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.

 

(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