Moscow, November 1 st, 2018 - PJSC Enel Russia has published its unaudited 9M 2018 financial results in accordance with the International Financial Reporting Standards (IFRS).

Revenues declined, largely as a result of:

  • lower output by most power generation facilities, with the exception of CCGT units, that was driven by overcapacity as well as by decreased electricity consumption in the Ural region;
  • a slight decline in revenues from the capacity market due to lower government bond yields in 2018 that was one of the components for the calculation of the DPM tariff.

Higher regulated sales with an increase in annual tariffs, as well as higher free capacity (KOM) prices resulting from its indexation for 2018, only partially offset the aforementioned drop in revenues.

EBITDA also decreased, reflecting:

  • lower revenues;
  • higher fixed costs driven by the property tax on movable assets as of 2018.

Lower electricity production, as well as higher contribution from CCGT units with lower fuel costs, partially offset the above decrease.

EBIT decreased reflecting EBITDA, as well as higher depreciation and amortisation together with higher accruals for bad debt.

Net income reflected EBIT, partially offset by lower net financial charges, which were mainly due to the optimisation of debt currency and cost structure, including the refinancing of 10 billion rubles of commercial papers in 2018.

Net debt as of September 30th , 2018 increased against the value posted as of December 31st , 2017, that is a temporary effect coming from 5.1 billion rubles of dividends paid upon FY 2017 results.

OPERATIONAL HIGHLIGHTS

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PJSC Enel Russia published this content on 01 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 November 2018 13:34:04 UTC