RusHydro 4Q 19 - Far Eastern cost hike drives EBITDA down
RusHydro has reported 4Q 19 and FY 19 results with EBITDA down against both our and consensus expectation driven mostly by the yoy increase in third-party service costs (by RUB 6 bn) and fuel costs. The former costs are represented mostly by repairs in the Far East due to aging equipment. At the same time, NI came in slightly above our estimates, mostly on slightly lower impairments and DD&A, yet it does not affect our 2019e dividend expectations (with DPS safe at the minimum 3-year average level of RUB 0.036/share or only 5% DY).PJSC RusHydro is a hydro-generating company based in Russia. Co. is engaged in the generation and sale of electricity and capacity on the Russian wholesale and retail markets, as well as generation and sale of heat energy. The main activity of Co. is production of power from renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy. It has an installed electricity generation capacity of 38.5 GW; and heat capacity of 16.2 GCal/h.
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