RusHydro power retail companies collected RUB 1.9 bn of accounts receivable through legal action
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the growth rate in overdue accounts receivable in 2013 of its power retail companies has significantly decreased. RusHydro has filed 24,383 suits for a total amount of RUB 3,105 mn of overdue receivables. The amount of recovered receivables totaled RUB 1,897 mn.
In 2013, accounts receivable increased by RUB 959 mn from RUB 2,913 mn in 2012, including RUB 1,879 mn owed to Krasnoyarskenergosbyt and RUB 860 mn owed to power retail company of Bashkortostan.
The prejudicial actions of RusHydro power retail companies allowed to substantially decrease the accounts receivable. Krasnoyarskenergosbyt signed 1,129 agreements aimed at restructuring receivables in the total amount of RUB 34.5 mn. The number of power retail companies’ claims against debtors totaled 24,383 in the amount of RUR 3,105 mn. The amount of recovered receivables totaled RUB 1,897 mn (+RUB 500 mn as compared to the previous year); in 2012 amount of enforced debt was RUR 1,339 mn.
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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