Unipro Publishes Accounting Statements Prepared According to RAS for HY1 2021

Unipro PJSC publishes the accounting statements for HY1 2021 prepared according to the Russian Accounting Standards (RAS).

Despite expiry of the Capacity Supply Agreements for two CCGT power units at the Shaturskaya and Yaivinskaya GRESs that now pay for capacity at the tariffs of CCS and DD starting January 2021, the revenue for HY1 2021 has grown by 10.4% and amounted to RUB 45.2 bn.

Financials for the reference period were driven by a number of factors. For instance, repairs of power unit 3 at the Berezovskaya GRES have been completed, CSA payments resumed in May 2021. Economic recovery, cold winter, record high temperatures in May and June 2021, as well as an increase in electricity exports caused an increase in electricity consumption at the country level and, accordingly, an increase in market prices and electricity generation by Unipro PJSC plants.

At the same time, less efficient SPU units at the Shaturskaya and Smolenskaya GRES were loaded to a greater extent in Q1 2021, which caused a significant growth of the share of fuel expenses in the cost of sales compared to the same period last year.

Net profit in the reference period amounted to RUB 7.8 bn (-2.1% as compared to HY1 2020).

Unipro PJSC financials for 6M 2021 (RUB thous)