Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO

(HYDR)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

PJSC RusHydro: RusHydro announces first quarter 2021 RAS results

04/28/2021 | 08:26am EDT

PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro announces first quarter 2021 RAS results

28-Apr-2021 / 14:25 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 first quarter 2021 RAS results

April 28, 2021. Moscow, Russia. PJSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces non-consolidated financial results under Russian accounting standards (RAS) for the first quarter ended March 31, 2021.

Key highlights:

  • EBITDA - RUB 23,665 mn (-3%);
  • Reported net profit - RUB 13,498 mn (-6%);
  • 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*. In 1Q21, the surcharge totaled RUB 10,380 mn, in the 1Q20 - RUB 10,264 mn; Adjusted for the surcharge revenue and expenses (here and below in the text) were:
  • Revenue - RUB 35,981 mn (+4%);
  • Operating expenses - RUB 15,690 mn (+18%).

Despite the insignificant decrease in net profit and EBITDA as compared to record-high results of the prior year, 1Q EBITDA was 17% above the last five-year average, while net profit came in at the average of the last five years.

First quarter financial results only further supported sustainability of the company's business model - decrease in output  was compensated by sport market price increase aided by growth of DPM payments.

 

Key financials for 1Q 2021 under RAS (in RUB mn), excluding surcharge

 

1Q'21

1Q'20

chg

Revenue (adj. for surcharge)

35,981

34,653

+4%

Operating expenses (adj. for surcharge)

(15,690)

(13,275)

+18%

Administrative expenses

(1,466)

(1,409)

+4%

Sales profit

18,825

19,969

-6%

EBITDA**

23,665

24,358

-3%

Net profit

13,498

14,315

-6%

 

Revenue

In the first quarter of 2021, revenue increased by 4% or RUB 1,328 mn to RUB 35,981 mn as compared to the corresponding period last year on the back capacity sales from capacity supply (DPM) agreements aided by electricity and heat sales from Vladivostokskaya CHPP-2 from 01.01.2021.

Revenue breakdown (RUB mn)

 

1Q'21

1Q'20

chg

Electricity sales

18,638

21,338

-13%

Capacity sales

16,529

13,189

+25%

Heat sales

755

57

+1,225%

Other sales

59

69

-14%

TOTAL

35,981

34,653

+4%

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 quarter of 2021 increased by 18% to RUB 15,690 mn.

The main changes were observed in the following items:

  • Repairs and maintenance of Vladivostokskaya CHPP-2 since January 2021 (increase of RUB 1,849 mn, including fuel cost of RUB 1,584 mn) with simultaneous increase in electricity and heat sales;
  • Depreciation (increase of RUB 452 mn) due to increase of property plant and equipment on Vladivostokskaya CHPP-2 and Zaramagskaya HPP-1 following purchase of facilities' property in 2020 with simultaneous decrease in rent of Zarmagskaya HPP-1 of RUB 432 mn;
  • Purchased electricity and capacity (increase of RUB 313 mn) due to sport market prices growth.

Operating expenses breakdown (in RUB mn)

 

1Q'21

1Q'20

chg

Depreciation

4,748

4,296

+11%

Purchased electricity and capacity

2,401

2,088

+15%

Repairs and maintenance

2,326

477

+388%

Property tax

1,810

1,576

+15%

Labor expenses, taxes and contributions

1,249

1,278

-2%

Power system services

892

805

+11%

Water tax

553

604

-8%

Other third-party services

473

456

+4%

Security expenses

439

463

-5%

Insurance expenses

345

336

+3%

Rent

163

595

-73%

Other

291

301

-3%

TOTAL

15,690

13 275

+18%

 

Profit

Sales profit for the first quarter of 2021 decreased by 6% as compared to the same period last year and amounted to RUB 18,825 mn.

EBITDA in the first quarter of 2021 decreased by 3% to RUB 23,665 from RUB 24,358 in 1Q'20.

Net profit in the reporting period decreased by 6% to RUB 13,498 mn.

 

RusHydro's financial position as of March 31, 2021 

The Company's total assets decreased by RUB 816 mn as of March 31, 2021, against the similar figure as of December 31, 2020, and amounted to RUB 1,107,184 mn. At the same time, the Company's equity increased by 2% to RUB 898,743 mn against RUB 885,312 mn as of the beginning of the reporting year.

As of March 31, 2021, total liabilities decreased by 6% or RUB 14,247 mn as compared to the similar figure as of December 31, 2020 and amounted to RUB 208,441 mn.

The Company's debt portfolio decreased by 15% as compared to the beginning of the reporting year and totaled RUB 119,422 mn. Long-term loans comprise 67% of the total portfolio.

 

* 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 2021 to the basic level  of RUB 5.49 / kWh. According to the Resolution of the Russian Government No. 1614-r and No. 1615-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. 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's 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.

** EBITDA calculated as gross profit before depreciation.

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

RusHydro Group will announce consolidated 1Q'21 IFRS results on May 27, 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.

 

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
OAM Categories: 2.2. Inside information
Sequence No.: 101831
EQS News ID: 1189993

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1189993&application_name=news&site_id=zonebourse_sftp

© EQS 2021
All news about FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO
05/28PJSC RUSHYDRO : Results of the Board of Directors -3-
DJ
05/28PJSC RUSHYDRO  : Results of the Board of Directors -2-
DJ
05/28PJSC RUSHYDRO : Results of the Board of Directors Meeting on May 27, 2021
EQ
05/28PJSC RUSHYDRO : Results of the Board of Directors Meeting on May 27, 2021
DJ
05/27PJSC RUSHYDRO : RusHydro announces 1Q 2021 IFRS -2-
DJ
05/27PJSC RUSHYDRO : RusHydro announces 1Q 2021 IFRS results
EQ
05/27PJSC RUSHYDRO : RusHydro announces 1Q 2021 IFRS results
DJ
05/27PJSC RUSHYDRO : Updated Agenda of the Board of Directors meeting on May 27, 2021
EQ
05/26PJSC RUSHYDRO : Change of conference ID for RusHydro's IFRS results and manageme..
EQ
05/26PJSC RUSHYDRO : Postponement of RusHydro's IFRS results and management conferenc..
EQ
More news
Financials
Sales 2021 437 B 6 064 M 6 064 M
Net income 2021 59 672 M 829 M 829 M
Net Debt 2021 162 B 2 251 M 2 251 M
P/E ratio 2021 6,21x
Yield 2021 6,33%
Capitalization 365 B 5 061 M 5 066 M
EV / Sales 2021 1,21x
EV / Sales 2022 1,33x
Nbr of Employees 0
Free-Float 32,4%
Chart FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO
Duration : Period :
Federal Hydro-Generating Company - RusHydro Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 0,97 RUB
Last Close Price 0,84 RUB
Spread / Highest target 25,4%
Spread / Average Target 15,4%
Spread / Lowest Target 3,87%
EPS Revisions
Managers and Directors
NameTitle
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
Sector and Competitors