MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
9M 2018
|
9M 2017
|
Change
|
Revenues
|
52,594
|
53,876
|
-2.4%
|
EBITDA
|
11,440
|
12,859
|
-11.0%
|
EBIT
|
8,157
|
10,139
|
-19.5%
|
Net income
|
4,888
|
6,147
|
-20.5%
|
Net debt at the end of the period
|
21,170
|
17,8891
|
+18.3%
|
As of December 31st, 2017
– Carlo Palasciano Villamagna, General Director of Enel Russia
Moscow, November 1 st, 2018 – PJSC Enel Russia has published its unaudited 9M 2018 financial results in accordance with the International Financial Reporting Standards (IFRS).
Revenues declined, largely as a result of:
Higher regulated sales with an increase in annual tariffs, as well as higher free capacity (KOM) prices resulting from its indexation for 2018, only partially offset the aforementioned drop in revenues.
EBITDA also decreased, reflecting:
Lower electricity production, as well as higher contribution from CCGT units with lower fuel costs, partially offset the above decrease.
EBIT decreased reflecting EBITDA, as well as higher depreciation and amortisation together with higher accruals for bad debt.
Net income reflected EBIT, partially offset by lower net financial charges, which were mainly due to the optimisation of debt currency and cost structure, including the refinancing of 10 billion rubles of commercial papers in 2018.
Net debt as of September 30th , 2018 increased against the value posted as of December 31st , 2017, that is a temporary effect coming from 5.1 billion rubles of dividends paid upon FY 2017 results.
OPERATIONAL HIGHLIGHTS
|
9M 2018
|
9M 2017
|
Change
|
Net power output (GWh)
|
28,504
|
29,074
|
-2.0%
|
Power sales (GWh)
|
32,808
|
33,334
|
-1.6%
|
Heat sales (thousand Gcal)
|
3,276
|
3,524
|
-7.0%
|
Net power output decreased, reflecting lower production of all units (except both CCGT units at Sredneuralskaya and Nevinnomiskaya) and in particular:
CCGT units recorded an increase in output, as both units underwent scheduled maintenance in 2Q 2017. This increase offset the lower production from non-CCGT units, and improved the dynamics of the relevant power plants, and specifically:
Power sales decreased as a result of the abovementioned factors of net power output.
Heat sales decreased, mostly attributable to a reduction of heat suppliers’ consumption at all power plants, as well as higher temperatures in the European part of Russia.