E.ON Russia publishes IFRS reporting for 1st half of 2014
E.ON Russia discloses the data of the condensed consolidated interim unaudited financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) for the first half 2014.
The company’s revenue for the reporting period increased by 2% as compared with the first half of 2013 and amounted to RUB 39.25 bln.
EBITDA* decreased by 12% to RUB 12.7 bln. Profit for the period is down by 15% - from RUB 9.4 bln to RUB 8.0 bln.
Main reason for the weaker financial performance is the decrease of the gross margin. In the first pricing zone the electricity price growth could not completely offset the increase of fuel costs. In the second pricing zone reduced capacity payments (KOM) for Berezovskaya and the lower day ahead market price – mainly caused by a high share of hydro generation based on strong water inflow – are the main drivers.
Performance indicators of E.ON Russia for first half 2014 (million roubles):
|
Indicator |
|
6 months of 2014 |
6 months of 2013 |
Dynamics |
|
Revenue |
|
39,255 |
38,400 |
2% |
|
Operating expenses |
|
30,505 |
28,160 |
8% |
|
EBITDA* |
|
12,723 |
14,466 |
-12% |
|
EBIT** |
|
8,868 |
10,332 |
-14% |
|
Profit for the period |
|
7,977 |
9,389 |
-15% |
* EBITDA: Earnings before interest, taxes, depreciation, and amortization.
** EBIT: Earnings before interest and taxes.