522.623.724.926.2
growth%13137.56.55.55555
Revenue$ mn08698107115122130138146155
FREE REVENUE$ mn0000394347104115211233256262269276283290298
1. Aton approach$ mn130143158174192211233256262269276283290298
2. Nera approach$ mn138158170184195204213222231239255265276287
El revenues$ mn97112123136146157167175184193204214225237
Capacity revenues$ mn4147474848474747464752525150
Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
TOTAL REVENUE$ mn08698107119129138159173211233256262269276283290298
COGS$ mn69.58396110126139153163172182192201211221231242254
Fixed costs$/kW1112141516171818192021212222232424
Fixed costs$ mn1314161718192021222324242526272728
Fuel costs$ mn56687992107119132140148157167175184193203213224
Water costs$/kW0.170.20.20.20.20.30.30.30.30.30.30.30.30.30.40.40.4
Water costs$ mn11111122222222222
Other costs (heat, etc)$ mn00000000000000000
Depreciation$ mn00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00
EBITDA$ mn16151192-1611395164615855514844
margin%19151082-146182225232220181615
Interests expense$ mn?0
Non-operational results$ mn00000000000000000
Pre-tax income$ mn16151192-1611395164615855514844
Income tax$ mn44321-01391215151413121111
Net income$ mn1211872-148303849464441393633
Estimated CF$ mn1211872-148303849464441393633
Capex in maintenance$ mn
Free CF$ mn1211872-148303849464441393633
Discounted Free CF$ mn11751-0231011121086543
Terminal value$ mn19
Free market share%00003030306060100100100100100100100100100
NPV$ mn119
NPV/Capacity$/kW103
Energy prices by NERA$/MWh2428303233353637384042444648
10.312.314.216.318.820.622.723.825.026.327.629.030.431.933.535.237.0
Table for report
20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F
Effective electricity price$/MWh15.817.819.221.222.624.127.529.635.638.942.443.444.545.646.848.049.3
growth y-to-y%13811761482199223333
Salesths MWh54405500556156215682574258035863592459846044604460446044604460446044
growth y-to-y%1111111111000000
Revenues$ mn8698107119129138159173211233256262269276283290298
Sale of electricity$ mn8698107119129138159173211233256262269276283290298
Other revenues$ mn160000000000000000
y-to-y growth%1491287159221010223333
COGS$ mn708396110126139153163172182192201211221231242254
Fuel$ mn56687992107119132140148157167175184193203213224
Non-fuel$ mn15171819212223242525262728293030
y-to-y growth%2015151510106666555555
Depreciation$ mn00000000000000000
EBITDA$ mn16151192-1611395164615855514844
y-to-y growth%-8-27-14-74-142-679822603026-5-5-6-6-7-8
margin%19151082-146182225232220181615
Interests and other results$ mn00000000000000000
Pre-tax profit$ mn16151192-1611395164615855514844
Income tax$ mn44321-01391215151413121111
Net income$ mn1211872-148303849464441393633
y-to-y growth%-8-27-14-74-142-674822603026-5-5-6-6-7-8
margin%1412861-135141719181615141211
Operating CF$ mn1211872-148303849464441393633
y-to-y growth%-8-27-14-74-142-680822603026-5-5-6-6-7-8
margin%1412861-135141719181615141211
Investing CF$ mn00000000000000000
Capex$ mn11*0000000000000000
Other$ mn00000000000000000
Free CF$ mn1211872-148303849464441393633
