Unipro Publishes IFRS Financials for Q1 2021

Unipro Group is publishing unaudited financials for 3M 2021 in accordance with the International Financial Reporting Standards (IFRS).

Despite the expiry of capacity supply agreements for Shaturskaya GRES and Yaivinskaya GRES CCGT power units in January 2021, Unipro Group’s revenue grew by 5.3% in the first quarter of this year as compared to the same period of last year and amounted to RUB 21.5 bn. The increase in revenue is primarily driven by the following factors:

• Higher electric power generation by Unipro PJSC power plants due to higher energy consumption as a result of gradual economic recovery from COVID-2019, impact of cold winter, and growth in electric power exports;
• Good payment discipline on the part of former non-payers in the North Caucasian Federal District and Tyva Republic;
• Higher DAM prices in Price Zone 1 in Q1 2021 due to higher consumption as a result of low temperature and higher exports of electric power to Finland and to the Baltics.

EBITDA amounted to RUB 6.9 bn (-10.1% as compared to Q1 2020).

Underlying net profit decreased by 18.1% and amounted to RUB 4.1 bn.

Lower financials in the first quarter of this year as compared to the corresponding period in 2020 were due to substitution of high-margin revenues from CSA with lower-margin revenues for electric power.

Unipro Group’s key financials for Q1 2021 in accordance with IFRS (RUB’000):

* EBITDA is defined as earnings before interest, taxes

, depreciation and amortization, and other one-offs. 

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