MOSCOW, March 21. /TASS/. Net profit of the power segment of En+ under International Financial Reporting Standards (IFRS) fell by 7.6% in 2023 to $355 mln, the company reported.
Adjusted EBITDA of the group’s power segment rose by 3% to $1.29 bln, while EBITDA margin increased by 3.7 percentage points to 36%.
Capital expenditures went down by 16.9% in the reporting period to $394 mln due to depreciation of the ruble against dollar. Revenue of the company’s power segment decreased by 7.7% last year to $3.59 bln. Net debt dropped by 23.9% to $2.94 bln.
Meanwhile, consolidated net profit of the group overall amounted to $716 mln in 2023, which is 61.2% lower than in 2022. Revenue fell by 11.5% compared with the previous year to $14.65 bln, while adjusted EBITDA lost 30.8% to $2.16 bln.
Despite the overall decline in the group's financial indicators, driven by a combination of external economic factors, the company maintains operational stability and continues to adjust to changes, Chief Executive Officer of En+ Mikhail Khardikov said.
"Against the backdrop of a challenging economic environment, persistent appreciation of the US dollar, and declining global aluminium prices, the company remains focused on reducing external debt, optimizing internal processes, and modernizing production facilities. We are effectively expanding our domestic market and seeking new partners, addressing equipment import substitution tasks, and restructuring supply logistics. I am confident that in the long term, these efforts will lay a solid foundation for growth," he was quoted as saying.
En+ is a vertically integrated producer of aluminum and electricity. It combines power plants with a capacity of 19.5 GW and aluminum production with a capacity of 4.2 mln metric tons per year (through a controlling stake in Rusal).