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PJSC RusHydro: RusHydro Group announces 9M 2021 IFRS results

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PJSC RusHydro (HYDR)
25-Nov-2021 / 12:05 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

RusHydro Group announces 9M 2021 IFRS results

November 25, 2021. Moscow, Russia. RusHydro Group (hereinafter referred to as the "Group", ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces its condensed consolidated interim unaudited financial information prepared in accordance with International Financial Reporting Standards (IFRS) for the 3rd quarter and 9 months of 2021. Strong 3Q results following effective utilization of hydropower resources aided by favorable pricing environment.

Key highlights for 9M 2021:

 

Key highlights for 3Q 2021:

 

3Q and 9M 2021/2020 highlights (in RUB mn)

 

3Q/21

3Q/20

chg.

9M/21

9M/20

chg.

Revenue

102,104

93,176

9.6%

333,832

311,233

7.3%

Operating expenses

84,319

77,782

8.4%

265,441

242,395

9.5%

Other operating profit

2,231

50

4362.0%

2,765

911

203.5%

Operating profit***

20,016

15,444

29.6%

71,156

69,749

2.0%

EBITDA****

25,638

22,896

12.0%

92,001

90,548

1.6%

Net profit

12,153

13,646

-10.9%

52,443

60,471

-13.3%

 

Operating results

In 9M 2021, electricity generation by RusHydro Group amounted to 96,421 GWh (-3.4%), including Boguchanskaya hydropower plant***** - 108,942 GWh (-3.5%).

Main factor affecting production was normalization of water inflows to main reservoirs of the hydropower plants of the Volga-Kama cascade, with simultaneous increase of inflows to the reservoirs in Siberia, Far East and Northern Caucasus above the normal level.

Detailed review of operational results is available at the Company's official website at:

http://www.eng.rushydro.ru/investors/IR_news/114225.html

Key events since January 2021

Revenue

Revenue breakdown in 3Q and 9M 2021/2020 (in RUB mn)

 

3Q/21

3Q/20

chg.

9M/21

9M/20

chg.

Electricity sales

70,048

65,241

7.4%

218,696

207,123

5.6%

Incl. grants as per Resolution of the Russian Gov't No. 895******

6,821

7,555

-9.7%

22,584

21,696

4.1%

Capacity sales

16,177

15,188

6.5%

49,137

43,168

13.8%

Heat and hot water sales

3,507

3,094

13.3%

30,582

27,829

9.9%

Other sales

6,646

6,933

-4.1%

18,612

20,343

-8.5%

Other government grants

5,726

2,720

110.5%

16,805

12,770

31.6%

Total revenue

102,104

93,176

9.6%

333,832

311,233

7.3%

In 9M 2021, total revenue of the Group increased by 7.3% to RUB 333,832 mn as compared to 9M 2020. The change is associated with the following key factors:

Operating expenses

 

Operating expenses breakdown in 3Q and 9M 2021/2020 (in RUB mn)

 

3Q/21

3Q/20

chg.

9M/21

9M/20

chg.

Employee benefit expenses

19,333

18,293

5.7%

59,445

57,898

2.7%

Fuel expenses

11,927

11,269

5.8%

50,952

48,372

5,3%

Purchased electricity and capacity

15,718

13,615

15.4%

49,205

37,815

30,1%

Third parties expenses and other

11,829

10,512

12.5%

30,584

28,167

8,6%

Grid company services

9,131

8,553

6.8%

29,083

27,044

7,5%

Depreciation

7,947

7,316

8.6%

23,459

21,235

10,5%

Taxes other than on income

3,420

3,105

10.1%

10,304

9,672

6,5%

Other materials

3,571

3,856

-7.4%

8,264

8,295

-0,4%

Water usage expenses

1,443

1,263

14.3%

4,145

3,897

6,4%

TOTAL

84,319

77,782

8.4%

265,441

242,395

9,5%

 

Total operating expenses in 9M 2021 as compared to the same period last year increased by 9.5% to RUB 265,441 mn due to the following factors:

Profit

 

In 9M 2021, the Group's net profit decreased by 13.3% to RUB 52,443 mn following absence of significant revaluations of the forward contract on the company's shares which was accounted for in 9M 2020.