y-to-y growth%-6-27-14-74-142-680822603026-5-5-6-6-7-8
margin%12861-135141719181615141211
Discounted Free CF$ mn11751-0231011121086543
Terminal value$ mn19
NPV$ mn119
NPV$/kW103
20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F
Skryabin:As it is in 2004 and down to 0 in 2020
Skryabin:As in 2004
Skryabin:2004 actual
Skryabin:2004 actual
249.9552670742210.035102110339.9201649639
288.7533318422252.350343062136.4029887801
317.2252172574292.414942642824.8102746146
362.1600607708337.940371009324.2196897615
394.5098639692389.82466802544.6851959438
428.3458460474432.9293408307-4.5834947833
503.3642127417480.12631349423.2378992476
552.7949662572511.942411458240.852554799
685.6855982563545.7136426551139.9719556011
762.1068104887579.9047626744182.2020478143
846.749905177616.1535285597230.5963766174
866.9454052004645.210133629221.7352715714
888.150680225675.6670368111212.4836434139
910.4162190009707.5926770473202.8235419535
933.7950347155741.0588679472192.7361667683
958.3427912158776.1409651035182.2018261123
984.1179355412812.9180417304171.1998938108
Revenues
COGS
EBITDA
30.321237437430.3450373521
27.649314033727.6716264537
18.839981763818.8608066892
18.392267771418.4116052021
3.54718296593.5650329019
-3.4958914907-3.4795290494
17.649498468717.6643734154
31.037767183731.0511546357
106.3696422893106.3815422466
138.4656428672138.4760553299
175.2464632535175.2553882215
168.5131539145168.5205913879
161.4830470108161.4889969895
154.1425003968154.1469628808
146.477225752146.4802007413
138.4722573494138.4737448441
130.1119192962130.1119192962
Net income
Free CF
Fully regulated
200320042005 F200620072008200920102011201220132014201520162017201820192020
Load%2932353841454851545760606060606060
CapacityMW24002400240024002400240024002400240024002400240024002400240024002400
Outputths MWh674974008052870493561000710659113111196312614126141261412614126141261412614
Fuel efficiencygce/kWh330329328327326326325324323322321321321321321321321
REGULATED REVENUE$ mn1871611901541761981271420
TariffRR/MWh663.63
Tariff$/MWh23.925.727.328.830.331.833.435.0
growth%07.56.55.55555
Revenue$ mn187161190220251283318356396
FREE REVENUE$ mn000566678184215418485562576591607623640658
1. Aton approach$ mn186221261306358418485562576591607623640658
2. Nera approach$ mn224268299335367399430463481500533554576599
El revenues$ mn138171200235266300333365384402425446469495
Capacity revenues$ mn8697981001019997989797108108107105
Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
TOTAL REVENUE$ mn187161190210242276311357418485562576591607623640658
COGS$ mn0.0120146176210242278307338370404423442463484506530
Fixed costs$/kW1213151617181920212222232424252627
Fixed costs$ mn32363941444648515254555759606264
Fuel costs$ mn7999124153181212236263291321337354372390410430
Water costs$/kW1.261.41.61.71.81.92.02.12.22.32.32.42.52.62.62.72.8
Water costs$ mn010111416182022252730313132333435
Other costs (heat, etc)$ mn00000000000000000
Depreciation$ mn10.70.70.60.60.50.50.40.40.30.30.20.20.10.10.00
EBITDA$ mn4144343234335080115158153149144139134129
margin%25231613121114192428272524222120
Interests expense$ mn?
