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 evolution • From EBITDA to net income • Net debt evolution • Focus on liquidity 2
Enel Russia 2016 Results Financial highlights (RUB mn) 1 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 expenses 3 4.6 5.1 +0.5 Net debt/EBITDA 2.3 1.5 -0.8 Net debt/Equity 0.79 0.58 -0.21 • 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 3 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
Enel Russia 2016 Results Net power output and sales Power sales (TWh) Net output (TWh) -2.2% -2.4% 48.4 47.3 42.1 41.1 14% 12% CCGT 44% Free 45% 83% 83% Coal Regulated Gas 41% 44% 17% 17% 2015 2016 2015 2016 Plant availability Utilization on total capacity 53% 80% 81% 52% 2015 2016 2015 2016 Higher utilization of Konakovskaya partially compensated other facilities’ lower output 4
Enel Russia 2016 Results Unit margin on sales (RUB/MWh) ¹ Unit price ² +4.0% 1,113 1,070 Unit margin on sales +50.1% 207 138 2015 2016 Unit cost of sales ³ -2.8% 2015 2016 932 906 2015 2016 Better electricity prices and lower cost of coal support growth in unit margin 5 1 Excluding capacity sales 2 Including regulated power sales, day ahead market (DAM) and balancing market sales ³ Including energy purchases
Enel Russia 2016 Results CCGTs vs. conventional gas units 2016 spreads (RUB/MWh) ¹ Conventional gas units CCGT net output (TWh) 169 5.9 5.0 99 NGRES: NGRES: 2.9 TWh 2.2 TWh SGRES: SGRES: 3.0 TWh 2.8 TWh 2015 2016 2015 2016 CCGT units 2016 utilization on total installed capacity 444 71% 426 44% 2015 2016 Conventional gas units CCGTs • 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 6 1 Calculated as average DAM selling price for the given technology minus fuel costs in RUB/MWh
Enel Russia 2016 Results Revenues and costs (RUB bn) Variable costs -4.1% Operating revenue breakdown 47.7 45.8 +1.7% 6.2 6.4 71.0 72.2 Purchased power 4.3 4.0 Fuel 39.4 41.5 15.4 15.3 Heat and other Capacity 2015 2016 Power 51.7 52.5 Fixed costs +3.8% 13.1 12.6 Overhead 1.2 1.6 Personnel 4.5 4.3 2015 2016 O&M not 3.2 3.6 • manageable Revenues up due to higher electricity prices 3.8 O&M manageable 3.5 • Coal cost recovery thanks to favorable RUB/Tenge rate 2015 2016 • Fixed costs growth well below CPI ¹ 7 1 Consumer price index
Enel Russia 2016 Results EBITDA evolution (RUB mn) +28.0% 13,909 +3,163 -478 +403 10,821 Fixed costs Other items Generation margin 2015 2016 • EBITDA supported by improved margins and fixed costs control • Positive effect from “Other items” mainly due to PPE ¹ write-off in 2Q 2015 8 1 Property, plant and equipment
Enel Russia 2016 Results From EBITDA to net income (RUB mn) 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 - 4,387 Net ordinary income / (loss) (2,089) - Net income increased thanks to higher EBITDA, as well as lower depreciation and financial charges 9
Enel Russia 2016 Results Net debt evolution Hedged Debt on Total Debt Net debt (RUB mn) -4,198 Unhedged 24,547 100% 100% -12,278 Hedged +8,535 -2,550 +2,095 20,348 31Dec15 31Dec16 Average Cost of Debt 2015 2016 Cash flow from Net financial FX CAPEX operations ¹ charges Cost Weight Cost Weight RUB 11.2% 28% 12.0% 73% EUR 3.6% 72% 2.6% 27% 31Dec15 31Dec16 10 1 Post working capital changes
Enel Russia 2016 Results Focus on Liquidity Total credit facilities avaliable (RUB bn) ¹ Utilized amount 107.1 103.0 35% 24% Long-term 89% 97% Short-term 11% 3% 31Dec15 31Dec16 31Dec15 31Dec16 • Long-term facilities portion increased due to extended maturity of signed credit lines • Strong liquidity position for future needs 11 1 Not adjusted for FX differences on EUR-nominated facilities
Enel Russia 2016 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) 12
Thank you 13
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