Unipro Publishes IFRS Financials for H1 2021

Unipro Group is publishing its unaudited financials for the period from January to June 2021 in accordance with the International Financial Reporting Standards (IFRS).

Despite the expiry of capacity supply agreements (CSA) for Shaturskaya GRES and Yaivinskaya GRES CCGT power units in January 2021, Unipro Group’s revenue grew by 12.1% in H1 of this year as compared to the same period of last year and amounted to RUB 42.1 bn.

The increase in revenue in the reporting period is primarily driven by the following factors:

• Recovery of Berezovskaya GRES Power Unit No. 3 and resumption of payments under CSA from May 2021,
• Higher electric power output by Unipro PJSC power plants due to higher energy consumption as a result of gradual economic recovery from COVID-19, mitigation of OPEC+ restrictions, impact of cold winter and record-high temperature in May–June 2021, as well as growth in electric power exports,
• Higher DAM prices in Price Zone 1 in H1 2021 due to higher consumption and higher exports of electric power to Finland and to the Baltics, as well as due to the indexation of gas prices from August 1, 2021.

Besides, recovery of the revenue under the agreements previously recognised as onerous had a positive impact on the financial indicators for H1 2021. 

EBITDA grew by 10.3% to RUB 14.4 bn.

Underlying net profit amounted to RUB 8.7 bn (+5.9% compared to the same period of 2020).

Unipro Group’s key financials for H1 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.

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