• 2020 financial results are expectedly lower compared to the previous year, mostly due to change in assets perimeter
• Enel Russia’s performance was affected by weak market context due to the continuing low economic activity caused by the COVID-19 pandemic
• Throughout 2020 Enel Russia was focused on ensuring continuous business operations and on completing its ongoing construction projects, considering the outbreak of COVID-19

MAIN FINANCIAL HIGHLIGHTS (millions of RUB)

“The change in the company’s assets perimeter after the disposal of Reftinskaya GRES and lower economic activity due to the COVID-19 pandemic were the main factors impacting our ordinary 2020 results. In a challenging context characterized by the pandemic, our company focused on ensuring continuous business operations and actively invested in its renewable projects realization.”

– Stephane Zweguintzow, General Director of Enel Russia

Moscow, March 16th, 2021 – PJSC Enel Russia has published its audited consolidated financial statements for 2020 in accordance with the International Financial Reporting Standards (IFRS).

• Revenues showed negative dynamics year-over-year mostly due to:

– a decrease in electricity and capacity sales considering the company’s new perimeter after Reftinskaya GRES disposal;

– a decline in market electricity (DAM) prices, as a result of lower demand in the energy system, caused by weak economic activity due to the COVID-19 pandemic, coupled with stable supply by hydro and nuclear power plants in the European Russia and the Urals (the first price zone) throughout the year.

These factors were only partially compensated by an annual increase of regulated tariffs and an indexation of market capacity (KOM) prices for 2020.

• EBITDA decreased mainly in line with revenues decrease, partially offset by a reduction of variable and fixed costs in the company’s new perimeter.
• Reported EBIT for 2020 notably increased from the low base of 2019, keeping in mind the one-off effect of impairment loss in 2019 recognized as a result of reclassification of non-current assets of Reftinskaya GRES.
• Ordinary EBIT, net of the impairments and provisions in respect of construction in progress in 2020 and net of reclassification of non-current assets of Reftinskaya GRES in 2019, mainly reflected the EBITDA dynamics year-over-year.
• Ordinary net income showed slightly better dynamics compared with ordinary EBIT, benefiting from a 44% decrease in net financial charges, which results from lower average outstanding debt throughout 2020 alongside with slightly lower interest rate due to changed composition of facilities.
• Net debt as of December 31st, 2020 increased to 13.7 bln rub against the low base of December 31st, 2019, mostly following gradual renewables projects capital expenditures, which were funded to a major extent from the dedicated project financing facilities.