• EBITDA increase mainly driven by higher DPM revenues received by CCGT units, as well as by better
power generation margins and fixed costs containment.
• Growth of net income mainly due to EBIT increase and lower net financial charges.
MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
1Q 2017 1Q 2016 Change
Revenues 19,510 17,571 +11.0%
EBITDA 5,491 3,027 +81.4%
EBIT 4,625 2,263 ∼2 times
Net income 3,100 134 ∼23 times
Net debt at the end of the period 17,611 20,348 -13.5%
Carlo Palasciano Villamagna, General Director of Enel Russia, said: “We are pleased to present Enel
Russia strong first quarter results, mainly resulting from the increase in capacity payments, as well as
improved operating results of main generation facilities. We will continue to focus on our business activities
and pave the way to solid performance of our company in line with our strategic plan, despite continuous
pressure from overcapacity issues in the market.”
Moscow, April 27th, 2017 – PJSC Enel Russia publishes its operating and unaudited financial results for
the first quarter of 2017 in accordance with the International Financial Reporting Standards (IFRS).
• Revenues increased, mainly due to:
− higher DPM revenue associated to both CCGT units as a consequence of their entering the
seventh year of operation (as provided for by the methodology approved by the government);
− higher capacity sales by Nevinnomysskaya CCGT compared to the beginning of 2016, when
the unit was in outage;
− better free market power prices in the Central and Southern regions due to increased electricity
consumption, partially attributable to the gradual recovery of the Russian economy;
− higher regulated power sales due to the tariff increase enforced as of July 2016.
• EBITDA grew significantly, largely thanks to increased revenues, additionally supported by:
− better generation margins driven by the higher contribution of CCGT and coal facilities, both
PJSC Enel Russia – Pavlovskaya 7, bld. 1, Moscow, Russia, 115 093
featuring lower fuel costs;
− fixed costs decline mainly due to efficient overhead management activities.
• The increase in EBIT reflected EBITDA growth.
• Net income reflected EBIT growth, additionally supported by lower net financial charges that were
mainly due to:
− optimisation of the company’s debt portfolio structure, including a decreased exposure to
euro/rouble exchange rate fluctuations;
− lower level of debt;
− the recording in the first quarter of 2016 of a one-off accounting adjustment associated to the
early repayment of a loan with Royal Bank of Scotland.
• Net debt at the end of the reporting period decreased on the figure posted as of December 31st, 2016,
thanks to a solid operating cash flow and to a positive translation effect of the euro-denominated debt
due to the stronger rouble.
OPERATIONAL HIGHLIGHTS
1Q 2017 1Q 2016 Change
Net power output (GWh) 10,113 10,071 +0.4%
Power sales (GWh) 11,630 11,518 +1.0%
Heat sales (thousand Gcal) 1,920 2,008 -4.4%
• Net power output remained broadly unchanged with mixed dynamics by power plant, in particular:
− Nevinnomysskaya output recovered by a solid 40% compared with the first three months of
2016, when the CCGT unit was stopped for maintenance;
− Reftinskaya output increased by 1.6% thanks to higher availability of the equipment.
This increase was partially offset by:
− Konakovskaya output drop by 25% affected by higher availability of nuclear facilities in the
Central region;
− Sredneuralskaya output drop by 13% largely due to lower equipment use by the System
Operator caused by overcapacity in the Urals region.
• Power sales were up due to the abovementioned dynamics of net power output.
• Heat sales decreased slightly, mostly attributable to a reduction in the volumes purchased from
Sredneuralskaya.