Bashkirenergo's IFRS net profit halves to 1.36 bln rubles in Q1
MOSCOW. May 29 (Interfax) - OJSC Bashkirenergo's net profit according to international financial reporting standards (IFRS) halved to 1.363 billion rubles in the first quarter of 2012 compared to the same period of 2011, the company said in a press release.
The press release said that the decrease was driven by a drop in profit from generating operations, which the company considers subject to cessation owing to its upcoming sale to OJSC Inter RAO UES . Therefore, revenue from OJSC Bashenergoaktiv's generating operations came to 826 million rubles in the first quarter, halving from the same period of last year.
At the same time, revenue from ongoing operations, OJSC Bashkortostan Electricity Grid Company, increased by 60% to 537 million rubles.
Bashkirenergo saw sales revenue go down 9% year-on-year to 2.9 billion rubles. The decrease was driven by a price in prices on the power market and, as a result, changes in setup of generating equipment, electricity production and electricity sales on the retail market.
Operational profit in the first quarter increased by 38.7% to 631 million rubles.
The OIBDA for ongoing operations increased by 30% to 973 million rubles. In addition, the OIBDA margin increased 6.5 percentage points to 25.5% year-on-year.
As of April 1, 2012, the company's debt to OIBDA ratio came to 0.9, which is still within norms.
The company's electricity output went down by 1% year-on-year to 6.3 billion kWt hours.
The company's use factor for its installed electricity capacity came to 68.68%, which is a decrease of 0.72 percentage points compared to the same period of 2011.
Heat production by Bashkirenergo's heat generating capacity came to almost 9.7 million Gcal, which is almost the same result for last year.
At the same time, total expenditures on fuel equivalent for electricity production came to 306.8 g/kWt hr, which is 2.8 g/kWt h less than in the same period of last year. Total costs for fuel equivalent for heat production decreased by 1.3 kg/Gcal to 140.4 kg/Gcal.
Total losses on trunk grids in the first quarter decreased to 1.43% from 1.54%. Total losses on distribution grids went down from 12.01% to 10.99%.
Bashkirenergo is a major regional power producer dominating the Bashkortostan market for electricity and heat. It has facilities for generating, transmitting, distributing, and selling electricity and heat to the end-consumer. Its generating capacity is 4,296 mWt of power and 13,035 gCal/hours of heat.
As reported, Inter RAO and AFK Sistema previously signed an agreement to reorganize Bashkirenergo by disproportionately dividing it into two companies: OJSC Bashenergoaktiv (generating assets) and OJSC BSK (power grid). Inter RAO will get over 75% of Bashenergoaktiv, and Sistema will get over 75% of BSK. To this end, Inter RAO will buy 40% of Bashkirenergo's shares from Sistema for about 14 billion rubles.