Page 176 - RusRPTSept21

and 14% above our and the consensus forecasts. Net income grew 106% y/y to R4.4bn, beating our forecast and the consensus by 56% and 29%. The y/y growth in Unipro's 2Q21 financial results was primarily driven by the relaunch of Berezovskaya Unit 3 and the resumption of the CSA payments for the unit. This fully offset the expiry of CSAs at other units (Shaturskaya and Yavinskaya). Other factors that supported the 2Q21 results were higher spot electricity and capacity prices (+16%) and higher electricity output in the first price zone (+8.2%). The beat on our expectations mainly came down to stronger revenues from capacity and electricity sales than we had anticipated and a recovery in revenues under agreements previously recognized as onerous.
ROSSETI Urals. Revenue was up 14.2% y/y to RUB21.8bn and adjusted EBITDA was up 2x y/y to RUB3.7bn. The company reported net income of RUB2.7bn vs. a net loss of RUB514mn. Revenue from electricity distribution increased 13.1% y/y, as electricity output rose 7.4% y/y to 15.9mn MWh. Cash costs only increased 4.9% y/y to RUB18.1mn despite the company’s electricity loss increasing 1.96ppts y/y to 6.95%. The bottom line was also positively affected by the RUB1.5bn gain from the decrease in the bad debt provision.
ROSSETI Volga. Revenue was up 9.3% y/y to RUB14.8bn, while adjusted EBITDA turned positive to RUB890mn after a negative EBITDA of RUB677mn in 2Q20. The company’s net loss fell to RUB395mn from RUB1.1bn in 2Q20. Revenue from electricity distribution increased 9.8% y/y to RUB14.6bn, as electricity output rose 9.4% y/y to 11.9mn MWh. Cash operating costs fell 2.2% y/y to RUB13.9bn thanks to the electricity loss falling 0.65 ppts to 4.67%. The depreciation charge rose 8.6% y/y to RUB1.4bn.
ROSSETI North-West. Revenue was up 5.4% y/y to RUB11.3bn, while EBITDA jumped 42% y/y to RUB1.6bn. The company reported net income of RUB104mn vs. a net loss of RUB545mn in 2Q20. Revenue from electricity distribution rose 4.1% y/y despite electricity output falling 3% y/y to RUB7.5bn. Cash operating costs increased 1.1% y/y to RUB9.7bn due to lower electricity output, while the company’s electricity loss rose 1.53ppts y/y to 6.22%.
ROSSETI South. Revenue was up 17.1% y/y to RUB10.1bn. EBITDA rose 33.9% y/y to RUB2bn and net income rose 36.7% y/y to RUB715mn. Revenue from electricity distribution increased 8.7% y/y to RUB9bn on the back of the 6.3% y/y increase in electricity output to 6.4mn MWh. Revenue from grid connections increased from RUB57mn in 2Q20 to RUB815mn in 2Q21, explaining the rapid growth in total revenue. Cash operating costs increased 13.6% y/y due to the increase in electricity output, while the company’s
176 RUSSIA Country Report September 2021 www.intellinews.com