MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
|
|
9M 2022
|
9M 2021
|
Change
|
|
Revenues
|
|
36,329
|
35,148
|
+3.4%
|
|
EBITDA
|
|
6,911
|
5,613
|
+23.1%
|
|
EBIT
|
|
(8,818)
|
3,249
|
-
|
|
Ordinary EBIT [1]
|
|
4,355
|
3,249
|
+34.0%
|
|
Net income
|
|
(8,055)
|
2,451
|
-
|
|
Ordinary net income1
|
|
2,484
|
2,451
|
+1.3%
|
|
Net debt at the end of the period
|
|
29,844
|
25,957[2]
|
+15.0%
|
Moscow, November 1st, 2022 – PJSC Enel Russia publishes its unaudited financial results for 9M 2022 in accordance with the International Financial Reporting Standards (IFRS).
- Revenues grew by 3.4% driven by two main factors:
- Increase in revenues from capacity sales by 27.7% due to commissioning of the Azov wind farm in May 2021 and the completion of the first equipment modernization project at the Nevinnomysskaya GRES in early 2022 made a positive effect on the results. Furthermore, growth of free capacity (KOM) prices in 2022 and the indexation of regulated tariffs contributed more to the growth.
- A 3.6% decrease in revenues from electricity sales caused by a decline in sales volumes in the third quarter of 2022, mainly driven by a steam power units lower load from the System Operator, negatively affected the results.
- EBITDA increased by 23.1% thanks to growth of gross margin. In particular, a reduction in the load of less efficient conventional gas units, with an almost proportional reduction in fuel and purchased electricity costs, was offset by an increase in revenues from capacity sales.
As for fixed costs, effective managerial actions have enabled growth below inflation rate, without taking into account last year's recovery in provisions.
- EBIT declined due to the recognized in the 1H 2022 impairment of assets impacted by the significant deterioration in macroeconomic indicators. Ordinary EBIT grew by 34%, while an increase in EBITDA and a decrease of bad debt provisions were partially offset by higher depreciation and amortization costs following commissioning of the Azov wind farm.
- Ordinary net income grew by 1.3%, which is below the growth rate of ordinary EBIT driven by an increase in net financial expenses due to foreign exchange losses and an increase in net interest expenses. At the same time, in the reporting period, the company recorded a net loss due to the impairment of assets as described above.
- Net debt increased from RUB 26.0 bn as of December 31, 2021 to RUB 29.8 bn as of September 30, 2022 due to the continued implementation of the investment program.
OPERATIONAL HIGHLIGHTS
|
|
9M 2022
|
9M 2021
|
Change
|
|
Net power production (GWh)
|
15,152
|
15,971
|
-5.1%
|
|
including:
|
|
|
|
|
- gas output
|
14,971
|
15,890
|
-5.8%
|
|
- wind output
|
181
|
80
|
+125.3%
|
|
Power sales (GWh)
|
17,089
|
18,043
|
-5.3%
|
|
Heat sales (thousand Gcal)
|
2,696
|
2,749
|
-1.9%
|
- Net power output decreased by 5.1% due to the following reasons:
- Lower loading of conventional gas units by the System Operator. This is mainly driven by a decrease in electricity consumption in the regions where the company operates against the backdrop of a slowdown in the dynamics of industrial production in the third quarter of 2022.
- High base of comparison of 2021, when the company increased its net power production by 21.7% in 9M 2021 vs 9M 2020 due to a significant growth in electricity consumption.
- On the other hand, the increase in power output from the Azov wind farm, as well as stable dynamics of CCGT units, supported the company's operational results.
- Power sales decreased following the abovementioned dynamics of net power output.
- Heat sales showed a slight decrease of 1.9%, mostly driven by higher average temperature in early 2022 compared to the last year, and a shift in the start of the heating season in September 2022.
[1] The indicators are adjusted for the amount of losses from impairment loss of property, plant and equipment and other non-current assets
[2] As of December 31st, 2021