Non-operational results$ mn0000000000000000
Pre-tax income$ mn-14043333134335079115158153149144139134129
Income tax$ mn71010878812192838373635333231
Net income$ mn-830332524262538608712011611310910610298
Estimated CF$ mn-731332624262538618812011711311010610298
Capex in maintenance$ mn0000000000000000
Free CF$ mn-731332624262538618812011711311010610298
Discounted Free CF$ mn31291915141215202530252117141210
Terminal value$ mn57
Free market share%00003030306060100100100100100100100100100
NPV$ mn364
NPV/Capacity$/kW152
Energy prices by NERA$/MWh2831323334353637384042444648
0.011.713.415.317.619.321.222.223.224.325.526.728.129.530.932.534.1
Table for report
20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F
Effective electricity price$/MWh0.023.925.726.127.829.631.133.536.940.644.645.746.948.149.450.852.2
growth y-to-y%0827658101010333333
Salesths MWh0674974008052870493561000710659113111196312614126141261412614126141261412614
growth y-to-y%01098777665000000
Revenues$ mn187161190210242276311357418485562576591607623640658
Sale of electricity$ mn187161190210242276311357418485562576591607623640658
Other revenues$ mn160000000000000000
y-to-y growth%-14181015141315171616333333
COGS$ mn0120146176210242278307338370404423442463484506530
Fuel$ mn07999124153181212236263291321337354372390410430
Non-fuel$ mn42475257626671767983868891949799
y-to-y growth%02120201515101099555555
Depreciation$ mn11111100000000000
EBITDA$ mn1874144343234335080115158153149144139134129
y-to-y growth%-788-22-78-352584537-3-3-3-3-4-4
margin%10025231613121114192428272524222120
Interests and other results$ mn00000000000000000
Pre-tax profit$ mn-14043333134335079115158153149144139134129
Income tax$ mn71010878812192838373635333231
Net income$ mn-830332524262538608712011611310910610298
y-to-y growth%-4748-22-78-353594537-3-3-3-3-4-4
margin%-4191712109811141821201918171615
Operating CF$ mn-731332624262538618812011711311010610298
y-to-y growth%-5258-22-78-352584537-3-3-3-3-4-4
margin%-4191812109811141821201918171615
Investing CF$ mn00000000000000000
Capex$ mn11*0000000000000000
Other$ mn00000000000000000
Free CF$ mn-831332624262538618812011711311010610298
y-to-y growth%-5078-22-78-352584537-3-3-3-3-4-4
margin%191812109811141821201918171615
Discounted Free CF$ mn31291915141215202530252117141210
Terminal value$ mn57
NPV$ mn364
NPV$/kW152
20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F
Skryabin:As it is in 2004 and down to 0 in 2020
Skryabin:As in 2004
Skryabin:2004 actual
Skryabin:2004 actual
161.102245882120.49824691540.603998967
189.9099372017146.056946588943.8529906128
209.8198848543175.699557612734.1203272417
241.9024937856210.143102813231.7593909724
276.473101982242.246507769734.2265942122
311.041079742277.955614681833.0854650602
357.3674873309307.065318941850.3021683892
417.8238619692338.306704832179.5171571371
485.449226966370.2745093425115.1747176235
562.3457043494404.4710933006157.8746110488
576.4785715234423.0287284018153.4498431216
591.3180820561442.4642676712148.8538143849
606.8995681155462.8201069895144.079461126
623.2601284778484.1407170518139.119411426
640.4387168583506.4727457586133.9659710997
658.4762346578529.8651256864128.6111089714
Revenues
COGS
EBITDA
30.296164214931.0367892149
32.802922865733.4941728657
25.443623703726.0854987037
23.68683713924.279337139
25.599436601326.1425616013
24.769703445825.2634534458
37.891922975838.3362979758
60.132839424260.5278394242
87.270110393987.6157353939
119.7595543971120.0558043971
116.4342557724116.6811307724
112.9787989326113.1762989326
109.3878154558109.5359404558
105.6557026838105.7544526838
101.7766130358101.8259880358
97.744442818397.7444428183
Net income
Free CF
-
-5 - -5 -5
-
-5________________________________________________________ -5 1 2 3
14 2005 16 2005 16 2005
19 2005Deutsche Bank :The London Stock Exchange ()Deutsche Boerse ()
2008
-
-5 - -5 -5
-
, , .
, , .
, , . -5_____________________________________________________
-
-5 - !
- !
- ! _____________________________________________________
-
-5 / 8 2005 3566 . ., : 2830 . ., - 736 . . 3953 . ., : 2662 . ., - 1291 . . / 8 2005 .
5
36.761.740793878569.8292220114
736 ..
1291 ..
/ ( )
%
36,7
61,7
69,8
2
. -
2002 2003 2004 2005 11.07.2005
.875109.5900054.7914787.1491244.1
/ 696728.8710507.7729297.9392328.9
- 533452.5553735.7552666.5297337.4
437400.9450673.8451639.2246280.5
96051.6103061.8101027.251056.9
- 163276.3156772176631.594991.4
103804.193202.4109597.659095.6
59472.263569.767033.935895.8
38620.340928.84252922502.6
139760.4148618.2142960.176412.7
:
1988.83844.64366.72016
-4501.4-5119.6-1738.8-2461.9
-1527.7-1866.1-1933.9-796.9
452.33049.14792.4701.2
-666.4-1113.4-704.12498.2
-7424.2-10908.8-10812.9-5439.7
863430.9887776.8908696.1487775.9
- 527400.7521238.4520006.7307489.4
..
