Publication date: 10.03.20
Back to list

Unipro Publishes financial results for 2019 in accordance with IFRS

Unipro Group discloses the data of the audited consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS).

In 2019, Unipro Group’s revenue increased by 3.2% as compared to 2018 and totaled RUB 80.3 bln.

The revenue growth was mainly driven by higher DAM prices as a result of:

- Less electricity import from Kazakhstan to Russia;

- Electricity export increase from Russia to Finland and the Baltic countries;

- Less grid congestions in Siberia and in the Urals;

- Natural gas and coal prices indexation.

Electricity generation in 2019 remained at the level of 2018. A significant generation increase occured over the first half of the year because of a high demand from the System Operator for Berezovskaya GRES and Surgutskaya GRES-2 electricity production. The increase was balanced by a lower generation in the second half of the year compared to the last year. Electricity generation volume declined in the second half of the year due to inspections of CCGT power units, lower generation by Berezovskaya GRES as a result of high water in Siberia, and lower production by Surgutskaya GRES-2 SPU units in accordance with the System Operator schedule.

EBITDA for the reference period amounted to RUB 29.6 bln (+6.0% compared to 2018).

Underlying net profit increased by 9.3% in 2019 compared to 2018 and amounted to RUB 19.7 bln.

Unipro Group’s key financials for 2019 under IFRS (RUB ’000)[1]:

 

2019

2018

Change

Revenue

80,279,710

77,777,008

3.2%

EBITDA*

29,605,173

27,924,807

6.0%

EBIT**

23,649,122

21,755,577

8.7%

Underlying net profit***

19,694,827

18,020,086

9.3%

* 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.

 

 

[1] Key indicators according to management accounting under IFRS