08.12.2008
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Financial Results for OJSC RusHydro for the first 6 months of 2008, to IFRS standards

OJSC RusHydro published an intermediate consolidated financial report of the RusHydro Group for the period ended 30 June  2008 in accordance with IFRS standards.

 

The overall revenue of RusHydro Group increased by RUR 6,856 mln (23.74%)  during the reported period compared to the same period in 2007 and reached RUR 35,735 mln.  

 

The vast majority of this revenue (98%) was generated by the sale of power (capacity). Revenue from the sale of power (capacity) rose by RUR 6,762 mln  (compared to the same period in 2007) and totaled  RUR 34,964 mln.  The primary revenue growth drivers were higher power tariffs and increased capacity tariffs.

 

Operating expenses of RusHydro Group during the reported period increased for RUR 4,618 mln (21.36 %), as compared to the same period in 2007, and stood at RUR 26,235 mln. The operating expenses increase can primarily be attributed to low water levels in the rivers during the first half of the year, which necessitated more power purchases.

 

Operating profit of RusHydro Group during the 1st half of 2008 was RUR 9,499 mln comprised RUR 2,238 mln increase (30.81%) from the same period in the previous year. 

Net profit of RusHydro Group during the reported period showed a dramatic increase of RUR 2,085  mln (43.1%) compared to the same period in 2007 and reached RUR 6,924  mln.

Total assets of RusHydro Group during the first six months of 2008 increased by RUR 28,604 mln to RUR 337,126 mln. Out of this total, RUR 294, 324 mln were non-current assets (an increase of RUR 17,528 mln). This increase was primarily due to the Group acquiring new fixed assets (construction in progress).  

Current assets during the first half of 2008 rose by RUR 11,076 mln, and as at 30 June 2008 stood at RUR 42,803 mln. 

Accounts receivable and prepayments as at 30 June 2008 stood at RUR 21,698 mln, which was RUR 2,213 mln higher than the corresponding figure as at 31 December 2007.

Total Group equity during the reported period rose by RUR 4,101 mln and reached  RUR 241,860 mln. Whereby equity attributable to shareholders of OJSC RusHydro has changed from RUR 205,706 mln mainly due to increase in share capital from RUR 156,864 mln to RUR 195,860 mln as a result of conversion of shares of the companies merged with OJSC RusHydro, and profit for the period of RUR 6,906 mln, and totaled RUR 241,144 mln as at 30 June 2008.

Group liabilities increased from RUR 70,763 mln as at 31 December 2007 to RUR 95,266 mln as at 30 June 2008 (an increase of RUR 24,503 mln).  This increase was due to a rise in short-term liabilities. During the reported period, short-term liabilities increased 151.84% from RUR 16,662 mln to RUR 41,961 mln.  At the same time, long-term liabilities fell by RUR 796 mln  -- from RUR  54,101 mln as of the end of 2007 to RUR 53,305 mln as at 30 June 2008.

 

 

1 half 2008

31.12. 2007/1 half 2007

Change. %

Revenue  (RUR mln)

35,735

28,879

23.74

EBITDA (RUR mln)

 14,055

 11,448

 22.77

EBITDA  margin %

39.33

39.64

Net profit  (RUR mln)

6,924

4,839

43.09

Net profit margin %

19.38

16.76

Retained earnings and other reserves (RUR mln)

97,711

94,120

3.82

 

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