Unipro 1Q 20 - COVID threatens Berezovskaya progress, hits dividend plans
Today Unipro reported expectedly weaker yoy results for 1Q 20 EBITDA-wise on the back of lower electricity prices (-13% yoy in Siberia and -7% yoy in the European part) and electricity production (-12% yoy). The negative effects spread from top line to bottom and were caused by warmer weather and higher yoy hydrogenation by RusHydro, with no impact from the pandemic. Overall, disregarding impairment one-off, our projections were close on all counts. Nevertheless, we see a negative market reaction given the dividend guidance lowered for this year back to the level of RUB 14 bn/year (as previously) and lower EBITDA (RUB 26-28 bn) mainly due to another one-quarter delay in the Berezovskaya Unit 3 relaunch till end-2020e.E.ON Russia is engaged in the wholesale electricity market, it produces and sells electric and heat power. As of Dec. 31, 2012, the structure of Co. includes five heat power plants with the total installed capacity of 10,345 MW/2,125.9 Gcal/h: Surgutskaya GRES-2 (Khanty-Mansi Autonomous Area, Tyumen Region), Berezovskaya GRES (Krasnoyarsk Territory), Shaturskaya GRES (Moscow Region), Smolenskaya GRES (Smolensk Region) and Yaivinskaya GRES (Perm Territory).
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