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PJSC Mosenergo

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DGAP-Ad-hoc News vom 12.08.2019

PJSC Mosenergo Releases IFRS Financial Results for 1H 2019

PJSC Mosenergo / Key word(s): Quarterly / Interim Statement
PJSC Mosenergo Releases IFRS Financial Results for 1H 2019

12-Aug-2019 / 15:56 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EquityStory.RS, LLC - a company of EQS Group AG.
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August 12, 2019

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.


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