Inter RAO sees possible $1.35 bln-$1.4 bln EBITDA in 2011
MOSCOW. June 24 (Interfax) - Electricity group Inter RAO UES could have earnings before taxes, depreciation and amortization (EBITDA) of $1.35 billion-$1.4 billion this year following the consolidation of assets, the company's deputy CEO, Ildar Mirsiyapov, told reporters.
"The group will physically emerge only from the third quarter, as the main assets in the framework of consolidation were acquired in April-May this year," he said.
"Reporting to IFRS in this form if we go back to the start of the year would not be entirely appropriate, but, going by the targets for all businesses that the Inter RAO group has, we are looking at EBITDA of $1.35 billion-$1.4 billion," he said.
Inter RAO's chief executive, Boris Kovalchuk, said the group's companies, notably OGK-1, were generally overshooting their business targets. The ruble is stable against the euro, which is vital for companies that export to Finland and Lithuania, he said.
Inter RAO's net profit to International Financial Reporting Standards (IFRS) was EUR 289.95 million in 2010, compared with losses of EUR 282.95 million in 2009. Sales revenue grew 30.2% to EUR 2.09 billion. Operating profit was EUR186 million last year, compared with losses of EUR 300 million in 2009.
