Unipro PJSC
2021 12M results
February 22, 2022
Strong financial performance based on improving operational factors
EBITDA 1,2 | EBIT 1,2 | |
RUB bn | RUB bn | |
29.6 | 30.1 | 23.6 |
22.3 |
26.420.3
12M 2019 12M 2020 12M 202112M 2019 12M 2020 12M 2021
Underlying Net Income 1,2 | CAPEX³ | |
RUB bn | RUB bn | |
19.7 | 14.2 | |
17.9 | 11.4 | |
10.0 | ||
16.4 | ||
12M 2019 | 12M 2020 | 12M 2021 | 12M 2019 | 12M 2020 | 12M 2021 |
- Unipro Group IFRS stand alone
- Adjusted for extraordinary effects
- Including investments in subsidiaries
- Excluding sales which are not considered in gross margin calculation
Gross margin⁴ (+14.2%)
Higher achieved electricity prices and generation volume increase after the pandemic impact in 2020.
Contribution of power Unit 3 of Berezovskaya GRES to the financial result.
EBITDA (+14.1%)
Strong gross margin boosted EBITDA
CAPEX (+14.4%)
Implementation of the Surgut modernization program starts having an impact on capital investments.
Unipro PJSC, 2021 results, Moscow, February 22, 2022 | 2 |
CoD of power unit No. 1 of Surgutskaya GRES-2 is expected by the end of March 2022
2019 | 2020 | 2021 | 2022 | ||
Pre-project survey | Plant | ||||
offline | |||||
Project design | |||||
Equipment manufacturing | |||||
Equipment delivery | |||||
Technological connection | |||||
Construction works | |||||
Testing and | |||||
commissioning | |||||
Start of power delivery | |||||
The main construction and installation works of the project were completed on schedule.
Power unit was connected to the grid and gradually gained a nominal capacity of 830 MW.
The remaining works on setting up the equipment will focus on calibration and final commission of equipment.
CoD is estimated at the end of March 2022.
01.04.2022
Unipro PJSC, 2021 results, Moscow, February 22, 2022 | 3 |
Unipro benefitted from positive market factors in the first price zone
Consumption
TWh
DAM Price
RUB/Mwh |
Electricity generation of Unipro in the
+6%
213 225
4Q 2020 | 4Q 2021 |
+6% | |
778 | 825 |
12М 2020 | 12М 2021 |
+18% | |
1 325 | |
1 123 | |
4Q 2020 | 4Q 2021 |
+16% | |
1 324 | |
1 140 | |
12М 2020 | 12М 2021 |
first price zone increased by 9% and amounted to 41 TWh.
Recovery of the internal consumption in Russia and electricity exports to Finland and the Baltic countries.
Nuclear / Hydro Generation
Unipro Generation
Slightly lower combined volume of nuclear and hydro generation.
TWh
77 | 75 |
-1% | |
-12% | |
4Q2020 | 4Q2021 |
Hydro generation
287 | 284 |
+3% | |
-14% | |
12М 2020 | 12М 2021 |
Nuclear generation
TWh
+9%
37.4 40.7
+9%
9.9 10.8
4Q 2020 | 4Q 2021 | 12М 2020 | 12М 2021 |
Notable DAM price increase due to market factors and gas price indexation by 3% from 01 August 2020 and from 01 July 2021.
Unipro PJSC, 2021 results, Moscow, February 22, 2022 | 4 |
Unipro's operating result was supported by positive market developments in the second pricing zone
Consumption | |||
TWh | |||
+4% | |||
209 | 217 | ||
+4% | |||
57 | 59 | ||
4Q 2020 | 4Q 2021 | 12М 2020 | 12М 2021 |
DAM Price
RUB/Mwh | |
+23% | |
931 | |
759 | |
4Q 2020 | 4Q 2021 |
+6% | |
818 | 863 |
12М 2020 | 12М 2021 |
Electricity generation of Unipro in the second price zone increased by 5% and amounted to 5 TWh.
In 2021, the 8 TWh increase in consumption almost absorbed the 10 TWh increase in hydro generation in Siberia.
In Q4, higher consumption and flat
Hydro Generation | |
TWh | +8% |
Unipro Generation
TWh
+5%
hydro generation led to a higher load of Berezovskaya GRES.
118 | 128 | ||
0% | |||
32 | 32 | ||
4Q 2020 | 4Q 2021 | 12М 2020 12М 2021 |
+50%
1.8 |
1.2 |
4Q 2020 | 4Q 2021 |
4.3 4.5
12М 2020 12М 2021
Beyond, the increased consumption plus the higher coal price supported the increase of the DAM price especially in Q4.
Unipro PJSC, 2021 results, Moscow, February 22, 2022 | 5 |
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Unipro PJSC published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 09:00:02 UTC.