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PUBLIC JOINT-STOCK COMPANY FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO

(HYDR)
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PJSC RusHydro : RusHydro Group announces 1H 2021 IFRS results

08/26/2021 | 07:49am EDT

PJSC RusHydro (HYDR) PJSC RusHydro: RusHydro Group announces 1H 2021 IFRS results 26-Aug-2021 / 13:48 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 1H 2021 IFRS results

August 26, 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 2nd quarter and 1st half of 2021. The company demonstrated stable results following improvement of financial performance in the 2nd quarter of 2021 maintaining a strong EBITDA margin.

Key highlights for 1H 2021:

-- RUB 231,728 mn - total revenue (+6.3% y-o-y)

-- RUB 66,363 mn - EBITDA (-1.9 y-o-y)

-- 28.6% - EBITDA margin (+0.6 p.p. as compared to 2020)

-- 3.8% increase in manageable cash cost* growth y-o-y

-- RUB 40,290 mn - net profit (-14.0% y-o-y)

-- 0.79x - net debt**/EBITDA (0.99x in 2020)

Key highlights for 2Q 2021:

-- RUB 107,897 mn - total revenue (+7.5% y-o-y)

-- RUB 31,456 mn - EBITDA (+1.3% y-o-y)

-- 29.2% - EBITDA margin (+1.2 p.p. as compared to 2020)

-- 4.6% increase in manageable cash cost growth y-o-y

-- RUB 19,861 mn - net profit (-5.0% y-o-y)

2Q and 1H 2021/2020 highlights (in RUB mn)

                        2Q/21   2Q/20   chg.   1H/21   1H/20   chg. 
Revenue                 107,897 100,373 7.5%   231,728 218,057 6.3% 
Operating expenses      84,367  76,311  10.6%  181,122 164,613 10.0% 
Other operating profit  123     558     -78.0% 534     861     -38.0% 
Operating profit***     23,653  24,620  -3.9%  51,140  54,305  -5.8% 
EBITDA****              31,456  31,039  1.3%   66,363  67,652  -1.9% 
Net profit              19,861  20,917  -5.0%  40,290  46,825  -14.0% 

Operating results

In 1H 2021, electricity generation by RusHydro Group amounted to 63,679 GWh (-7.6%), including Boguchanskaya hydropower plant***** - 73,147 GWh (-6.0%).

Main factor affecting production was return of water inflows to main reservoirs of the hydropower plants of the Volga-Kama cascade, Siberia and the Far East to the normal level or slightly above.

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

http://www.eng.rushydro.ru/investors/IR_news/113805.html

Key events since January 2021

-- The Board of Directors appointed Victor Khmarin as Chairman of the Management Board, General Director ofthe Company and elected the new Management Board;

-- PJSC RusHydro and PJSC Polyus have signed a bilateral power purchase agreement for clean electricityproduced by Sayano-Shushenskaya HPP;

-- Conversion of Anadyrskaya CHPP from coal to natural gas has been completed, significantly reducing theimpact on the environment and improving the company's ESG profile;

-- Analytical credit rating agency (ACRA) confirmed PJSC RusHydro's credit rating and the Company's bonds onnational scale at the highest level, AAA(RU) (outlook stable);

-- Annual General Shareholders Meeting elected PJSC RusHydro's new Board of Directors and approved 2020dividends of RUB 0.0530482 per share (dividend yield of 6.4%).

Revenue

Revenue breakdown in 2Q and 1H 2021/2020 (in RUB mn)

                                                                   2Q/21   2Q/20   chg.   1H/21   1H/20   chg. 
Electricity sales                                                  71,400  66,520  7.3%   148,648 142,205 4.5% 
Incl. grants as per Resolution of the Russian Gov't No. 895 ****** 7,608   7,232   5.2%   15,763  14,464  9.0% 
Capacity sales                                                     15,132  13,899  8.9%   32,960  27,980  17.8% 
Heat and hot water sales                                           8,682   7,725   12.4%  27,075  24,735  9.5% 
Other sales                                                        5,818   6,740   -13.7% 11,966  13,410  -10.8% 
Other government grants                                            6,865   5,489   25.1%  11,079  9,727   13.9% 
Total revenue                                                      107,897 100,373 7.5%   231,728 218,057 6.3% 

In 1H 2021, total revenue of the Group increased by 6.3% to RUB 231,728 mn as compared to 1H 2020. The change is associated with the following key factors:

-- increase of RUB 4,980 mn on the back of sales volume growth under capacity supply agreements (DPM)following commissioning of Zaramagskaya HPP-1, Verkhnebalkarskaya, Ust-Dzhegutinskaya and Barsuchkovskaya smallHPPs;

-- increase of RUB 5,574 mn in Supply companies segment following mainly at PJSC DEK and PJSCKrasnoyarskenerosbyt on the back of tariff growth and increase in output;

-- increase of RUB 3,729 mn mainly on the back electricity sales volume growth and subsidies at Far Eastenergy companies segment******;

-- decrease of RUB 2,842 mn on electricity sales in Hydropower segment following lower hydropowerelectricity output;

-- increase of RUB 2,340 mn from heat and hot water sales on the back of increase of heat output includingfollowing commissioning of CHPP in Sovetskaya Gavan in the end of 2020.

