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PJSC RusHydro (HYDR)
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)
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:
Key events since January 2021
Revenue breakdown in 3Q and 9M 2021/2020 (in RUB mn)
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 breakdown in 3Q and 9M 2021/2020 (in RUB mn)
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:
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.
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
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.
2.2. Inside information
EQS News ID:
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