Unipro Publishes RAS Accounting Statements for 2021

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

The company’s revenue grew by 17.2% as compared to 2020 and amounted to RUB 94.1 bn. Net profit in the reference period increased by 9.8% up to RUB 16.5 bn.

The revenue from electric power sales in 2021 increased by 22.6% as compared to 2020 due to the increased generation by the company’s power plants and the growth of the DAM prices as a result of the following factors:

– dynamic recovery of electric power consumption due to the growth in production volumes after the decline in 2020 as a result of the COVID-19 pandemic impact;

– easing restrictions and restoring oil production volumes under the OPEC+ agreement;

– climatic impact;

– growth in electric power exports to Finland and the Baltic states;

– a 3% indexation of gas prices from August 1, 2020 and from July 1, 2021 and an increase in coal prices in 2021.

A 9.8% increase in the capacity sales revenue in the reference period is mainly associated with the resumption of payments for capacity supplies by Power Unit No. 3 of Berezovskaya GRES from May 2021, as well as with the increased KOM price and indexation of rates in regulated contracts (RC). The proceeds from capacity sales by Power Unit No. 3 of Berezovskaya GRES under the CSA fully compensate for the decrease in the capacity sales revenue caused by the expiration of CSAs for CCGT units and their transition to capacity payment at KOM prices and RC rates.

At the same time, a higher load on the steam power units of Shaturskaya GRES and Smolenskaya GRES led to an increase of the fuel factor in the working cost as compared to the same period of last year.

Unipro PJSC Financials for 2021 (RUB ’000)