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FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO

(HYDR)
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PJSC RusHydro: RusHydro Group announces its operating results for the 1Q 2021

04/20/2021 | 08:19am EDT
PJSC RusHydro (HYDR) 
PJSC RusHydro: RusHydro Group announces its operating results for the 1Q 2021 
20-Apr-2021 / 14:17 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 its operating results for the 1Q 2021 
April 20, 2021. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces operating 
results for the 1st quarter of 2021, of the parent company and subsidiaries of RusHydro Group reflected in consolidated 
financial statements. 
Key highlights: 
  ? Stable production results at the long-run average level.  Decrease of output year on year on the back of high base 
    effect of 2020 driven by extremely high water inflows to the main of reservoirs of the HPPs of the Volga-Kama 
    cascade (x1.5-6.4 the normal level); 
  ? 28,496 GWh - total electricity generation by RusHydro Group including Boguchanskaya hydropower plant in 1Q 2021 
    (-13.2%)*; 
  ? 19,950 GWh - electricity output from hydro and pumped storage plants in 1Q 2021 excl. Boguchanskaya HPP(-19.5%); 
  ? 8,436 GWh - electricity output from thermal power plants (+6.0%). 
  ? 12,980 thousand Gcal/h - heat output from thermal power plants in the Far Eastern Federal District (+7.1%). 
  ? 12,467 GWh - sales by Group's electricity retail companies in 1Q 2021 (+4.4% y-o-y). 
Electricity generation by the plants of RusHydro Group, GWh 
                                                   1Q'21  1Q'20  chg, % 1Q'19  chg, % 
Center of Russia                                   7,910  12,373 -36.1% 8,183  -3.3% 
South of Russia and North Caucasus                 1,185  1,269  -6.6%  1,169  1.4% 
Siberia                                            5,722  6,047  -5.4%  5,642  1.4% 
Total for the price zones                          14,817 19,688 -24.7% 14,994 -1.1% 
Far East                                           4,314  4,368  -1.2%  3,178  35.8% 
RAO ES East                                        9,366  8,787  6.6%   9,171  2.1% 
TOTAL                                              28,496 32,843 -13.2% 27,342 4.2% 
incl. by HPPs, PSPPs**                             19,950 24,768 -19.5% 19,100 4.5% 
incl. by TPPs and other                            8,436  7,958  5.1%   8,135  2.8% 
Incl. by alt. renewables (geothermal, solar, wind) 110    116    -5.6%  107    2.5% 
Boguchanskaya HPP***                               5,087  4,636  9.7%   3,741  36.0% 

The underlying factors of the production change in January-March 2021 were: ? water inflows to the reservoirs of the Volga-Kama cascade, Siberia and the Far East at the normal level or slightly

above, yet below last year's level; ? water inflows to the reservoir of Chirkeyskaya HPP at the normal level; ? increase of electricity consumption in the Far East by 6.1% ? increase of heat output in the Far East driven by weather conditions.

Center of Russia

Total water inflow to the reservoirs of the Volga-Kama cascade reached 24.4 km3 (normal level - 23.5 km3), in April water inflow is expected at 47-67 km3 (normal level - 65.9 km3).

South of Russia and North Caucasus

Water inflow to Chirkeyskaya HPP on the Sulak River was close to the normal level. In April 2020 according to Hydrometeorology Center of Russia total water inflow is expected at the normal level as well.

Siberia

Water inflows to Sayano-Shushenskoye reservoir in the first quarter of 2021 was 1.4x above the normal level. In April 2021, water inflows to Sayano-Shushenskoye and Novosibirskoye reservoirs are expected 30-85% above the normal level.

Far East

In 1Q 2021 water inflows to Zeyskoye reservoir was 2.7x the normal level, while inflows to Kolymskoe reservoir were 30% above the normal level. In April, water inflows to Kolymskoye reservoir are expected at the normal level, to Zeyskoye reservoir - above the normal level.

Total electricity generated by RAO ES East subgroup in the first quarter of 2021 amounted to 9,366 GWh, an increase of 6.6% as compared to the first quarter last year.

The main driver behind the production increase was growth of electricity consumption in the region by 6.1% to 8,235 GWh.

Heat output by thermal plants of RAO ES East Subgroup in the first quarter of 2021 increased by 7.1% to 12,980 GCal as compared to the corresponding period of 2020 due to lower air temperatures in the regions of presence of JSC DGK, PJSC Yakutskenergo and JSC Chukotenergo.

Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal

                                    1Q'21  1Q'20  Chg. 
JSC DGK incl.                       8,893  8,219  8.2% 
   Primorye power system            1,840  1,676  9.8% 
   Khabarovsk power system          5,068  4,799  5.6% 
   Amur power system                1,101  981    12.2% 
   South Yakutsk power district     885    763    15.9% 
JSC RAO ES East (CHPP Vostochnaya)  366    353    3.5% 
PJSC Yakutskenergo                  1,166  1,068  9.1% 
UES of East                         10,424 9,641  8.1% 
Yakutsk power system incl.          606    515    17.6% 
   JSC Sakhaenergo                  28     29     -3.9% 
   JSC Teploenergoservice           578    487    18.9% 
Kamchatka power system incl.        751    761    -1.3% 
   PJSC Kamchatskenergo             719    731    -1.6% 
   JSC KSEN                         32     30     4.6% 
Magadan power system                493    474    4.0% 
Chukotka AO power system            148    160    -7.7% 
Sakhalin power system               558    570    -2.1% 
Isolated power systems              2,556  2,481  3.0% 
TOTAL                               12,980 12,246 7.1% 

Electricity retail

Total electricity output by RusHydro Group's energy retail companies in 1Q 2021 increased by 4.2% to 15,044 GWh as compared to 1Q 2020. The increase came on the back of climate factor as the average temperature in the first quarter of 2021 was below that of the first quarter of 2020.

Total electricity output by RusHydro's companies located in the isolated energy systems in the Far East Federal District amounted to 2,577 GWh in 1Q 2021, an increase of 3.4% as compared to the same period last year.

Electricity output by RusHydro Group's retail companies, GWh

                                         1Q'21  1Q'20  chg, % 
PJSC Krasnoyarskenergosbyt               3,552  3,342  6.3% 
JSC Chuvash retail company               981    911    7.7% 
PJSC Ryazan retail company               683    648    5.4% 
JSC ESC RusHydro                         362    471    -23.2% 
PJSC DEK                                 6,888  6,575  4.8% 
Total                                    12,467 11,947 4.4% 
Isolated energy systems (for reference)  2,577  2,491  3.4% 
Total by Group                           15,044 14,438 4.2% 

Water inflows forecast

According to the forecast of the Hydrometeorology Center of Russia, the following dynamics of water inflows to the major reservoirs is expected in the 2nd quarter of 2021: ? Total water inflows to reservoirs of the hydropower plants Siberia, Chirkeyskoye reservoir and Volga-Kama cascade

are expected at the normal level; ? In the Far East, inflows to Zeyskoye reservoir are expected to be at the long-run average, to Kolymskoye reservoir

- below the normal level.

*Hereinafter data is reported excluding Armenia and Primorskaya GRES. On 11.03.2020 RusHydro has finalized divestment of its assets in Armenia to PJSC Hrazdan Power Company (HrazTES, Tashir Group). Primorksaya GRES was sold to SUEK Group in June 2020.

**Includes generation by HPPs of PJSC RusHydro, Kolymskaya HPP and Viluiskie HPPs (RAO ES East Subgroup).

*** The Boguchanskaya hydropower plant is part of the Boguchanskiy Energy and Metals Complex (BEMO), a 50/50 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.

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. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "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 conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations. -----------------------------------------------------------------------------------------------------------------------

ISIN:           US7821834048, RU000A0JPKH7 
Category Code:  MSCM 
TIDM:           HYDR 
LEI Code:       2534005TJN9DX4YWVT97 

(MORE TO FOLLOW) Dow Jones Newswires

April 20, 2021 08:18 ET (12:18 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.62% 33823.45 Delayed Quote.12.07%
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO -0.39% 0.8473 End-of-day quote.8.32%
HPP HOLDINGS BERHAD 0.00% 0.595 End-of-day quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.19% 72.305 Delayed Quote.-2.16%
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Financials
Sales 2021 437 B 6 026 M 6 026 M
Net income 2021 59 672 M 824 M 824 M
Net Debt 2021 168 B 2 313 M 2 313 M
P/E ratio 2021 6,70x
Yield 2021 6,26%
Capitalization 369 B 5 102 M 5 092 M
EV / Sales 2021 1,23x
EV / Sales 2022 1,32x
Nbr of Employees 0
Free-Float 32,4%
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Viktor Viktorovich Khmarin Chairman-Management Board & General Director
Yuriy Petrovich Trutnev Chairman
Vadim Vladislavovich Nedotko Head-Economic Planning, Investments & Controlling
Vyacheslav Viktorovich Pivovarov Independent Director
Maxim Sergeevich Bystrov Independent Director
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