UNIPRO Unipro PJSC
2022 6M results
August 02, 2022
Strong results based on improved in market factors
EBITDA 1,2
EBIT 1,2 | EBITDA (+47%)⁴ |
RUB bn
21.1 | |
14.4 | |
6M 2021 | 6M 2022 |
Underlying Net Income1,2
RUB bn
17.9 |
RUB bn
17.3 | |
10.7 | |
6M 2021 | 6M 2022 |
CAPEX³
RUB bn
The growth in energy consumption and decrease in the generation of HPPs in the 2nd price zone triggers positive dynamics in prices and generation volumes.
Positive financial results are supported by capacity payments of power unit №3 at Berezovskaya GRES after commissioning in May 2021.
High level of payment collection from consumers.
8.7 | |
6M 2021 | 6M 2022 |
4.8 | CAPEX (-52%)⁴ | ||||
Repair works completed at unit №3 of | |||||
2.3 | |||||
Berezovskaya GRES. | |||||
6M 2021 | 6M 2022 | Ongoing | implementation | of | the |
modernization program at Surgut.
1. | Unipro Group IFRS | ||
2. | Adjusted for extraordinary effects | ||
3. | Including investments in subsidiaries | Unipro PJSC, 6M2022 results, Moscow, August 02, 2022 | 2 |
4. Growth rate compared to the same period of the previous year | |||
Maintaining positive dynamics in the 1st price zone
Consumption
DAM price
Electricity generation of Unipro in the
TWh
+2%
187 | 190 |
2Q 2021 | 2Q 2022 |
+2% | |
410 | 418 |
6М 2021 | 6М 2022 |
RUB/MWh | |
+3% | |
1 233 | 1 266 |
2Q 2021 | 2Q 2022 |
+5% | |
1 259 | 1 317 |
6М 2021 | 6М 2022 |
first price zone increases by 8%.
Electricity consumption maintained growth in Q2 2022 at a level, comparable to growth in Q1 2022.
The total volume of nuclear and hydro generation is above the level of 2021, which is fully absorbed by
Nuclear / Hydro Generation
Unipro Generation
an increase in electricity consumption.
TWh
144 | 148 |
TWh
+8%
DAM price increase in the first price zone due, among other things, to
74 77
+2% |
+10% |
2Q 2021 | 2Q 2022 |
+2% |
+6% |
6М 2021 6М 2022 |
+9%
9.2 | 10.0 |
2Q 2021 | 2Q 2022 |
20.0 21.6
6М 2021 6М 2022
gas price indexation by 3% from July 2021.
Nuclear Generation Hydro Generation
Unipro PJSC, 6M2022 results, Moscow, August 02, 2022 | 3 |
Favorable market factors in the 2nd price zone
Consumption
DAM price
TWh
+4%
50 | 52 |
2Q 2021 | 2Q 2022 |
+3% | |
110 | 113 |
6М 2021 | 6М 2022 |
RUB/MWh | |
+23% | |
1 030 | |
838 | |
2Q 2021 | 2Q 2022 |
+22% | |
844 | 1 030 |
6М 2021 | 6М 2022 |
Electricity generation of Unipro in the 2nd price zone increases by 85%
A significant increase in electricity consumption in the 2nd price zone is related to the commissioning of new capacities of the Taishet aluminum smelter and the growth of other consumption.
Growth in electricity consumption
Hydro Generation
Unipro Generation
and a decrease in hydro generation
TWh
-8% |
TWh85%
output let to significantly increase the load level at Berezovskaya GRES.
-13%
32 | 28 |
62 | 57 |
+171%
1.9 |
0.7 |
5.0
2.7
DAM price increase in the 2nd price zone largely due to the coal price increase (~20% compared to 2021).
2Q 2021 | 2Q 2022 |
6М 2021 6М 2022 |
2Q 2021 | 2Q 2022 | 6М 2021 | 6М 2022 |
Unipro PJSC, 6M2022 results, Moscow, August 02, 2022 | 4 |
Electricity margin together with the CSA of Berezovskaya GRES ensured outstanding EBITDA growth
EBITDA¹ RUB bn
Gross margin² | |||||||
14.4 | -4.1 | 7.0 | 0.9 | 2.8 | -0.2 | 0.3 | 21.1 |
6М | Net CSA | CSA Berjo-3 | Other | Electricity | Controllable | Non-controllable | 6М |
Expiration | Capacity | & heat | costs/income | costs & Other | |||
2021 | effect (CCGT) | income³ | 2022 | ||||
Gross margin
Gross margin increases by 32%⁴ to RUB 27 bn.
Growth of margin from electricity sales due to an increase in electricity consumption and DAM price growth.
Payment for the available capacity of power unit №3 of Berezovskaya GRES under the CSA received without deduction.
Costs
Indexation of capacity tariffs allows increasing the costs of equipment maintenance.
Growth of other controllable costs is due to the acceleration of inflation.
Partial recovery of doubtful debt provision positively impacted the
dynamics of non-controllable costs. | |||
1. | Adjusted for extraordinary effects | ||
2. | Excluding sales which are not considered in gross margin calculation | 5 | |
3. | «Other income» includes sales which are not considered in gross margin calculation | Unipro PJSC, 6M2022 results, Moscow, August 02, 2022 | |
4. | Growth rate compared to the same period of the previous year |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Unipro PJSC published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 07:59:00 UTC.
