UNIPRO 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.
- Unipro Group IFRS stand alone
- Adjusted for extraordinary effects
- Including investments in subsidiaries
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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.
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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.
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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.
- Adjusted for extraordinary effects
- Excluding sales which are not considered in gross margin calculation
- «Other income» includes sales which are not considered in gross margin calculation
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Unipro, Presentation 9M 2021, 03.11.2021
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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.
