E.ON Russia Publishes 2015 Financial Statements under RAS

E.ON Russia releases financial statements for 2015 prepared in accordance with the Russian Accounting Standards (RAS).

The company’s revenue for the accounting period has not changed significantly comparing to 2014, and amounted to RUB 78.6 bln. Positive factors with an impact on company’s financial results as compared to 2014 included the receipt of capacity supply agreement (DPM) payment due to the commissioning of power unit № 3 of Berezovskaya GRES (starting from October 1, 2015), the increase of capacity payment under current DPM, and the increased payments under capacity payment (KOM) for Berezovskaya GRES power units №1 and №2.

At the same time, E.ON Russia net profit showed negative growth as compared to 2014 due to decrease in electricity production and reduction of gross margin in electricity sales (higher free prices for electricity could not compensate the increase in fuel prices in the first price zone due to capacity over-supply). Penalties for Berezovskaya GRES third power unit commissioning delay have also influenced company’s net profit.

Net profit of E.ON Russia under RAS decreased by 11.2% (comparing to 2014), and totaled RUB 15.5 bln.

Financial results of E.ON Russia JSC for 2015 (thousand rubles)