28-Jul-2021 / 15:22 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 announces 1H 2021 RAS results
July 28, 2021. Moscow, Russia. PJSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces non-consolidated financial results under Russian accounting standards (RAS) for the six months ended June 30, 2021.
Key highlights:
EBITDA - RUB 49,811mn (+1%);
Reported net profit - RUB 29,662 mn (-0.7%);
Since July 1st 2017, a surcharge to capacity prices in 1st and 2nd price zones in order to attain base level of end-user tariffs in the Far East of Russia is reflected in PJSC RusHydro's revenue and operating expenses[1]. In 1H21, the surcharge totaled RUB 20,759 mn, in the 1H20 - RUB 20,529 mn; Adjusted for the surcharge revenue and expenses (here and below in the text) were:
Revenue - RUB 75,141 mn (+7%);
Operating expenses - RUB 31,705 mn (+19%).
EBITDA reset the historic result of the corresponding period last year following spot market price growth, increase of DPM payments and improvement of operational efficiency while net income stood at last year's record-high.
Key financials for 2Q and 1H 2021 under RAS (in RUB mn), excluding surcharge
In the first half of 2021, revenue increased by 7% or RUB 4,632 mn as compared to the corresponding period last year on the back capacity sales from facilities commissioned in 2020 aided by electricity and heat sales from Vladivostokskaya CHPP-2 from 01.01.2021.
Revenue breakdown (RUB mn)
1H'21
1H'20
chg
2Q'21
2Q'20
chg
Electricity sales
43,932
44,559
-1%
25,294
23,221
+9%
Capacity sales
29,951
25,716
+16%
13,422
12,527
+7%
Heat sales
1,110
80
+1,288%
355
23
+1,443%
Other sales
148
154
-4%
89
85
+5%
TOTAL
75,141
70,509
+7%
39,160
35,856
+9%
As of 01.01.2021, PJSC RusHydro carries out electricity and heat sales from Vladivostokskaya CHPP-2 following gaining the right for sales and tariff setting (intergroup asset structure).
Operating expenses
Operating expenses in the first half of 2021 increased by 19% as compared to the corresponding period of last year to RUB 31,705 mn.
The main changes were observed in the following items:
Purchase of Vladivostokskaya CHPP-2 (increase of RUB 3, 541 mn, including depreciation of RUB 159 mn, property tax of RUB 38 mn, maintenance of RUB 695 mn and fuel cost of RUB 2,627 mn) with simultaneous increase in electricity and heat sales;
Depreciation(increase of RUB 671 mn) following purchase of Zaramagskaya HPP-1 with simultaneous decrease in rent of RUB 968 mn;
Purchased electricity and capacity(increase of RUB 795 mn) following sport market prices growth.
Operating expenses breakdown (in RUB mn)
1H'21
1H'20
chg
2Q'21
2Q'20
chg
Depreciation
9,537
8,588
+11%
4,789
4,292
+12%
Repairs and maintenance
4,645
1,137
+309%
2,319
660
+251%
(incl. fuel cost)
2,627
-
-
1,043
-
-
Purchased electricity and capacity
4,393
3,598
+22%
1,992
1,510
+32%
Property tax
3,623
3,154
+15%
1,813
1,578
+15%
Labor expenses, taxes and contributions
2,691
2,764
-3%
1,442
1,486
-3%
Power system services
1,800
1,621
+11%
908
816
+11%
Water tax
1,430
1,360
+5%
877
756
+16%
Other third-party services
947
906
+5%
474
450
+5%
Security expenses
878
904
-3%
439
441
-0.5%
Insurance expenses
707
670
+6%
362
334
+8%
Rent
379
1,347
-72%
216
752
-71%
Other
675
666
+1%
384
365
+5%
TOTAL
31,705
26,715
+19%
16,015
13,440
+19%
Profit
Sales profit for the first half of 2021 decreased by 2% as compared to the same period last year and amounted to RUB 40,083 mn.
EBITDA increased by 1% to RUB 49,537 from RUB 49,811 in 1H'20.
Net profit in the reporting period came in at RUB 29,662 mn, an insignificant decrease (by less than 1%) as compared to the first half of 2020.
RusHydro's financial position as of June 30, 2021
The Company's total assets increased by RUB 12,474mn as of June 30, 2021, against the similar figure as of December 31, 2020, and amounted to RUB 1,120,474mn. At the same time, the Company's equity increased by 1% to RUB 891,604 mn against RUB 885,312 mn as of the beginning of the reporting year.
As of June 30, 2021, total liabilities increased by 3% or RUB 6,182 mn as compared to the similar figure as of December 31, 2020 and amounted to RUB 228,870 mn for the most part following the decision on dividend distribution (RUB 23 bn) at the shareholders' meeting.
The Company's debt portfolio decreased by 15% as compared to the beginning of the reporting year and totaled RUB 118,568 mn. Long-term loans comprise 68% of the total portfolio.
RusHydro Group will announce consolidated 2Q and 1H'21 IFRS results on August 26, 2021.
***
About RusHydro
RusHydro Group is the leading producer of renewable energy in Russia. It is Russia's largest generating company and is the third hydropower company in the world with over 400 generating facilities. The Group's total electricity generation capacity including Boguchanskaya HPP is 38.0 GW.
