MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
2019 |
2018 |
Change |
Revenues |
65,835 |
73,265 |
-10.1% |
EBITDA |
15,318 |
17,225 |
-11.1% |
EBIT |
2,842 |
12,536 |
-77.3% |
Ordinary EBIT |
11,039 |
12,536 |
-11.9% |
Net income |
896 |
7,699 |
-88.4% |
Ordinary net income |
7,453 |
7,699 |
-3.2% |
Net debt at the end of the period |
4,171 |
19,376 |
-78.5% |
“Our results as for 2019 were mostly impacted by Reftinskaya power plant disposal. But we managed to stay in line with our 2019 guidance mainly due to favorable market pricing, as well as managerial efforts on overall cost optimization. We are following our path towards a more sustainable business model with a strong focus on our wind projects implementation together with an improvement of our gas units’ efficiency through modernization projects. In line with our Strategic plan 2020-2022, for 2019 we are going to pay a fixed dividend of 3 billion RUB in order to assure reliable shareholders remuneration.”
– Carlo Palasciano Villamagna, General Director of Enel Russia
Moscow, March 17th, 2020 – PJSC Enel Russia has published its audited consolidated financial statements for 2019 in accordance with the International Financial Reporting Standards (IFRS)
These factors were only partially offset with:
- higher electricity market prices in the Central and Urals regions during the first half of the year mainly due to drop of hydro production and increased demand of electricity set for export from European Russia and Urals (the first price zone);
- slightly higher regulated sales due to annual increase in regulated tariffs, as well as higher free capacity (KOM) prices resulting from their indexation for 2019.
Lower amount of depreciation due to its elimination for Reftinskaya GRES starting from July 1st, 2019, as well as lower accruals for bad debts partially offset the abovementioned negative effect.