Unipro : Publishes RAS Accounting Statements for Q1 2021

Unipro PJSC publishes the accounting statements for January-March 2021 prepared according to the Russian Accounting Standards (RAS).

Despite the expiry of the CSA contracts for two CCGT power units in January 2021, revenue for the first quarter of this year increased by 6.5% to RUB 23.7 bn.

The main factors that influenced the financial indicators in the reporting period are:

- transition from CSA to payment for capacity according to CCS and DD tariffs for CCGT units at Shaturskaya GRES and Yaivinskaya GRES;

- high level of payments from former non-payers in the North Caucasian Federal District and the Tyva Republic;

- increased electricity generation by Unipro power plants due to increased energy consumption caused by gradual recovery of the economy, impact of the cold winter, and increased electricity exports.

At the same time, less efficient SPU units at Shaturskaya GRES and Smolenskaya GRES were loaded to a greater extent in Q1 2021, which significantly increased fuel expenses in the cost of sales compared to the same period last year.

Profit before tax decreased by 16.5% to RUB 5.0 bn. Net profit in the reference period amounted to RUB 3.7 bn (-21.4% as compared to Q1 2020). The decrease in financial results in the first quarter of this year compared to the same period in 2020 is due to substitution of high-margin revenues from CSA with less marginal revenues related to electricity.

Unipro PJSC financial results for 3 months of 2021 (RUB thous.)

	3М 2021	3M 2020	Change
Revenue	23,672,123	22,233,548	6.47%
Cost of sales	( 18,510,793)	( 15,742,063)	17.59%
Profit before tax	4,985,229	5,969,262	-16.49%
Net profit	3,714,031	4,725,347	-21.40%