Unipro Group publishes its unaudited financials for 9M 2020 in accordance with the International Financial Reporting Standards (IFRS).
Over 9 months of the current year, Unipro Group’s revenue amounted to RUB 54.8 bn (-7.4% as compared to the same period of 2019). If we do not consider the exceptionally strong financials for 1H 2019, company’s revenue returned to the level of 9M 2018 in the reference period.
A revenue decline in January–September 2020 as compared to the same period of 2019 was primarily due to lower power generation by the company’s power plants and decline in DAM prices as a result of warm winter, high water, and, as a result, high hydro power plants’ generation in the first half of the year, as well as COVID-19 coronavirus pandemic and OPEC+ deal. The negative effect of the last two was partly mitigated by high payment rates for the former non-payers in the North Caucasian Federal District, Republic of Kalmykia, and Tuva Republic.
EBITDA amounted to RUB 19.2 bn (-10.8% year-on-year).
Underlying net profit amounted to RUB 10.8 bn. A 22.7% decline is due to the factors mentioned above.
Key IFRS financials of Unipro Group for 9M 2020 (RUB‘000):
|
|
9М 2020 |
9М 2019 |
9М 2018 |
Dynamics (2020/2019) |
Dynamics (2020/2018) |
|
Revenue |
54,794,772 |
59,199,618 |
54,824,458 |
-7.4% |
-0.1% |
|
EBITDA* |
19,179,802 |
21,504,915 |
19,175,546 |
-10.8% |
0,0% |
|
EBIT** |
13,306,804 |
17,065,319 |
14,174,206 |
-22.0% |
-6.1% |
|
Underlying net profit*** |
10,812,579 |
13,987,361 |
11,641,402 |
-22.7% |
-7.10% |
* EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and other one-offs.
** EBIT is defined as earnings before interest, taxes, depreciation, and other one-offs.
*** Underlying net profit adjusted for depreciation and other one-offs.