9M 2018 results Enel Russia November 1, 2018 9M 2018 results - - PowerPoint PPT Presentation

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9M 2018 results Enel Russia November 1, 2018 9M 2018 results - - PowerPoint PPT Presentation

Oct 23, 2023 287 likes •412 views

9M 2018 results Enel Russia November 1, 2018 9M 2018 results Agenda Financial highlights Operational highlights Unit margin on sales Revenues and costs EBITDA evolution From EBITDA to net income Cash

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SLIDE 1

9M 2018 results Enel Russia

November 1, 2018

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SLIDE 2

9M 2018 results

  • Financial highlights
  • Operational highlights
  • Unit margin on sales
  • Revenues and costs
  • EBITDA evolution
  • From EBITDA to net income
  • Cash flow and debt
  • Focus on liquidity

2

Agenda

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SLIDE 3

9M 2018 results

9M 2018 9M 2017² Δ yoy Revenue 52,594 53,876

  • 2%

EBITDA 11,440 12,859

  • 11%
  • EBITDA margin

21.8% 23.9%

  • 2%

Net income 4,888 6,147

  • 20%

Net debt 21,170 17,889 +18% EBITDA/Net financial expenses³ 7.4x 7.3x +0.1 Net debt/EBITDA 1.3x⁴ 1.0x +0.3 Net debt/Equity 0.51x 0.51x

  • 3

Financial highlights (RUB mn)1

1 Unaudited financial results under IFRS 2 Net debt, Net debt/EBITDA are as of December 31, 2017

³ Excluding FX differences and corresponding gain/loss from derivatives

4 Net debt at the end of the period divided by 12 months rolling EBITDA

Expected decline in financials due to challenging market situation after strong 2017 Focus on achieving full year 2018 guidance declared in Nov. 17

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SLIDE 4

9M 2018 results

9M 2017 9M 2018 Net output (TWh) CCGT Coal Gas

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Operational highlights

29.1 28.5 13.9 11.5 3.7 13.7 10.5 4.3 9M 2017 9M 2018 Power sales (TWh) Free Regulated 33.3 32.8 27.0 6.3 26.0 6.8 81% 9M 2017 9M 2018 50% 9M 2017 43% 9M 2018 Plant availability¹ Utilization on net electric capacity 85%

  • 2.0%
  • 1.6%

1 Annualized

Lower loading on all units except CCGTs due to lower demand in Urals & overcapacity in the system

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SLIDE 5

9M 2018 results

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Unit margin on sales (RUB/MWh)¹

9M 2017 9M 2018 Unit cost of sales³ 899 908

1 Excluding capacity sales (all data – managerial accounting) 2 Including regulated power sales, day ahead market and balancing market sales

³ Including fuel cost and energy purchases

9M 2017 9M 2018 Unit selling price² 1,094 1,087 9M 2017 9M 2018 Unit margin on sales 195 179

  • 0.7%

+1.0%

  • 8.4%

Fuel price growth coupled with lower power prices compressed unit margin

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SLIDE 6

9M 2018 results

9M 2017 9M 2018 Operating revenue breakdown Heat and other Capacity Power

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Revenues and costs (RUB bn)

53.9 52.6 14.6 36.5 2.8 14.3 35.6 2.7 9M 2017 9M 2018 Variable costs Purchased power Fuel 32.0 31.8 4.1 27.9 4.1 27.7

Power revenues down due to lower production and pricing Fixed costs on the way to yearly growth “below CPI”

9M 2017 9M 2018 Fixed costs Overhead Personnel O&M not manageable O&M manageable 9.3 9.7 3.3 2.6 3.4 2.5 2.6 2.9 0.8 0.9

  • 2%
  • 1%

+4% +6% 1H18 vs 1H17

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SLIDE 7

9M 2018 results

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EBITDA evolution (RUB mn)

9M 2017 9M 2018 12,859 (1,100) (393) +74 11,440 Generation margin Fixed costs Other items

  • 11%

EBITDA slide on lower power revenues and fixed costs growth

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SLIDE 8

9M 2018 results

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From EBITDA to net income (RUB mn)

Net income explained by EBITDA dynamics Financial charges decreased on debt cost and currency structure optimisation

9M 2018 9M 2017² Δ yoy EBITDA 11,440 12,859

  • 11%

Amortisation, depreciation and impairment (3,283) (2,720) +21% EBIT 8,157 10,139

  • 20%

Net financial charges (2,007) (2,357)

  • 15%

EBT 6,150 7,782

  • 21%

Income tax (1,262) (1,635)

  • 23%

Net income 4,888 6,147

  • 20%
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SLIDE 9

9M 2018 results

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Cash flow and debt

31Dec17 30Sept18 17,889 21,170 (8,604) +4,286 +1,053 +674 Cash flow from

  • perations¹

1 Post working capital changes

Capex Net financial charges FX Net debt (RUB mn) 31Dec17 30Sept18 Hedged debt on Total debt

Unhedged Hedged

100% 100% AVG Cost Weight 30/09/17 AVG Cost Weight 30/09/18 RUB 10.9% 71% 9.7% 76% EUR 1.7% 29% 1.7% 24% Total debt profile 9M17 9M18 +3,282 +746 Income tax

Temporary effect on net debt comes from dividends paid upon FY2017 Continuous debt profile optimisation

Dividends +5,126

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SLIDE 10

9M 2018 results

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Focus on Liquidity

31Dec17 30Sept18 Utilized amount 22% 26% 31Dec17 30Sept18 Total credit facilities: utilized & available (RUB bn)¹ Long-term Short-term 106.9 95.9 88% 90% 10% 12%

1 Not adjusted for FX differences on EUR-nominated facility

10bn RUB of commercial papers issued in 2015 were refinanced

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SLIDE 11

9M 2018 results

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Contact us

Ekaterina Orlova Investor Relations Phone +7 495 539 31 31 ext. 7746 Email ekaterina.orlova@enel.com Web site www.enel.ru (Investor Relations)