Friday, 14 May 2021 Inter RAO Group Consolidated Financial and Operating Results for 1Q of 2021.
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Inter RAO Group Announces Operating Results for the Full Year 2020

PJSC Inter RAO Published RAS reporting for 2020

11 February 2021

PJSC Inter RAO published financial statements for 2020 prepared in accordance with the Russian Accounting Standards (RAS).

Indicator* 12M2020 12M2019 +/-

Revenue

31.3

55.1

-43.1%

Prime cost

22.9

35.8

-36.1%

Gross profit

8.5

19.3

-56.1%

Sales profit/loss

-1.4

7.5

-

Net income

19.9

21.8

-8.8%

  As of December 31, 2020 As of December 31, 2019  

Total assets

614.6

557.9

10.2%

Total capital

439.2

439.7

-0.1%

Loans and borrowings

167.0

110.9

50.6%

Net debt**

-49.7

-39.7

25.2%

* In billion rubles unless otherwise stated. Relative deviation (%) is calculated using accounting (financial) data in thousand rubles.

** Short-term loans and borrowings plus Long-term loans and borrowings less Cash and cash equivalents less Short-term financial investments (cash in bank accounts)

Income statement

Revenue of PJSC Inter RAO for 2020 was 31.3 billion rubles, 23.8 billion rubles (43.1%) down from 2019.

Revenue from electricity export was 23.9 billion rubles, 22.6 billion rubles (48.7%) down from 2019. The change is mainly due to a decrease in the volume of electricity supplies and sales price against the background of lower prices for "Finland" and "Lithuania" destinations on the NordPool exchange in 2020, which in turn is partially offset by an increase in revenue for "Latvia" destination due to the start of export electricity supplies in Q4, 2020.

Revenue from wholesale electricity market electricity and capacity sales in 2020 was 7.3 billion rubles, 1.1 billion rubles (13%) up from 2019. Decrease is mainly due to changes in the volume of flows in transit sections, as well as the volume of deviations within the framework of the parallel operation of the Russian and Kazakhstani power systems.

Prime cost for 2020 was 22.9 billion rubles, which is 12.9 billion rubles (36.1%) lower than in the previous reporting period. The main factor in the change in the prime cost was a decrease in the cost of electricity and capacity purchased on the domestic market by 12.4 billion rubles (36.9%), mainly due to a decrease in the volume of electricity exports to "Finland" and "Lithuania" destinations.

Gross profit for the twelve months of 2020 was 8.5 billion rubles compared to 19.3 billion rubles for the same period of 2019.

Selling costs in the reporting period were 2.4 billion rubles, which is 1.5 billion rubles (39.0%) lower than for the same period of 2019. The primary driver of lowering the selling costs was the lower cost of infrastructure services mainly due to lower volumes of electricity exports in 2020.

Management costs decreased by 0.4 billion rubles (5.2%) and amounted to 7.5 billion rubles at the end of the reporting period.

Sales loss for the twelve months of 2020 was 1.4 billion rubles compared to the sales profit of 7.5 billion rubles in the same period of 2019. At the same time, the positive financial result from foreign economic activity is worth noting.

Income from share ownership in other companies lowered by 3.3 billion rubles (19.9%) and by the end of the reporting period amounted to 13.1 billion rubles, which was related to smaller dividend payments from Group subsidiaries.

Balance of interest receivable and payable decreased by 0.5 billion rubles (13.3%) as compared to the same period of the previous year and amounted to 3.3 billion rubles. The change in the balance is mainly due to the attraction of short-term borrowed intra-group resources.

The balance of other income/expenses at the end of 2020 amounted to 6.9 billion rubles against minus 4.2 billion rubles in 2019. This indicator was mainly influenced by an increase in the balance of income/expenses on exchange differences due to the dynamics of exchange rates.

As a result, the net profit for 2020 was 19.9 billion rubles, compared to 21.8 billion rubles for the same period of 2019.

Balance sheet

As of December 31, 2020, total assets of PJSC Inter RAO increased by 56.7 billion rubles (10.2%), to 614.6 billion rubles, compared to December 31, 2019.

Non-current assets slightly decreased by 7.0 billion rubles (1.8%) by the end of the reporting period to 375.3 billion rubles compared to the beginning of the year.

Current assets increased by 63.7 billion rubles (36.2%) and amounted to 239.3 billion rubles as of December 31, 2020, mainly due to an increase in cash and cash equivalents.

The debt burden at the end of 2020 amounted to 167.0 billion rubles. The debt portfolio is represented by short-term borrowed intra-group resources. The net debt of PJSC Inter RAO was -49.7 billion rubles compared to -39.7 billion rubles as of the beginning of the year.

Total debt (excluding loans and borrowings) increased by 1.1 billion rubles (15.6%) compared to the beginning of the year and amounted to 8.4 billion rubles as of December 31, 2020.

Next material:

Inter RAO Group's Suppliers of Last Resort Announce RAS Financial Results for the Twelve Months of 2020
Consolidated
financial statements
prepared according to
IFRS
for 2020
View report

Reference

Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business.

The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and Russia's leading electric utility by energy efficiency. Inter RAO Group owns and operates approximately 31.1 GW of installed power generation capacity.

www.interrao.ru