Enel Russia posted a net loss at 48,629 million RUB for 2015 versus a net income of 5,582 million RUB in 2014

"Our 2015 financial results were affected by the persisting challenging macroeconomic scenario and in particular by the subsequent asset impairment conducted in order to reflect it,” said Carlo Palasciano Villamagna, General Manager of Enel Russia. “Despite these negative factors, we managed to improve the availability of the company’s generating fleet thanks to our efforts to increase the efficiency and optimize our plants’ operations. We also delivered on all of our previous commitments and completed large-scale environmental projects, such as the installation of fabric filters and the commissioning of a Dry Ash Removal System at Reftinskaya Power plant."

Operating revenues amounted to 70,992 million RUB, down 3,413 million RUB or 4.6% compared to the figure posted in 2014. The decrease in revenues was largely attributable to lower free power prices (DAM) and free capacity prices (KOM).

EBITDA totaled 10,821 million RUB, down 41.2% on the 18,408 million RUB posted in 2014. The drop in EBITDA mainly resulted from higher coal prices, which were caused by the unfavorable exchange rate for the Russian ruble against the Kazakh tenge during the first nine month of the year, as well as lower revenues.

PJSC Enel Russia posted a net loss at 48,629 million RUB for 2015 versus a net income of 5,582 million RUB in 2014. Besides a lower EBITDA, this drop mainly stems from the impairment of the part of the company’s assets, as well as higher net financial charges, both due to the worsening economic environment.

Excluding the abovementioned impairment, adjusted net loss for the reporting year amounted to 2,089 million RUB.

Net debt at the end of 2015 stood at 24,547 million RUB, growing by 3,466 million RUB or 16.4% versus the end of 2014, mainly due to the book revaluation of euro-denominated debt, as the Russian ruble depreciated against the euro over the year.