Enel Russia achieved 2019 financial targets

  • The company delivered its guidance for 2019 disclosed with Strategic plan in February 2020
  • 2019 results are expectedly lower versus 2018 due to the change in assets perimeter following the disposal of coal power plant Reftinskaya GRES from October 1st, 2019


















Ordinary EBIT




Net income




Ordinary net income




Net debt at the end of the period





“Our results as for 2019 were mostly impacted by Reftinskaya power plant disposal. But we managed to stay in line with our 2019 guidance mainly due to favorable market pricing, as well as managerial efforts on overall cost optimization. We are following our path towards a more sustainable business model with a strong focus on our wind projects implementation together with an improvement of our gas units’ efficiency through modernization projects. In line with our Strategic plan 2020-2022, for 2019 we are going to pay a fixed dividend of 3 billion RUB in order to assure reliable shareholders remuneration.”

– Carlo Palasciano Villamagna, General Director of Enel Russia


Moscow, March 17th, 2020 – PJSC Enel Russia has published its audited consolidated financial statements for 2019 in accordance with the International Financial Reporting Standards (IFRS)

  • Revenues decreased mainly as a result of:
    - lower power and capacity sales due to Reftinskaya power plant exit starting from 4Q 2019;
    - the decline in conventional gas units’ production that was mostly driven by lower loading by the System Operator due to overcapacity in the system, as well as lower electricity demand in European Russia and Urals due to higher average temperatures in 2019 versus 2018.

These factors were only partially offset with:

- higher electricity market prices in the Central and Urals regions during the first half of the year mainly due to drop of hydro production and increased demand of electricity set for export from European Russia and Urals (the first price zone);
- slightly higher regulated sales due to annual increase in regulated tariffs, as well as higher free capacity (KOM) prices resulting from their indexation for 2019.

  • EBITDA decreased mainly following the revenues which offset a positive effect coming from a 13% fixed cost decline that was mainly attributable to:       
    - lower non-manageable operation and maintenance costs due to elimination of property tax on movable assets from 2019;
    - lower manageable operation and maintenance costs and personnel costs on the change in assets perimeter. Personnel costs additionally benefited from personnel liabilities recalculation related to Reftinskaya GRES, as well as lower headcount more than offsetting the impact on salaries of the Consumer Price Index (CPI).
  • EBIT notably declined largely because of impairment loss recognized as a result of reclassification of non-current assets of Reftinskaya GRES to the “Assets held for sale” category from July 1st, 2019.

Lower amount of depreciation due to its elimination for Reftinskaya GRES starting from July 1st, 2019, as well as lower accruals for bad debts partially offset the abovementioned negative effect.

  • Ordinary EBIT, net of Reftinskaya sale-related effects, mainly reflected lower EBITDA.       
  • Ordinary net income was in line with ordinary EBIT, however, supported by around a 36% decrease in net financial charges which was mainly attributable to managerial action, that resulted in the optimization of debt currency and cost structure, as well as to lower average level of debt due to its partial repayment from Reftinskaya sale proceeds.   
  • Net debt as of December 31st, 2019 sharply declined by 78% against the value posted as of December 31st, 2018 mainly reflecting the receipt of Reftinskaya sale proceeds that were used afterwards for partial debt repayment.

Enel Russia achieved 2019 financial targets

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