155523.8166631.5168061.186952.7
.. 96051.6103061.8101027.251056.9
59472.263569.767033.935895.8
. 10501.612438.911955.55837.4
. 8004.66657.36564.83083.88
. 8013.36415.86317.63038.120024147
6409.94321.62662
5.9219961291
. 2692.82527.12363.312832003
042.78039.72004
. 3187.33117.63267.81692.22005 (8 )
. 21791460.41527.6789.1
.. 2376.73282.13429.3940.6
. 03907.45445.52568.1
. 11191.713632129676322.7
.5483.45721.15873.92025
..7034.87361.57300.34025.5
.411.4415.1328.5162.6
. 60375880.55627.83129.73789
5878.44896.82830
2.08731736
. 95228454.78815.54384.7
-.4006.52944.63039.91838.8
. 6035.27555.46197.33716.9
. 2293.43929.93066.11934.3
. 1550.11764.71703.61002
.5530.85516.751563041.4
12540.31250013016.37878.9
1331.71328.72267.81139.6
- - 903.2907.811289.41006.2
10288.710533.76225.76607.6
5916.85864.37293466.8
- 18677.323760.325378.911753.1
4135.640544146.82263.9
.0541.21984.11311.2
.139760.4148618.2142960.176412.7
.1497115171.715048.99730.9
12109.312666.39321.12998.6
.19527.723289.624527.315027.8
. 18920.72193518225.49588.2
.280272877029242.915602.4
4065.839814218.61876.8
24844.725428.42427912905
. 95959918.710131.45231.7
. 7513.17299.27814.43380
.186.1158.415171.2
527.043153.6209126615901054
5.92199612912.08731736
1.163.361.70.846.069.836.7
2
00
00
00
..
2003 - 2005 .
1
00
00
00
..
2003 - 2005 .
000
736 ..
1291 ..
/ ( )
%
36,7
61,7
69,8
0
0
0
/ 2003 - 2005 .
20029605259472139760
2003988081030627.355274635696.91469291486186.3
200496223101027-2670346035211145290142960-3,8
2005516055105734056358957985876412
.1497115171.715048.99730.9
12109.312666.39321.12998.6
.19527.723289.624527.315027.8
. 18920.72193518225.49588.2
.280272877029242.915602.4
4065.839814218.61876.8
24844.725428.42427912905
. 95959918.710131.45231.7
. 7513.17299.27814.43380
. .
12540.312499.913016.37878.9
1331.71328.72267.81139.6
- - 903.2907.81805.41006.2
10288.710533.711289.46607.6
5916.85864.26225.73466.8
. .8194.97228.887755265
. 192.3190.499.9
:-235.62610440.21192.4
359.51999.31288.1740.6
2460.34342.93019.92045.6
-1527.7-1866.1-1933.9-796.9
- -501.4-803.9-877.4-410.9
- -1026.3-1062.2-1056.5-386
48708.449735.649707.627362.5
2002200320042005
631637649403666474360292
641637661941678592363404
1.5831878121.93069634731.81822546720.8637438522
.-. . .
2002231187205401780047833548708
2003238895213196802517986249735
2004243327222727823758045549707
2005129551119203445804270727362
200020012002200320042005
. 007513.17299.27814.43380
. .6540.671148194.97228.887755265
..7244.97508.77034.87361.57300.34025.5
. 7001.2036383.03360375880.55627.83129.7
. 98001006195228454.78815.54384.7
20042005
477.4498.8
411.3411.2
557.2430.7
804.2694.7
1081.41190.2
1154.91308.3
20042005
580643
533682
455586
412461
374332
354311
9605259472139760
10306263569148618
10102760352142960
510573589576412
..
