RusHydro announces 1H 2020 RAS results
July 29, 2020. Moscow, Russia. PJSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces non-consolidated financial results under Russian accounting standards (RAS) for the six months ended June 30, 2020.
Key financials for 2Q and 1H 2020 under RAS (in RUB mn), excluding surcharge
In the first half of 2020, revenue increased by 18% or RUB 10,834 mn to RUB 70,509 mn as compared to the corresponding period last year on the back of 33% output growth by HPPs following increase of water inflows to the majority of reservoirs and commissioning of Zaramagskaya HPP-1.
Revenue breakdown (RUB mn)
Operating expenses in the first half of 2020 increased by 4% to RUB 29,748 mn.
The main changes were observed in the following items:
Operating expenses breakdown (in RUB mn)
Operating profit for the first half of 2020 increased 31% as compared to the same period last year and amounted to RUB 40,761 mn.
EBITDA in the first half of 2020 increased by 26% to RUB 49,537 from RUB 39,383 in 1H’19.
Net profit in the reporting period increased by 41% to RUB 29,870 mn.
RusHydro's financial position as of June 30, 2020
The Company's total assets increased by RUB 32,290 mn as of June 30, 2020, or 3% against the similar figure as of December 31, 2019, reaching RUB 1,096,484 mn.
As of June 30, 2020, total liabilities increased by 1% or RUB 2,366 mn as compared to the similar figure as of December 31, 2019 and amounted to RUB 214,590 mn.
The Company's debt portfolio decreased by 6% as compared to the beginning of the reporting year to RUB 135,526 mn. Long-term loans comprise 83% of the total portfolio.
The Company's equity in the first half of 2020 increased by 4% to RUB 881,894 mn against RUB 851,970 mn as of the beginning of the reporting year.
The full financial statements are available on the Company’s website at:http://www.eng.rushydro.ru/investors/reports
RusHydro Group will announce consolidated 1H’20 IFRS results before August 31, 2020.
1 In July 2017, the Resolution of the Russian Government No. 895 “On reaching basic rates (tariffs) for electric power (capacity) in the territories of the Far East Federal region (the “Far East”)” became effective, under which rates for consumers in the territories of the Far East should be reduced starting from 1 January 2020 to the basic level of RUB 5.00 / kWh. According to the Resolution of the Russian Government No. 1614-r and No. 1615-r of 28 July 2017, PJSC RusHydro was appointed as the recipient of a premium to the price for capacity provided by the Company in the price zones of the wholesale market under CCS agreements. The premium to the price for capacity is set in order to achieve the basic level of rates (tariffs) for electricity (capacity) planned for the next regulation period in the Far East constituent regions. The Company translates the collected amounts of margin in the form of free-of-charge targeted contributions to the budgets of the respective regions. The Group’s companies being guaranteeing suppliers will receive compensation for the shortage of income related to the reduction of rates, through subsidies from the Far East constituent regions.
2 EBITDA calculated as gross profit before depreciation.