RELEASE
May 8, 2019
Moscow
PJSC «Mosenergo» releases IFRS for 1Q2019
Mosenergo releases interim unaudited consolidated financial statements (prepared in accordance with IFRS) for the 3 months ended March 31, 2019.
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Consolidated Statement of Comprehensive Income
Key Figures, (mn RUR)
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3M 2018
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3M 2019
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Revenue
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72,197
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67,092
|
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Variable Costs
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(46,908)
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(44,972)
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Marginal profit(1)
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11,760
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12,983
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Fixed Costs (2)
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(5,608)
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(5,544)
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EBITDA, adj. (3)
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19,681
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16,576
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Depreciation of Property, Plant and Equipment
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(3,641)
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(3,816)
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Operating Profit
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15,545
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12,485
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Profit for the Period
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12,742
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10,662
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(1) Counted as «Revenue from electricity and heat sales - Variable costs»
(2) Excluding depreciation of PP&E
(3) Adjusted to net charge for impairment and other provisions
Mosenergo revenue in 1Q2019 decreased by 7.1% year-on-year to RUR 67,092 mn.
Revenue from electricity and heat sales in reported period fell by 1.2% year-on-year to RUR 57,955 mn. due to warmer weather in 1Q2019 and corresponding reduction of heat output by 12.1%.
Variable costs decreased by 4.1% year-on-year, to RUR 44,972 mn, on the account of fuel expenses reduction, resulting from heat output fall and production regimes optimization allowed decreasing fuel rate for electricity by 1.4%.
Mosenergo marginal profit in 1Q2019 amounted to RUR 12,983 mn, up by 10.4%.
Revenue from capacity sales decreased by 33.8%, down to RUR 8,538 mn, after CSAs expiry for three units.
Fixed costs (excluding depreciation of PP&E) in the reporting period decreased by 1.1%, amounting to RUR 5,544 mn.
EBITDA, adjusted to net charge for impairment and other provisions, 1Q2019 amounted to RUR 16,576 mn (-15.8% year-on-year).
Mosenergo IFRS profit for 1Q2019 decreased by 16.3%, down to RUR 10,662 mn.
MOSENERGO PR DEPARTMENT