1497115171.715048.99730.9
12109.312666.39321.12998.6
19527.723289.624527.315027.8
18920.72193518225.49588.2
280272877029242.915602.4
4065.839814218.61876.8
24844.725428.42427912905
95959918.710131.45231.7
7513.17299.27814.43380
2002
2003
2004
2005
..
2002 - 2005
12540.312499.913016.37878.9
1331.71328.72267.81139.6
903.2907.81805.41006.2
10288.710533.711289.46607.6
5916.85864.26225.73466.8
8194.97228.887755265
2002
2003
2004
2005
..
2002 - 2005
359.52460.3-501.4-1026.3-235.6
1999.34342.9-803.9-1062.22610
1288.13019.9-877.4-1056.5440.2
740.62045.6-410.9-3861192.4
-
-
-
-
..
- 2002 - 2005 (11.07.2005)
6316376416371.583187812
6494036619411.9306963473
6664746785921.8182254672
3602923634040.8637438522
&A
Page &P
..
,%
2002-2005 (11.07.2005)
231187205401780047833548708
238895213196802517986249735
243327222727823758045549707
129551119203445804270727362
-
.
..
,%
2002-2005 (11.07.2005)
007513.17299.27814.43380
6540.671148194.97228.887755265
7244.97508.77034.87361.57300.34025.5
7001.2036383.03360375880.55627.83129.7
98001006195228454.78815.54384.7
&A
Page &P
2000
2001
2002
2003
2004
2005
..
/ - 2002 - 2005 (11.07.2005)
477.4498.8
411.3411.2
557.2430.7
804.2694.7
1081.41190.2
1154.91308.3
2004
2005
..
I II - 2004 - 2005 .
580643
533682
455586
412461
374332
354311
2004
2005
..
I II - 2004 - 2005 .
-
(100 % ) ( 2006)
(01.11.2005)
CC (30%) (65 %) (5%) (65 %) / (5%) (0-10%) (5%) (30%) 1
-
-5 : 650 ./EV/ , $/kW2005 EBITDA/ , $/kW : 57 ./
: _____________________________________________________
-
-5(S-C*)(1-T) + Depr (CAPEX + WC)(1+ WACC)t t=n (EV)*** = t=1-
$ 3,2 - -
-
-
-5 1 . 1 (Fairness opinion Alfa Bank, Merrill Lynch)/ , -5
-
-5mn $ -5 (Fairness opinion Alfa Bank, Merrill Lynch) _____________________________________________________
1
9311514.3177518774
10571651.3985838722
12601814.5080499819
13852014.9961479901
14902269.2058628294
16082565.0401421231
17102871.5365186679
17813175.8398324814
1
2
3
2005200620072008200920102011201220132014201520162017201820192020
- Ebit
EBIT
.
. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269
WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%
comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%
%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%
%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%
. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852
CF671059
KGR NGR $260036
Value of Firm
Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185
13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%
Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984
20052006200720082009201020112012
$9310951057571126021113852861490173160812917105081781637
%13.58%19.16%9.92%7.57%7.92%6.37%4.16%
-5$13065161483988176833319438392091017225653324001922500000
WACC%16%
116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%
DCF$mn91755838324355951081201059281726253334
Terminal value (Gordon)$mn334
Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593
NPV$mn1514
174$/kW
20052006200720082009201020112012
9311057126013851490160817101781
15141651181520152269256528723176
3
00
00
00
00
00
00
00
00
&A
Page &P
$
$
00
00
00
00
00
00
00
00
3
14
40
EBITDA/Capacity
EBITDA/Capacity $/kW
1
2
3
2005200620072008200920102011201220132014201520162017201820192020
- Ebit
EBIT
.
. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269
WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%
comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%
%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%
%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%
. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852
CF671059
KGR NGR $260036
Value of Firm
Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185
13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%
Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984
20052006200720082009201020112012
$9310951057571126021113852861490173160812917105081781637
%13.58%19.16%9.92%7.57%7.92%6.37%4.16%
-5$13065161483988176833319438392091017225653324001922500000
WACC%16%
116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%
DCF$mn91755838324355951081201059281726253334
Terminal value (Gordon)$mn334
Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593
NPV$mn1514
174$/kW
20052006200720082009201020112012
9311057126013851490160817101781
15141651181520152269256528723176
20052012
EBITDA/Capacity1440
3
00
00
00
00
00
00
00
00
&A
Page &P
$
$
00
00
00
00
00
00
00
00
0
0
EBITDA/Capacity
4
0.16
0.132
WACC
13,2%
1
2
3
2005200620072008200920102011201220132014201520162017201820192020
- Ebit
EBIT
.
. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269
WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%
comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%
%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%
%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%
. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852
CF671059
KGR NGR $260036
Value of Firm
Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185
13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%
Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984
20052006200720082009201020112012
$9310951057571126021113852861490173160812917105081781637
%13.58%19.16%9.92%7.57%7.92%6.37%4.16%
-5$13065161483988176833319438392091017225653324001922500000
WACC%16%
116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%
DCF$mn91755838324355951081201059281726253334
Terminal value (Gordon)$mn334
Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593
NPV$mn1514
174$/kW
20052006200720082009201020112012
9311057126013851490160817101781
15141651181520152269256528723176
2005201220052012
EBITDA/Capacity1440WACC16%13.20%
3
00
00
00
00
00
00
00
00
&A
Page &P
$
$
00
00
00
00
00
00
00
00
0
0
EBITDA/Capacity
0
0
WACC
5
0.0638297872
0.9230769231
D/E
/
1
2
3
2005200620072008200920102011201220132014201520162017201820192020
- Ebit
EBIT
.
. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269
WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%
comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%
%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%
%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%
. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852
CF671059
KGR NGR $260036
Value of Firm
Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185
13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%
Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984
20052006200720082009201020112012
$9310951057571126021113852861490173160812917105081781637
%13.58%19.16%9.92%7.57%7.92%6.37%4.16%
-5$13065161483988176833319438392091017225653324001922500000
WACC%16%
116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%
DCF$mn91755838324355951081201059281726253334
Terminal value (Gordon)$mn334
Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593
NPV$mn1514
174$/kW
20052006200720082009201020112012
9311057126013851490160817101781
15141651181520152269256528723176
2005201220052012
EBITDA/Capacity1440WACC16%13.20%
20052012
D/E0.060.92
3
00
00
00
00
00
00
00
00
&A
Page &P
$
$
00
00
00
00
00
00
00
00
0
0
EBITDA/Capacity
0
0
WACC
0
0
D/E
-
____________________Source::OGK-5
Chart
48.410199
43.29074
28.66021
24.15070
23.34909
32.26760
367571
41.48695
36.37647
37.57891
38.18013
30.56416
306318
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199248.410,199
199343.29,074
199428.66,021
199524.15,070
199623.34,909
199732.26,760
199836.07,571
199941.48,695
200036.37,647
200137.57,891
200238.18,013
200330.56,416
200430.06,318
Chart
753920012001323517
768420022002320004
6131.46820032003293835
6042.20420042004268955
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20017,539323,517
20027,684320,004
