Publication date: 08.08.19
Back to list

Unipro Publishes IFRS Financials for H1 2019

Unipro Group publishes its unaudited financials for 6M 2019 in accordance with the International Financial Reporting Standards (IFRS).

Over the first half of this year, Unipro PJSC revenue grew by 13.6% compared to the same period of last year and reached RUB 42.7 bn.

The companyreported strong financial results primarily thanks to an upward trend of DAM prices resulting from:

- growth in exports (primarily to Finland and the Baltics);

- lack of electricity import from Kazakhstan;

- lower number of grid congestions in Central Siberia and in the Urals;

- gas prices indexation starting from August 2018.

In addition, the revenue growth was driven by the generation increase at Surgutskaya GRES-2 and Berezovskaya GRES resulting frommore requests from the System Operator, Power Unit No. 7 (CCGT-400) was fully operational at Surgutskaya GRES-2 that was under a major inspection  in February- March last year. Low water level in the rivers of Siberia in Q2 2019 was as another important driver.

EBITDA for the reference period amounted to RUB 16.5 bn (+20.7% compared to H1 2018).

Underlying net profit grew by 28.8% in H1 2019 and reached RUB 11.1 bn.

Unipro Group’s key financial for H1 2019 according to IFRS (RUB’000):

 

6M 2019

6M 2018

Change

Revenue

42,715,985

37,595,594

13.6%

EBITDA*

16,500,067

13,669,397

20.7%

EBIT**

13,510,271

10,557,859

28.0%

Underlying net profit***

11,102,212

8,618,555

28.8%

* 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.

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