IFRS net profit of JSC E.ON Russia for H1 2014 decreased by 14.05% to RUB 7.977 billion from RUB 9.389 billion in H1 2013, the company reported.
Revenue increased by 2.23% to RUB 39.255 billion from RUB 38.4 billion, profit from operations decreased by 14.16% to RUB 8.868 billion from RUB 10.332 billion, pre-tax profit by 14.2% to RUB 9.939 billion from RUB 11.584 billion, EBITDA by 12.05% to RUB 12.723 billion from RUB 14.466 billion.
The main reason for the weaker EBITDA is the reduction in gross margin. In the first pricing zone, the electricity price growth could not completely offset the increase of fuel costs. In the second pricing zone, the lower day ahead market price (mainly caused by a high share of hydro generation based on strong water inflow) and competitive capacity outtake results for the Berezovskaya HPP also negatively affected the performance.
JSC E.ON Russia (previously OGK-4, tax number: 8602067092) was registered on March 4, 2005 in Surgut. The company operates five thermal power plants with the total capacity of 10,345 MW: Surgutskaya GRES-2 (5,597 MW), Berezovskaya GRES (1,600 MW), Shaturskaya GRES (1,493 MW), Smolenskaya GRES (630 MW) and Yaivinskaya GRES (1,025 MW). In H1 2014, E.ON Russia reduced electric power generation by 2.7% year-on-year to 30.7 billion kWh, heat energy output by 4% to 1,237 thousand Gcal.
The company's authorized capital is RUB 25.219 billion, the face value of one share being RUB 0.4. E.ON Russia Holding (wholly owned by international power concern E.ON AG) holds 83.73% of E.ON Russia's shares.
IFRS net profit of E.ON Russia for 2013 dropped by 21.21% to RUB 14.432 billion from RUB 18.317 billion the year before. Revenue increased by 5.01% to RUB 78.781 billion from RUB 75.023 billion, profit from operations decreased by 24.77% to RUB 15.739 billion from RUB 20.921 billion, pre-tax profit by 22.21% to RUB 17.814 billion from RUB 22.902 billion. EBITDA went down 0.36% to RUB 29.095 billion from RUB 29.201 billion.
IFRS net profit of JSC E.ON Russia for Q1 2014 dropped by 31.06% to RUB 3.712 billion from RUB 5.385 billion for the same period in 2013. Revenue decreased by 0.6% to RUB 20.615 billion from RUB 20.74 billion.
According to the DataCapital information retrieval system, net profit of JSC E.ON Russia for H1 2014 decreased by 9.45% to RUB 8.842 billion from RUB 9.764 billion the year before. Revenue increased by 2.72% to RUB 40.254 billion from RUB 39.189 billion, sales profit decreased by 14.08% to RUB 9.951 billion from RUB 11.582 billion, pre-tax profit by 9.84% to RUB 10.807 billion from RUB 11.987 billion.