20036,131293,835
20046,042268,955
()
1
300
1965
2
300
1965
3
300
1965
4
300
1966
5
300
1967
6
300
1968
7
300
1968
8
300
1969
-
2 400 1965 : ( ) / (%) () // () ()/
____________________Source::OGK-5
Chart
48.410199
43.29074
28.66021
24.15070
23.34909
32.26760
367571
41.48695
36.37647
37.57891
38.18013
30.56416
306318
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199248.410,199
199343.29,074
199428.66,021
199524.15,070
199623.34,909
199732.26,760
199836.07,571
199941.48,695
200036.37,647
200137.57,891
200238.18,013
200330.56,416
200430.06,318
Chart
753920012001323517
768420022002320004
6131.46820032003293835
6042.20420042004268955
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20017,539323,517
20027,684320,004
20036,131293,835
20046,042268,955
-
--____________________Source::OGK-5
/
()
1
25
1960
2
25
1960
3
60
1961
6
150
- 1964
7
150
- 1964
8
150
9
150
1966
10
150
1967
4
50
1968
11
160
1970
170
1972
5
100
1973
5
30
2000
3
80
2005
Chart
48.410199
43.29074
28.66021
24.15070
23.34909
32.26760
367571
41.48695
36.37647
37.57891
38.18013
30.56416
306318
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199248.410,199
199343.29,074
199428.66,021
199524.15,070
199623.34,909
199732.26,760
199836.07,571
199941.48,695
200036.37,647
200137.57,891
200238.18,013
200330.56,416
200430.06,318
Chart
753920012001323517
768420022002320004
6131.46820032003293835
6042.20420042004268955
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20017,539323,517
20027,684320,004
20036,131293,835
20046,042268,955
-
/ (%) () // () ()/ ____________________Source::OGK-5 1 290 (1 210 2005 .) 1960 . : ( )
Chart
43.384533.8
39.544171.8
56.515872.8
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
200243.44,534
200339.54,172
200456.55,873
Chart
3230200020004461
3212200120014395
4220200220024383.29
3855200320034359.906
5450.8200420044462.8
2000
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20003,2304,461
20013,2124,395
20024,2204,383
20033,8554,360
20045,4514,463
-
____________________Source::OGK-5
()
1
50
1936
2
50
1937
5
30
1976
6
100
1965
7
100
1966
8
60
1967
9
300
1969
10
300
1969
11
300
1970
Chart
48.410199
43.29074
28.66021
24.15070
23.34909
32.26760
367571
41.48695
36.37647
37.57891
38.18013
30.56416
306318
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199248.410,199
199343.29,074
199428.66,021
199524.15,070
199623.34,909
199732.26,760
199836.07,571
199941.48,695
200036.37,647
200137.57,891
200238.18,013
200330.56,416
200430.06,318
Chart
753920012001323517
768420022002320004
6131.46820032003293835
6042.20420042004268955
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20017,539323,517
20027,684320,004
20036,131293,835
20046,042268,955
-
, . 1 182 (1 205 2005 .) 1936 . : ( ) / (%) () // () ()/ ____________________Source::OGK-5
Chart
43.384533.8
39.544171.8
56.515872.8
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
200243.44,534
200339.54,172
200456.55,873
Chart
3230200020004461
3212200120014395
4220200220024383.29
3855200320034359.906
5450.8200420044462.8
2000
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20003,2304,461
20013,2124,395
20024,2204,383
20033,8554,360
20045,4514,463
-
____________________Source::OGK-5
/
1
300
1970
2
300
1971
3
300
1971
4
300
1972
5
300
1974
6
300
1975
7
500
1977
8
500
1978
9
500
1978
10
500
1980
Chart
48.410199
43.29074
28.66021
24.15070
23.34909
32.26760
367571
41.48695
36.37647
37.57891
38.18013
30.56416
306318
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199248.410,199
199343.29,074
199428.66,021
199524.15,070
199623.34,909
199732.26,760
199836.07,571
199941.48,695
200036.37,647
200137.57,891
200238.18,013
200330.56,416
200430.06,318
Chart
753920012001323517
768420022002320004
6131.46820032003293835
6042.20420042004268955
2001
2002
2003
2004
Electricity
Heat
Data
ElectricityHeat
20017,539323,517
20027,684320,004
20036,131293,835
20046,042268,955
-
3 800 1970 . : () / (%) () // () ()/ ____________________Source::OGK-5
Chart
4715617.8
6421284
6120250.8
5117011
5819147.2
1999
2000
2001
2002
2003
Load Factor
Electricity Output
Data
Load FactorElectricity Output
199947.015,618
200064.021,284
200161.020,251
200251.017,011
200358.019,147
Chart
14882.519991999535
20332.820002000506.9
19337.420012001506.8
16200.720022002513.7
18248.720032003468.9
1999
2000
2001
2002
2003
Electricity
Heat
Data
ElectricityHeat
199914,883535
200020,333507
200119,337507
200216,201514
200318,249469