Enel Russia First Quarter 2016 Results as Planned, Despite Challenging Backdrop

Опубликовано в четверг, 28 апреля 2016

Moscow, April 28th, 2016 — Today, PJSC Enel Russia has published its operating results and unaudited IFRS financial results for the first quarter of 2016.

MAIN FINANCIAL HIGHLIGHTS (millions of RUB)

 

1Q 2016

1Q 2015

Change

Revenues

17,571

18,662

-5.8%

EBITDA

3,027

4,617

-34.4%

EBIT

2,263

2,539

-10.9%

Net income

134

589

-77.2%

Net debt at the end of the period

24,437

24,5471

-15.9%

Revenues down, largely attributable to an outage at Nevinnomysskaya’s CCGT Unit at the beginning of 2016, resulting in lower revenues from the power and capacity markets.

Reduction partially offset by higher DPM tariff thanks to the increased yield from government bonds which is one of the component for DPM tariff calculation.

EBITDA decrease due to lower revenues and around 800 million RUB of insurance compensation received at the beginning of 2015 for a service interruption at Sredneuralskaya’s CCGT that took place in 2014.

Net of 800 million RUB of insurance compensation EBITDA would decrease by 20.7%.

The above factors were only partially offset by an approximate 700 million RUB decline, or 5.7 %, in fuel costs mainly resulting from a decrease in the cost of coal, as well as lower CCGT units production.

Net income reduction due to lower EBITDA and higher net financial charges largely resulting from one-off accounting adjustment for approximately 430 million RUB, related to Royal Bank of Scotland loan refinancing

OPERATIONAL HIGHLIGHTS

 

1Q 2016

1Q 2015

Change

Net power output (GWh)

10,072

10,807

-6.8%

Power sales (GWh)

11,518

12,301

-6.4%

Heat sales (thousand Gcal)

2,008

2,030

-1.1%

Net power output reduction largely attributable to maintenance works being carried out at Nevinnomysskaya’s CCGT unit.

Sredneuralskaya output decreased mainly due to warmer average temperatures in the Urals, resulting in lower power demand.

Conversely, net output at Reftinskaya and Nevinnomysskaya’s conventional units increased thanks to better availability and utilization by the system, respectively.

Konakovskaya’s output remained at the level of the previous year.

Power sales down due to the abovementioned drop in net power output.

Heat sales broadly in line with figure posted during the first quarter of 2015.

“Our operational results had a significant impact on our first quarter 2016 revenues, due to unplanned maintenance works carried out at Nevinnomysskaya CCGT Unit which has been successfully put into operation in the second half of March. However, despite the above and the persisting challenging economic situation in the last three months, our performance is in line with expectations, underscoring our strong commitment to revert to growth”

– Carlo Palasciano Villamagna, General Director of Enel Russia

An Enel Group subsidiary, PJSC Enel Russia operates the following power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES and Reftinskaya GRES. The company’s total gross installed electrical capacity is 9,428.7 MW (equivalent to 8,878.4 MW net installed capacity) and thermal capacity is 2.382 Gcal/h. PJSC Enel Russia’s authorised capital is 35,371,898,370 roubles, which is divided into ordinary shares with a par value of 1 rouble. The Enel Investment Holding B.V. share in the company’s authorised capital is 56.43%, PFR Partners Fund I Limited’s share is 19.03%, Prosperity Capital Management Limited’s share is 8.23%, VTB Bank’s share is 3.87% and other minority shareholders’ share is 12.44%. PJSC Enel Russia shares are listed in Level 1 MICEX quotation list. The company was established in Yekaterinburg on October 27th, 2004 as OJSC OGK-5. On July 7th, 2009 by the resolution of Annual General Shareholders’ Meeting the company was renamed OJSC Enel OGK-5 and on August 8th, 2014 the Federal Tax Service registered the new version of the company’s charter with the name OJSC Enel Russia. On June 25th, 2015 the company changed its legal type and was renamed PJSC Enel Russia.