Unipro 4Q 19 - Berezovskaya relaunch delayed yet again
Today Unipro reported weaker yoy results for 4Q 19 EBITDA-wise on the back of lower electricity prices (-20% yoy in Siberia and -7% yoy in the European part) and electricity production (-9% yoy). Yet the results turned out better than we had expected on the back of a higher share of new more efficient units in the overall generation. The latter had resulted in higher than expected electricity spreads and lower unit fuel costs, similarly affecting the bottom line. Nevertheless, we treat the new delay in the Berezovskaya relaunch as more important and overwhelmingly negative for our FCF forecasts together with the higher capex guidance. Nevertheless, the dividends in 2020-22e are still confirmed at the RUB 20 bn/year plan, with DY of 11%.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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