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JSC RusHydro Announces 1H 2009 RAS Results

JSC RusHydro (MICEX, RTS, LSE: HYDR) announces its 1H 2009 financial results prepared in accordance with Russian Accounting Standards (RAS). The RAS financial results of JSC RusHydro are not indicative of the financial condition or results of the RusHydro Group under IFRS. The RAS financial results reflect only operations of JSC RusHydro and do not relate to subsidiaries or affiliated companies of JSC RusHydro.


RusHydro’s balance sheet as of June 30th, 2009


As of June 30th, 2009, RusHydro’s total assets stood at RUR 472,940,010 thousand, compared to RUR 441,293,808 thousand as of the beginning of the reporting period (a 7.2% increase).  During the reported period, accounts receivable increased from RUR 70,025,616 thousand to RUR 80,883,760 thousand (a 15.5% increase).


The Company’s charter capital increased from RUR 245,014,059 as of January 1st, 2009 to RUR 255,014,019 thousand as of the end of the reported period due to an additional share issue during IH 2009. Accounts payable rose by 25.3%, and totaled RUR 15,361,199 thousand as of June 30th, 2009.


IH 2009 profit and loss account


RusHydro’s revenues for IH 2009 equaled RUR 39,150,406 thousand against RUR 29,304,658 thousand for the same period during the previous year. The 33.6% revenue growth is explained in part by the increase in the size of the special investment component included in the tariff compared to the previous year, as well as by the increased volume of sales at non-regulated prices — as a result of the timeline of Russian market liberalization. Costs during the reported period were RUR 17,227,908 thousand, against RUR 18,300,858 thousand in IH 2008.  The 5.9% drop in costs was a result of both decreased volumes and lower prices to purchase electricity on the day-ahead market to honor obligations under regulated agreements (due to an increase in the liberalized market). Other factors contributing to lower costs include: high water flows in Q1, lower prices on the day-ahead market because of decreased consumption and decreased purchase volume based on regulated agreements with the Group for supply points at the Zagorskaya PSHPP (due to the increased share of the liberalized market). 


Gross profits for RusHydro totaled RUR 21,922,498 thousand against RUR 11,003,800 thousand during the same period in the previous year. Current income tax for IH 2009 was RUR 5,142,766 thousand against RUR 3,051,055 thousand for the same period in 2008.  For IH 2009, RusHydro generated net profit of RUR 18,347,500 thousand versus RUR 7,959,880 thousand for IH 2008.




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