Enel Russia 2016 results better than expected due to higher generation margins and effective cost containment

Published on Thursday, 16 March 2017

EBITDA increase mainly driven by favourable pricing on the power market and lower operational costs.

MAIN FINANCIAL HIGHLIGHTS (millions of RUB)

 

2016

2015

Change

Revenues

72,211

70,992

+1.7%

EBITDA

13,909

10,821

+28.5%

EBIT

10,334

(54,682)

-

Net income / (loss)

4,387

(48,629)

-

Net ordinary income / (loss)

4,387

(2,089)

-

Net debt at the end of the period

20,348

    24,547

-17.1%

“In 2016 Enel Russia posted financial results above initial expectations. Higher generation margins, coupled with management’s efforts to contain fixed costs and measures aimed at debt structure optimisation, offset lower electricity sales volumes and enabled solid growth of net income. We are more than satisfied with such a significant recovery of our financials in 2016 and this year we will work to make the most of this positive trend.”

– Carlo Palasciano Villamagna, General Director of Enel Russia

Moscow, March 16th, 2017 – PJSC Enel Russia has published its audited consolidated financial statements for 2016 in accordance with the International Financial Reporting Standards (IFRS).


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.