Unipro publishes unaudited financial results in accordance with IFRS

The Group’s revenue for 9 months of 2016 increased by 8.5% compared to January–September 2015 indicators and amounted to RUR 57.0 bln.

The increase of the Group’s revenue was caused by higher power production of Surgutskaya GRES-2 (which was undergoing major repair works in H1 2015) and by higher income under the Capacity Supply Agreement (considering one month of earnings contribution from unit 3 of Berezovskaya and also a tariff increase due to higher state bond yield).

EBITDA for the period between January and September of 2016 totalled RUR 6.7 bln, Underlying net profit: RUR 1.7 bln. The financial performance was decreased due to reduction of the carrying amount of Berezovskaya unit 3 as a result of the accident that occurred in February 2016. Without this factor, the operating profit of the Group would have been higher than the indicators of the previous year.

Power unit 3 of Berezovskaya GRES was removed out of service on 01 February 2016 for the purpose of repairs and will be fully reconstructed at the expense of the company. As of the date of the press release, the preliminary inspection findings show that the reconstruction costs will amount to at least RUR 25 bln and that the recommissioning of Unit 3 will be no sooner than in mid 2018. Management believes that a significant amount of the repair costs will be covered by the insurance.