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 flow and debt • Focus on liquidity 2
9M 2018 results Financial highlights (RUB mn) 1 9M 20 17² Δ yoy 9M 2018 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 expenses ³ 7.4x 7.3x +0.1 1.3x⁴ Net debt/EBITDA 1.0x +0.3 Net debt/Equity 0.51x 0.51x - Expected decline in financials due to challenging market situation after strong 2017 Focus on achieving full year 2018 guidance declared in Nov. 17 3 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
9M 2018 results Operational highlights Net output (TWh) Power sales (TWh) -1.6% -2.0% 33.3 32.8 29.1 28.5 3.7 4.3 CCGT Free Coal 26.0 13.9 27.0 13.7 Regulated Gas 11.5 10.5 6.8 6.3 9M 2017 9M 2018 9M 2017 9M 2018 Plant availability¹ Utilization on net electric capacity 85% 50% 81% 43% 9M 2018 9M 2017 9M 2018 9M 2017 Lower loading on all units except CCGTs due to lower demand in Urals & overcapacity in the system 4 1 Annualized
9M 2018 results Unit margin on sales (RUB/MWh) ¹ Unit selling price ² -0.7% 1,094 1,087 Unit margin on sales -8.4% 195 179 9M 2017 9M 2018 Unit cost of sales ³ +1.0% 899 908 9M 2017 9M 2018 9M 2017 9M 2018 Fuel price growth coupled with lower power prices compressed unit margin 5 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 2018 results Revenues and costs (RUB bn) Variable costs -1% Operating revenue breakdown 32.0 31.8 4.1 4.1 -2% Purchased power 53.9 52.6 2.8 27.7 Fuel 2.7 27.9 14.6 14.3 Heat and other 9M 2017 9M 2018 Capacity Power Fixed costs 36.5 35.6 +6% +4% 1H18 vs 1H17 9.7 9.3 Overhead 0.9 0.8 Personnel 3.3 3.4 9M 2017 9M 2018 O&M not 2.9 2.6 manageable Power revenues down due to lower production and pricing O&M manageable 2.5 2.6 Fixed costs on the way to yearly growth “below CPI” 9M 2017 9M 2018 6
9M 2018 results EBITDA evolution (RUB mn) -11% 12,859 (1,100) (393) +74 11,440 Fixed costs Generation margin Other items 9M 2017 9M 2018 EBITDA slide on lower power revenues and fixed costs growth 7
9M 2018 results From EBITDA to net income (RUB mn) 9M 20 17² Δ yoy 9M 2018 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 -21% 6,150 7,782 Income tax (1,262) (1,635) -23% Net income 4,888 6,147 -20% Net income explained by EBITDA dynamics Financial charges decreased on debt cost and currency structure optimisation 8
9M 2018 results Cash flow and debt Hedged debt on Total debt Net debt (RUB mn) +3,282 Unhedged +674 21,170 100% 100% +1,053 Hedged +4,286 17,889 (8,604) 31Dec17 30Sept18 +5,126 +746 Total debt profile 9M17 9M18 Cash flow from Income tax Dividends Capex Net financial FX operations ¹ charges AVG Weight AVG Weight Cost 30/09/17 Cost 30/09/18 RUB 10.9% 71% 9.7% 76% EUR 1.7% 29% 1.7% 24% 31Dec17 30Sept18 Temporary effect on net debt comes from dividends paid upon FY2017 Continuous debt profile optimisation 9 1 Post working capital changes
9M 2018 results Focus on Liquidity Total credit facilities: utilized & available (RUB bn) ¹ Utilized amount 106.9 95.9 Long-term 88% 90% 22% 26% Short-term 12% 10% 31Dec17 30Sept18 31Dec17 30Sept18 10bn RUB of commercial papers issued in 2015 were refinanced 10 1 Not adjusted for FX differences on EUR-nominated facility
9M 2018 results 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) 11
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