REG - EN+ Group Intnl PJSC - Annual Financial Report
23/03/2023 08:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230323:nRSW9100Ta&default-theme=true
RNS Number : 9100T EN+ Group Intnl PJSC 23 March 2023
Link to reporting statements
(https://enplusgroup.com/en/investors/results-and-disclosure/ifrs/)
EN+ FY 2022 FINANCIAL AND OPERATIONAL RESULTS
23 March 2023 - EN+ GROUP IPJSC (the "Company", "En+" or the "Group")
announces its financial and operational results for the year ended December
31, 2022 (FY 2022).
· Current geopolitical tensions and the introduction of restrictive
economic measures are facilitating the growth of volatility in financial,
commodities, and currency markets, changes in supply chains and the refusal of
some suppliers to fulfill previously undertaken obligations. As a result, the
operations of Russian companies in all sectors of the economy, including
utilities and metals and mining, are being adversely affected.
· The Group faced unprecedented pressure and restrictions in 2022, in
particular, due to the Australian government's ban on the export of alumina
and aluminium ores to Russia, as well as the suspension of alumina production
at the Nikolaev alumina refinery. En+ had to urgently find new suppliers and
rearrange supply chains.
· Nevertheless, thanks to an efficient management model, the Company was
able to quickly restructure raw material supplies and supply chains, as well
as successfully diversify sales channels, redirecting finished product flows
to domestic and Asian markets. Aluminium sales remained almost unchanged
year-on-year at 3,896 kt (compared to 3,904 kt in 2021).
· The average aluminium sales price was USD 2,976 per tonne in 2022 (a
16.6% increase in the weighted-average realised aluminium price per tonne
compared to 2021). However, in 2023, LME prices have fallen for the third
consecutive month and currently stand at just over USD 2,200 per tonne. A
significant increase in interest rates, emerging problems in the banking and
financial systems of the US and the EU, coupled with the risk of a slowdown in
the global economic recovery, have significantly reduced the appetite for
risky assets, including in commodity markets. This complex of negative factors
has had a negative impact on the aluminium price.
· Due to the hydrological situation there was a decrease in electricity
generation at the Group's hydroelectric power plants in 2022, to 69.0 TWh or
by 11.2% compared to the previous record year. This had an adverse effect on
the Group's total electricity output, which amounted to 83.9 TWh, a decrease
of 7.2% year-on-year. However, this drop was offset by an increase in the
average electricity spot price on the day-ahead market in the second price
zone.
· The appreciation of the rouble, rising costs of alumina and other
materials, as well as increasing logistics expenses had a significant effect
on the production costs. Additionally, as part of its assumed social
obligations, En+ gradually increased employee wages in both segments. As a
result, the cost of production increased by 31.4% in 2022, while other
operating expenses (including sales, general, and administrative expenses)
grew by 21.1% year-on-year.
· The Group's adjusted EBITDA(( 1 (#_ftn1) )) decreased by 21.9% to USD
3,119 million year-on-year. Net profit in 2022 decreased by 47.8% compared to
2021, and amounted to USD 1,846 million (compared to USD 3,534 million in
2021). Cash flows from operating activities decreased by 73.6% and amounted to
USD 572 million (compared to USD 2,168 million in 2021), which was due to an
increase in working capital.
· The Group's net debt(( 2 (#_ftn2) )) increased by 18.0% as of December
31, 2022 and amounted to USD 10,123 million, compared to USD 8,581 million
as of December 31, 2021.
