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En+ 1H generation declines by 9.4% to 39.5 bln kWh

The En+ energy segment's revenue climbed by 13.8% to $2 bln in January - June

MOSCOW, August 17. /TASS/. En+ electricity generation in January-June 2023 decreased by 9.4% year-on-year and reached 39.5 bln kWh, the company said in a statement on Thursday.

In particular, power generation at the group's HPPs fell by 16.2% in the first half of the year to 29.9 bln kWh. At the same period, electricity generation at the group's thermal power plants climbed by 20.3%, totaling 9.5 bln kWh.

The net profit of the company’s energy segment the in first half of 2023 under the International Financial Reporting Standards (IFRS) grew by 43.7% year-on-year and reached $217 mln. Meanwhile, adjusted EBITDA of the group's energy business increased by 21.2% to $731 mln, while EBITDA margin increased by 2.3 percentage points (p.p.) to 36.6%. At the same time, capital expenditures decreased by 4% to $167 mln.

The En+ energy segment's revenue climbed by 13.8% to $2 bln in January - June. The energy sector's net debt fell by 22.3% to $3 bln as of December 31, 2022, compared to the previous year. At the same time, the group's consolidated net revenue in the first half of 2023 reached $662 mln, 63.2% lower than in 2022. Revenue decreased by 12.5% to $7.29 bln, while adjusted EBITDA decreased by 56% to $1.05 bln.

En+ Group CEO Vladimir Kiryukhin stated that the difficult economic situation in international markets along with the effects of extraordinary challenges that arose in 2022, produced challenging conditions for the company in the first half of 2023.

En+ is a vertically integrated aluminum and electricity manufacturer, combining 19.4 GW of electricity generation capacity with 4.2 mln metric tons of aluminum production capability (through a controlling share in Rusal).