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LENENERGO
2003
POLAR LIGHT
GENERAL OUTLOOK
? The largest power company in the
North-West Russia
? Installed capacity 3244.5 MW
? Franchise to 6.4 mln. people in
St.Petersburg and Leningrad region
covering 85.9 thousand sq.km
? We distribute 99% of electricity and
55% of heat consumed in the region
? Export access to Finland and Estonia
Transmission lines by voltage
less than 220 kV 97%
330 kV 1%
220 kV 2%
2
WHERE WE STAND ? FINANCIAL POSITION
Revenue/net profit (mln. USD)
Growth rate (2000-2002)
90
900
860
800
75
718
700
60
600
580
500
400
45
40.8
34.5
363
30
300
200
10.0
100
15
0
0
2000
-10.7
2001
2002
2003E
-15
THE HIGHEST RESULT
AMONGST OTHER
REGIONAL AO-ENERGO
Revenue
3
Net profit
481.3 %
EFFECTIVE TARIFF SETTING SCHEMES
850
65
300
65
650
Electricity, kop/kWh
01.02.03
31.07.02
30.04.02
31.10.02
31.10.01
31.07.01
0
30.04.01
2003
5
31.01.01
0
31.10.00
01.02.03
31.08.02
31.05.02
28.02.02
30.11.01
31.08.01
31.05.01
28.02.01
30.11.00
5
31.08.00
100
250
25
31.07.00
25
30.04.00
200
450
45
31.01.00
45
Electricity, kop./kWh
90
Heat, RUR/GCal
400
Heat, RUR/GCal
Leningrad Region
90
31.05.00
Electricity, kop./kWh
St.Petersburg
2003
Heat, RUR/GCal
DUE TO EXPIRY
OF KIRISHY LEASE
Electricity
Heat average
4
88.9 kop/kWh
294.56 RUR/GCal
Electricity
Heat average
86.6 kop/kWh
302.33 RUR/GCal
LENENERGO IS AN EXPENSIVE COMPANY
COMPARISON OF INSTALLED CAPACITY COST
AO-energo
Market Capitalization
(mln US$),
as of 14.11.03
Cost of Installed
Capacity (US$ / kW)
Irkutsk
12 882
501
38.9
Bashkir
5 075
273
53.8
Samara
3 495
193
55.2
Mos
14 900
1 908
128.1
Sverdlov
8 263
180
21.8
Kuzbass
4 750
273
57.5
Novosibirsk
2 625
125
47.6
Chelyab
1 884
136
72.2
RUSSIAN AVERAGE
LENENERGO
3 253
444
59.4
136.5
CEZ (Czech)
10 146
1 617
159.4
Huaneng Power (China)
13 000
4 982
383.2
Copel (Brasil)
4 547
1 472
323.7
Cemig (Brasil)
5 555
1 545
278.1
47 000
10 831
230.4
Korea Electric Power (Korea)
Developing Markets Average
Endesa (Spain)
42 000
12 133
275.0
288.9
Entergy (USA)
27 000
9 980
369.6
Cinergy (USA)
13 000
5 454
419.5
E-ON (Германия)
34 000
32 998
970.5
Developed Markets Average
5
Installed Capacity
(MW)
512.1
WEIGHTED VALUE OF LENENERGO BUSINESS LINES
Market capitalization ~ 500 mln. USD
300
Generation
6
150
Transmission
50
Sales
& non-core
assets
NEW REGIONAL GENCO COMPOSITION
?
?
Share of regional energos in the composition of the GenCo
60%
25%
LENENERGO
KOLENERGO
KARELENERGO
Installed capacity composition (MW)
3 218 MW
TPP
7
15%
+
2 876 MW
HYDRO
=
6 094 MW
VALUATON OF GENERATION
?
Valuation of the GenCo generation (sum of the parts)
based on conservative capacity costs
3 218 MW
*
150 USD/KW
=
TPP
2 876 MW
482.7 K USD
+
*
400 USD/KW
=
1 150.4 K USD
HYDRO
Value of
generation
8
1 633.1 K USD
SO ? IS LENENERGO EXPENSIVE?
1633.1 K USD
980 K USD
?
Generation value of the GenCo
?
60% LE share in the GenCo
composition
?
Value of LE?s shareholders
in GenCo generation in 2005
Given the assumption that the
value of transmission & sales
business is zero, the upside 1.96
for
current LE shareholders =
500 K USD
9
?
Today?s LE value
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