Mosenergo Releases 9M 2019 IFRS Results
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.