E.ON Russia expecting IFRS net profit in 2015 level with 2014
MOSCOW. Aug 13 (Interfax) - OJSC E.ON Russia is expecting that the company's net profit to International Financial Reporting Standards (IFRS) in 2015 will remain level with 2014, E.ON Russia Deputy CEO for Finance and Economy Ulf Backmeyer said during a conference call with journalists.
"We are not expecting net profit this year to substantially differ from last year. It will be approximately the same size," he said. In 2014, IFRS net profit was 16.9 billion rubles.
Electricity production is planned at the level of 55 billion-57 billion kWh, he said, adding that a reduction in H2 is not expected. In 2014 production was 59.2 billion kWh.
He said that all of the company's financials should improve in H2 thanks to the completion of repairs and the commissioning of a power unit at Berezovskaya stat district power plant (GRES).
Speaking about the possibility of paying interim dividends in 2015, Backmeyer said that there are no such plans. "Our position does not allow for discussing this issue until the end of this year, because we are still building the third unit," he said.
The financial director said that the company allocated 100% of net profit to dividends for 2014. "At the beginning of this week we completed the payment of 17.5 billion rubles in dividends," he said.
The size of dividends for 2015 will be discussed with shareholders in Q1 2016. "We will propose our variant and we'll discuss it," Backmeyer said.
OJSC E.ON Russia has five thermal power plants with a total capacity of 10,345 MW: Surgutskaya GRES-2 with a capacity of 5,597 MW, Berezovskaya GRES (1,600 MW), Shaturskaya GRES (1,493 MW), Smolenskaya GRES (630 MW) and Yayvinskaya GRES (1,025 MW). E.ON owns an 83.7% stake in the company.