Mosenergo Releases IFRS Financial Results for 1H 2019

August 12, 2019 2019 16:11

Mosenergo releases interim abbreviated unaudited consolidated financial statements (prepared in accordance with IFRS) for the 6 months ended June 30, 2019.

Consolidated Statement of Comprehensive Income

Key Figures, (mn RUR)

6M 2018

6M 2019

Revenue

107,668

103,855

Operating Costs

(88,491)

(89,686)

Marginal profit(1)

15,151

17,247

Operating Profit

18,552

14,039

EBITDA, adj. (2)

26,797

22,094

Profit for the Period

15,232

12,730

(1) Calculated as “Revenue from electricity sales + Revenue from heat sales — Variable costs”

(2) Adjusted to net charge for impairment and other provisions

Mosenergo revenue for 6M 2019 decreased by 3.5% year-on-year down to RUR 103,855 mn. The reason for the decline was revenue from capacity sales decrease (-32.6%), on the back of capacity supply agreements expiry for three CSA units, as well as decreased revenue from heat sales (-5.8%) on the account of lower output for warmer weather in the report period.

Operating costs for 1H 2019 amounted to RUR 89,686 mn, thus growing marginally by 1.4%, mainly on the account of fuel costs increase by 2.1%.

EBITDA, adjusted to net charge for impairment and other provisions, for the report period decreased by 17.6%, down to RUR 22,094 mn).

Mosenergo marginal profit in 1H 2019 amounted to RUR 17,247 mn, up by 13.8%, resulting from increased electricity output (+6.8%) and weighted average electricity price growth by 10.1%.

Mosenergo IFRS profit for 1H 2019 decreased by 16.4%, down to RUR 12,730 mn.

LiveJournal Share Button