Publication date: 07.11.17
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Unipro Publishes Financial Results under IFRS for the Nine-Month Period of 2017

Unipro Group has published unaudited financial results under the International Financial Reporting Standards (IFRS) for the period January to September 2017.

Revenue of Unipro Group for the nine-month period of 2017 totalled RUB 56.0 billion (-1.7% vs. the same period in 2016).

The decrease in revenue was primarily caused by:

  • Decline in power generation at Berezovskaya GRES resulting from increased water content in Siberia in H1 2017 compared to the same period in 2016

  • Decline in power generation at Berezovskaya GRES and Surgutskaya
    GRES-2 due to a longer period of keeping the plants in cold reserve (dispatching of the System Operator), and

  • Decline in power generation at Shaturskaya GRES during the period of general inspection at the CCGT power unit and at Yaivinskaya GRES during the period of CCGT gas turbine modernization.

Meanwhile, revenue was driven by increased capacity payments resulting from the revision of the CSA prices for CCGT power units of Yaivinskaya GRES and Shaturskaya GRES, and increased payments under CSA (delta CSA) for the CCGTs of Yaivinskaya GRES, Shaturskaya GRES, and Surgutskaya GRES-2 starting from the seventh year of capacity supply.

EBITDA for the reporting period amounted to RUB 39.9 billion.

In May 2017, Unipro PJSC received the final part of the insurance proceeds in the amount of RUB 20.4 billion for the accident at the third power unit of Berezovskaya GRES. EBITDA for the past-year nine-month period was RUB 6.7 billion. The key negative factor that contributed to the low financial results for the period January to September 2016 included the disposal of assets damaged in the accident at Power Unit No. 3 of Berezovskaya GRES. Without regard to these one-time events in 2016 and 2017, EBITDA would have grown by 12.7%.

Underlying net profit for the nine months of 2017 went up to RUB 29.1 billion.

The key indicators of Unipro Group for the nine months of 2017 under IFRS
(RUB ’000):

 

9M 2017

9M 2016

Change

Revenue

56,040,235

57,023,879

-1.7%

EBITDA*

39,923,097

6,688,238

-

EBIT**

35,439,857

1,550,033

-

Base net profit***

29,091,523

1,672,058

-

 

* EBITDA is defined as Earnings Before Interest, Taxes, Depreciation, and Amortization.

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

*** Base net profit adjusted for the depreciation amount.