1Q 2019 results Enel Russia April 25, 2019
Agenda Financial highlights 3 Operational highlights 4 Unit margin on sales 5 Revenues and costs 6 EBITDA evolution 7 From EBITDA to net income 8 Cash flow and debt 9 Focus on liquidity 10 2
Financials up on favourable market prices and internal cost discipline Δ YoY 1Q 2019 1Q 2018 Revenue (RUB mn) 19,101 18,542 +3% EBITDA (RUB mn) 5,296 4,600 +15% - EBITDA margin 27.7% 24.8% +3% Net ordinary income (RUB mn) 3,000 2,319 +29% 19,376 ¹ Net debt (RUB mn) 18,444 -5% EBITDA/Net financial expenses ² 13.9x 9.7x +4.2 1.0x³ Net debt/EBITDA 1.0x - Net debt/Equity 0.40x 0.40x - Herein after - unaudited financial results under IFRS unless otherwise stated 3 ¹ A s of December 31, 2018 ² Excluding FX differences and corresponding gain/loss from derivatives ³ Net debt at the end of the period divided by 12 months rolling EBITDA
Gas units affected by lower power consumption due to warmer temperature, and overcapacity Net output (TWh) Power sales (TWh) -2% -4% 11.0 10.7 9.7 9.3 1.6 1.5 CCGT Free 8.7 8.5 Coal 4.5 4.5 Regulated Conventional gas 3.5 3.2 2.2 2.3 1Q 2018 1Q 2019 1Q 2018 1Q 2019 Plant availability¹ Utilization on net electric capacity 89% 50% 48% 87% 1Q 2018 1Q 2019 1Q 2018 1Q 2019 4 1 Annualized
Lower hydro production contributed to market prices growth Unit selling price (RUB/MWh) ¹ +6% 1,161 Unit margin on sales (RUB/MWh) 1,090 +19% 218 183 1Q 2018 1Q 2019 Unit cost of sales (RUB/MWh) ² +4% 943 1Q 2018 1Q 2019 908 1Q 2018 1Q 2019 5 ¹ Including regulated power sales, day ahead market and balancing market sales ² Including fuel cost and energy purchases
Power revenues up thanks to strong pricing; fixed costs to be smoothened throughout the year Variable costs (RUB bn) +1% Operating revenues (RUB bn) 11.0 11.1 +3% 1.4 1.4 19.1 18.5 Purchased power 1.3 1.4 Fuel 9.7 9.6 5.4 5.3 Heat and other Capacity 1Q 2018 1Q 2019 Power/electricity Fixed costs (RUB bn) 11.8 12.4 -14% 3.1 2.7 0.3 Overhead 0.3 1Q 2018 1Q 2019 1.2 Personnel 1.1 O&M not 0.9 0.7 Fixed costs dynamics reflects property tax on movables removal manageable O&M manageable from 2019 0.7 0.6 6 1Q 2018 1Q 2019
Substantial EBITDA increase on higher margins and fixed costs scheduling EBITDA evolution (RUB mn) +15% +442 (240) 5,296 +495 4,600 Fixed costs Other items Gross margin 1Q 2018 1Q 2019 7
Net income up on EBITDA and optimised debt cost and currency structure Δ YoY 1Q 2019 1Q 2018 EBITDA (all - RUB mn) 5,296 4,600 +15% DD&A ¹ and impairment (1,224) (1,038) +18% 4,072 3,561 +14% EBIT Net financial charges (299) (645) -54% EBT 3,773 2,916 +29% Income tax (773) (597) +30% Net ordinary income 3,000 2,319 +29% 8 ¹ Depreciation, depletion and amortization
Solid operating cash flow compensated the payments made over the period Hedged debt on Total debt Net debt (RUB mn) -932 Unhedged 100% 100% 19,376 Hedged 18,444 31Dec18 31Mar19 (4,437) +2,850 +689 (495) +461 Total debt profile 1Q 2018 1Q 2019 AVG Weight AVG Weight Cost 31/03/18 Cost 31/03/19 Cash flow from Income tax Net financial Capex FX operations ¹ charges RUB 10.9% 69% 8.3% 79% EUR 1.7% 31% 1.6% 21% 31Dec18 31Mar19 9 1 Post working capital changes
Liquidity position enhanced by new facilities Total credit facilities: utilised & available (RUB bn) ¹ 2019 updates +19% 22.5bn RUB loan with Sberbank was signed to finance 127.3 the construction of Murmansk wind project 105.3 5bn RUB of commercial papers successfully placed with 8.50-8.60% coupon rate (April 2, 2019) Long-term 88% 93% Short-term 12% 7% 31Dec18 31Mar19 % utilised 26% 20% 10 1 Not adjusted for FX differences on EUR-nominated facility
1Q 2019 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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