MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
1Q 2019
|
1Q 2018
|
Change
|
Revenues
|
19,101
|
18,542
|
+3.0%
|
EBITDA
|
5,296
|
4,600
|
+15.1%
|
EBIT
|
4,072
|
3,561
|
+14.3%
|
Net income
|
3,000
|
2,319
|
+29.3%
|
Net debt at the end of the period
|
18,444
|
19,3761
|
-4.8%
|
– Carlo Palasciano Villamagna, General Director of Enel Russia
Moscow, April 25th, 2019 – PJSC Enel Russia has published its unaudited financial statements for the first quarter of 2019 in accordance with the International Financial Reporting Standards (IFRS).
Revenues increased, largely as a result of:
These factors more than offset lower output by all gas units, except Konakovskaya, that was mostly driven by lower loading by the System Operator resulting from decreased electricity consumption in the first price zone (European Russia and Urals regions) and overcapacity in the system.
EBITDA growth reflected the revenues increase with an additional positive effect coming from a 14.2% fixed cost decline that was mainly attributable to:
EBIT increased in line with EBITDA, more than offsetting higher accruals for bad debt.
Net income was in line with EBIT, further boosted by around 50% decrease in net financial charges, which was mainly due to the optimisation of debt currency and cost structure carried out over 2018 and 2019.
Net debt as of March 31st, 2019 lowered against the value posted as of December 31st, 2018 as solid operating cash flow compensated the payments made over the period.
OPERATIONAL HIGHLIGHTS
|
1Q 2019
|
1Q 2018
|
Change
|
Net power output (GWh)
|
9,318
|
9,673
|
-3.7%
|
Power sales (GWh)
|
10,724
|
10,993
|
-2.4%
|
Heat sales (thousand Gcal)
|
1,671
|
1,887
|
-11.5%
|
Net power output declined due to lower production on all gas units, except Konakovskaya, as a result of lower power demand in the first price zone due to higher average temperatures in 2019 vs 2018, specifically:
On a positive side, Konakovskaya increased output by a solid 7.6% on higher loading by the System Operator mainly due to lower nuclear output in the Central region.
Moving to coal facilities, Reftinskaya output was in line with 1Q 2018.
Power sales decreased due to the abovementioned dynamics of net power output.
Heat sales declined on lower heat consumption backed by warmer average temperature versus 2018.