Publication date: 13.11.18
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Unipro Publishes IFRS Results for 9M 2018

Unipro Group publishes its unaudited financial results for the nine-month period of 2018 in accordance with the International Financial Reporting Standards (IFRS).

The Unipro Group revenue for the reference period amounted to RUB 54.8 bn (-2.2%, compared to the same period of 2017). The decrease in revenue was due to reduction of electricity generation volumes at Surgutskaya GRES-2 and Berezovskaya GRES caused by equipment downtime in cold reserve in accordance with the System Operator’s scheduling. However, the reduction was partially offset by the proceeds from the capacity sales under CSAs for the CCGT power units of Surgutskaya GRES-2.

The operating costs of the company reduced by 4.6% largely due to reduction in the operating costs of the project for repair of the third power unit of Berezovskaya GRES.

EBITDA for the reference period amounted to RUB 19.2 bn (-52.0%, compared to the previous year). The higher indicators for the same period of 2017 were due to receipt of the final part of the insurance proceeds for the accident at the third power unit of Berezovskaya GRES in the amount of RUB 20.4 bn. Without regard to this effect, EBITDA for 9 months of 2018 would have decreased by 1.5%, compared to the same period of the previous year.

The underlying net profit for January-September 2018 amounted to RUB 11.6 bn.

The key indicators of Unipro Group for 9 months of 2018 according to IFRS (RUB, thousand):

 

9M 2018

9M 2017

Dynamics

Revenue

54,824,458

56,040,235

-2.2%

EBITDA*

19,175,546

39,923,097

-52.0%

EBIT**

14,174,206

35,439,857

-60.0%

Underlying net profit***

11,641,402

29,091,523

-60.0%

 

* EBITDA is defined as Earnings Before Interest, Taxes, Depreciation and Amortisation and other one-offs.

* EBIT is defined as Earnings Before Interest and Taxes adjusted for the depreciation amount and other one-offs.

*** Base net profit adjusted for the depreciation amount and other one-offs.