PJSC RusHydro (HYDR) 
PJSC RusHydro: RusHydro announces 2020 IFRS results 
02-March-2021 / 12:17 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. 
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RusHydro announces 2020 IFRS results 
March 2, 2021. Moscow, Russia. RusHydro Group (hereinafter referred to as the "Group", ticker symbol: MOEX, LSE: HYDR; 
OTCQX: RSHYY) announces its audited consolidated financial statements for the year ended December 31, 2020, prepared in 
accordance with International Financial Reporting Standards (IFRS). Historic financial results following record 
electricity output, commissioning of new capacities, increase in electricity consumption in the Far East and 
management's focus on operational efficiency. 
Key highlights for 2020: 
  ? RUB 429,593 mn - total revenue (+5.6% y-o-y); 
  ? RUB 120,268 mn - EBITDA (+23.3% y-o-y); 
  ? 28.0% - EBITDA margin (+4.0 p.p. as compared to 2019); 
  ? 2.1% decrease in manageable cash cost¹ growth as compared to 2019; 
  ? RUB 46,607 mn - net profit (as compared to RUB 643 mn in 2019); 
  ? 0.99x - net debt²/EBITDA. 
 
Key highlights for 4Q of 2020: 
  ? RUB 118,360 mn - total revenue (-0.5% y-o-y); 
  ? RUB 29,720 mn - EBITDA (+9.6% y-o-y); 
  ? 25.1% - EBITDA margin (+2.3 p.p. as compared to 4Q'19); 
  ? 4.3% decrease in manageable cash cost growth as compared to 4Q'19. 
 
4Q and 2020/2019 highlights (in RUB mn) 
                        4Q/20   4Q/19   chg.   2020    2019    chg. 
Revenue                 118,360 119,005 -0.5%  429,593 406,625 5.6% 
Operating expenses      97,595  99,954  -2.4%  339,990 336,575 1.0% 
Other operating profit  240     560     -57.1% 1 151   1 174   -2.0% 
Operating profit³       21,005  19,611  7.1%   90,754  71,224  27.4% 
EBITDA?                 29,720  27,115  9.6%   120,268 97,544  23.3% 
Net profit              -13,864 -34,514 -59.8% 46,607  643     x 70

Operating results

In 2020, electricity generation by RusHydro Group amounted to 130,987 GWh (+8.2%), including Boguchanskaya hydropower plant5 - 148,625 GWh (+8.4%).

Main factors affecting production growth were water inflows to main reservoirs of the hydropower plants above the normal level; increase of electricity consumption in the Far Eastern Federal District by 1.1% and commissioning of new capacities and modernization of existing facilities.

In 2020, installed capacity of RusHydo Group's coal-fired thermal power plants' decreased by 27% contributing to improvement of the Group's ESG profile.

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

http://www.eng.rushydro.ru/investors/IR_news/112677.html

Key events since January 2020 ? The Group has finalized divestment of its assets in Armenia and completed asset swap with SUEK Group's companies,

which included the exchange of a 100% interest of JSC LUR and a 100% interest in the share capital of LLC

Primorskaya GRES for a 41.98% interest in the Group's subsidiary PJSC DEK; ? Electricity production and capacity supply began at 346 MW Zaramagskaya HPP-1 in North Ossetia. The plant was built

under capacity supply agreement (DPM). Annual revenue contribution of RUB 10 bn; ? Sovetskaya Gavan in Khabarovsk Krai with electric and heat capacity of 126 MW and 200 GCal/h, respectively and

average annual electricity output of 630 GWh has been commissioned; ? Verhnebalkarskaya, Ust-Dzhegutinskaya and Barsuchkovskaya small hydropower plants have been put into operation in

Kabardino-Balkarian Republic, Karachai Cherkessia Republic and Stavropol region respectively with combined

installed capacity of 20.85 MW under capacity supply agreement for renewables (DPM). Annual combined electricity

output stands at 109 GWh; ? First floating solar power plant has been put into operation in the reservoir of Nizhne-Bureyskaya HPP with

installed capacity of 54 kW; ? RusHydro Group commissioned 3.9 MW wind-diesel power plant in Tiksi arctic village in the Sakha (Yakutia) Republic.

