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

(HYDR)
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RusHydro announces 1H 2021 RAS results

07/28/2021 | 09:23am EDT
PJSC RusHydro (HYDR) 
RusHydro announces 1H 2021 RAS results 
28-Jul-2021 / 15:22 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 1H 2021 RAS results 
July 28, 2021. Moscow, Russia. PJSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces non-consolidated financial 
results under Russian accounting standards (RAS) for the six months ended June 30, 2021. 
Key highlights: 
  ? EBITDA - RUB 49,811 mn (+1%); 
  ? Reported net profit - RUB 29,662 mn (-0.7%); 
  ? 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[1]. In 
    1H21, the surcharge totaled RUB 20,759 mn, in the 1H20 - RUB 20,529 mn; Adjusted for the surcharge revenue and 
    expenses (here and below in the text) were: 
  ? Revenue - RUB 75,141 mn (+7%); 
  ? Operating expenses - RUB 31,705 mn (+19%). 
EBITDA reset the historic result of the corresponding period last year following spot market price growth, increase of 
DPM payments and improvement of operational efficiency while net income stood at last year's record-high. 
 
Key financials for 2Q and 1H 2021 under RAS (in RUB mn), excluding surcharge 
                                        1H'21    1H'20    chg   2Q'21    2Q'20    chg 
Revenue (adj. for surcharge)            75,141   70,509   +7%   39,160   35,856   +9% 
Operating expenses (adj. for surcharge) (31,705) (26,715) +19%  (16,015) (13,440) +19% 
Administrative expenses                 (3,353)  (3,033)  +11%  (1,887)  (1,624)  +16% 
Sales profit                            40,083   40,761   -2%   21,258   20,792   +2% 
EBITDA[2]                               49,811   49,537   1%    26,146   25,179   +4% 
Net profit                              29,662   29,870   -0.7% 16,164   15,555   +4% 

Revenue

In the first half of 2021, revenue increased by 7% or RUB 4,632 mn as compared to the corresponding period last year on the back capacity sales from facilities commissioned in 2020 aided by electricity and heat sales from Vladivostokskaya CHPP-2 from 01.01.2021.

Revenue breakdown (RUB mn)

                   1H'21  1H'20  chg     2Q'21  2Q'20  chg 
Electricity sales  43,932 44,559 -1%     25,294 23,221 +9% 
Capacity sales     29,951 25,716 +16%    13,422 12,527 +7% 
Heat sales         1,110  80     +1,288% 355    23     +1,443% 
Other sales        148    154    -4%     89     85     +5% 
TOTAL              75,141 70,509 +7%     39,160 35,856 +9% 

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 half of 2021 increased by 19% as compared to the corresponding period of last year to RUB 31,705 mn.

The main changes were observed in the following items: ? Purchase of Vladivostokskaya CHPP-2 (increase of RUB 3, 541 mn, including depreciation of RUB 159 mn, property tax

of RUB 38 mn, maintenance of RUB 695 mn and fuel cost of RUB 2,627 mn) with simultaneous increase in electricity

and heat sales; ? Depreciation (increase of RUB 671 mn) following purchase of Zaramagskaya HPP-1 with simultaneous decrease in rent

of RUB 968 mn; ? Purchased electricity and capacity (increase of RUB 795 mn) following sport market prices growth.

Operating expenses breakdown (in RUB mn)

                                        1H'21  1H'20  chg   2Q'21  2Q'20  chg 
Depreciation                            9,537  8,588  +11%  4,789  4,292  +12% 
Repairs and maintenance                 4,645  1,137  +309% 2,319  660    +251% 
(incl. fuel cost)                       2,627  -      -     1,043  -      - 
Purchased electricity and capacity      4,393  3,598  +22%  1,992  1,510  +32% 
Property tax                            3,623  3,154  +15%  1,813  1,578  +15% 
Labor expenses, taxes and contributions 2,691  2,764  -3%   1,442  1,486  -3% 
Power system services                   1,800  1,621  +11%  908    816    +11% 
Water tax                               1,430  1,360  +5%   877    756    +16% 
Other third-party services              947    906    +5%   474    450    +5% 
Security expenses                       878    904    -3%   439    441    -0.5% 
Insurance expenses                      707    670    +6%   362    334    +8% 
Rent                                    379    1,347  -72%  216    752    -71% 
Other                                   675    666    +1%   384    365    +5% 
TOTAL                                   31,705 26,715 +19%  16,015 13,440 +19% 

Profit

Sales profit for the first half of 2021 decreased by 2% as compared to the same period last year and amounted to RUB 40,083 mn.

EBITDA increased by 1% to RUB 49,537 from RUB 49,811 in 1H'20.

Net profit in the reporting period came in at RUB 29,662 mn, an insignificant decrease (by less than 1%) as compared to the first half of 2020.

RusHydro's financial position as of June 30, 2021

The Company's total assets increased by RUB 12,474 mn as of June 30, 2021, against the similar figure as of December 31, 2020, and amounted to RUB 1,120,474 mn. At the same time, the Company's equity increased by 1% to RUB 891,604 mn against RUB 885,312 mn as of the beginning of the reporting year.

As of June 30, 2021, total liabilities increased by 3% or RUB 6,182 mn as compared to the similar figure as of December 31, 2020 and amounted to RUB 228,870 mn for the most part following the decision on dividend distribution (RUB 23 bn) at the shareholders' meeting.

The Company's debt portfolio decreased by 15% as compared to the beginning of the reporting year and totaled RUB 118,568 mn. Long-term loans comprise 68% of the total portfolio.

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

RusHydro Group will announce consolidated 2Q and 1H'21 IFRS results on August 26, 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. -----------------------------------------------------------------------------------------------------------------------

[1] 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..

[2] EBITDA calculated as gross profit before depreciation. -----------------------------------------------------------------------------------------------------------------------

ISIN:           US7821834048, RU000A0JPKH7 
Category Code:  MSCM 
TIDM:           HYDR 
LEI Code:       2534005TJN9DX4YWVT97 
OAM Categories: 2.2. Inside information 
Sequence No.:   118679 
EQS News ID:    1222348 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1222348&application_name=news 
 

(END) Dow Jones Newswires

July 28, 2021 09:22 ET (13:22 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.13.59%
HPP HOLDINGS BERHAD 1.01% 0.5 End-of-day quote.0.00%
PUBLIC JOINT-STOCK COMPANY FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO 0.06% 0.8111 End-of-day quote.3.69%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.17% 72.6491 Delayed Quote.-1.08%
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Sales 2021 442 B 6 077 M 6 077 M
Net income 2021 61 271 M 842 M 842 M
Net Debt 2021 142 B 1 949 M 1 949 M
P/E ratio 2021 5,88x
Yield 2021 6,53%
Capitalization 353 B 4 847 M 4 853 M
EV / Sales 2021 1,12x
EV / Sales 2022 1,24x
Nbr of Employees 5 168
Free-Float 28,1%
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Number of Analysts 8
Last Close Price 0,81 RUB
Average target price 0,99 RUB
Spread / Average Target 21,7%
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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