In the same period, EBITDA increased by 1.6% to RUB 92,001 mn.

Key indicators of financial position

As of September 30, 2021, the Group's assets increased by RUB 21,931 mn or 2.3% to RUB 963,966 mn against December 31, 2020 mainly following increase in property, plant & equipment (implementation of the Group's investment program).

As at the end of the reporting period, the Group's liabilities decreased by RUB 8,052 mn or 2.4% to RUB 325,043 mn as compared to December 31, 2020 mainly due to decrease of non-current debt.

Events after the reporting date

 

The full financial statements are available on the Company's website at: http://www.eng.rushydro.ru/investors/reports

 

* Includes employee benefit expenses, fuel expenses, third parties expenses, other materials and other costs.

** Total net debt at the end of reporting period is calculated as the difference between financial debt and cash & cash equivalents (including bank deposits maturing in one year). Financial debt includes current debt, non-current debt (excluding interest payable), non-deliverable forward contract.

*** Operating profit is calculated as the difference between revenue, other operating income and operating expenses.

**** EBITDA is calculated as operating profit/loss excluding depreciation of property, plant and equipment, amortization of intangible assets, impairment of property, plant and equipment, impairment of financial assets, profit / loss on disposal of property, plant and equipment and other non-cash items of operating income and expenses.

*****The Boguchanskaya hydropower plant is part of the Boguchanskiy Energy and Metals Complex (BEMO), a joint venture (JV) between RusHydro and UC RUSAL, and is not part of RusHydro Group. According to RusHydro's shareholding in the JV (50%), the results of the plant are reported in the official financial statements in "Share of results of associates and jointly controlled entities". Operations of the HPP have been put into the press-release for general reference.

****** In July 2017, the Resolution of the Russian Government No. 895 "On reaching basic rates (tariffs) for electric power (capacity) in the territories of the Far East Federal region (the "Far East")" became effective, under which rates for consumers in the territories of the Far East should be reduced starting from 1 January 2017 to the basic level  of RUB 4.00 / kWh, from 1 January 2018 to RUB 4.30 / kWh, from 1 January 2019 to RUB 4.69 / kWh, from 1 January 2020 to RUB 5 / kWh. According to the Resolution of the Russian Government No. 1614-r of 28 July 2017, PJSC RusHydro was appointed as the recipient of a premium to the price for capacity provided by the Company in the price zones of the wholesale market under CCS agreements. The premium to the price for capacity is set in order to achieve the basic level of rates (tariffs) for electricity (capacity) planned for the next regulation period in the Far East constituent regions. Within the amounts defined by Resolution No. 1615-r of the Russian Government dated 28 July 2017, the Company translates the collected amounts of margin in the form of free-of-charge targeted contributions to the budgets of the respective regions. The Group companies being guaranteeing suppliers will receive compensation for the shortage of income related to the reduction of rates, through subsidies from the Far East constituent regions.

 

 

About RusHydro

RusHydro Group is the leading producer of renewable energy in Russia with over 400 generating facilities. It is Russia's largest generating company and is the third hydropower company in the world. The Group's total electricity generation capacity including Boguchanskaya HPP is 38.0 GW

 

For more information:

Investor Relations Department

Tel. +7 (495) 122 0555 ext. 1304

ir@rushydro.ru

 

The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "plan", "aim", "target", "forecast", "project", "should", "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.

We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.

 


ISIN:

US7821834048, RU000A0JPKH7

Category Code:

MSCH

TIDM:

HYDR

LEI Code:

2534005TJN9DX4YWVT97

OAM Categories:

2.2. Inside information

Sequence No.:

127643

EQS News ID:

1251937


 

End of Announcement

EQS News Service

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