RusHydro announces full year 2013 RAS results
JSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces its non-consolidated financial results under Russian accounting standards (RAS) for the full year ended December 31, 2013.
Key financials for the 4Q and FY 2012/2013 under RAS (in RUB mn)[i]
Revenue (in RUB mn)
In 2013, revenue increased by 15% to RUB 108,794 mn as compared to RUB 94,207 mn for 2012. The underlying factors behind the change in revenue were:
Revenue breakdown (RUB mn)
Operating expenses increased by 5% to RUB 58,873 mn as compared to 2012.
Operating expenses breakdown (in RUB mn)
Major factors of change in operating expenses were:
As a result, operating profit for the reporting period increased by 31% as compared to previous year and amounted to RUB 49,921 mn.
EBITDA increased by 26% to RUB 61,774 mn.
RusHydro's net profit for the reporting period increased by 140% to RUB 35,321 mn. Net profit adjusted for non-cash items was RUB 40,870 mn, a 40% increase as compared to the previous year.
The adjusted net profit reflects a provision for mark-to-market revaluation of listed equity stakes in the amount of RUB 3,119 mn, of which shares of Inter RAO UES account for RUB 3,050 mn; as well as accrued reserves in the amount of RUB 2,430 mn.
RusHydro's financial position
The Company's total assets increased by RUB 62,427 mn as of December 31, 2013, or 8% against the similar figure as of December 31, 2012, reaching RUB 816,206 mn.
The growth in assets in 2013 was mainly a result of
The growth in assets in terms of fixed assets is related to implementation of the Company’s investment program.
As of December 31, 2013, total obligations stood at RUB 191,786 mn compared with RUB 161,005 mn as of the beginning of the reporting period. The increase was attributed primarily to placement of RUB 20 bn of domestic bonds in February, 2013, as well as drawing up the loan facility from Sberbank of Russia in the amount of RUB 10,613 mn in December 2013, in order to refinance outstanding debt of RAO ES of East Group’s subsidiaries. The Company's debt portfolio rose by 9% to RUB 102,891 mn starting from the beginning of the year; long-term loans make up 95% of the total debt portfolio.
The Company's equity for 2013 increased by 5% to RUB 624,343 mn against RUB 592,698 mn as of the beginning of the reporting year.
The full financial statements in Russian only are available on the Company’s website at:http://www.rushydro.ru/investors/reports
The Company plans to publish its consolidated results for 2013 under International financial reporting standards (IFRS) on March 20, 2014.
[iii] Net profit adjusted for the mark-to-market revaluation of listed equity stakes, reserves for financial investment impairment, assets and potentially uncollectible accounts receivable, contingencies This indicator is not reported in the official financial statements under RAS and has been calculated and put into the press release for reference.
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.