Enel Russia 2Q 20 - All in line except one-off provision reversal
Today, the company has presented its 2Q 20 IFRS results which seem close to what we expected on EBITDA excluding a non-cash reversal of overdue receivables provision for RUB 425 mn (attributed to consumers in the North Caucasus). The latter has also propped up NI above our estimates. Other than that we treat the results as neutral, with the dividend programme of RUB 0.085/share for 2020-21 confirmed by the management.PJSC Enel Russia is a wholesale generation company in Russia. Co.'s main areas of operation are production of power and heat, supply (sale) of power and heat, receipt (purchase) of power and heat from the wholesale power (capacity) market. Co. is active in four production branches around Russia: in the Ural region - Reftinskaya GRES, Sredneuralskaya GRES, in the northern Caucasus - Nevinnomysskaya GRES, and in Central Russia - Konakovskaya GRES. Co.'s aggregate installed capacity is 9,677 MW for power and 2,382 GCal/h for heat. Co. provides power and heat to both industrial enterprises and household consumers via local power distribution networks.
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