Unipro Publishes RAS Accounting Statements for H1 2019

Unipro PJSC publishes the accounting statements prepared in accordance with the Russian Accounting Standards (RAS) for a period of the first six months in 2019.

Over January – June 2019, Unipro PJSC revenue grew by 13% compared to the same period of last year and reached RUB 44.2 billion.

Good financial results in H1 2019 were primarily thanks to a generation growth at Surgutskaya GRES-2 and Berezovskaya GRES resulting from:

- Load increase of the power units by the System Operator and high demand in the market;

- Operation of Surgutskaya GRES-2 Power Unit No.7 (CCGT-400) that was under a major inspection over February – March last year;

- Low water level in the UES of Siberia in Q2 2019.

Upward revenues trend is also driven by DAM prices increase because of higher electricity export (mostly to Finland and Baltic countries), no electricity import from Kazakhstan, less grid congestions in Central Siberia and in Ural, and gas indexation in August 2018.

Sales’ costs increased primarily due to higher fuel expenses resulting from a higher generation output.

Net profit in the reference period reached RUB 10.8 billion (+4% compared to the same period of 2018).

Financial highlights of Unipro PJSC in H1 2019 (RUB thous)