Unipro Publishes Accounting Statements for 2019 Prepared According to RAS

Unipro PJSC publishes the accounting statements for 2019 prepared in accordance with the Russian Accounting Standards (RAS).

Unipro PJSC revenue increased by 4.2% compared to 2018 and amounted to RUB 84.8 bn. The revenue growth was mainly driven by the increase in DAM prices resulting from lack of electricity import from Kazakhstan, increase in electricity export to Finland and the Baltic countries, decline in grid congestions in Siberia and in the Urals, and natural gas and coal prices indexation.

A significantly higher electricity generation in 1H 2019 was primarily due to high demand from the System Operator for Berezovskaya GRES and Surgutskaya GRES-2 electricity production. However, generation volume declined in 2H 2019 resulting from the inspections of Surgutskaya GRES-2 and Yaivinskaya GRES CCGT power units, and lower production by Berezovskaya GRES due to high water in Siberia.

In 2019, the cost of sales remained at the previous year’s level and totaled RUB 60.1 bn.

In 2019, profit before tax rose slightly as compared to last year and amounted to RUB 23.18 bn.

A slight decrease of 1.4% in net profit down to RUB 18.6 bn in 2019 compared to last year was due to higher income tax expenses resulting from differences in the structure of incomes and expenses accounted in the tax base in the current and last year.

Financial highlights of Unipro PJSC in 2019 (RUB ’000)