Operating expenses

Operating expenses breakdown in 2Q and 1H 2021/2020 (in RUB mn)

                                         2Q/21  2Q/20  chg.  1H/21   1H/20   chg. 
Employee benefit expenses                20,233 19,987 1.2%  40,112  39,605  1.3% 
Fuel expenses                            14,722 14,394 2.3%  39,025  37,103  5.2% 
Third parties expenses and other ******* 19,246 16,905 13.8% 38,707  36,146  7.1% 
Purchased electricity and capacity       14,678 10,793 36.0% 33,487  24,200  38.4% 
Depreciation                             7,802  6,892  13.2% 15,512  13,919  11.4% 
Taxes other than on income               3,440  3,287  4.7%  6,884   6,567   4.8% 
Other materials                          2,747  2,660  3.3%  4,693   4,439   5.7% 
Water usage expenses                     1,499  1,393  7.6%  2,702   2,634   2.6% 
TOTAL                                    84,367 76,311 10.6% 181,122 164,613 10.0% 

Total operating expenses in 1H 2021 as compared to the same period last year increased by 10.0% to RUB 181,122 mn due to the following factors:

-- increase in purchased electricity and capacity by RUB 9,287 mn mainly in Retail segment by PJSC DEKfollowing increase of purchased electricity compounded by change in supplier structure towards increase ofelectricity purchase from third parties following divestment of Primorskaya GRES;

-- increase in fuel expenses by RUB 1,922 mn mainly in JSC DGK following significant increase in thepurchase price of natural gas and coal and commissioning of CHPP in Sovetskaya Gavan;

-- increase in depreciation expense by RUB 1,593 mn following commissioning of new facilities as well asmodernization at PJSC RusHydro's facilities;

-- increase in grid company services on electricity distribution by RUB 1,461 mn mainly in Retail segmentfollowing volume and tariff increase.

Profit

In the first half of 2021, the Group's net profit decreased by 14.0% to RUB 40,290 mn following absence of significant revaluations of the forward contract on the company's shares which was accounted for in 1H 2020.

In the same period, EBITDA decreased by 1.9% to RUB 66,363 mn.

Key indicators of financial position

As of June 30, 2021, the Group's assets increased by RUB 18,922 mn or 2.0% to RUB 960,957 mn against December 31, 2020 following increase in accounts receivable and property, plant & equipment (implementation of the Group's investment program).

As at the end of the reporting period, the Group's liabilities increased by RUB 1,090 mn or 0.3% to RUB 334,185 mn as compared to December 31, 2020 mainly due to accrual of liabilities on dividend payments for 2020.

Events after the reporting date

-- RusHydro Group has entered into agreement with "Goal Number Seven", the Association of Energy MarketsParticipants that will certify RusHydro Group's generating facilities upon which issuance of green I-RECcertificates will take place. The certificates will acknowledge the origin of electricity that RusHydro Groupproduces from renewable energy sources.

-- The Board of Directors elected Deputy Chairman of the Government of the Russian Federation -Plenipotentiary Representative of the President in the Far Eastern Federal District Yury Trutnev as its Chairman.He has held the position of the Chairman of the Board of Directors since June 2015.

-- RusHydro Group has signed an agreement with Transenergoprom to divest 100% share in JSC ChuvashskayaElectricity Sales Company. Earlier RusHydro Group's Board of Directors approved the transaction and cancellation ofparticipation in JSC Chuvashskaya Electricity Sales Company.

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 profit 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.

(MORE TO FOLLOW) Dow Jones Newswires

August 26, 2021 07:48 ET (11:48 GMT)

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Financials
Sales 2021 417 B 5 856 M 5 856 M
Net income 2021 59 379 M 834 M 834 M
Net Debt 2021 172 B 2 411 M 2 411 M
P/E ratio 2021 6,28x
Yield 2021 7,72%
Capitalization 364 B 5 111 M 5 108 M
EV / Sales 2021 1,28x
EV / Sales 2022 1,26x
Nbr of Employees 5 168
Free-Float 28,1%
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Number of Analysts 8
Last Close Price 0,83 RUB
Average target price 0,98 RUB
Spread / Average Target 17,2%
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Managers and Directors
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