UNIPRO Unipro PJSC
2022 9M results
November 03, 2022
Outstanding growth in financial results
EBITDA 1,2
RUB bn
32.1 | |
22.0 | |
9M 2021 | 9M 2022 |
Underlying Net Income1,2
RUB bn
21.5 | |
13.0 | |
9M 2021 | 9M 2022 |
EBIT 1,2
RUB bn
26.4 | |
16.1 | |
9M 2021 | 9M 2022 |
CAPEX1,3
RUB bn
7.9 | |
3.3 | |
9M 2021 | 9M 2022 |
EBITDA (+46%)⁴
The growth in energy consumption and decrease in the generation of HPPs triggers a significant increase in generation volumes, as well as an increase in DAM price in Siberia to historical highs.
Strong financial results are supported by capacity payments of power unit №3 at Berezovskaya GRES.
The level of payments collection from consumers remains high.
CAPEX (-58%)⁴
Ongoing implementation of the modernization program at Surgutskaya GRES-2.
The main repair works at unit №3 of Berezovskaya GRES were completed in
- Unipro Group IFRS
- Adjusted for extraordinary effects, and also excluding the loss from impairment of assets
in the amount of RUB 19 bn recognized based on the results of the asset impairment test as of March 31, 2022.
- Including investments in subsidiaries
- Growth rate compared to the same period of the previous year
2021.
Unipro PJSC, 9M2022 results, Moscow, November 03, 2022 | 2 |
Growth slowdown in the 1st price zone in Q3 2022
Consumption
TWh
DAM price
RUB/MWh |
In the 1st price zone continue to grow:
➢ energy consumption +1%; |
➢ DAM price +2%; |
➢ |
0%
190 190
3Q 2021 | 3Q 2022 |
+1% | |
600 | 608 |
9М 2021 | 9М 2022 |
-2% | |
1448 | 1414 |
3Q 2021 | 3Q 2022 |
+2% | |
1 323 | 1 350 |
9М 2021 | 9М 2022 |
Unipro generation +7%. |
Unipro's generation volume continued growth despite overall energy consumption in the third quarter is remaining at the level of last year after its growth in the first half of 2022.
The total generation volume of nuclear
Nuclear / Hydro Generation
Unipro Generation |
and hydro power plants exceeds the level of 2021.
TWh
65 | 68 |
+4% | |
+7% | |
3Q 2021 | 3Q 2022 |
209 | 215 |
+3% | |
+4% | |
9М 2021 | 9М 2022 |
TWh | +7% | ||
+4% | 29.9 | 31.9 | |
9.9 | 10.3 | ||
3Q 2021 | 3Q 2022 | 9М 2021 | 9М 2022 |
DAM price growth due to, among other things, gas price indexation by 3% from July 2021 and by 5% from July 2022.
The lack of growth in energy consumption and the increase in the generation of nuclear and hydro power plants triggered the decline in DAM price in Q3 2022.
Nuclear Generation
Hydro Generation
Unipro PJSC, 9M2022 results, Moscow, November 03, 2022 | 3 |
Continued positive dynamics in the 2nd price zone
Consumption
TWh
+4%
49 | 51 |
3Q 2021 | 3Q 2022 |
+3% | |
159 | 164 |
9М 2021 | 9М 2022 |
DAM price
RUB/MWh | |
+29% | |
831 | 1075 |
3Q 2021 | 3Q 2022 |
+24% | |
840 | 1045 |
9М 2021 | 9М 2022 |
Unipro electricity generation in the 2nd price zone increased almost 3 times
Significant growth in energy consumption is maintained due to the commissioning of new capacities of the Taishet aluminum smelter and an increase in other consumption.
An increase in energy consumption and a low level of generation at HPPs of the
Hydro Generation
Unipro Generation |
Yenisei Cascade led to a high load of Berezovskaya GRES and an increase in
TWh
-23%
35 | 27 |
3Q 2021 | 3Q 2022 |
-13% | |
97 | 84 |
9М 2021 | 9М 2022 |
TWh | +189% | |
7.8 | ||
0.0 | 2.8 | 2.7 |
3Q 2021 | 3Q 2022 | 9М 2021 9М 2022 |
DAM prices in Q3 2022.
DAM price growth in the 2nd price zone was also caused by the coal price increase (~20% compared to 2021).
Unipro PJSC, 9M2022 results, Moscow, November 03, 2022 | 4 |
Higher Gross Margin improves results in 9M 2022
EBITDA¹ RUB bn
Gross margin² | |||||||
22.0 | -4.9 | 7.1 | 1.7 | 5.6 | -0.4 | 1.0 | 32.1 |
9М | Net CSA | CSA Berjo-3 | Other | Electricity | Controllable | Non-controllable | 9М |
Expiration | Capacity | & heat | costs/income | costs & Other | |||
2021 | effect (CCGT) | income³ | 2022 | ||||
- Adjusted for extraordinary effects
- Excluding sales which are not considered in gross margin calculation
- «Other income» includes sales which are not considered in gross margin calculation
- Growth rate compared to the same period of the previous year
Gross margin
Gross margin increases by 30%⁴ to
RUB 41 bn.
A significant growth of margin from electricity sales due to an increase in electricity consumption and DAM price growth.
The effect of CSA at power unit №3 of Berezovskaya GRES compared to the previous year is gradually decreasing but remains significant.
The contribution of the modernized power unit №1 of Surgutskaya GRES-2 to the financial result of Unipro is increasing.
Costs
Operating expenses remain stable.
Recovery of doubtful debt provision positively impacted the dynamics of non-controllable costs.
Unipro PJSC, 9M2022 results, Moscow, November 03, 2022 | 5 |
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Unipro PJSC published this content on 03 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2022 10:04:15 UTC.
