PJSC Mosenergo : FY2021 IFRS Results Presentation

MOSENERGO 2021FY IFRS Results

Denis Voronchikhin, Investor Relations Directorate

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

March 5, 2022

2021 Operational and Financial

Highlights Key Factors

External Events:

1. Weighted average electricity price increasing by 13.2% in the reporting period year-on-year.
2. Lower air temperature in 2021 heating season year-on-year.
3. Longer heating season in 2021 (239 days vs. 222 for 2020).
4. Growing consumption in Central energy system by 6.8%, and by 8.7% 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

1	MOSENERGO 2021FY IFRS RESULTS

2021 Highlights

Financial Highlights, mn RUR

Parameter	4Q 2020	4Q 2021		Change	2020	2021	Change
Revenue (electricity and heat)	49,345	59,872		+21.3%	146,385	189,198	+29.2%
Variable Costs	(39,276)	(47,234)		+20.3%	(119,825)	(154,688)	+29.1%
Marginal profit	10,069	12,638		+25.5%	26,560	34,510	+29.9%
Revenue (capacity)	8,758	9,062		+3.5%	32,199	33,119	+2.9%
Revenue (other)	697	907		+30.1%	2,324	2,841	+22.2%
Fixed Costs1	(7,911)	(8,245)		+4.2%	(27,472)	(28,419)	+3.4%
EBITDA2	9,208	750		-91.9%	30,472	26,679	-12.4%
EBITDA (according to Mosenergo reporting)3	10,952	13,845		+26.4%	32,125	39,774	+23.8%
EBITDA, adj.4	11,613	14,362		+23.7%	33,611	42,051	+25.1%
Depreciation and Amortization	(5,671)	(6,178)		+8.9%	(22,874)	(24,093)	+5.3%
Operating Profit (Loss)	3,537	(5,428)		-	7,598	2,586	-66.0%
Profit (Loss) for the Period	2,701	(4,447)		-	8,045	2,894	-64.0%
Profit for the Period, adj.5	5,106	9,165		+79.5%	11,184	18,266	+63.3%
	Operational Highlights6
Parameter	4Q 2020	4Q 2021	Change	2020	2021	Change
Electricity Output, mn kWh	15,689	17,914		+14.2%	54,434	62,012	+13.9%
Electricity Sales, mn kWh	16,259	19,177		+17.9%	56,441	67,117	+18.9%
Heat Output, th.Gcal	27,976	30,876		+10.4%	74,252	89,181	+20.1%
Fuel Rate on Electricity, g/kWh	207.0	209.8		+1.4%	224.1	233.9	+4.4%
Fuel Rate on Heat, kg/Gcal	162.1	161.9		-0.1%	163.3	162.7	-0.4%

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. Adjusted to assets impairment reserve and other reserves..
6. Management report data

2	MOSENERGO 2021FY IFRS RESULTS

Prices and Tariffs1

				+13.2%	1,392
	1,246	1,293
	1,230
1,193
		1,003	1,035	+3.6%	1,073
	967
928

2017	2018	2019	2020	2021
		Weighted Average Price for Elecricity at the Wholesale Market, RUR/MW h		Weighted Average Tariff for Heat Generation, RUR/Gcal

+19.8% 1,154,032

1,055,014	1,001,502	963,048
		874,793

135,870	138,365	143,271	148,192	+12.7%	167,079
2017	2018	2019		2020		2021
		Weighted Average Price for Old	Capacty, RUR/MW per Month		Weighted Average Price for New Capacty, RUR/MW per Month

1 RAS Data

3	MOSENERGO 2021FY IFRS RESULTS

Electricity Output, mn kWh

+14.2%

17,314				19,358			17,914
		15,689
	10,619	10,812			12,223	12,517
1Q '20	2Q '20	3Q '20	4Q '20	1Q '21	2Q '21	3Q '21	4Q '21

			+13.9%
					62,012
54,434
			+16.8%	44,621
38,192
16,242	+7.1%	17,391
2020				2021
		CCGT		Steam-power Equipment

2021 electricity production factors:

• growing consumption in Moscow Region energy system in the reporting period;
• lower air temperature during the heating season of 2021 - 0.0оС vs. +2.7оС in autumn-winter of 2020; Growth at steam-power equipment resulted from growing cogeneration load.

4	MOSENERGO 2021FY IFRS RESULTS