RusHydro announces full year 2016 RAS results
March 30, 2017. Moscow, Russia. PJSC RusHydro (MOEX, LSE: HYDR; OTCQX: RSHYY) announces its non-consolidated financial results under Russian accounting standards (RAS) for the full year ended December 31, 2016.
Key financials for 2016 under RAS (in RUB mn)
In 2016, revenue increased by 7.4% to RUB 115,033 mn as compared to RUB 107,099 mn for 2015. The underlying factors behind the change in revenue were:
Revenue breakdown (RUB mn)
Operating expenses in January-December 2016 decreased by 11.9% to RUB 56,356 mn as compared to RUB 63,969 mn for the same period of 2015.
Operating expenses breakdown (in RUB mn)
Highest constituents of operating expenses were depreciation and labor expenses (27% and 17% of the overall operating expenses respectively). Major factors of change in operating expenses were:
Operating profit for 2016 increased by 36.0% to RUB 58,677 mn against RUB 43,130 mn for 2015.
EBITDA increased by 28.8% as compared to the same period of 2015 and amounted to RUB 73,890 mn.
RusHydro's net profit for the reporting period increased by RUB 11,855 mn or 39.5% and totaled RUB 41,877 mn. Net profit adjusted for non-cash items increased by 92.2% and totaled RUB 59,846 mn. The difference between the reported and adjusted net profit is attributed mainly to the following non-cash effects:
RusHydro's financial position as of December 31, 2016
The Company's total assets increased by RUB 16,042 mn as of December 31, 2016, or 2% against the similar figure as of December 31, 2015, reaching RUB 908,673 mn.
As of December 31, 2016, total liabilities decreased by 7% or RUB 10,825 mn and amounted to RUB 139,274 mn.
The Company's debt portfolio decreased by 12% from the beginning of the year from RUB 124,010 mn to RUB 108,873,010 mn; long-term loans make up 87% of total debt portfolio.
The Company's equity for 2016 increased by 4% to RUB 769,336 mn against RUB 742,469 mn as of the beginning of the reporting year.
 EBITDA calculated as gross profit before depreciation.
 Net profit adjusted for the mark-to-market revaluation of listed equity stakes, provisions for financial investments and other assets impairment, provisions for potentially uncollectible accounts receivable and other, estimated liabilities. This indicator is not reported in the official financial statements under RAS and has been calculated and put into the press release for reference.
 According to the Decree of the government of the Russian Federation No. 379 of April 30, 2016, all limitations on sale of all capacity of hydropower plants located in the 2nd price zone at free (unregulated) prices have been lifted, Thus the entire volume of capacity of hydropower plants, located in the 2nd price zone, less volume volumes, provided under regulated contracts, will be sold at price determined by the competitive capacity auctions (KOM ). Early liberalization introduced under condition that the limit on specific price of electricity and capacity for customers in Republic of Buryatia from May to December 2016 will not trespass 7.5%. In case such threshold will be trespassed, the 100% liberalization will be cancelled and 80% level of liberalization will be reintroduced.
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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