RUSHYDRO NET PROFIT RUB 643 MLN

RUSHYDRO- 05.03.2020 - March 5, 2020. Moscow, Russia. RusHydro Group (hereinafter referred to as the “Group”, ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces its audited consolidated financial statements for the year ended December 31, 2019, prepared in accordance with International Financial Reporting Standards (IFRS).  

Key highlights for 2019: 

• Consolidated financial results reflected decrease of electricity production on the back of reduced water inflows to the majority of reservoirs of the HPPs in the first half of the year, decrease of sport prices in Siberia in the second half of the year and peak impairments of property, plant and equipment following commissioning of generating facilities in the Far East;
• RUB 406,625 mn - total revenue (+1.6% as compared to 2018);
• RUB 97,544 mn - EBITDA (-11.1% as compared to 2018);
• 24% - EBITDA margin (-3.4 p.p. as compared to 2018);
• 8% - increase of manageable cash costs;
• RUB 51,547 mn – adjusted net profit (-27.1% y-o-y) net profit in 2019 – RUB 643 mn (-98.0% y-o-y) mostly as a result of impairment of property, plant & equipment.
• RUB 88,718 mn – total capital expenditures (+15.2% y-o-y);
• RUB 925,119 mn – RusHydro Group’s total assets (-0.7% y-o-y);
• RUB 144,596 mn – RusHydro Group’s total net debt (+7.9% as compared to 2018)^[1];
• 48x – net debt/EBITDA (1.2x in 2018).

  Key highlights for 4Q 2019: 

• RUB 119,005 mn - total revenue (+6.5% as compared to 4Q 2018);
• RUB 27,115 mn - EBITDA (-5.4% as compared to 4Q 2018);
• RUB 11,705 – adjusted net profit (-40.3% as compared to 4Q 2018).

  Key highlights of 2019 operational results: 

• 142,840 GWh – total electricity production (-1.0% as compared to 2018) including Boguchanskaya hydropower plant;
• 94,525 GWh - electricity output from hydro and pumped storage plants (-4.0% as compared to 2018);
• 31,779 GWh - electricity output from thermal power plants (+0.1% y-o-y);
• 29,771 thousand GCal – heat output from thermal power plants (+0.4% y-o-y) driven by lower air temperatures in most Far Eastern Federal District’s regions;
• 19,490 GWh – sales by Group’s electricity retail companies in 2019 (-3.9% y-o-y).

  2020 forecast: 

• Dividend payout for 2019 will be at the average amount paid over 2017 – 2019 in accordance with the new dividend policy;
• EBITDA growth expected following commissioning of new generating facilities;
• Net debt/EBITDA not to exceed 2.0x;
• Decrease of impairment of property, plant & equipment following commissioning of major generating facilities in the Far East in 2019.

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