Enel Russia Releases 2014 Results

Published on Wednesday, 11 March 2015

Moscow, March 11th, 2015 – Today, Enel Russia published its audited consolidated financial statements for 2014 in accordance with the International Financial Reporting Standards (IFRS).

Operating revenues totaled 74,405 million RUR, up 7% or 4,683 million RUR compared to the figure posted in 2013. The increase in revenues was primarily caused by higher power prices on the day-ahead market. Revenues were also positively impacted by higher power sales volumes and higher revenues from capacity sales due to higher free capacity prices.

EBITDA stood at 18,408 million RUR, 1,561 million RUR above the figure posted in 2013 (+9%). The increase in EBITDA mainly resulted from better profitability of company operations on the day-ahead market thanks to optimization of fuel costs, as well as favorable fixed costs dynamics. EBITDA margin for 2014 was 24.7%, an increase by 0.6 percentage points on the previous year.

Net income for 2014 was 5,582 million RUR, growing by 643 million RUR or 13% versus 2013. Higher net income is mainly attributable to EBITDA growth, one-off bad debt provision booked in 2013 and lower financial charges in 2014 due to debt repayment, only partially offset by an impairment loss in the fourth quarter of the year related to some plant equipment.

Net debt as of December 31st, 2014 stood at 21,081 million RUR, growing by 1,759 million RUR or 9% versus year-end 2013. The increase in net debt in spite of a strong operating cash flow is attributable to the revaluation of EUR-denominated loans due to the depreciation of the Russian Rouble versus the European currency over the year.

“In 2014, Enel Russia continued to improve its financials thanks to the positive impact of the efficiency measures implemented. At the same time, we were able to hedge the potential negative effect of sharp rouble devaluation on Company earnings. Once again, full-year results underscore the soundness of our operational decisions whilst reinforcing further our already solid balance sheet”

– Marco Fossataro, Enel Russia CFO

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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.