Revenue

Revenue breakdown in 4Q and 2020/2019 (in RUB mn) 


                            4Q/20   4Q/19   chg.   2020    2019    chg. 
Electricity sales           71,212  72,404  -1.6%  278,335 266,713 4.4% 
Incl. Far East surcharge 6  5,281   5,531   -4.5%  26,977  23,794  13.4% 
Capacity sales              17,247  13,180  30.9%  60,415  48,177  25.4% 
Heat and hot water sales    13,413  13,532  -0.9%  41,242  40,645  1.5% 
Other sales                 9,487   14,773  -35.8% 29,830  34,901  -14.5% 
Other government grants     7,001   5,116   36.8%  19,771  16,189  22.1% 
Total revenue               118,360 119,005 -0.5%  429,593 406,625 5.6%

In 2020, total revenue of the Group increased by 5.6% to RUB 429,593 mn as compared to 2019. The change is associated with the following key factors: ? increase of RUB 12,238 mn on the back of sales volume growth under capacity supply agreements (DPM) following

commissioning of Zaramagskaya HPP-1, Verkhnebalkarskaya small HPP, Ust-Dzhegutinskaya small HPP and sales volume

growth and actual price increase at PJSC DEK; ? increase of RUB 5,597 mn following increase of electricity output on the back of higher water inflows to the

majority of HPPs' reservoirs; ? increase of RUB 3,982 mn in Supply companies segment following mainly at PJSC DEK on the back of increase in

output; ? increase of RUB 2,275 mn on the back of tariff, electricity sales volume growth and subsidies at Far East energy

companies segment5; ? increase of RUB 597 mn from heat and hot water sales following tariff and production volume growth.

Operating expenses

Operating expenses in 4Q and 2020/2019 (in RUB mn) 


                                   4Q/20  4Q/19  chg.   2020    2019    chg. 
Employee benefit expenses          22,284 22,993 -3.1%  80,182  80,376  -0.2% 
Third parties expenses and other 7 21,386 28,202 -24.2% 76,597  85,044  -9.9% 
Fuel expenses                      19,474 21,528 -9.5%  67,846  71,433  -5.0% 
Purchased electricity and capacity 18,221 12,353 47.5%  56,036  46,310  21.0% 
Depreciation                       7,667  6,792  12.9%  28,902  25,686  12.5% 
Taxes other than on income         3,580  3,446  3.9%   13,252  12,133  9.2% 
Other materials                    3,767  3,472  8.5%   12,062  11,260  7.1% 
Water usage expenses               1,216  1,168  4.1%   5,113   4,333   18.0% 
TOTAL                              97,595 99,954 -2.4%  339,990 336,575 1.0%

Total operating expenses in 2020 as compared to the same period last year increased by 1.0% to RUB 339,990 mn due to the following factors: ? increase in purchased electricity and capacity by RUB 9,726 mainly in Retail segment in PJSC DEK following increase

of purchased electricity; ? increase in depreciation expense by RUB 3,216 mn and increase in taxes other than on income by RUB 1,119 mn

following commissioning of new facilities as well as modernization at PJSC RusHydro's facilities; ? decrease in fuel expenses mainly in JSC DGK by 3,587 mn following decrease of electricity output and disposal of

Primorskaya GRES; ? decrease in third parties expenses and other is primarily driven by absence of technical connection to grid

expenses in 2020 (in 2019 - RUB 7,010 mn).

Profit

In 2020, the Group's net profit increased 70-fold to RUB 46,607 mn.

In the same period, EBITDA increased by 23.3% to an all-time high level of RUB 120,268 mn.

Key indicators of financial position

As of December 31, 2020, the Group's assets increased by RUB 16,916 mn or 1.8% to RUB 942,035 mn against December 31, 2019 following increase in property, plant & equipment (implementation of the Group's investment program) and working capital.

As at the end of the reporting period, the Group's liabilities decreased by RUB 22,149 mn or 6.2% to RUB 333,095 mn as compared to December 31, 2019 following decrease in accounts payable and value of non-deliverable forward contract.

Events after the reporting date ? The Board of Directors appointed Victor Khmarin as Chairman of the Management Board, General Director of the

Company; ? PJSC RusHydro and PJSC Polyus have signed a bilateral power purchase agreement for clean electricity produced by

Sayano-Shushenskaya HPP.

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

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

2 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 and cross-currency and interest rate swap.

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

4 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.

5 Excluding JSC MEK and Primorskaya GRES. 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

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