Consolidated financial indicators
USD million (except %) FY 2022 FY 2021 chg,%
Revenue 16,549 14,126 17.2%
Primary aluminium and alloys sales 3 (#_ftn3) 11,384 9,766 16.6%
Alumina sales 550 610 (9.8%)
Electricity sales 1,844 1,525 20.9%
Heat sales 525 465 12.9%
Other 2,246 1,760 27.6%
Adjusted EBITDA 3,119 3,992 (21.9%)
Adjusted EBITDA margin 18.8% 28.3% (9.5pp)
Net profit 1,846 3,534 (47.8%)
Net profit margin 11.2% 25.0% (13.8pp)
Aluminium price per tonne quoted on the LME 4 (#_ftn4) 2,707 2,475 9.4%
Average USD/RUB rate for the reporting period 68.55 73.65 (6.9%)
31 December 2022 31 December 2021 chg, %
Net debt 10,123 8,581 18.0%
USD/RUB rate as at the reporting date 70.34 74.29 (5.3%)
Working capital 4,474 2,753 62.5%
Vladimir Kiriukhin, CEO of En+, noted:
"In 2022, En+ faced unprecedented challenges arising from restrictions
introduced around the world. Heightened geopolitical tensions, disruptions to
supply chains, and extreme increases in raw material and energy costs led to a
significant rise in the cost of aluminum production. As a result, we
experienced a sharp decline in net profit and EBITDA of the Group's Metals
segment. However, thanks to effective management and a strong business model,
En+ was able to maintain its stability. The Company remains a leading global
producer of low-carbon aluminum and renewable energy.
External pressures and risks associated with threats to reduce energy
consumption by major consumers, particularly the Metals segment - RUSAL, will
undoubtedly have an impact on the entire energy sector of the country. Despite
challenging economic conditions and limited access to capital markets, En+
remains committed to sustainable development principles and the majority of
programmes aimed at reducing its carbon footprint and supporting local
communities. Significant growth in capital expenditures in the Power segment
was driven, in part, by the new stage of the large-scale "New Energy"
programme and the ongoing modernisation of thermal power plants against the
backdrop of constantly deteriorating logistics conditions and partial supplier
turnover. Additionally, in 2022, as raw material and personnel costs
increased, the Group's operating expenses also rose substantially. We continue
to fulfill all of our social commitments, including wage increases and the
implementation of social programmes aimed at improving the working and living
conditions of our employees and the development of regions. However, in 2022,
there was a significant volatility in interest rates, and the Company was
forced to divert additional funds to service its debt.
We are making every effort to maintain stable operational performance and
efficient operations of our facilities while remaining committed to the
highest standards of corporate governance. Despite the challenges facing the
Company today, we believe that En+ can play an important role in the global
transition to a low-carbon economy."
Revenue
In 2022, revenue increased by 17.2% y-o-y to USD 16,549 million, reflecting a
9.4% increase in the weighted-average aluminium price per tonne quoted on the
LME, and a 24.4% increase in the average electricity spot price on the
day-ahead market in the second price zone.
EBITDA
The Group's Adjusted EBITDA decreased by 21.9% y-o-y to USD 3,119 million in
2022. The Group's Adjusted EBITDA margin stood at 18.8%. Cash flows from
operating activities amounted to USD 572 million (compared to USD 2,168
million in 2021), caused by an increase in working capital.
Net profit
In 2022, net profit decreased by 47.8% to USD 1,846 million (USD 3,534 million
in 2021), due to a significant increase in operating expenses and given that
the Group recognised a gain in the amount of USD 492 million in 2021,
resulting from the RUSAL's participation in the Norilsk Nickel's buyback. The
net profit drop was also driven by growing interest expenses.
Capital expenditure
The Group's capital expenditure amounted to USD 1,711 million in 2022 (up
13.1% y-o-y).
In 2022, the Metals segment's capital expenditure amounted to USD 1,239
million compared to USD 1,192 million in 2021, up 3.9% y-o-y. Capital
expenditure of the Power segment amounted to USD 474 million in 2022 (up
47.7% y-o-y).
Debt position
The Group's net debt increased by 18.0% as at December 31, 2022 and amounted
to USD 10,123 million, as compared to USD 8,581 million as at December 31,
2021.
The net debt of the Metals segment increased by 31.8% and totalled USD 6,261
million as compared to level of December 31, 2021, the net debt of the Power
segment remained flat y-o-y and made up to USD 3,862 million.
