Publication date: 07.05.20
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Unipro Publishes IFRS Results for Q1 2020

Unipro Group is publishing unaudited financial results for three months of 2020 in accordance with the International Financial Reporting Standards (IFRS).

In Q1 2020, Unipro Group’s revenue amounted to RUB 20.4 bn (-11.4% as compared to the same period of 2019). The revenue decline was primarily due to lower generation by the company’s power plants and DAM prices decrease resulted from consumption decline caused by abnormally warm weather. By way of reminder, in Q1 2019 electricity export increased and it was low water in Pricing Zone 2, that ensured high utilization for Berezovskaya GRES and Surgutskaya GRES-2 and high DAM prices. These positive factors had a less impact in Q1 2020. It is worth mentioning, that if we don’t consider exceptional financial results of Q1 2019, the electricity revenue returned to the level of Q1 2018 in the reference period.

In the reported period, EBITDA went down by 15.8% to RUB 7.6 bn.

Underlying net profit amounted to RUB 5.0 bn. A decline of 19.6% was due to the factors mentioned above, influenced by abnormally warm winter.

Unipro Group’s key financials for Q1 2020 in accordance with IFRS (RUB’000)[1]:

 

3M 2020

3M 2019

Dynamics

Revenue

20,421,743

23,040,265

-11.4%

EBITDA*

7,645,107

9,083,834

-15.8%

EBIT**

6,159,660

7,568,828

-18.6%

Underlying net profit***

5,004,536

6,223,067

-19.6%

 

* 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.

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

 

[1]Unipro Group’s key financials as per the management accounting records in accordance with IFRS