Unipro Publishes IFRS Financials for 9M 2019

Unipro Group publishes its unaudited financials for 9M 2019 in accordance with the International Financial Reporting Standards (IFRS).

In January-September 2019, Unipro Group’s revenue amounted to RUB 59.2 bn (+8% as compared to the same period of last year).

The revenue growth was mainly driven by higher DAM prices resulting from the following factors:

- less electricity import from Kazakhstan;

- increase in electric power exports to Finland and the Baltics;

- less grid congestions in Central Siberia and in the Urals;

- gas and coal prices indexation.

A significant increase in electric power generation in 1H 2019 was primarily thanks to the market factors and high demand for Berezovskaya GRES and Surgutskaya GRES-2 power units on the part of the System Operator.

Concurrently, electric power generation volume declined in 3Q 2019 due to the following factors:

- inspections of CCGT units at Surgutskaya GRES-2 and Yaivinskaya GRES;

- lower utilisation of Berezovskaya GRES power units due to peak of hydro generation in the UES of Siberia.

EBITDA for the reference period increased by 12.1% as compared to 2018 to RUB 21.5 bn.

Underlying net profit over January-September of the current year amounted to RUB 14 bn (+20.2% as compared to the same period of 2018).

Key IFRS financials of Unipro Group for 9M 2019 (RUB‘000):

* EBITDA is defined as earnings before interest, taxes, depreciation and amortisation, and other one-offs.

** EBIT is defined as earnings before interest, taxes, depreciation, and other one-offs.

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