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E.ON Russia publishes IFRS financial statements for the first half of 2011

20.09.11 08:22

E.ON Russia JSC has published audited financial statements, prepared according to IFRS standards, for the first half of 2011. E.ON Russia's profit in the first half of 2011 increased by 31.2% in comparison with the same period of 2010, reaching 31,323 billion rubles.

Operating expenses rose by 21.7%, up to 22,739 billion rubles. EBITDA amounts to 8,855 billion rubles, which is 57.3% higher than in the period from January to June 2010.
Net income of the company in the first half of 2011 went up by 57.6% to 7,091 billion rubles.
The increase in E.ON Russia's income and profitability is determined by higher power generation, which is due to the commissioning of new power units; primarily the 400MW CCGT of Shaturskaya GRES put into operation in the 4th quarter of 2010. Furthermore, since May 1 and June 1, energy generated by the new power units (No. 7 and No. 8) of Surgutskaya GRES-2 has been sold on a day-ahead basis. The key parameter changes are also attributable to price growth on the wholesale electricity market and efficient cost management at the company.