RusHydro sees IFRS EBITDA fall 37% in H1
MOSCOW. Oct 22 (Interfax) - Russian power generating company OJSC RusHydro saw its earnings before taxes, depreciation and amortization (EBITDA) to International Financial Reporting Standards (IFRS) slump 37% year-on-year to 31.15 billion rubles in the first half of 2012, the company said in a presentation.
Adjusted net profit dropped 59% to 13.4 billion rubles. RusHydro's net loss prior to the adjustment came to 468 million rubles, compared to a 32.4-billion-ruble net profit the year before.
Analysts had forecast the company's EBITDA at an average of 31.5 billion rubles, and its net profit at 14.7 billion rubles.
The company's revenue decreased by 35% to 151.155 billion rubles. Excluding power sales companies, which were transferred by OJSC Inter RAO UES at the end of March 2011, this figure rose by 12%.
Costs of sale went down by 30% to 132.6 billion rubles (excluding spun-off power sales companies, up 31%).
The decrease in the company's EBITDA was driven by structural chances, as well as cancelation of the investment component in tariffs for hydroelectric power plants (HPP) in 2012.
According to RusHydro, the net losses were the result of recognized losses from the devaluation of fixed assets to the tune of 4.8 billion rubles, a 3.7 billion ruble decrease in OJSC Far East Distribution and Grid Company's net assets, a 3.7 billion ruble devaluation in accounts receivable, and the transfer of 6.45 billion rubles in accumulated losses from the assessment of Inter RAO shares to profit and losses owing to the significant and continuing decrease in these shares' quotations.
RusHydro owns the majority of HPPs in the country and controls the Far East power holding Energy Systems of the East. The company also owns several power sales assets. Total installed electricity capacity in RusHydro Group comes to around 35.2 GWt. The company is state controlled.
