Additional share issue - ПАО «Интер РАО» · Additional share issue Fundamentals Basic...
Transcript of Additional share issue - ПАО «Интер РАО» · Additional share issue Fundamentals Basic...
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Additional share issueFundamentals
Basic results of Private placement :INTER RAO share placement price – 0.0535 RUB
Final volume of Inter RAO’s authorized capital after private placement - 9,716,000,000,000 ordinary shares (increase by a factor of 3.36)
Value of the share capital of the Company - 272.997 billion RUB*
Total value of assets acquired by Inter RAO within the private placement:
• Shares of utility companies - 283.2 bn RUB**
• Cash – 81.8 bn RUB
Total number of shares placed with the participants of private placement – 6,822,972,629,771 shares. A total of 49.4% of newly issued shares were placed
* Par value of 1 share - 0.02809767 RUB
** Value of assets based on independent appraisers. It does not include assets that might be received by INTER RAO’ s subsidiaries (closed subscription participants) after May, 17
Number of shares issued – 13,800,000,000,000 common shares
Share of government and state-owned companies in the authorized capital of Inter RAO amounts to 60%;
Number of shares placed with Inter RAO Capital – 2,917,890,939,501 (including shares for deal with Norilsk Nickel, stock option program and future deals)
Registration of additional share placement report by Federal Service for Financial Markets is planned for June 2011
Newly issued shares should start trading in June 2011 and merge into main symbol in October 2011 (MICEX)
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Ownership structure
Equity structure before placement
Main objectives:
Minority shareholders30.1%
Rosatom45.1%
VEB18.3%
Gazprom6.5%
Implementation of best practices in corporate governance
Getting international credit rating
Listing on international stock exchanges
Carrying out an international SPO (2012-2013)
Equity structure to May 17, 2011
Federal Property Management
Agency 14.8%
Rosatom13.4%
VEB5.4%
Federal Grid Company 20.0%
RusHydro5.3%
Norilsk Nickel
14.2%
Minority shareholders26.9%
Target equity structure after deals finalization
INTER RAO Capital
30.3%(Norilsk Nickel, option program etc.)
Minority shareholders
10.8%
Federal Property Management Agency 14.8%
Rosatom13.4%
VEB5.4%
Federal Grid Company 20.0%
RusHydro5.3%
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Consolidation of energy assets
Assets Ticker Stake after consolidation, %
GENERATION ASSETS100%
Razdanskaya TPP Not trade 100> 75%
OGK-3 OGKC RX 81.93ОGК-1 OGK1 RX 75.02*
> 50%TGK-11 TGKK RX 67.53*
> 25%Irkutskenergo IRGZ RX 40.01
TGK-7 (Volzhskaya TGK) VTGK RX 32.44Enel OGK-5 OGKE RX 26.43Kuban Generation Company KBRG RU 26.26TGK-6 TGKF RX 26.08
< 25%
Bashkirenergo BEGY RX 22.23
Sangtudinskaya HPP-1 Not trade 16.66OGK-6 OGK6 RX 13.20Mosenergo MSNG RX 5.05RAO Energy System of East VRAO RX 4.29ОGK-4 OGK4 RX 3.26ОGK-2 OGK2 RX 3.05Fortum (TGK-10) TGKJ RX 3.04Quadra (TGK-4) TGKD RX 2.25Eniseyskaya TGK TGK13 RX 2.16TGK-1 TGKA RX 1.97
