Difficult second quarter for the group as the results were impacted by lower volumes, prices and a weaker rouble, with revenues and EBITDA falling to €768m and €209m respectively (-3% and -8% yoy) which was in line with forecasts, while reported operating profit fell 53% and adjusted operating profit was also down 15%, missing market expectations by 5%. The negative effect on operating profit was due to the impacted of derivatives for hedging positions and nuclear fund adjustments.
20 Jul 2016
Dark clouds are still present: weak power prices weigh on margins
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Dark clouds are still present: weak power prices weigh on margins
Difficult second quarter for the group as the results were impacted by lower volumes, prices and a weaker rouble, with revenues and EBITDA falling to €768m and €209m respectively (-3% and -8% yoy) which was in line with forecasts, while reported operating profit fell 53% and adjusted operating profit was also down 15%, missing market expectations by 5%. The negative effect on operating profit was due to the impacted of derivatives for hedging positions and nuclear fund adjustments.