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    ENRU   RU000A0F5UN3

PUBLIC JOINT-STOCK COMPANY ENEL RUSSIA

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Public Joint Stock Enel Russia : Enel Russia posts solid results and produces first green energy in 1h 2021

07/28/2021 | 11:36am EST

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).

  • Revenues showed a marginal increase being balanced by the following two factors:

- 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.

  • EBITDA felt by 28.8%, mostly due to the expiration of thermal CSAs, which contributed to the change in the composition of revenues. Expectedly, capacity sales went down by 34.9% YoY to Rub 4.7 Bn, only partially compensated by growing electricity margin, which came up by 57.4% YoY to Rub 1.8 Bn, thanks to increasing electricity sales. Furthermore, EBITDA figure was additionally supported by a series of managerial efforts on fixed costs economies.
  • EBIT decreased by 32.6%, underperforming the dynamics of EBITDA, mostly due to depreciation and amortization expenses which are impacted by the beginning of commercial operation of Azovskaya windfarm.
  • Net income came in lower by 27.7%, mostly driven by the improved net financial expenses mostly due to favorable foreign exchange dynamics, compared to 1H 2020, when a substantial RUB depreciation took place.
  • Net debt as of June 30th, 2021 expectedly continued to grow and amounted to Rub 20.7 Bn, up from the level of Rub 13.7 Bn as of December 31st, 2020, following the intensification of works on Kola windfarm construction project.

    OPERATIONAL HIGHLIGHTS

Disclaimer

PJSC Enel Russia published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 15:33:22 UTC.


© Publicnow 2021
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Financials
Sales 2021 45 747 M 621 M 621 M
Net income 2021 2 301 M 31,2 M 31,2 M
Net Debt 2021 23 972 M 325 M 325 M
P/E ratio 2021 28,0x
Yield 2021 12,2%
Capitalization 30 766 M 418 M 417 M
EV / Sales 2021 1,20x
EV / Sales 2022 1,24x
Nbr of Employees -
Free-Float 30,4%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 0,87 RUB
Average target price 0,98 RUB
Spread / Average Target 12,4%
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Managers and Directors
Stéphane Maurice Zweguintzow Chief Executive Officer
Yulia Konstantinovna Matyushova Head-Administration, Finance and Control
Giorgio Callegari Chairman
Denis Mosolov Independent Non-Executive Director
Tagir Alievich Sitdekov Independent Non-Executive Director