MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
1H 2021 |
1H 2020 |
Change |
Revenues |
21,588 |
20,873 |
+3.4% |
EBITDA |
3,957 |
5,557 |
-28.8% |
EBIT |
2,599 |
3,858 |
-32.6% |
Net income |
2,024 |
2,798 |
-27.7% |
Net debt at the end of the period |
20,717 |
13,697[1] |
+51.3% |
[1] As of December 31st, 2020
“Compared to 1H 2020, our stronger operating results and higher revenues in 1H 2021 were caused by increased production driven by weather conditions and the start of green power and capacity sales from Azovskaya wind farm, our first renewable plant commissioned in the country, additionally supported by continuous managerial efforts to optimize costs, on the background of the challenging transition period that our company will navigate throughout the year.”
– Stephane Zweguintzow, General Director of Enel Russia
Moscow, July 28th, 2021 – PJSC Enel Russia publishes its reviewed interim financial results for 1H 2021 in accordance with the International Financial Reporting Standards (IFRS).
- On a positive side, revenues were supported by increased electricity and heat sales derived from the strong demand in the energy system, mostly caused by favorable weather conditions and improved economic activity. Furthermore, a positive impact derives from solid market electricity (DAM) prices throughout the whole period, mostly caused by higher electricity demand, in the European Russia and the Urals (the first price zone). Finally, the annual increase of regulated tariffs and indexation of free capacity (KOM) prices for 2021 further contributed to the growth of revenues.
- On a negative side, revenues were affected by the end of thermal CSAs of the CCGT units at NGRES and SGRES, which were substituted by lower KOM payments starting from 2021.
|
H1 2021 |
H1 2020 |
Change |
Net power production (GWh) |
9,757 |
8,328 |
+17.2% |
including: |
|
|
|
- gas output |
9,721 |
8,328 |
+16.7% |
- wind output |
35 |
- |
- |
Power sales (GWh) |
11,026 |
9,736 |
+13.3% |
Heat sales (thousand Gcal) |
2,207 |
2,021 |
+9.2% |
Going into more details, all power plants increased their production due to higher loading by the System Operator, and for instance:
- Conventional gas units’ output continued to grow, resulting in a 15.3% overall increase in 1H 2021 mostly caused by higher demand in the system due to abovementioned weather and loading factors.
- Combined cycle units’ output increased by 20.0% following high and stable loading, compared to a low basis of 1H 2020, when planned maintenance activities took place.
- Wind output started to contribute to our total production figures starting from May 2021.