Public Joint-Stock Company Enel Russia reported unaudited earnings and operating results for the nine months ended September 30, 2018. For the nine months, the company reported revenue of RUB 52,594 million against RUB 53,876 million a year ago. EBITDA was RUB 11,440 million against RUB 12,859 million a year ago. EBIT was RUB 8,157 million against RUB 10,139 million a year ago. Net income was RUB 4,888 million against RUB 6,147 million a year ago. Net debt at the end of the period was RUB 21,170 million against RUB 17,889 million a year ago. 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. EBITDA also decreased, reflecting: lower revenues; higher fixed costs driven by the property tax on movable assets as of 2018. 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 RUB 10 billion of commercial papers in 2018.

For the period, the company reported net power output of 28,504 GWh against 29,074 GWh a year ago. Power sales of 32,808 GWh against 33,334 GWh a year ago. Heat sales was 3,276,000 Gcal against 3,524 Gcal a year go. Net power output decreased, reflecting lower production of all units (except both CCGT units at Sredneuralskaya and Nevinnomiskaya) and in particular: Konakovskaya's output dropped by 9.5% mainly resulting from lower equipment use by the System Operator caused by overcapacity in the system; Reftinskaya's output decreased by 1.8% resulting from the downward trend in power consumption in the Ural region. Power sales decreased as a result of the abovementioned factors of net power output. Heat sales decreased, mostly attributable to a reduction of heat suppliers' consumption at all power plants, as well as higher temperatures in the European part of Russia.