Power segment FY 2022 performance
Power segment financial results
USD million (except %) FY 2022 FY 2021 chg,%
Revenue 3,885 3,138 23.8%
Sales of electricity 1,861 1,453 28.1%
Sales of capacity 598 500 19.6%
Sales of heat 471 417 12.9%
Other 955 768 24.3%
Adjusted EBITDA 1,254 1,172 7.0%
Adjusted EBITDA margin 32.3% 37.3% (5.0pp)
Net profit 384 374 2.7%
Net profit margin 9.9% 11.9% (2.0pp)
Average USD/RUB rate for the reporting period 68.55 73.65 (6.9%)
31 December 2022 31 December 2021 chg, %
Net debt 3,862 3,832 0.8%
USD/RUB rate as at the reporting date 70.34 74.29 (5.3%)
Working capital (169) (138) -
In 2022, the Power segment's revenue amounted to USD 3,885 million. Adjusted
EBITDA amounted to USD 1,254 million in 2022. The change was largely driven
by rouble appreciation (the average USD/RUB exchange rate for the reporting
period decreased by 6.9%).
Adjusted EBITDA margin decreased by 5 percentage points to 32.3%. The change
was largely driven by the increase in operating expenses due to growing
materials and equipment prices amid high inflationary pressure and higher
personnel expenses as part of the social obligations assumed.
In 2022, the Power segment's net profit slightly increased by 2.7% to USD
384 million as compared to USD 374 million in 2021. The increase was largely
driven by the same factor which influenced Adjusted EBITDA increase.
Capital expenditure of the Power segment amounted to USD 474 million in 2022
(up 47.7% y-o-y). A number of factors affected this increase, including:
rouble appreciation; an increase in the cost of equipment and materials caused
by strong inflationary pressures; entering the large-scale phase of combined
heat and power plants (CHPs) modernisation program, investments under the 'New
Energy' programme, implementation of small-scale HPPs construction project; an
increase in the maintenance capex; participation in regional development
programmes and construction of social infrastructure facilities.
Power segment operating results
FY 2022 FY 2021 chg,%
Production volumes 5 (#_ftn5)
Total electricity production TWh 83.9 90.4 (7.2%)
HPPs, incl. TWh 69.0 77.7 (11.2%)
Angara cascade 6 (#_ftn6) TWh 54.2 53.0 2.3%
Yenisei cascade 7 (#_ftn7) TWh 14.8 24.7 (40.1%)
CHPs TWh 14.9 12.7 17.3%
Abakan SPP GWh 5.9 6.1 (3.3%)
Heat mn Gcal 27.6 28.5 (3.2%)
Market prices
Average electricity spot prices(( 8 (#_ftn8) )):
1(st) price zone RUB/MWh 1,444 1,406 2.7%
2(nd) price zone RUB/MWh 1,162 934 24.4%
Irkutsk Region RUB/MWh 987 807 22.3%
RUB/MWh
Krasnoyarsk Region 1,157 857 35.0%
En+'s power plants(10) generated 83.9 TWh of electricity in 2022 (down 7.2%
y-o-y). The Group's hydro power output totalled 69.0 TWh in 2022 (down 11.2%
y-o-y).
The Group's Angara cascade HPPs (Irkutsk, Bratsk and Ust-Ilimsk HPPs)
increased power generation by 2.3% y-o-y to 54.2 TWh in 2022. The increase was
driven by water reserves in Lake Baikal and the Bratsk reservoir and high
water levels in the HPPs' reservoirs. Water levels in Lake Baikal reached
456.86 metres (which is 9 centimetres higher than long-term average) in 2022
vs. 457.23 metres in 2021. Water levels in the Bratsk reservoir reached
401.28 metres in 2022 (which is 2.3 metres higher than long-term average)
vs. 402.03 metres in 2021.
In 2022, the Group's Krasnoyarsk HPP's total power generation decreased by
40.1% to 14.8 TWh y-o-y. The decrease was the result of a less intensive
state-regulated drawdown in the Krasnoyarsk reservoir due to low water
reserves, which resulted from abnormally low water inflows in the Yenisey
River. The maximum mark of the headwater level of the Krasnoyarsk reservoir
was 8.6 metres lower than last year and 5.7 meters lower than long-term
average.
