Unipro Publishes IFRS Results for H1 2018

Unipro Group publishes its unaudited financial results for the first half of 2018 in accordance with the International Financial Reporting Standards (IFRS).

The Unipro Group revenue for January–June 2018 amounted to RUB 37.6 bn (-0.4% compared to the to the same period in 2017). The company results for H1 2018 were significantly influenced by the following factors:

• the increase of capacity earnings as a result of the revision of CSA prices for the CCGT power units of Surgutskaya GRES-2;
• the reduction of electricity generation volumes caused by equipment downtime in cold reserve in accordance with the System Operator’s scheduling, as well as by general inspection of CCGT Power Unit No. 7 of Surgutskaya GRES-2.

EBITDA for the reference period amounted to RUB 13.7 bn, which is 58.7% lower comparing to the same period in 2017. Last year’s results were affected by the final payment of insurance proceeds for the accident at Power Unit No. 3 of Berezovskaya GRES in the amount of RUB 20.4 bn. Excluding this factor, EBITDA in the first half of 2018 has increased to 7.8 % comparing to the same period in 2017.

The underlying net profit in January–June 2018 amounted to RUB 8.6 bn.

Key indicators of Unipro Group for six months of 2018 according to IFRS (RUB, thousand):

* 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.