RusHydro Net Profit Increases 16.5% for 9M according to RAS
OREANDA-NEWS. November 2, 2010. JSC RusHydro Net Profit Increases 16.5% for 9 Months 2010 (according to Russian Accounting Standards (RAS))
October 25th, 2010.
JSC RusHydro Financial Highlights for 9 Months 2010:
|
|
9м 2010, |
9м 2009, |
Year-on-year, |
|
Revenue |
64,715 |
58,698 |
10.3% |
|
Cost of goods, products, work and services sold |
(30,223) |
(26,404) |
14.5% |
|
Gross profit |
34,492 |
32,294 |
6.8% |
|
Other income |
50,821 |
21,486 |
136.5% |
|
Other costs |
(46,848) |
(20,363) |
130.1% |
|
EBITDA* |
40,535 |
38,420 |
5.5% |
|
Net profit |
30,106 |
25,844 |
16.5% |
*Note. EBITDA is calculated as gross profit minus amortization.
Based on results for the first nine months of 2010, the Company's revenue (generated by the sale of goods, work and services) increased by 10.3% and stood at RUR 64,715 for the reporting period. This favorably compares with revenue of RUR 58,698 mln. for the same period in 2009. The principal factors driving revenue growth an increased share of sales at unregulated prices - based on the schedule for wholesale electricity and capacity market liberalization;
higher electricity prices on the free market (the day-ahead market);
increased sales of electricity produced at the Company's Zeyskaya and Bureyskaya HPPs, including volumes produced in excess of the balance sheet established by the Russian Federal Tariff Service (FTS);
increased volume of electricity sales through free bilateral agreements and on the balancing market.
The majority of JSC RusHydro's total revenues are generated by electricity and capacity sales:
|
|
9м 2010, |
9м 2009, |
Year-on-year, |
|
Revenue from the sale of products, work and services |
64,715 |
58,698 |
10.3% |
|
Revenue from electricity sales |
29,255 |
20,376 |
43.6% |
|
Revenue from capacity sales |
35,241 |
38,124 |
-7.6% |
|
Revenue from the sale of heat |
85 |
81 |
4.9% |
|
Revenue from other operations |
135 |
117 |
15.4% |
The cost of goods, products, work and services sold during the first nine months of 2009 totaled RUR 30,223 mln. This figure represents a 14.5% increase compared with the first nine months of 2009.
This cost increase was driven by the following factors:
higher volumes of electricity and capacity purchases on the free market to satisfy obligations under regulated agreements, due to the Sayano-Shushenskaya HPP accident;
increased obligations on the day-ahead market to satisfy obligations arising from free bilateral agreements.
During the reporting period, JSC RusHydro's gross profits increased 6.8% (compared with the same period in the previous year) and stood at RUR 34,492 mln.
JSC RusHydro's other income for the reporting period equaled RUR 50,821 mln., compared with RUR 21,486 mln. for the same period in the previous year. The main factors driving increased other income include: actions aimed at the novation of debt on promissory notes belonging to JSC RusHydro's subsidiaries and dependent companies. Carrying out novations was also reflected in the category "other expenses", which grew up from RUR 20,363 mln. for the first nine months of 2009 to RUR 46,848 mln. for the first nine months of 2010.
The Company's reported EBITDA for the first nine months of 2010 was RUR 40,535 mln. - a 5.5% increase year-on-year.
Net profit for the reporting period, according to Russian Accounting Standards, was 16.5% higher and reached RUR 30,106 mln.
Key indicators of the Company's financial position, as of September 30th, 2010:
As of September 30th, 2010, the Company's total assets increased by RUR 46,641 mln. (or 9.8%) compared with total corporate assets as of January 1st, 2010 and totaled RUR 522,150 mln.
The increase in assets can be attributed to:
a RUR 50,228 mln. increase in long-term receivables, as a result of the Company restructuring the promissory note debts of its subsidiaries and associated companies;
an increase in the value of long-term financial investments by RUR 3,996.4 mln., as a result of the Company acquiring shares of its subsidiaries.
As of September 30th, 2010, the Company's total liabilities equaled RUR 16,585 mln. - a 54.7% increase compared with the beginning of the reporting period. The increase was principally the result of the occurrence of obligations before the Company's shareholders within the framework of the additional issue of ordinary shares, prior to the introduction of amendments in the Company's Articles of Association, in the amount of RUR 21,850 mln.
As of September 30th, 2010, JSC RusHydro's total equity stood at RUR 475,218 mln., compared to RUR 445,163 as of January 1st, 2010. This 6.8% increase was primarily driven by a RUR 29,570 mln. increase in retained profits.
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