Investor Presentaiton
COVID-19
Risk assessment: strategic deployment not affected, ample liquidity available
Macroeconomic Risks
GDP & Power demand:
✓ Limited correlation of GDP
and power consumption
✓ 75% of 2020 gross margin
contracted through capacity
component protects
earnings volatility
FX:
✓ Revenues & debt 100%
nominated in RUB
✓ 8% of 2020 fixed costs
nominated in EUR
✓ Capex after hedging is
>90% nominated in RUB
Business Risks
Prices: fixed capacity prices
in the plan period; limited
volatility of power prices
Payment collection: in line
with historical levels
Thermal modernization: main
equipment for the closest
project purchased in 2019
Renewables: supply chain
risks can not be excluded
Cost efficiencies: benefits
from large scale remote
working and restriction in
travels
1. Includes available credit facilities (not considering commercial papers program) and cash
enel
Financial Risks
Financing for the first two
wind projects secure,
remote commissioning of the
third project [2024]
Interest rate is fixed for
general corporate debt
Limited re-financing needs
in the plan period
Liquidity: 84bn RUB1
available substantially cover
debt to mature by 2022View entire presentation