02.08.2011
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RusHydro Revenue in the First Six Months of 2011 Increased by 12%

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces its unaudited financial results for the first half of 2011 in accordance with Russian Accounting Standards (RAS).

1H 2011 Financial Highlights (RUR, mln)

  

6m 2011

6m 2010

y-o-y, %

Revenue

47,005

42,003

12

Cost of goods and services sold

(18,645)

(19,046)

-2

Gross profit

28,360

22,957

24

Other income

21,554

49,149

-56

Other expenses

(24,905)

(45,711)

-46

EBITDA[1]

32,724

26,970

21

Net Profit

18,919

20,729

-9


Unaudited revenue from the sale of goods and services increased by 12% to RUR 47,005 million, compared to RUR 42,003 million in same period last year. The main factors of the revenue growth were:

-   increased net output;

-   increase of sales at unregulated prices following the liberalization of the wholesale market for electricity and capacity;

-   increased electricity prices on the free market.


The major part of the Company's revenue is represented by the sales of electricity and capacity (RUR mln):


6m 2011

6m 2010

y-o-y, %

Total Revenue

47,005

42,003

12

Revenue from sale of electricity

26,899

17,633

53

Revenue from sale of capacity

19,941

24,200

-18

Revenue from the sale of heat

71

74

-4

Revenue from other operations

94

96

-2


The cost of goods and services sold (COGS) in the first six months of 2011 amounted to RUR 18,645 million, down 2% compared to the same period last year.


The main factor behind the decrease in COGS was a 36% decline in the cost of purchased electricity and capacity from RUR 4,969 million to RUR 3,189 million.


As a result of the increase in revenue and the decrease in COGS in the first half of 2011 the Company's gross profit rose by 24% y-o-y and stood at RUR 28,360 million.


Other income reached RUR 19,029 million, of which sale and repayment of promissory notes accounted for RUR 18,158 million.


During the reporting period, other expenses reached RUR 23,468 million. The largest portion of other expenses was losses from mark-to-market revaluation of financial investments (RUR 4,225 million) and expenses related to the sale of promissory notes (RUR 18,158 million).


EBITDA increased by 21% to RUR 32,724 million.


The Company's net profit in the reporting period decreased by 9% to RUR 18,919 million. The net profit decline was primarily the result of mark-to-market revaluation of financial investments.

 

Key indicators for RusHydro's financial position as of June 30th, 2011

As of June 30th, 2011, the Company's total assets increased by RUR 30,239 million - or by 6% - compared with assets as of December 31st, 2010 and reached RUR 581,561 million. The assets increase was primarily driven by a short-term deposit increase.


As of March 31st, 2011, total obligations stood at RUR 57,577 million - a 24% increase compared with the beginning of the reporting period. The increase was due to a long-term RUR 15,000 million bond placement.


In the first half of 2011, the Company's equity increased by 4% to RUR 523,984 million compared with RUR 504,972 million as of the beginning of the year. This can be explained by an increase in undistributed profit of RUR 14,639 million.

 

About RusHydro:

RusHydro is one of Russia's largest power generating companies, with 68 renewable energy source (RES) facilities. The Company's total installed capacity is 26 GW, including 6.4 GW at the Sayano-Shushenskya HPP, which is currently being restored. RusHydro is a leader in energy production using renewable energy sources, including: water flows, sea tides, wind and geo-thermal energy.






The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations. [1] EBITDA is calculated as gross profit before depreciation and amortization.
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