Mosenergo Releases IFRS Financial Results for 1H 2019
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.