UPDATE: Enel Russia says delays dividends slated for 2021 to 2023

(updates paragraphs 3, 5–6)

MOSCOW, Feb 17 (PRIME) -- Power producer Enel Russia has postponed payment of dividends scheduled for 2021 to 2023 and expects that they will amount to 5.2 billion rubles, the company said in a presentation on Wednesday.

"In the conditions of a new normal, the company has offered to postpone payment of fixed dividends of 3 billion rubles scheduled for 2021 to 2023 on top of a bonus of 65% of the net profit from normal activities for 2022," the company said.

Enel Russia expects the net profit from normal activities in 2021 to amount to 3 billion rubles after 4.6 billion rubles in 2020. The net profit for 2022 is estimated at 3.3 billion rubles, for 2023 at 3.9 billion rubles.

The company preliminarily estimates its earnings before interest, taxes, depreciation and amortization (EBITDA) in 2020 at 9.9 billion rubles, in 2021 at 7.5 billion rubles, in 2022 at 10.6 billion rubles and in 2023 at 12.4 billion rubles.

The estimate for total capital expenditures from 2021 through 2023 amounts to 36.7 billion rubles, including 29.5 billion rubles to be spent on asset development and upgrade and 7.2 billion rubles on current asset management.

Enel Russia's shares fell by 3.1% as of 11.38 a.m., Moscow time, according to the Moscow Exchange.

(73.2895 rubles – U.S. $1)

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