In 2022, the Abakan Solar Power Plant generated 5.9 GWh (down 3.3% y-o-y) due
to fewer number of sunny days during the reporting period.
Power generation at the Group's CHPs increased by 17.3% y-o-y and totalled
14.9 TWh in 2022. The increase in CHP power output was driven by growth of
electricity consumption in the Irkutsk energy system by 8.8% y-o-y.
Heat generation at the Group's CHPs in 2022 amounted to 27.6 mn Gcal, a 3.2%
decrease y-o-y reflecting weather conditions - the average temperature
during 2022 was 1.2⁰С higher than during the last year as well as due to
the reduction of steam consumption by large consumers.
"New Energy" HPP modernisation programme
Upgraded equipment at the Group's Bratsk, Ust-Ilimsk, Irkutsk and Krasnoyarsk
HPPs supported an increase in hydropower production of 1,926.7 GWh in 2022,
helping to prevent greenhouse gas emissions by approximately 2,233 thousand
tonnes of CO(2)e, due to the partial replacement of prior thermal power
generation volumes.
Russian energy market update 9 (#_ftn9)
· In 2022, according to the System Operator of the United Power System
(UES), power production in the UES of Russia increased by 0.6% y-o-y and
amounted to 1,121.5 TWh. Consumption increased by 1.5% y-o-y to 1,106.3 TWh.
· Electricity consumption in the Siberian integrated energy system
amounted to 224.7 TWh in 2022 (up 3.4% y-o-y).
· In 2022, the average electricity spot price on the day-ahead market
in the second price zone increased by 24.4% y-o-y to 1,162 RUB/MWh. Price
increase was driven by lower HPP generation volumes, increase in the supply of
CHPs and CHP price bids levels on the market, and change in market demand
structures along with electricity consumption growth amid remaining
transmission constraints on the transit between East and West Siberia.
· The average spot prices in the Irkutsk region and the Krasnoyarsk
region stood at 987 and 1,157 RUB/MWh respectively in 2022 (up 22.3% and
35.0%). Lower price growth rates in the Irkutsk region against the Krasnoyarsk
region largely reflected ongoing transmission constraints on the transit
between East and West Siberia.
Projected water inflows into reservoirs
The Hydrometeorological Centre of Russia forecasts water inflows into the main
reservoirs of En+ Group's generating assets in 1Q 2023 as follows:
· Useful water inflows into Lake Baikal are expected to be 240-440 cubic
metres per second or 57-104% of normal levels. In 4Q 2022, the water inflow
was 230 cubic metres per second or 82% of normal levels, compared to 850 cubic
metres per second (305% of normal levels) in 4Q 2021 (down 73% y-o-y). In
2022, the water inflow was 1,800 cubic metres per second, or 94% of normal
levels, compared to 2,602 cubic metres per second (136% of normal levels) in
2021 (down 31% y-o-y).
· Lateral inflows into the Bratsk Reservoir are expected to be 160-190
cubic metres per second or 97-115% of normal levels. In 4Q 2022, the water
inflow to the reservoir was 490 cubic metres per second or 100% of normal
levels, compared to 615 cubic metres per second or 125% of normal levels in 4Q
2021 (down 20% y-o-y). In 2022, water inflows were measured at 861 cubic
metres per second or 83% of normal level, compared to 1,370 cubic metres per
second or 132% of normal levels in 2021 (down 37% y-o-y).
· Lateral inflows into the Krasnoyarsk Reservoir are expected to be
220-280 cubic metres per second or 85-109% of normal levels. In 4Q 2022, the
water inflow to the reservoir was 782 cubic metres per second or 124% of
normal levels, compared to 529 cubic metres per second or 84% of normal levels
in 4Q 2021 (up 48% y-o-y). In 2022, the water inflow was 1,119 cubic metres
per second, or 83% of normal levels, compared to 1,697 cubic metres per
second, or 126% of normal levels, in 2021 (down 34% y-o-y).
