Page 158 - RusRPTDec21

to higher costs (fuel, maintenance). Net income grew 24% y/y to RUB12,566mn, 6% below our estimates. The company traditionally reported its sub-optimal net cash position.
Unipro reported its 9mo21 RAS results On 28 October. Total revenues increased 15% y/y to RUB67,264mn, while costs grew 17% y/y, leading to profit before tax growth of 9.7% y/y and a 7.6% y/y improvement of the bottom line. These numbers were driven by production recovery (despite the zero production at Berezovskaya GRES in 3Q21), RSV prices growth, DPM capacity payments from unit 3 Berezovskaya GRES being able to offset the negative effect from the end of DPM for other units.
RusHydro released 3Q21 IFRS. As expected, net profit took a non-cash hit from forward revaluation. Total revenue increased 9% y/y to RUB114.7bn; EBITDA grew 5% y/y to RUB75.8bn, and net income added 3% y/y. Otherwise, 10% growth in hydro production in 3Q21 resulted in a nice 10% rise in the hydro segment’s EBITDA. The Far East continued to be in the red with negative EBITDA in 3Q21 despite Rb12.5bn in state subsidies to compensate for low tariffs. The supply business is up, but given its smallish scale, all eyes are on the hydro business. To remind, the company pays 50% of IFRS net profit and, starting from this year, many of the one-offs (including forward revalution) will be eliminated from the dividend base calculation, hence the market generally expects a rise in y/y dividends.
TGK1 reported its 9mo21 operating results on 26 October. It printed an 8.5% YoY growth in electricity generation to 21.8bn kWh, driven by 16.4% higher YoY fossil fuel generation vs. a 0.5% YoY increase of hydro generation. Heat generation was up 12.8% YoY. The dynamics were driven by demand recovery due to the weather conditions and the economic rebound, while hydro generation was due to water inflows. Also, the company reported its 9mo21 RAS results, posting a 17.4% increase of revenue, a 29.6% improvement of EBITDA to RUB 14,244mn and a 58.9% increase of net income to RUB 7,145mn.
OGK2 reported its 9mo21 RAS results On 27 October. The top line increased 17.8% y/y to RUB 104,183mn, driven by the higher y/y production, prices and DPM revenues; costs grew 13.2% y/y. This translated into EBITDA climbing 23.6% y/y to RUB 31,022mn and net income improving 39.8% y/y to RUB 16,353mn.
InterRAO released its 9mo21 operating numbers and RAS results on 27 October. Total electricity generation was up 11.9% y/y to 86.5bn kWh vs. a 12.8% y/y increase of the heat sendout to 28.0bn GCal. Export volumes were as much as 85% higher y/y vs. a 23.5% y/y increase of import volumes. Supply volumes rose 7.9% y/y. In terms of the 9mo21 RAS results, InterRAO Generation net income grew 48.2% y/y vs. a reduction of 52.3% for Nizhnevartovskaya GRES; InterRAO Export/import operations' bottom line increased 26.3% y/y.
Inter RAO published strong 3Q21 IFRS results on November 25, with revenue, EBITDA and net income beating Interfax consensus and coming in just slightly below our forecast. Revenue was up 20.6% YoY to RUB 285.1bn, EBITDA was up 52.8% YoY to RUB 38.5bn and net income was up 31.2% YoY
158 RUSSIA Country Report December 2021 www.intellinews.com