Mosenergo Releases 9M 2019 IFRS Results

November 8, 2019 2019 16:09

Mosenergo releases abbreviated interim unaudited consolidated financial statements (prepared in accordance with IFRS) for the 9 months ended September 30, 2019.

Consolidated Statement of Comprehensive Income

Key Figures, (mn RUR)

9M 2018

9M 2019

Revenue

135,988

133,378

Operating Costs

(117,923)

(120,895)

Operating Profit

17,019

12,674

EBITDA (1)

28,161

24,281

EBITDA, adj. (2)

29,452

24,396

Profit for the Period

14,045

12,624

(1) EBITDA = Operating Profit + Depreciation and Amortization

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

Mosenergo revenue for 9M 2019 decreased by 1.9% year-on-year down to RUR 133,378 mn. The reason for the decline was lower revenue from capacity sales (-27.7%) on the back of capacity supply agreements expiry for three units, as well as lower revenue from heat sales (-2.8%), on the back of output decline, resulting from warmer weather in the reporting period, which was partly counterweighted electricity output growing by 7.3%.

Operating costs in the reporting period amounted to RUR 120,895 mn, up by 2.5%, mainly on the account of fuel expenses growing by 4.3% on the back of increased electricity output.

EBITDA amounted to RUR 24,281 mn (-13.8% year-on-year).

Mosenergo IFRS profit for 9M 2019 decreased by 10.1%, down to RUR 12,624 mn.

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