MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
1Q 2018 |
1Q 2017 |
Change |
Revenues |
18 542 |
19 510 |
-5,0% |
EBITDA |
4 600 |
5 491 |
-16,2% |
EBIT |
3 561 |
4 625 |
-23,0% |
Net income |
2 319 |
3 100 |
-25,2% |
Net debt at the end of the period |
17 453 |
17 889 |
-2,4% |
“We are focused on delivering our strategic targets while continuing to address the current market situation characterised by persistent overcapacity and lower power demand in some of our areas of presence. The impact of these challenges on our results confirmed our conservative operating and pricing assumptions for 2018”
– Carlo Palasciano Villamagna, General Director of Enel Russia
Moscow, April 26th, 2018 – PJSC Enel Russia has published its operating and unaudited financial highlights for the first quarter of 2018 in accordance with the International Financial Reporting Standards (IFRS).
Revenues declined, mainly reflecting:
Higher regulated sales with annual tariffs increase could only partially offset the aforementioned decline in revenues.
EBITDA declined in line with:
This decrease was partially offset by lower fuel costs caused by lower electricity production.
The decrease in EBIT reflected EBITDA dynamics, as well as higher depreciation and amortisation together with slightly higher accruals for bad debt.
Net income reflected EBIT decline, partially offset by lower net financial charges which were mainly attributable to lower average debt level compared with 1Q 2017, also backed by a downward trend in the key rate of the Central bank of Russia.
Net debt at the end of the first quarter of 2018 slightly improved against the value posted as of December 31st , 2017, as operating cash flow covered the payments made over the period and the negative translation effect of the euro-denominated loan due to the weaker rouble.
OPERATIONAL HIGHLIGHTS
|
1Q 2018 |
1Q 2017 |
Change |
Net power output (GWh) |
9 673 |
10 113 |
-4,3% |
Power sales (GWh) |
10 993 |
11 629 |
-5,5% |
Heat sales (thousand Gcal) |
1 887 |
1 920 |
-1,7% |
Net power output declined due to lower production on all units, except the two CCGTs at Sredneuralskaya and Nevinnomysskaya. All conventional gas facilities remained under pressure due to excess capacity on the market, specifically:
The growth of electricity demand in the Southern region could offset the effect of additional capacity commissioned in 2018 by competitors across the region and supported Nevinnomysskaya output that declined only marginally (-1.1%) due to planned maintenance.
Reftinskaya output was 5% down due to decrease of power consumption in Urals region.
Power sales were down due to the abovementioned dynamics of net power output.
Heat sales were roughly in line with those of the first quarter of 2017.