En+ Group Investment Presentation
Segment Highlights
Power segment
USD mn
Ent
GROUP
1H 2021 1H 2020 Change
Revenue
Adj. EBITDA¹
1,513
580
1,415
6.9%
542
7.0%
Adj. EBITDA margin
38.3%
38.3%
Net profit
216
Net profit margin
Capex
14.3%
139
148
10.5%
101
45.9%
3.8 pp
37.6%
Metals segment
USD mn
1H 2021
1H 2020
Change
Revenue
5,449
4,015
Adj. EBITDA¹
1,315
219
35.7%
500.5%
Adj. EBITDA margin
24.1%
5.5%
18.6 pp
Net profit
2,018
(124)
Net profit margin
Capex
37.0%
554
401
38.2%
Power segment revenues increased by 6.9% y-o-y mainly driven by increase in electricity
sales volumes and increase in capacity prices y-o-y. The increase was partially offset by
rouble depreciation (the average USD/RUB exchange rate went up 7.1%) and slight
decrease in electricity sales prices
• The Power segment's Adj. EBITDA increased 7.0% y-o-y. The improvement was mainly
driven by increase in sales volumes, while affected by rouble depreciation
Capex of the Power segment increased to USD 139 mn from USD 101 mn. The increase is
mainly attributable to the partial transfer of some works from previous year and CHP
modernisation programme, which entered the active phase this year
• The Metals segment's revenue increased by 35.7% y-o-y to USD 5,449 mn in 1H 2021 from
USD 4,015 mn in 1H 2020 driven by an increase in the LME aluminium price
.
Adj. EBITDA increased to USD 1,315 mn in 1H 2021, as compared to USD 219 mn in
1H 2020. The factors that contributed to the increase in Adj. EBITDA were the same that
influenced the operating results of the Company
Profit accounted for USD 2,018 mn compared to net loss of USD 124 mn in 1H 2020. The
increase was driven mainly by the same factors that influenced the increase in EBITDA, as
well as an increase in the share of profit obtained by the Group from its associates and joint
ventures
• The Metals segment continued its investment in key development projects as per its
strategic priority of preserving its competitive advantages of vertical integration into raw
materials and product mix enhancements. Among the core projects are the Taishet
aluminium smelter and the Taishet anode plant
(1) Adj. 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.
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