Enel Russia 9M 2017 Results 02/11/2017 Moscow
Enel Russia 9M 2017 Results Agenda • Financial highlights • Net power output and sales • Unit margin on sales • Revenues and costs • EBITDA evolution • From EBITDA to net income • Net debt evolution • Focus on liquidity 2
Enel Russia 9M 2017 Results Financial highlights (RUB mn) 1 9M16 9M17 Change Revenues 51,792 53,876 +4.0% EBITDA 9,539 12,859 +34.8% - EBITDA margin 18.4% 23.9% +5.5% 3x Net income 2,052 6,147 20,348 2 Net debt 20,075 -1.3% EBITDA/Net financial expenses 3 4.2x 7.3x +3.1 Net debt/EBITDA 4 1.7x 1.2x -0.5 Net debt/Equity 0.64x 0.51x -0.13 Earnings growth due to delta DPM 5 payment received by two CCGT units, starting • from 2017 • Bottom line additionally supported by lower financial charges 1 Unaudited financial results under IFRS 2 As of December 31, 2016 3 3 Excluding FX differences and corresponding change in fair value of derivatives, loss on the extinguishment of long-term loans 4 Net debt at the end of the period divided by 12 months rolling EBITDA 5 Capacity supply agreement or DPM ( Договор о предоставлении мощности)
Enel Russia 9M 2017 Results Net power output and sales Power sales (TWh) Net output (TWh) -3.2% -2.6% 34.4 29.9 33.3 29.1 11% 13% CCGT Free 45% 82% 81% 48% Coal Regulated Gas 39% 44% 18% 19% 9M16 9M17 9M16 9M17 Plant availability Utilization on net electric capacity 80% 81% 51% 50% 9M17 9M16 9M17 9M16 • Higher Nevinnomysskaya production partially offset lower conventional gas output • Solid 3Q17 CCGT and coal facilities output explained by yearly maintenance schedule 4
Enel Russia 9M 2017 Results Unit margin on sales (RUB/MWh) ¹ Unit selling price ² -0.9% 1,104 1,094 Unit margin on sales -2.9% 201 195 9M16 9M17 Unit cost of sales ³ -0.5% 899 9M16 9M17 903 9M16 9M17 Unit margin down due to lower free power prices following strong nuclear 5 and hydro production 1 Excluding capacity sales 2 Including regulated power sales, day ahead market and balancing market sales ³ Including energy purchases
Enel Russia 9M 2017 Results Revenues and costs (RUB bn) Variable costs -3.1% Operating revenue breakdown 33.0 32.0 +4.0% 4.8 4.1 53.9 51.8 2.8 Purchased power 2.8 27.9 28.2 Fuel 14.6 11.1 Heat and other Capacity 9M16 9M17 Power 37.9 36.5 Fixed costs -2.5% 9.5 9.3 Overhead 0.8 1.1 Personnel 3.3 3.4 9M16 9M17 O&M not 2.6 2.4 • Revenues up due to higher DPM capacity payments manageable 2.6 2.6 O&M manageable • Effective overhead costs management 9M16 9M17 6
Enel Russia 9M 2017 Results EBITDA evolution (RUB mn) +34.8% 12,859 +239 +3 +3,078 9,539 Generation Fixed costs Other items margin 9M16 9M17 EBITDA solid improvement due to better generation margin 7
Enel Russia 9M 2017 Results From EBITDA to net income (RUB mn) 9M16 9M17 Change EBITDA 9,539 12,859 +34.8% Amortisation, depreciation and impairment (2,624) (2,720) +3.6% EBIT +46.6% 6,915 10,139 Net financial charges (4,463) (2,357) -47.2% 3x EBT 2,452 7,782 4x Income tax (400) (1,635) 3x Net income 2,052 6,147 • Net income increase thanks to higher EBITDA and lower financial charges • Financial charges down due to debt portfolio optimization, lower average debt and one-off accounting adjustment in 1Q16 ¹ 8 1 Unamortized cost derecognition in relation to long-term loan from Royal Bank of Scotland early prepayment
Enel Russia 9M 2017 Results Net debt evolution Net debt (RUB mn) Hedged Debt on Total Debt -273 20,348 20,075 -10,121 Unhedged +486 100% 100% +1,599 Hedged +4,314 31Dec16 30Sept17 +2,413 +1,036 Average Cost of Debt 9M16 9M17 Cash flow from Income Dividends Net financial FX CAPEX operations ¹ tax charges Cost Weight Cost Weight RUB 12.1% 60% 10.9% 71% EUR 2.8% 40% 1.7% 29% 31Dec16 30Sept17 • Stable net debt with solid operating cash flow covering payments made over 9M17 9 • Dividends upon FY2016 distributed in line with new dividend policy 1 Post working capital changes
Enel Russia 9M 2017 Results Focus on Liquidity Total credit facilities avaliable (RUB bn) ¹ Utilized amount 107.2 107.1 24% 24% Long-term 97% 87% Short-term 13% 3% 31Dec16 30Sept17 31Dec16 30Sept17 Commercial papers reclassification to short-term one year before expected maturity 10 1 Not adjusted for FX differences on EUR-nominated facilities
Enel Russia 9M 2017 Results 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) 11
Thank you 12
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