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

(HYDR)
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PJSC RusHydro: RusHydro announces 1Q 2021 IFRS results

05/27/2021 | 07:28am EDT
PJSC RusHydro (HYDR) 
PJSC RusHydro: RusHydro announces 1Q 2021 IFRS results 
27-May-2021 / 13:27 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 1Q 2021 IFRS results 
May 27, 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 1st quarter of 2021. The company has managed to deliver 
solid financial results - net income for the first quarter of 2021 came in 2% above the average of the corresponding 
period for the last 5 years notwithstanding last year's record-high results. 
Key highlights for 1Q 2021: 
  ? RUB 123,831 mn - total revenue (+5.2% y-o-y) 
  ? RUB 34,907 mn - EBITDA (-4.7% y-o-y) 
  ? 28.2% - EBITDA margin (-2.9 p.p. y-o-y, +0.2 p.p. as compared to 2020) 
  ? 3.1% decrease in manageable cash cost[1] growth y-o-y 
  ? RUB 20,429 mn - net profit (-21.1% y-o-y) 
  ? 0.84x - net debt[2]/EBITDA (0.99x in 2020) 
 
1Q 2021/2020 highlights (in RUB mn) 
                        1Q/21   1Q/20   chg. 
Revenue                 123,831 117,684 5.2% 
Operating expenses      96,755  88,302  9.6% 
Other operating profit  411     303     35.6% 
Operating profit[3]     27,487  29,685  -7.4% 
EBITDA[4]               34,907  36,613  -4.7% 
Net profit              20,429  25,908  -21.1% 

Operating results

In 1Q 2021, electricity generation by RusHydro Group amounted to 28,496 GWh (-13.2%), including Boguchanskaya hydropower plant5 - 33,583 GWh (-10.4%).

Main factors affecting production were 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; increase of electricity consumption in the Far Eastern Federal District by 6.1% and increase of heat output in the Far East as a result of climate factor.

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

http://www.eng.rushydro.ru/investors/IR_news/113221.html

Key events since January 2021 ? The Board of Directors appointed Victor Khmarin as Chairman of the Management Board, General Director of the

Company ? The Board of Directors appointed Roman Berdnikov and Nikolay Karpukhin to the company's Management Board.

Simultaneously, the Board terminated the powers of Sergei Vasilyev, Andrey Kazachenkov and Bayrta Perveyeva and

reduced the composition of RusHydro's Management Board to 5 members ? PJSC RusHydro and PJSC Polyus have signed a bilateral power purchase agreement for clean electricity produced by

Sayano-Shushenskaya HPP

Revenue

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

                            1Q/21   1Q/20   chg. 
Electricity sales           77,248  76,008  1.6% 
Incl. Far East surcharge 6  8,155   7,555   7.9% 
Heat and hot water sales    18,393  17,010  8.1% 
Capacity sales              17,828  14,081  26.6% 
Other sales                 6,148   6,670   -7.8% 
Other government grants     4,214   3,915   7.6% 
Total revenue               123,831 117,684 5.2% 

In 1Q 2021, total revenue of the Group increased by 5.2% to RUB 123,831 mn as compared to 1Q 2020. The change is associated with the following key factors: ? increase of RUB 3,747 mn on the back of sales volume growth under capacity supply agreements (DPM) following

commissioning of Zaramagskaya HPP-1, Verkhnebalkarskaya, Ust-Dzhegutinskaya and Barsuchkovskaya small HPPs ? decrease of RUB 3,896 mn following lower hydropower electricity output ? increase of RUB 3,375 mn in Supply companies segment following mainly at PJSC DEK on the back of increase in output ? increase of RUB 1,778 mn on the back of tariff, electricity sales volume growth and subsidies at Far East energy

companies segment5 ? increase of RUB 1,383 mn from heat and hot water sales following tariff and production volume growth

Operating expenses

Operating expenses in 1Q 2021/2020 (in RUB mn)

                                    1Q/21  1Q/20  chg. 
Fuel expenses                       24,303 22,709 7.0% 
Employee benefit expenses           19,879 19,618 1.3% 
Third parties expenses and other 7  19,461 19,241 1.1% 
Purchased electricity and capacity  18,809 13,407 40.3% 
Depreciation                        7,710  7,027  9.7% 
Taxes other than on income          3,444  3,280  5.0% 
Other materials                     1,946  1,779  9.4% 
Water usage expenses                1,203  1,241  -3.1% 
TOTAL                               96,755 88,302 9.6% 

Total operating expenses in 1Q 2021 as compared to the same period last year increased by 9.6% to RUB 96,755 mn due to the following factors: ? increase in purchased electricity and capacity by RUB 5,402 mn mainly in Retail segment by PJSC DEK following

increase of purchased electricity ? increase in fuel expenses by RUB 1,594 mn mainly in JSC DGK following increase in the purchase price of natural gas

and coal and commissioning of CHPP in Sovetskaya Gavan ? increase in depreciation expense by RUB 683 mn following commissioning of new facilities as well as modernization

at PJSC RusHydro's facilities

Profit

In the first quarter of 2021, the Group's net profit decreased by 21.1% to RUB 20,429 mn following absence of significant revaluations of the forward contract on the company's shares, which was accounted for in 1Q 2020.

In the same period, EBITDA decreased by 4.7% to RUB 34,907 mn.

Key indicators of financial position

As of March 31, 2021, the Group's assets increased by RUB 3,563 mn or 0.4% to RUB 945,598 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 decreased by RUB 16,857 mn or 5.1% to RUB 316,238 mn as compared to December 31, 2020 following decrease in borrowings.

Events after the reporting date ? JSC Chukotnergo, a subsidiary of PJSC RusHydro has completed of conversion of Anadyrskaya CHPP from coal to natural

gas, significantly reducing the impact on the environment and improving the company's ESG profile

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

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. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "plan", "aim", "target", "forecast", "project", "should", "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 and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations. -----------------------------------------------------------------------------------------------------------------------

[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 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.

(MORE TO FOLLOW) Dow Jones Newswires

May 27, 2021 07:28 ET (11:28 GMT)

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DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
HPP HOLDINGS BERHAD -1.96% 0.5 End-of-day quote.0.00%
PUBLIC JOINT STOCK COMPANY POLYUS -0.56% 14012 End-of-day quote.-7.97%
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S&P GSCI NATURAL GAS INDEX -2.05% 183.2569 Delayed Quote.54.16%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.02% 73.138 Delayed Quote.-0.78%
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Financials
Sales 2021 414 B 5 664 M 5 664 M
Net income 2021 59 070 M 808 M 808 M
Net Debt 2021 164 B 2 243 M 2 243 M
P/E ratio 2021 6,10x
Yield 2021 7,52%
Capitalization 351 B 4 801 M 4 801 M
EV / Sales 2021 1,24x
EV / Sales 2022 1,23x
Nbr of Employees 5 168
Free-Float 28,1%
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Number of Analysts 8
Last Close Price 0,81 RUB
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Spread / Average Target 22,0%
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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