RusHydro announces 1Q 2015 RAS results
JSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces its non-consolidated financial results under Russian accounting standards (RAS) for the 1st quarter of 2015.
Key financials for the 1Q 2014/2015 under RAS (in RUB mn)
Revenue (in RUB mn)
In the 1st quarter of 2015, revenue decreased by 12% to RUB 23,703 mn as compared to RUB 26,918 mn for the same period of 2014. The underlying factors behind the change in revenue were:
Revenue breakdown (RUB mn)
Operating expenses decreased by 1% to RUB 13,844 mn as compared to the same period of 2014.
Operating expenses breakdown (in RUB mn)
Major factors of change in operating expenses were:
Operating profit for the period decreased by 24% to RUB 9,859 mn. EBITDA was down 18% - from RUB 16,172 mn to RUB 13,315 mn.
Net profit for the reporting period decreased by 10% to RUB 8,743 mn. Net profit adjusted for non-cash items was RUB 8,363 mn as compared to RUB 10,202 mn in the same period of the previous year.
The adjusted net profit reflects the effect from the following non-cash items:
RusHydro's financial position as of March 31, 2015
The Company's total assets increased by RUB 12,034 mn as of March 31, 2015, or 1% against the similar figure as of December 31, 2014, reaching RUB 867,614 mn.
The growth in assets in terms of PP&E in January-March 2015 is related to increase in long-term financial investments as a result of acquisition of new shares of 100% subsidiaries implementing investment projects in the total amount of RUB 11,731 mn:
As of March 31, 2015, total obligations stood at RUB 140,342 mn as compared to RUB 137,050 mn as of December 31, 2014.
The total debt portfolio was almost unchanged – RUB 113,669 mn compared to RUB 114,177 mn at the beginning of the year. Long-term debt makes up 80% of the total debt portfolio.
The Company's equity for January-March 2015 increased by 1% to RUB 727,204 mn against RUB 718,461 mn as of the beginning of the reporting year.
The full financial statements are available on the Company’s website at:http://www.rushydro.ru/investors/reports
The company plans to disclose its consolidated 1Q 2015 IFRS results on June 30, 2015.
[i] EBITDA calculated as gross profit before depreciation.
[ii] 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.
[iii] According to the decree of the government of the Russian Federation No. 374 of April 28, 2014, “On amendments to the Regulations of wholesale electricity and capacity market in terms of special aspects of participation of gencos, owners of hydropower plants located in the 2nd pricing zone, in the wholesale market” from May 1, 2014 till December 31, 2015, 35% of capacity of the hydropower plants located in the 2nd pricing zone is sold at the regulated tariffs based on the results of the competitive capacity auctions (KOM). Actual decrease in capacity sale price of KOM is related to decrease in capacity tariff of the Sayano-Shushenskaya HPP in the 2nd half of 2013 from RUB 86,825.85 per MW to RUB 35,955.02 per MW.
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.
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