Page 138 - RusRPTOct21

investments in user acquisition, Nexters saw no y/y drop in player conversion rate (monthly paying users/monthly active users), which stayed at 5.2% in 2Q21. Stickiness (daily active users/monthly active users) also stayed c. flat at around 15.8% in 2Q21 (vs. 16.6% in 2Q20).
The company officially released a new game called Chibi Island in July. Since the soft launch in December 2020, Chibi Island’s retention and average play session length have been twice as high vs. Hero Wars. The company also has two more titles in its active pipeline: Puzzle Island, which the company plans to launch in October, and Riddle Island, which could be soft-launched by YE21.
Guidance for FY21. The company expects its bookings toe in the range of $580-610mn for FY21, which implies a growth of 32-38% y/y. Nexters also sees its adjusted costs and expenses at $470-490mn (+51-57% y/y). We note that the upper ends of both guidance ranges are fairly in line with the company’s forecasts from Julyefore Nexters went public.
View: Overall, our take on the results is neutral, as some data were already disclosed back in July. That said, we acknowledge that Nexters was able to show a solid growth inookings despite the highase of a lockdown-driven 2Q20, as well as robust engagement and monetization metrics that were not affected by significantly higher marketing costs during the quarter.
9.2.10 Utilities & Renewables corporate news
RusHydro and Polyus have renewed their bilateral electricity supply agreement, under which the gold producer is to receive 1.5bn kWh of electricity from the Sayano-Shushenskaya hydro plant. As a result, according to a Polyus press release, 100% of electricity consumption at its production assets at the Olympiadinsky andlagodaniy mines (and 90% of the whole group) would be covered by green energy. The company did not disclose the greenium envisioned in the contract. In return, RusHydro took an obligation not to issue I-REC or any other green certificates on the volume of electricity supplied to Polyus group. The demand for low-carbon electricity hasoomed in the last 12 months in Russia, with the total volume of supply contracts approaching 7GW at the beginning of the year and showing triple-digit growth year-to-date. We note that Russia currently has plenty of low-cost or even negative CO2 price decarbonisation options for industrial consumers, ranging from bilateral contracts to guaranteed return renewable DPM projects (see our Electric Utilities – Guide to Scope 2 decarbonisation, of 24 August).
RusHydro and SIBUR have signed an agreement on electricity supplies
138 RUSSIA Country Report October 2021 www.intellinews.com