Metals segment FY 2022 performance
Metals segment financial results
USD million (except %) FY 2022 FY 2021 chg, %
Revenue 13,974 11,994 16.5%
Sales of primary aluminium and alloys 11,593 9,966 16.3%
Sales of alumina 550 610 (9.8%)
Sales of foil and other aluminium products 581 515 12.8%
Other 1,250 903 38.4%
Adjusted EBITDA 2,028 2,893 (29.9%)
Adjusted EBITDA margin 14.5% 24.1% (9.6pp)
Net profit 1,793 3,225 (44.4%)
Net profit margin 12.8% 26.9% (14.1pp)
31 December 2022 31 December 2021 chg, %
Net debt 6,261 4,749 31.8%
Working capital 4,833 2,930 64.9%
The Metals segment's revenue increased by 16.5% y-o-y in 2022 to USD 13,974
million from USD 11,994 million.
Revenue from sales of primary aluminium and alloys increased by 16.3% to
USD 11,593 million in 2022, as compared to USD 9,966 million in 2021,
primarily due to the 16.6% increase in the weighted-average realised aluminium
price per tonne (from USD 2,553 per tonne in 2021 to USD 2,976 per tonne in
2022), driven by the increase in the LME aluminium price (to an average of USD
2,707 per tonne in 2022 from USD 2,475 per tonne in 2021), while sales volumes
remained almost flat y-o-y.
Revenue from sales of alumina decreased by 9.8% to USD 550 million in 2022
from USD 610 million in 2021.
Revenue from sales of foil and other aluminium products increased by USD 66
million (up 12.8% y-o-y) to USD 581 million in 2022, as compared to USD 515
million in 2021, due to an increase in revenue from sales of foil by 26.2%
between the comparable periods.
Revenue from other sales, including sales of other products, bauxite and
energy services increased by 38.4% to USD 1,250 million in 2022 as compared to
USD 903 million in 2021, due to the 40.9% increase in sales of other products
(such as anode blocks by 73.6%, aluminium powder 20.7%, silicon by 22.2%,
hydrate by 19.0%) that was a result both by the increase in sales volumes
along with the increase in average sales price.
Adjusted EBITDA decreased to USD 2,028 million in 2022, as compared to
USD 2,893 million in 2021. Adjusted EBITDA margin decreased from 24.1% in
2021 to 14.5% in 2022. The factors that contributed to the decrease in
Adjusted EBITDA margin were the same that influenced the operating results of
the Metals segment. As a result of the above, the Metals segment recorded a
profit of USD 1,793 million in 2022, as compared to USD 3,225 million in 2021.
Metals segment operating results
FY 2022 FY 2021 chg, %
Production volumes
Aluminium kt 3,835 3,764 1.9%
Alumina kt 5,953 8,304 (28.3%)
Bauxite kt 12,319 15,031 (18.0%)
Sales volumes
Aluminium kt 3,896 3,904 (0.2%)
Average prices
Aluminium price per tonne quoted on the LME USD/t 2,707 2,475 9.4%
Average premiums over LME price 10 (#_ftn10) USD/t 309 250 23.6%
Average sales price USD/t 2,976 2,553 16.6%
Aluminium
In 2022, aluminium production remained almost unchanged y-o-y and amounted to
3,835 kt (up 1.9% y-o-y).
In 2022, aluminium sales decreased by 0.2% y-o-y to 3,896 kt. During this
period sales of value added products (VAP 11 (#_ftn11) ) decreased by 16.3%
to 1,702 kt. The share of VAP sales in total sales was 44% (vs 52% in 2021).
Alumina
Alumina production in 2022 decreased by 28.3% y-o-y and totalled 5,953 kt (for
comparison: the Metals segment produced 8,304 kt of alumina in 2021). The
decrease in production volume was due to stopping the production of alumina at
the Nikolaev alumina refinery, in connection with the introduction of martial
law on the territory of Ukraine and the introduction of sanctions by the
Australian government, which resulted in the inability to supply alumina from
Queensland Alumina Ltd to the Company's enterprises.