Kuzbassenergo (TGK-12) KZBN RX 1.97TGK-9 TGKI RX 1.71RusHydro HYDR RX 1.63TGK-2 TGKB RX 1.19TGK-14 TGKN RX 0.60Novosibirskenergo NONG RX 0.18
Assets Ticker Stake after consolidation, %
GRIDFederal Grid Company FEES RX 0.37
SUPPLY 100%
RN-Energo** Not trade 100
Altayenergosbyt Not trade 100
> 75%
St.Petersburg Supply Company* PBSB RX 88.28
> 50%
Tambovenergosbyt TASB RX 59.38
Saratovenergo SARE RU 56.97
Mosenergosbyt MSSB RX 50.92> 25%
Tomsk Energy Retail Company TOSB RU 31.27
Kuban Energy Retail Company KBSB RX 26.26
ENGINEERINGTomskenergoremont Not trade 25.88
MANAGEMENT COPMPANYUnited Energy Supply Company Not trade 100
OTHER ASSETSTGK-11 Holding TGHK RU 34.34
** INTER RAO Capital will receive this asset after May 17
* Includes stakes in OGK-1 (29,03% ) , in TGK-11 (2,79%) and in St. Petersburg Supply Company (24,99%) owned by INTER RAO before the additional share issue
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Moscow
Permskaya TPS(Perm Region)
Ivanovskie CCP(Ivanovo Region)
Urengoyskaya TPS (Yamalo-Nenetsk Region)
Nizhnevartovskaya TPS (Khanty-MansiyskRegion)
Verkhnetagilskaya TPS (Sverdlovsk Region)
Yuzhnouralskaya GRES (Chelyabinsk Region)
Kalinigradskaya CHPP-2 (Kaliningrad Region)
Sochinskaya TPP(Krasnodar Region)
Kashirskaya GRES(Moscow Region)
Severo-Zapadnaya CHPP (Leningrad Region)
Kostromskaya TPS (Kostroma Region)
Cherepetskaya TPS (Tula Region)
Pechorskaya TPS(Komi Region)
Kharanorskaya TPS (Trans-Baikal Region)
Gusinoozerskaya TPS (Buryat Region)
Iriklinskaya GRES (Orenburg Region)
TGK-11 (CHP in Omsk Region and Tomsk Region)
Geography of Russian Assets
• Total installed capacity (under management and control) – around 29 GW • Total installed capacity in Russia - 22,7 GW• Aggregate electricity output by generation assets in 2010 – 102,768 bn kWh
Altayenergosbyt(Altay Region)
Saratovenergo(Saratov Region)
Tomskenergosbyt(Tomsk Region)
St.Petersburg Supply Company (St.Petersburg)
Mosenergosbyt(Moscow Region)
Tambov Energy Retail Company (Tambov Region)
Generation assets
Supply companies
«Quartz» subsidiaries (engineering companies)
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Generation assets and distribution abroad
Generation Distribution
Telasi - Electric Networks 75% owned, spread of
network- 3,685 km, output to network – 1,645 M kWh
Electric Networks of Armenia100% owned, spread of
network- 30,218 km, output to network – 4,638 M kWh
UCTE
Moldavskaya TTP is one of the largest thermal PP in Eastern Europe with the export potential to UCTE zone. It has ability to exportelectric power to Romania, Belarus, Ukraine, Bulgaria
Ekibastuzskaya TPP-2 utilizes local cheap coals producing highly competitive electricity some of which is imported to Russia. The TPP generates about 8% of total electricity produced in Kazakhstan
Mtkvari TPP is one of the most cost-efficient gas-fired PPs in Georgia (Tbilisi). It sells electricity to Telasi (distribution company, subsidiary of INTER RAO)
Khrami HPP-1 and Khrami HPP-2 are managed by INTER RAO UES. Both HPPs also sell electricity to Telasi
Razdanskaya TPP – one of the biggest power plants in Armenia with export potential to neighboring countries: Georgia, Iran.
