Enel Russia discloses 1H 2015 results

Published on Wednesday, 29 July 2015

Moscow, July 29th, 2015 – PJSC Enel Russia has today published its operating results and unaudited IFRS financial results for the first half of 2015.

Operating results

Net power output in the first half of 2015 stood at 20,587 GWh, 1.2% or 245 GWh higher than the figure posted in the same period of last year. This rise is attributable to increased production at Sredneuralskaya CCGT, as the unit was under maintenance in early 2014, and to the higher production levels recorded at Nevinnomysskaya GRES, which were the result of increased consumption in southern Russia. This growth helped offset the lower output from Konakovskaya GRES that was due to the plant being utilised less by the System Operator.

Power sales in the reporting period stood at 23,644 GWh, up 1.8% or 422 GWh on the figure posted in the corresponding period of 2014.

Heat sales stood at 2.968 million Gcal, a drop of 13.2% year on year that is mainly due to warmer average temperatures at the beginning of 2015 and modernisation of the district heating system at Sredneuralskaya GRES.

Financial Results

Revenues totalled 34,547 million RUR down 1,499 million RUR or 4.2% on the first half of 2014. This is mainly attributable to lower free capacity prices (KOM) and free power prices (DAM).

EBITDA in the first half of 2015 stood at 5,773 million RUR, 3,229 million RUR or 35.9% lower than the figure posted in the same period of last year. This drop mainly resulted from higher coal prices, which were caused by the unfavourable exchange rate for the Russian ruble against the Kazakh tenge, as well as lower revenues.

PJSC Enel Russia posted a net loss of 981 million RUR for the first half of 2015 versus a net income of 3,430 million RUR in the first half of 2014. Apart from lower EBITDA, this drop mainly stems from an increase in net financial charges for the period by 1,581 million RUR compared to the same period of last year, which is related to worse financial market conditions.

Net financial debt as of June 30th, 2015 stood at 17,594 million RUR, a 3,487 million RUR or 16.5% decrease on the end of 2014 that is mainly due to the book revaluation of Euro-denominated debt, as the Russian ruble appreciated against the euro over the first half of 2015.


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.