Bauxites and nepheline ore
Bauxite output in 2022 decreased by 18.0% y-o-y to 12,319 kt. Nepheline output
in 2022 decreased by 0.6% y-o-y to 4,363 kt.
Aluminium market overview
Global aluminium demand
· 2022 has been a year full of challenges for the aluminium industry.
Whilst the global economy has not yet recovered fully after pandemic, has
continued struggling with rising inflation, the energy crisis, which started
to emerge in Europe in autumn 2021, has clouded economic growth. The conflict
in Ukraine and political tensions have added uncertainty in sustainable power
supply and sent gas price into skyrocketing rise. Power costs became a trigger
for rapidly growing costs of production of energy intensive industries and
logistics, boosting inflation. A zero-COVID policy, drought and power
shortages in China further constrained in the global supply chain. Fears of an
approaching recession became more and more evident in the second half of the
year.
· Amid a negative macro environment, aluminium demand remained relatively
healthy, supported by new demand in electromobility, renewable energy
infrastructure, packaging and all applications, related to green energy
transition and sustainable development. Global primary aluminium demand in
2022 increased by 0.3% y-o-y to 69 million tonnes, of which China
contributed to 0.3% y-o-y to 40.6 million tonnes and the Rest of the World
(World ex-China, the "RoW") to 0.3% y-o-y to 28.4 million tonnes.
· In 2022, the automotive industry reconfirmed its status as the largest
sector of aluminium consumption, comprising 24% of global aluminium demand.
The sector recorded 2.7% growth compared to the previous year and was driven
mainly by increase in electric vehicle production and gaining share by the SUV
segment, where aluminium content is above industry average.
· Aluminium consumption in construction, the second largest sector of
aluminium consumption, decreased by 3.9% globally. Price pressures, rising
interest rates and supply chain issues have all weighed heavily on
construction volumes, leading to delays and higher costs of new projects. In
the US real estate market, the abrupt end of a two-year construction boom has
resulted in excessive building stocks, a freeze on current projects, and a
decline in investor interest.
· The demand in the packaging sector has increased by 4.6% globally
compared to 2021, reflecting the ongoing process of industry transition from
plastic and glass to aluminium along with a general increase in the
consumption of bottled or canned drinks per capita. The use of aluminium in
the packaging industry is expanding as environmentally friendly and
sustainable packaging solutions become a core strategy of global brands,
supported by end-consumers preferences, and stimulated by regulators.
· Aluminium demand in the electricity sector grew by 9.4%, driven by
expanding renewable energy capacity, particularly solar and wind power
generation, and updating the old transmission infrastructure. REPowerEU
programme and The Inflation Reduction Act (IRA) in the USA aim to reduce
dependence on gas and stimulate and investments into green technology starting
from power generation and transmission to charging infrastructure for
electrical vehicles. Those initiatives create a solid basis for further
aluminium demand growth in electrical sector.
Global aluminium supply
· The worldwide supply of primary aluminium was up by 1.4% y-o-y in 2022
to 68.1 million tonnes. The Rest of the World production declined by 0.8% to
28.0 million tonnes. High gas prices in Europe have caused significant
disruption to the aluminium smelting production due to smelters' negative cash
margins. Nine European smelters with 1.63 million tonnes per annum capacity
executed or announced approximately 1 million tonnes of operating aluminium
capacity cuts starting from the fourth quarter of 2021. At the same time,
since EU gas prices declined significantly by end of 2022 thus with current
aluminium price level and lower costs some smelters might consider restarts in
the first half of 2023.
· Aluminium production in China increased by 3% y-o-y in 2022 to 40.1
million tonnes and is expected to grow further in 2023 as new capacity comes
online. In China, despite power supply restrictions in certain provinces, the
Chinese aluminium industry registered around 2.6 million tonnes of net
capacity increase by end of 2022 as 2.1 million tonnes of new capacity came
online together with a restart of previously closed production. Overall, the
global aluminium market was in 0.9 million tonnes of deficit during 2022 with
0.4 million tonnes of deficit in the Rest of the World and 0.5 million tonnes
in China.
