01.12.2015, 00:51
Inter RAO Group Announced Financial Results for 9 Months of 2015
OREANDA-NEWS. Inter RAO Group announced interim condensed consolidated financial statements prepared under the International Financial Reporting Standards for the first 9 months of 2015. The financial statements were reviewed by Ernst & Young.
Group revenue increased by 10.3% (54.0 billion rubles) to 580.0 billion rubles.
Trading Segment has shown the most significant revenue growth. Segment revenue increased by 24.9 billion rubles (71.1%) to 60.0 billion rubles. Key drivers of this significant increase include an uplift in domestic trading volume and the depreciation of ruble against the currencies of our export contracts in the end of 2014, which helped us to increase both export sales and ruble revenue.
Revenue from Supply Segment increased by 14.0 billion rubles (4.3%) to 339.0 billion rubles due to the growth of the customer base resulting from regional expansion of the Group's guaranteeing suppliers (serving Omsk and Oryol regions since March and February 2014 respectively), and acquisition of new customers by the independent sales companies.
Revenue from Generation Segment increased by 1.3 billion rubles (1.0%) to 136.9 billion rubles, mostly representing the growth of the heat production sub-segment.
A marginal increase in the revenue from electric power generation sub-segment, which went up by 0.2 billion rubles (0.2%) to 88.4 billion rubles, is attributable to larger proceeds from capacity sales resulting from the launch of several CDA power generation units, including Unit 2 at Yuzhnouralskaya TPP-2 and Units 8 and 9 at Cherepetskaya TPP, in late 2014 and early 2015, and the growth of NDM prices in the second pricing zone. These factors were partially offset by a marginal NDM price decrease in the first pricing zone, and reduced sales prices and sales under the regulated agreements.
Revenue from thermal power generation sub-segment4 increased by 1.1 billion rubles (2.4%) to 48.5 billion rubles due to increases in average heat delivery tariffs in 2014 and 2015 in Bashkortostan, which were partially offset by a marginal decrease in the revenue from CCO capacity sales and lower power generation. Higher NDM prices for our second pricing zone stations located in Omsk and Tomsk also contributed to the revenue increase.
Revenue from Foreign Assets increased by 12.2 billion rubles (42.3%) to 41.0 billion rubles, mostly due to the appreciation of local operating currencies of the Group against Russian ruble.
Operating expenses increased by 8.6% to 557.8 billion rubles.
Cost of purchased electricity and capacity in the first 9 months of 2015 went up by 25.3 billion rubles (12.8%) to 222.4 billion rubles, while electricity transmission fees increased by 8.5 billion rubles (6.4%) to 141.7 billion rubles due to a significant increase in domestic and export electricity trade, and in the retail sales of electricity in the Group's new regions.
A slight reduction of fuel costs, by 0.2 billion rubles (0.2%) to 102.0 billion rubles, is attributable to a combination of several factors. Lower power generation by the Group's Russian assets led to lower fuel consumption. However, fuel costs of the Group's foreign assets increased, reflecting the appreciation of U.S. dollar, which is the currency of gas supply contracts, against Russian ruble and local operating currencies.
As the result, Group EBITDA increased by 24.5% to 49.4 billion rubles. The largest contribution to EBITDA is attributable to Generation - Russian Assets Segment, which brought in 31.8 billion rubles.EBITDA from electric power generation sub-segment increased by 4.1 billion rubles, to 25.7 billion rubles, following the addition of more than 1.2 GW of new CDA facilities at Yuznhouralskaya TPP-2 and Cherepetskaya TPP, as well as at Nizhnevartovskaya TPP owned by NVGRES Holding Limited joint venture. Other favorable factors include the optimization of capacity utilization and higher CDA capacity sales prices.
Group revenue increased by 10.3% (54.0 billion rubles) to 580.0 billion rubles.
Trading Segment has shown the most significant revenue growth. Segment revenue increased by 24.9 billion rubles (71.1%) to 60.0 billion rubles. Key drivers of this significant increase include an uplift in domestic trading volume and the depreciation of ruble against the currencies of our export contracts in the end of 2014, which helped us to increase both export sales and ruble revenue.
Revenue from Supply Segment increased by 14.0 billion rubles (4.3%) to 339.0 billion rubles due to the growth of the customer base resulting from regional expansion of the Group's guaranteeing suppliers (serving Omsk and Oryol regions since March and February 2014 respectively), and acquisition of new customers by the independent sales companies.
Revenue from Generation Segment increased by 1.3 billion rubles (1.0%) to 136.9 billion rubles, mostly representing the growth of the heat production sub-segment.
A marginal increase in the revenue from electric power generation sub-segment, which went up by 0.2 billion rubles (0.2%) to 88.4 billion rubles, is attributable to larger proceeds from capacity sales resulting from the launch of several CDA power generation units, including Unit 2 at Yuzhnouralskaya TPP-2 and Units 8 and 9 at Cherepetskaya TPP, in late 2014 and early 2015, and the growth of NDM prices in the second pricing zone. These factors were partially offset by a marginal NDM price decrease in the first pricing zone, and reduced sales prices and sales under the regulated agreements.
Revenue from thermal power generation sub-segment4 increased by 1.1 billion rubles (2.4%) to 48.5 billion rubles due to increases in average heat delivery tariffs in 2014 and 2015 in Bashkortostan, which were partially offset by a marginal decrease in the revenue from CCO capacity sales and lower power generation. Higher NDM prices for our second pricing zone stations located in Omsk and Tomsk also contributed to the revenue increase.
Revenue from Foreign Assets increased by 12.2 billion rubles (42.3%) to 41.0 billion rubles, mostly due to the appreciation of local operating currencies of the Group against Russian ruble.
Operating expenses increased by 8.6% to 557.8 billion rubles.
Cost of purchased electricity and capacity in the first 9 months of 2015 went up by 25.3 billion rubles (12.8%) to 222.4 billion rubles, while electricity transmission fees increased by 8.5 billion rubles (6.4%) to 141.7 billion rubles due to a significant increase in domestic and export electricity trade, and in the retail sales of electricity in the Group's new regions.
A slight reduction of fuel costs, by 0.2 billion rubles (0.2%) to 102.0 billion rubles, is attributable to a combination of several factors. Lower power generation by the Group's Russian assets led to lower fuel consumption. However, fuel costs of the Group's foreign assets increased, reflecting the appreciation of U.S. dollar, which is the currency of gas supply contracts, against Russian ruble and local operating currencies.
As the result, Group EBITDA increased by 24.5% to 49.4 billion rubles. The largest contribution to EBITDA is attributable to Generation - Russian Assets Segment, which brought in 31.8 billion rubles.EBITDA from electric power generation sub-segment increased by 4.1 billion rubles, to 25.7 billion rubles, following the addition of more than 1.2 GW of new CDA facilities at Yuznhouralskaya TPP-2 and Cherepetskaya TPP, as well as at Nizhnevartovskaya TPP owned by NVGRES Holding Limited joint venture. Other favorable factors include the optimization of capacity utilization and higher CDA capacity sales prices.
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