Page 153 - RusRPTOct22

Qiwi released 2Q22 IFRS results on September 28.
● Qiwi posted a major growth acceleration in adj. net revenue: up 69%
y/y (to Rb10.2bn) vs 22% y/y in 1Q22. This came on the back of 54% y/y increase in payments net revenue, thanks to 9% growth in payment volumes (vs 7% decline in 1Q22) and 44bps higher net revenue yield (1.52%).
● According to Qiwi, the increase in payment volumes was driven by growth in Contact Money remittances payment system, onboarding of new merchants and aggregators, increase in payment volumes of QIWI Wallet, solutions for self-employed and P2P operations.
● As a result, Qiwi’s adj. EBITDA grew 81% y/y to Rb7.0bn (68% margin).
● Meanwhile, adj. net income grew 10% y/y to Rb3.0bn (28% margin), lagging adj. EBITDA growth mostly due to an FX loss.
● Qiwi did not resume the dividend payments with the release – due to uncertainties and existing technical issues in distributing the dividends, and despite solid financial position.
9.2.10 Utilities & Renewables corporate news
Rosseti CEO commented on post-consolidation prospects of the company, Interfax reported. First, the company considers new share issue (possibly Rb40bn+) to fund new infrastructure in the Far East. While, new share issues at state-owned companies are frequently held at reasonably acceptable rates – we fear the NPV profile of new project may again imply suboptimal economic decisions. Second, next dividends (for 2022) will be discussed in 2023 after consolidation. Third, the company may use treasury shares to swap with minorities of MRSKs.
President Vladimir Putin has given Italian energy utility Enel the green light to sell a majority share in its Russian unit to oil major Lukoil and investment fund Gazprombank-Frezia, according to a presidential decree issued on September 30. The deal’s completion has been complicated by a previous decree issued in August, which prohibits foreign firms from closing the sale of their assets without Putin’s direct approval. “Enel learned about the approval of the sale of its stake in Enel Russia to Lukoil and Gazprom-Frezia fund and informs that it will proceed with the transaction in the coming days,” a company spokesman for Enel told Reuters. Enel announced the deal in June, under which it will transfer a 56.4% shareholding in Enel Russia for €137mn ($134mn). Enel Russia controls some 5.6 GW of conventional power generation capacity plus an additional 300 MW of wind capacity at varying stages of development.
Enel Russia posted 1H22 IFRS results in September. Revenues grew 14% y/y to R24.63bn, EBITDA rose 33% y/y to R5.26bn and adjusted net income
153 RUSSIA Country Report October 2022 www.intellinews.com