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 Nine Months of 2020

PJSC Inter RAO Announces RAS Financial Results for the Nine Months of 2020

26 October 2020

PJSC Inter RAO announced financial results for the nine months of 2020 prepared according to the Russian Accounting Standards (RAS).

Indicator * 9 months of 2020 9 months of 2019 +/-

Revenue

20.9

40.0

-47.8%

Production cost

16.1

25.9

-38.1%

Gross profit

4.8

14.0

-65.8%

Sales profit/loss

-1.7

6.8

-

Net profit

9.2

7.0

32.1%

  As of September 30, 2020 As of December 31, 2019  

Total assets

575.6

557.9

3.2%

Total equity

428.5

439.7

-2.6%

Loans and borrowings

140.1

110.9

26.4%

Net liabilities**

-42.5

-39.7

7.1%

* - in billion rubles unless otherwise stated. Relative deviation (%) is calculated using accounting 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 the nine months of 2020 amounted to 20.9 billion rubles, which is 19.1 billion rubles (47.8%) lower than in the same period of 2019.

Power export revenues amounted to 15.2 billion rubles, which is 18.4 billion rubles (54.7%) lower in comparison with the corresponding period of the previous year. This change is primarily attributed to a decrease in electricity export and selling price on power market Nord Pool in the nine months of 2020 in "Lithuania" and "Finland" zones.

Following the results of the nine months of 2020, revenue from the sale of electricity and capacity in the wholesale electricity and capacity market decreased by 0.6 billion rubles (10.2%) and amounted to 5.5 billion rubles 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.

Production cost in 9M of 2020 amounted to 16.1 billion rubles, which is 9.9 billion rubles (38.1%) lower in comparison with the corresponding period of the previous year. Underlying driver of change in production cost is 9.6 billion rubles (39.3%) decrease in the cost of electricity and capacity purchased domestically resulting from the decline in electricity exports to Finland and Lithuania.

Gross profit in 9M of 2020 amounted to 4.8 billion rubles compared to 14.0 billion rubles in the corresponding period of the previous year.

Selling expenses in the reporting period amounted to 1.7 billion rubles, which is 0.9 billion rubles (34.3%) lower in comparison with 9M of 2019. Major factor contributing to the decrease in the selling expenses is lowering costs of infrastructure services which are mainly attributed to the decreased energy exports for the nine months of 2020 compared with the same period of 2019.

Administrative costs increased by 0.2 billion rubles (3.7%) and amounted to 4.8 billion rubles in the reporting period.

Sales loss for the nine months of 2020 amounted to 1.7 billion rubles compared to 6.8 billion rubles profit in the same period of 2019. At the same time the Company's foreign economic activity recorded a positive financial result.

In 9M of 2020, income from share ownership in other companies increased by 1.4 billion rubles (94.6%) and amounted to 2.9 billion rubles, which was related to dividend payments in higher volume from Group subsidiaries.

Balance of interest receivable and payable decreased by 0.6 billion rubles (19.2%) compared to the corresponding period of 2019 and amounted to 2.5 billion rubles. The change in the balance is mainly attributed to raising short-term loans from the group assets.

Balance of other income/expenses for the nine months of 2020 amounted to 7.4 billion rubles compared to minus 2.8 billion rubles in the corresponding period of 2019. This indicator was influenced primarily by an increase in the income/expenses ratio related to foreign exchange differences resulting from changes in the exchange rates.

As a result, net profit for the nine months of 2020 amounted to 9.2 billion rubles compared to 7.0 billion rubles in the same period of 2019.

Balance sheet

As of September 30, 2020, total assets of PJSC Inter RAO increased by 17.7 billion rubles (3.2%) compared to December 31, 2019, and amounted to 575.6 billion rubles.

Non-current assets decreased insignificantly by 4.4 billion rubles (1.1%) in comparison with the beginning of the year and amounted to 377.9 billion rubles.

As of September 30, 2020, current assets increased by 22.0 billion rubles (12.6%) amounting to 197.7 billion rubles, due to increased financial investments.

In the reporting period, debt load amounted to 140.1 billion rubles. The debt portfolio is represented by short-term borrowed intra-group resources. The net debt of PJSC Inter RAO amounted to minus 42.5 billion rubles compared to minus 39.7 billion rubles as of the beginning of the year.

Total debt (excluding loans and borrowings) decreased by 0.3 billion rubles (4.2%) in comparison with the beginning of the year and amounted to 7.0 billion rubles as of September 30, 2020.

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Guaranteeing suppliers of Inter RAO Group Announce RAS Financial Results for the Nine 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