· China shipped out a record volume of aluminium to the Rest of the World
in 2022. China's exports of unwrought aluminium, alloy and aluminium products
rose 17.6% y-o-y to 6.6 million tonnes in 2022. This result was largely due
to attractive export arbitrage, rising overseas demand and tightened global
supply. At the same time, China's imports of unwrought aluminium and alloy
fell during 11-month 2022 by 31.6% y-o-y to approximately 1.7 million tonnes.
· During 2022, aluminium inventories in the LME dropped to their lowest
level since 1990 in August, and after rising in October, ended the year at 447
thousand tonnes, also a multi-year low. Metal held outside of LME warehouses
(off-warrant reported stocks) wavered during the year and fell to 189 thousand
tonnes at the end of November and rebounded to 297 thousand tonnes at the end
of December 2022.
· Overall, regional aluminium premiums were rising during the first half
of 2022, but during the second half of 2022 were mostly falling due to bearish
sentiment amid the LME prices falling and rising fears of global economy
recession. In December 2022, premiums have stabilised and rose to
approximately USD200-230 per tonne for European P1020 Duty Unpaid premium at
warehouse Rotterdam and approximately USD23- 25 cent per lb for U.S. Midwest
aluminium premium amid improving sentiment, low LME stocks and high near term
contango on the LME.
Business future developments
· Geopolitical tensions, since February 2022, significantly increased
volatility on the commodities and currency markets. In the present
circumstances, any forecast or outlook made or previously made may very
rapidly become obsolete due to ongoing developments on the market and
therefore the stakeholders should exercise due caution when making their
analysis or decision.
For further information, please contact:
For media: For investors:
Tel: +7 495 642 79 37 Tel: +7 (495) 642 7937
Email: press-center@enplus.ru Email: ir@enplus.ru
About EN+ GROUP IPJSC
En+ is a leading international vertically integrated aluminium and hydropower
producer. The Company combines power plants with a total installed capacity of
19.4 GW (including 15.1 GW of hydro power assets), and 4.2 Mt of annual
aluminium production capacity (through a controlling stake in UC RUSAL plc,
the world's largest aluminium producer outside of China in 2022) which is the
major consumer of En+'s hydroelectricity.
***
The information presented in this announcement only reflects the position of
the Company during the review period from 1 January to 31 December 2022,
unless otherwise specified.
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking statements may
and often do differ materially from actual results. Any forward-looking
statements reflect the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's business, results of
operations, financial position, liquidity, prospects, growth or strategies.
Forward-looking statements speak only as of the date they are made.
1 (#_ftnref1) Adjusted EBITDA for any period represents the results from
operating activities adjusted for amortisation and depreciation, impairment
charges and loss on disposal of property, plant and equipment for the relevant
period.
2 (#_ftnref2) Net debt is the sum of loans and borrowings and bonds
outstanding less total cash and cash equivalents.
3 (#_ftnref3) Consolidated data.
4 (#_ftnref4) Aluminium price per tonne quoted on the London Metals Exchange
(LME) represents the average of the daily closing official LME prices for each
period.
5 (#_ftnref5) Excluding Onda HPP (installed capacity 0.08 GW), located in
the European part of the Russian Federation, leased to RUSAL in October 2014.
6 (#_ftnref6) Includes Irkutsk, Bratsk, and Ust-Ilimsk HPPs.
(( 7 (#_ftnref7) )) Krasnoyarsk HPP.
8 (#_ftnref8) Market prices are calculated as an average of the prices
reported in the Monthly Day Ahead Prices Overview by NP Market Council
Association.
9 (#_ftnref9) According to the Report prepared by the System Operator of the
Unified Power System of the Russian Federation on performance of the Russian
Unified Power System in FY 2022 (https://so-ups.ru/).
10 (#_ftnref10) Average premiums over LME realised by the Company based on
management accounts.
11 (#_ftnref11) VAP includes alloyed ingots, slabs, billets, wire rod,
wheels, high and special purity aluminium.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END ACSSEWFIEEDSEID