Enel Russia 2016 Results 16/03/2017 Moscow Enel Russia 2016 - - PowerPoint PPT Presentation

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Enel Russia 2016 Results 16/03/2017 Moscow Enel Russia 2016 - - PowerPoint PPT Presentation

Sep 30, 2022 137 likes •277 views

Enel Russia 2016 Results 16/03/2017 Moscow Enel Russia 2016 Results Agenda Financial highlights Net power output and sales Unit margin on sales CCGTs vs. conventional gas units Revenues and costs EBITDA

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Enel Russia 2016 Results

Moscow 16/03/2017

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Enel Russia 2016 Results

  • Financial highlights
  • Net power output and sales
  • Unit margin on sales
  • CCGTs vs. conventional gas units
  • Revenues and costs
  • EBITDA evolution
  • From EBITDA to net income
  • Net debt evolution
  • Focus on liquidity

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Agenda

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Enel Russia 2016 Results

2015 2016 % Revenues 70,992 72,211 +1.7 EBITDA 10,821 13,909 +28.5

  • EBITDA margin (%)

15.2 19.3 +4.1 Net income / (loss) (48,629) 4,387

  • Net ordinary income / (loss)²

(2,089) 4,387

  • Net debt

24,547 20,348

  • 17.1

EBITDA/Net financial expenses3 4.6 5.1 +0.5 Net debt/EBITDA 2.3 1.5

  • 0.8

Net debt/Equity 0.79 0.58

  • 0.21

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Financial highlights (RUB mn)1

  • Earnings supported by increased 4Q16 demand largely due to lower temperatures
  • Bottom line growth driven by better power prices, further improvement in coal cost, as

well as lower depreciation after impairment held in 2H 2015

1 Audited financial results under IFRS 2 Adjusted for “Impairment of Property, plant and equipment” 3 Excluding FX differences and corresponding change in fair value of derivatives, loss on the extinguishment of long-term loans

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Enel Russia 2016 Results

2015 2016 Net output (TWh) CCGT Coal Gas

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Net power output and sales 42.1 41.1

45% 41% 14% 44% 44% 12%

2015 2016 Power sales (TWh) Free Regulated

48.4 47.3

83% 17% 83% 17% 81%

2015 2016

53%

2015

52%

2016 Plant availability Utilization on total capacity

Higher utilization of Konakovskaya partially compensated other facilities’ lower output

80%

  • 2.4%
  • 2.2%
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Enel Russia 2016 Results

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Unit margin on sales (RUB/MWh)¹

2015 2016 Unit cost of sales³

932 906 Better electricity prices and lower cost of coal support growth in unit margin

1 Excluding capacity sales 2 Including regulated power sales, day ahead market (DAM) and balancing market sales

³ Including energy purchases

2015 2016 Unit price²

1,070 1,113

2015 2016 Unit margin on sales

138 207

+4.0%

  • 2.8%

+50.1%

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Enel Russia 2016 Results

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CCGTs vs. conventional gas units

Conventional gas units CCGTs 2016 utilization on total installed capacity

44% 71%

  • YoY decline in CCGT output due to repairs at Nevinnomysskaya CCGT in early 2016
  • Gas spreads growth due to higher DAM prices in Center and South

2015 2016 CCGT net output (TWh)

5.9 5.0

2015 2016 Conventional gas units

99 169

2015 2016 CCGT units

426 444

2016 spreads (RUB/MWh)¹

1 Calculated as average DAM selling price for the given technology minus fuel costs in RUB/MWh

NGRES: 2.9 TWh SGRES: 3.0 TWh NGRES: 2.2 TWh SGRES: 2.8 TWh

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Enel Russia 2016 Results

2015 2016 Operating revenue breakdown Heat and other Capacity Power

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Revenues and costs (RUB bn) 71.0 72.2

15.3 51.7 4.0 15.4 52.5 4.3

2015 2016 Variable costs Purchased power Fuel

47.7 45.8

6.2 41.5 6.4 39.4

  • Revenues up due to higher electricity prices
  • Coal cost recovery thanks to favorable RUB/Tenge rate
  • Fixed costs growth well below CPI¹

2015 2016 Fixed costs Overhead Personnel O&M not manageable O&M manageable

12.6 13.1

4.3 3.5 4.5 3.8 3.2 3.6 1.6 1.2

+1.7%

  • 4.1%

+3.8%

1 Consumer price index

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Enel Russia 2016 Results

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EBITDA evolution (RUB mn)

  • EBITDA supported by improved margins and fixed costs control
  • Positive effect from “Other items” mainly due to PPE¹ write-off in 2Q 2015

2015 2016 10,821

+3,163

  • 478

+403

13,909

Generation margin Fixed costs Other items +28.0%

1 Property, plant and equipment

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Enel Russia 2016 Results

2015 2016 % EBITDA 10,821 13,909 +28.5 Amortisation, depreciation and impairment (65,504) (3,575)

  • 94.5

EBIT (54,682) 10,334

  • Net financial charges

(5,806) (4,836)

  • 16.7

EBT (60,489) 5,498

  • Income tax

11,859 (1,111)

  • Net income / (loss)

(48,629) 4,387

  • Net ordinary income / (loss)

(2,089) 4,387

  • 9

From EBITDA to net income (RUB mn) Net income increased thanks to higher EBITDA, as well as lower depreciation and financial charges

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Enel Russia 2016 Results

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Net debt evolution 31Dec15 31Dec16 24,547 20,348

  • 12,278

+8,535

  • 2,550

+2,095 Cash flow from

  • perations¹

1 Post working capital changes

CAPEX FX Net financial charges Net debt (RUB mn)

31Dec15 31Dec16 Hedged Debt on Total Debt

Unhedged Hedged

100% 100%

Cost Weight Cost Weight RUB 11.2% 28% 12.0% 73% EUR 3.6% 72% 2.6% 27% Average Cost of Debt 2015 2016

  • 4,198
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Enel Russia 2016 Results

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Focus on Liquidity

31Dec15 31Dec16 Utilized amount

35% 24%

31Dec15 31Dec16 Total credit facilities avaliable (RUB bn)¹ Long-term Short-term

103.0 107.1

89% 97% 3% 11%

1 Not adjusted for FX differences on EUR-nominated facilities

  • Long-term facilities portion increased due to extended maturity of signed

credit lines

  • Strong liquidity position for future needs
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Enel Russia 2016 Results

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Contacts Enel Russia Investor Relations Ekaterina Orlova +7 495 539 31 31 ext. 7746 ekaterina.orlova@enel.com Visit our website at: www.enelrussia.ru (Investors section)

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Thank you