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Inter RAO Group Announces Operating Results for the First Quarter of 2021

PJSC Inter RAO Announces RAS Financial Results for the First Quarter of 2021

26 April 2021

PJSC Inter RAO announced financial results for the first quarter of 2021 prepared according to the Russian Accounting Standards (RAS).

Indicator * Q1 2021 Q1 2020 +/-

Revenue

20.3

8.6

2.4 times

Production cost

13.4

6.6

2.0 times

Gross profit

6.9

2.0

3.4 times

Sales profit/loss

4.0

-0.1

-

Net income

3.8

7.0

-46.5%

  As of March 31, 20201 As of December 31, 2020  

Total assets

641.7

612.3

4.8%

Total capital

436.6

432.9

0.9%

Loans and borrowings

195.7

171.0

14.4%

Net debt**

-59.3

-46.9

26.3%

* In billion rubles unless otherwise stated. Relative deviation (%) is calculated using accounting (financial) data in thousand rubles. Retrospective revaluation was made considering the decision to apply Russian FAS 25/2018 "Accounting for Leases" in 2021.

** 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 in Q1 2021 amounted to 20.3 billion rubles, which is 11.7 billion rubles (2,4 times) higher than in the same period of 2020.

Power export revenues amounted to 18.1 billion rubles, which is 11.5 billion rubles (2,8 times) higher in comparison with the corresponding period of the previous year. This change is primarily attributed to an increase in electricity export to Finland and the Baltic States against the background of favorable pricing environment on the NordPool exchange.

Revenue from wholesale electricity market electricity and capacity sales in Q1 2021 increased by 0.2 billion rubles (9.3%) an amounted to 2.2. billion rubles. Revenue growth is attributed to an increase of weighted average prices at the wholesale market for electricity and power.

Production cost in Q1 2021 amounted to 13.4 billion rubles, which is 6.9 billion rubles (2,0 times) higher in comparison with the corresponding period of the previous year. Underlying driver of change in production cost is 6.8 billion rubles (2.1 times) increase in the cost of electricity and capacity purchased domestically resulting from significant increase of export volumes.

Gross profit in Q1 2021 amounted to 6.9 billion rubles compared to 2.0 billion rubles in the corresponding period of the previous year.

Selling expenses in the reporting period amounted to 1.3 billion rubles, which is 0.7 billion rubles (2.1 times) higher in comparison with the first quarter of 2020. Major factor contributing to the increase in the selling expenses is increased energy exports in Q1 2021 compared with the same period of 2020.

In the first quarter of 2021, administrative costs increased by 0.1 billion rubles (6.7%) and amounted to 1.6 billion rubles in the reporting period.

Sales income in the first quarter of 2021 amounted to 4.0 billion rubles compared to 0.1 billion rubles loss in the same period of 2020.

Balance of interest receivable and payable decreased by 0.04 billion rubles (5.0%) as compared to the same period of the previous year and amounted to 0.8 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 Q1 2021 amounted to minus 0.1 billion rubles against 8.0 billion rubles in the same period of 2020. This indicator was mainly influenced by a decrease in the balance of income/expenses on exchange differences due to the dynamics of exchange rates.

As a result, net profit for the first quarter of 2021 amounted to 3.8 billion rubles compared to 7.0 billion rubles in the same period of 2020.

Balance sheet

As of March 31, 2021, total assets of PJSC Inter RAO increased by 29.4 billion rubles (4.8%), to 641.7 billion rubles, compared to December 31, 2020.

Non-current assets remained almost unchanged in comparison with the beginning of the year and amounted to 373.3 billion rubles.

Current assets increased by 29.1 billion rubles (12.2%) and amounted to 268.4 billion rubles as of March 31, 2021.

Debt load increased by 24.6 billion rubles (14.4%) primarily due to the increase in short-term borrowed funds, represented by borrowed intra-group resources, and amounted to 195.7 billion rubles.

Long-term and short-term liabilities include leases recorded in accordance with FAS 25/2018.

Net debt of PJSC Inter RAO amounted to minus 59,3 billion rubles compared to 46.9 billion rubles in the beginning of the year.

Total debt (excluding loans and borrowings, including leasing obligations) increased by 1.0 billion rubles (12.1%) compared to the beginning of the year and amounted to 9.4 billion rubles as of March 31, 2021.

Next material:

Inter RAO Group's Suppliers of Last Resort Announce RAS Financial Results for the First Quarter of 2021
Consolidated
financial statements
prepared according to
IFRS
for 1Q of 2021
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 30.8 GW of installed power generation capacity.

www.interrao.ru