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    UPRO   RU000A0JNGA5

PUBLIC JOINT-STOCK COMPANY UNIPRO

(UPRO)
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(03.11.21)  Unipro Group 9M 2021 results

11/03/2021 | 04:12am EST

Unipro PJSC 2021 9M results

03 November 2021

Strong financial performance based on improving operating factors

EBITDA1,2

RUB bn

22.0

19.2

9M 2020

9M 2021

Underlying net income1,2

RUB bn

13.1

10.8

9M 2020

9M 2021

EBIT1,2

16.1

13.3

9M 2020

9M 2021

CAPEX3

7.9

6.8

9M 2020

9M 2021

Highlights

Electricity: positive market factors in the first pricing zone ensured an increase in the gross margin

  • main growth factors: dynamic recovery of energy consumption due to increased production, OPEC+ restrictions easing and temperature factors, as well as growth in electricity export.

Capacities: growth of capacity revenue, despite the expiration of CSA period for CCGT units

  • growth in capacity sales was mostly ensured by the contribution of the CSA for unit № 3 of Berezovskaya;
  • growth in the capacity prices on the results of a commercial auction (KOM) and its indexation;
  • CSA expiration of CCGT units of Surgutskaya in the 3rd quarter of 2021 and transfer from CSA to KOM and regulated capacity schemes.

The increase in investments is due to the implementation of the Surgut modernization program.

  1. Unipro Group IFRS stand alone
  2. Adjusted for extraordinary effects
  3. Including investments in subsidiaries

2

Unipro, Presentation 9M 2021, 03.11.2021

The implementation of the modernization project for Unit 1 at

Surgutskaya is progressing according to schedule

Project milestones

Project status

  • High-pressurecylinder, medium pressure cylinder are closed, shaft line centring is going on.
  • Low-pressurecylinder is repaired and closed.
  • Valve bypass pipes are being installed.
  • The generator is assembled, the rotor is wound into the stator.
  • Excitation system is installed.

2019

2020

2021

2022

Unit

offline

Pre-project survey

Project design

Equipment manufacturing

Equipment delivery

Technological connection

Construction works

Testing and commissioning

Start of power delivery

01.03.2022

  • Within the framework of the modernization program until 2027, first unit out of five to be finalized in March 2022.
  • Rub 1.5bn have already been invested in Unit 1.
  • The entire modernization program consumes up to Rub 23bn.

3

Unipro, Presentation 9M 2021, 03.11.2021

Positive market trends continue in the third quarter of 2021

European

pricing zone

Siberian pricing zone

Consumption

DAM Price

Consumption

DAM Price

TWh

RUB/MWh

TWh

152.2

158.3

RUB/MWh

565.4

600.0

838

840

831

1 448

1 323

795

1 218

1 146

176.6

189.8

+6.1%

+18.9%

+15.4%

46.9

48.5

+4.0%

+4.5%

+0.2%

+7.5%

+3.4%

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

Nuclear

Hydro Generation

Unipro Generation

Hydro Generation

Unipro Generation

TWh

210.1

209.0

TWh

29.9

TWh

TWh

27.6

86.3

96.8

3.1

2.7

+4.8%

66.0

65.1

9.9

+8.3%

31.7

35.1

+12.2%

-12.9%

8.8

0%

+10.7%

0.1

+12.5%

0.0

-14.7%

-5.8%

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

Q3 2020

Q3 2021

9M 2020

9M 2021

  • Recovery of the internal consumption in Russia and growth of the electricity export to Finland and the Baltic countries.
  • The combined volume of nuclear and hydro generation is stable.
  • Increase of the potential for the thermal plants' generation.
  • Notable DAM price increase due to market factors and gas price indexation by 3% from 01 August 2020 and from 01 July 2021.

1. According to the Ministry of Economy forecast dated September 2021

  • Record hydro generation has a significant impact on reducing the load of power plants and negatively affects the price of DAM market in Siberia.
  • DAM price supported by the consumption growth and coal price increase by 16.5%¹ in 2021.

4

Unipro, Presentation 9M 2021, 03.11.2021

Higher Gross Margin improves results in 9M 2021

EBITDA1 9М 2020 9М 2021

Highlights

RUB bn

9М 2020

Net CSA expiration effect

Gross Margin

CSA Berjo-3

Other Capacity

Electricity

&heat

Controllable

costs/income

Non-controllable costs/Other income3

9М 2021

19.2

-5.8

6.9

1.1

1.2

-0.4

-0.2

22.0

Gross margin2 increases by 12.0% to 31.6 bn RUB

  • Revenue from capacity sales of Unit 3 of Berezovskaya completely offsets the decrease in capacity sales after CSA expiration of CCGT units.
  • Growth of KOM and indexation of RD tariffs lead to an increase in capacity sales compared to year-on-year results.
  • The growth of DAM prices in the first pricing zone based on higher consumption since the beginning of 2021 continues to support electricity margin.

Costs:

  • Costs increased mainly due to one-off effects: costs attributable to Unit 3 of Berezovskaya after commissioning.
  • Operating expenses remain at stable level.
  1. Adjusted for extraordinary effects
  2. Excluding sales which are not considered in gross margin calculation
  3. «Other income» includes sales which are not considered in gross margin calculation

5

Unipro, Presentation 9M 2021, 03.11.2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Unipro PJSC published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 09:11:02 UTC.


© Publicnow 2021
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Sales 2021 82 133 M 1 080 M 1 080 M
Net income 2021 16 057 M 211 M 211 M
Net Debt 2021 3 667 M 48,2 M 48,2 M
P/E ratio 2021 10,1x
Yield 2021 12,7%
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EV / Sales 2021 2,02x
EV / Sales 2022 1,84x
Nbr of Employees 4 539
Free-Float 16,3%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 2,57 RUB
Average target price 3,05 RUB
Spread / Average Target 18,5%
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Managers and Directors
Maxim Gennadyevich Shirokov CEO, Director General & Executive Director
Ulf Backmeyer Chief Financial Officer
Klaus-Dieter Maubach Chairman
Oleg Vyacheslavovich Viyugin Independent Director
Georgiy Levanovich Abdushelishvili Independent Director