9m2021 IFRS Results Presentation

MOSENERGO

9M 2021 IFRS Results

Denis Voronchikhin, Investor Relations Directorate

Tel. [phone] (ext. 3457), [e-mail]

November 3, 2021

Disclaimer

The information contained herein has been prepared using information available to JSC "Mosenergo" (hereinafter - Mosenergo or the Company) at the time of preparation of the presentation. External or other factors might have impacted the business of Mosenergo and the content of this presentation, since its preparation. In addition all relevant information about Mosenergo may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information.

Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty. Mosenergo cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of the major risk factors.

This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Mosenergo, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

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9M 2021 Operational and Financial

Highlights Key Factors

External Events:

1. Weighted average electricity price increasing by 13.7% in the reporting period year-on-year.
2. Lower air temperature in 1H 2021 heating season year-on-year.
3. Longer heating season for 9M 2021 (147 days vs. 130 for 9M 2020).
4. Growing consumption in Central energy system by 7.3%, and by 9.3% in Moscow Region energy system. 1

Internal Events:

1. Increased payments period started for capacity supply since December 1, 2020 for one CSA unit - CHP-20 (420 MW).
2. CHP-26(420 MW) CSA unit transferred to competitive capacity outtake since December 31, 2020.

1 System operator data

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9M 2021 Highlights

Financial Highlights, mn RUR

Parameter	3Q 2020	3Q 2021		Change	9M 2020	9M 2021	Change
Revenue (electricity and heat)	21,289	29,573		+38.9%	97,040	129,326	+33.3%
Variable Costs	(19,754)	(27,254)		+38.0%	(80,549)	(107,454)	+33.4%
Marginal profit	1,535	2,319		+51.1%	16,491	21,872	+32.6%
Revenue (capacity)	7,312	7,366		+0.7%	23,441	24,057	+2.6%
Revenue (other)	555	726		+30.8%	1,627	1,934	+18.9%
Fixed Costs1	(6,934)	(7,272)		+4.9%	(19,561)	(20,174)	+3.1%
EBITDA2	3,109	2,756		-11.4%	21,264	25,929	+21.9%
EBITDA (according to Mosenergo reporting)3	3,022	2,756		-8.8%	21,173	25,929	+22.5%
EBITDA, adj.4	2,468	3,139		+27.2%	21,998	27,689	+25.9%
Depreciation and Amortization	(5,827)	(5,836)		+0.2%	(17,203)	(17,915)	+4.1%
Operating Profit (Loss)	(2,718)	(3,080)		+13.3%	4,061	8,014	+97.3%
Profit (Loss) for the Period	(1,248)	(1,726)		+38.3%	5,344	7,341	+37.4%
Profit (Loss) per Share,RUR	(0.031)	(0.043)			0.134	0.185
	Operational Highlights5
Показатель	3Q 2020	3Q 2021	Change	9M 2020	9M 2021	Change
Electricity Output, mn kWh	10,812	12,517		+15.8%	38,745	44,098	+13.8%
Electricity Sales, mn kWh	11,318	13,722		+21.2%	40,182	47,940	+19.3%
Heat Output, th.Gcal	5,631	7,486		+32.9%	46,276	58,305	+26.0%
Fuel Rate on Electricity, g/kWh	283.9	294.2		+3.6%	231.0	243.7	+5.5%
Fuel Rate on Heat, kg/Gcal	171.8	170.1		-1.0%	164.0	163.1	-0.5%

1. Excluding Depreciation and Amortization
2. EBITDA = Operating Profit + Depreciation and Amortization
3. EBITDA = Operating Profit + Depreciation and Amortization + Impairment loss (reserve) for non-financial assets - Income from reversal of impairment loss (reserve) for non-financial assets + Income from reversal of impairment loss (reserve) for advance payments - Impairment loss (reserve) for advance payments.
4. EBITDA = Marginal profit + Revenue (capacity) + Revenue (other) - Fixed Cost, excluding Depreciation and Amortization. Adjusted to assets impairment reserve and other reserves.
5. Management report data.

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Prices and Tariffs1

1 RAS Data

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