Enel Russia publishes its IFRS based results for the 1h 2022

MAIN FINANCIAL HIGHLIGHTS (millions of RUB)

 

 

1H 2022

1H 2021

Change

Revenues

 

24,630

21,588

+14.1%

EBITDA

 

5,259

3,957

+32.9%

EBIT

 

(9,698)

2,599

-

Ordinary EBIT[1]

 

3,476

2,599

+33.7%

Net income

 

(8,575)

2,024

-

Ordinary net income¹

 

1,964

2,024

-3.0%

Net debt at the end of the period

 

28,083

         25,957[2]

+8.2%

 

Zhanna Sedova, General Director of Enel Russia, said: “The company’s growth in volumes and prices of sales of electricity and capacity had a positive impact on the revenues. Other items were strongly influenced by macroeconomic indicators due to high volatility. In this challenging situation, the uninterrupted supply of electricity and operation of equipment, as well as fulfillment of our obligations to finalize the construction of Kola WPP and projects of thermal power plants equipment modernization remain our top priority.”

Moscow, September 29th, 2022 – PJSC Enel Russia publishes its financial results with an audit review for the 1H 2022 in accordance with the International Financial Reporting Standards (IFRS).

  • Revenues showed a growth of 14.1% driven by two main factors:

 - Increase in revenues from capacity sales by 35.5% due to commissioning of Azov wind farm in May 2021 and the completion of the first equipment modernization project at Nevinnomysskaya GRES in early 2022. Furthermore, growth of free capacity (KOM) prices in 2022 and the indexation of regulated tariffs had a positive impact.

 - An 8.4% increase in revenues from the sale of electricity thanks to higher prices and growth in sales due to the positive dynamics of energy consumption in the European part of Russia and the Urals (the first price zone). In addition, the annual indexation of regulated tariffs further contributed to revenue growth.

  • EBITDA increased by 32.9% thanks to growth of gross margin. Revenue growth was only partially offset by higher fuel and purchased electricity costs, as well as higher fixed costs, among other things, due to accelerated inflation and the recovery of provisions in 1H 2021.
  • EBIT declined due to recognized impairment of assets impacted by significant deterioration in macroeconomic indicators. However, ordinary EBIT grew by 33.7%, while the increase in EBITDA was partially offset by higher depreciation and amortization costs following the commissioning of Azov wind farm.
  • Ordinary net income showed a slight decrease of 3.0%, driven by an increase in net financial costs due to foreign exchange losses and an increase in net interest expenses, which altogether offset the ordinary EBIT increase. At the same time, in the reporting period, the company recorded a net loss due to the impairment of assets as described above.
  • Net debt increased from RUB 26.0 bn as of December 31, 2021 to RUB 28.1 bn as of June 30, 2022 due to continued implementation of investment program.


[1] The indicators are adjusted for the amount of losses from impairment loss of property, plant and equipment and other non-current assets

[2] As of December 31st, 2021



Enel Russia publishes its IFRS based results for the 1h 2022

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