Kazakhstan
Ekibastuzskaya TPP-2,1,000 MW, coal, 50% owned,output in 2010 – 5,439 M kWh
Moldova
Moldavskaya TPP, 2,520 MW,
gas/coal, 100% owned, output in 2010 – 4,619 M kWh
Georgia Armenia
Khrami HPP-1 and Khrami HPP-2, 227 MW, hydro, 100% owned, output in 2010 – 682 M kWh
Mtkvari TPP, 600 MW, gas, 100% owned, output in 2010- 580 M kWh
Armenian NPP 815 MW, nuclear, undermanagement,output in 2010 –2,490 M kWh
Georgia Armenia
6 302 MW of installed capacity under management and control
Total electricity output in 2010 - 12,047* M kWh (+8,4%)
Total revenue of generation assets abroad - 13,288* million RUB (+18,7%)
Total revenue of distribution assets - 12,934* million RUB (+6,9%).
* according to management reports (total generation abroad includes results of International Power Corporation and doesn’t include results of Armenian NPP)
Lithuania
Vydmantai WPP, 30 MW, 100% owned, output in 2010 – 54 M kWh
RazdanskayaTPP, 1,110 MW, 100% owned,output in 2010 – 348 M kWh
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INTER RAO’s asset structure after consolidation
INTER RAO UESGovernmentGovernment
>50%
<50%
Supply companies Foreign assets Minority stakes
>50% >=50% <50%
>50% Minority shareholders and
free float
Minority shareholders and
free float
Engineering
>=50%
INTER RAO will transfer managed assets to INTER RAO’s specialized management companies
Generation
OGK-1
OGK-3
TGK-11
Ivanovskie CCP , KaliningradskayaCHPP-2, Sochinskaya TPP, Severo-ZapadnayaTPP
CJSC «Generation Asset Management»
Mosenergosbyt
St.PetersburgSupply Company
Saratovenergo
Altaienergosbyt
Tambov Energy Retail Company
United Energy Supply Company
JV with Worley Parsons
«INTER RAO UES Center for Energy»(JV with Rosatom)
JV with Alstom
JV with Fenice(EDF)
JV with General Electric
ENA
Telasi
Khrami-1,2
Mktvari
MGRES
Ekibastuzskaya TPS-2
Razdanskaya TPP
Armenian NPP*
Sangtudinskaya HPP-1*
*Under management
• Stakes in TGK-1, TGK-2, Mosenergo, Quadra, TGK-6 Volzhskaya TGK, TGK-9, Fortum, Kuzbassebergo, Eniseyskaya TGK, TGK-14, Novosibirskenergo, Kuban Generation Company
• Stakes in OGK-5, OGK-2,OGK-4, OGK-6, RusHydro
• Federal Grid Company
• Kuban Energy Retail Company, Tomsk Energy Retail Company, Tomskenergoremont
(Geographic divisions)
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Equity management strategyFundamentals
Approach to management of equity stakes received through consolidation
• Maintain control and integrate acquired asset into INTER RAO business model• Increase assets’ operational efficiency and its attractiveness for investment
• Consolidate controlling stakes• Use in asset swaps with Russian and international companies so as to consolidate controlling
stakes in core industru businesses• Use in share capital of newly established JV
• Use in asset swaps• Monetization to provide financing of investment projects (if a swap is not feasible)
Controlling stakes (>50%)
Sizeable stakes (5-50%)
Minority stakes (<5%)
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Стратегия распоряжения активамиОсновные принципы
Принципы распоряжения пакетами акций, полученными в рамках дополнительной эмиссии
• сохранение контроля и интеграция предприятий в бизнес-модель ОАО «ИНТЕР РАО ЕЭС»;• повышение операционной эффективности и инвестиционной привлекательности активов.
• консолидация в собственности компании контрольных пакетов акций;• использование в рамках сделок по обмену активами с российскими и международными
участниками с целью консолидации контрольных пакетов акций профильных отраслевыхкомпаний;
• внесение долей в уставные капиталы совместных предприятий, формируемых с инымиучастниками рынка.
• участие в сделках по обмену активами;• продажа для обеспечения целевого финансирования инвестиционных проектов компании
(в случае невозможности обмена).
Контрольные пакеты(>50%)
Значительные пакеты(5-50%)
Миноритарные пакеты(<5%)