RusHydro boosts IFRS net profit 70% to 32.1 bln rubles in 2023

MOSCOW. March 6 (Interfax) - RusHydro boosted net profit to International Financial Reporting Standards 70% to 32.1 billion rubles in 2023, the generating company said in a financial statement.

EBITDA rose 43.5% to 131.47 billion rubles.

Sales revenue grew 21.9% to 510.33 billion rubles.

The growth of RusHydro's financial indicators was prompted by an increase in revenue due to the recovery of water levels and HPP generation in Siberia compared to record low levels of 2022, as well as due to the receipt of compensation for past income shortfalls in electricity and heat rates in the Far East, the company said.

RusHydro's borrowings at the end of 2023 were estimated at 356.5 billion rubles. Another 17.71 billion rubles of liabilities were due to a non-deliverable stock forward to VTB . The ratio of net debt to EBITDA was 2.6x.

Capex rose to 192.7 billion compared with 112.1 billion rubles a year earlier.

The company's accounts as of the end of 2023 held 32.36 billion rubles.

RusHydro has more than 60 hydropower plants in Russia, thermal power plants and power grid infrastructure in the country's Far East, as well as power supply companies and research and engineering institutes. The company's power plants, including the Boguchany HPP, have installed capacity of more than 38.5 GW.

RusHydro's principal shareholder as at the end of September 2023 was Russia's Federal Property Management Agency (Rosimuschestvo) with 62.2%, VTB state bank owned 12.37%, and En+ Group held around 9.61%.