RusHydro announces FY2012 RAS results
March 14 2013 - 8:48AM
OTC Markets
JSC RusHydro announces its non-consolidated financial results under
Russian accounting standards (RAS) for the full year ended December
31, 2012.
Key highlights:
-
FY revenue up 2%
to RUR 94,207 mn; 4Q revenue up 13% to RUR 25,931
mn;
-
FY EBITDA down 15%
to RUR 49,030 mn due to removal of investment component in
2012;
-
Comparable FY
EBITDA up 9%; comparable 4Q EBITDA – RUR 13,816 mn
(+161%);
-
FY net profit – RUR
14,702 mn; adjusted for non-cash items – RUR 29,405
mn;
-
Operating costs rose
27% mainly on the back of increase in power
purchases.
Key financials for the FY 2012 under RAS (in RUR
mn)
|
2012
|
2011
|
chg
|
4Q 2012
|
4Q 2011
|
chg
|
Revenue
|
94,207
|
92,504
|
2%
|
25,931
|
23,044
|
13%
|
Operating costs
|
(55,987)
|
(44,016)
|
27%
|
(14,926)
|
(13,675)
|
9%
|
Operating profit
|
38,220
|
48,488
|
-21%
|
11,005
|
9,369
|
17%
|
Other revenue
|
18,084
|
23,805
|
-24%
|
14,802
|
21,346
|
-31%
|
Other expenses
|
(35,167)
|
(32,219)
|
9%
|
(29,296)
|
(29,977)
|
-2%
|
EBITDA
|
49,030
|
57,556
|
-15%
|
13,816
|
8,089
|
71%
|
Net profit
|
14,702
|
30,622
|
-52%
|
5,261
|
5,625
|
-6%
|
For reference:
|
|
|
|
|
|
|
Net profit (adj.)
|
29,405
|
36,502
|
-19%
|
11,963
|
6,521
|
83%
|
|
|
|
|
|
|
|
Comparable key financials under RAS (in RUR mn) –
excluding 2011 investment component in tariffs
|
2012
|
2011
|
chg
|
4Q 2012
|
4Q 2011
|
chg
|
Revenue
|
94,207
|
79,994
|
18%
|
25,931
|
20,257
|
28%
|
EBITDA
|
49,030
|
45,047
|
9%
|
13,816
|
5,302
|
161%
|
Net profit (adj.)
|
29,405
|
23,992
|
23%
|
11,963
|
3,734
|
220%
|
|
|
|
|
|
|
|
In 2012, revenue increased by 2% to RUR 94,207 mn as
compared to RUR 92,504 mn in 2011. The underlying factors behind
the change in revenue were:
-
Increase in electricity prices on the day-ahead market
as of the 3rd quarter of 2012 following indexation of
gas prices;
-
significant increase in electricity generation by the Volga-Kama cascade in
the fourth quarter of 2012;
-
growth in electricity sale prices under free bilateral
agreements during the whole year;
-
decrease in revenue from capacity sales as of 2012
after liquidation of special investment component in the capacity
prices of RusHydro’s hydropower plants, as well as implementation
of tariff regulation for hydro capacity in Siberian price zone
instead of competitive capacity prices.
As illustrated in the table below (RUR mn), the
dominant share of revenues comes from electricity and capacity
sales:
|
2012
|
2011
|
chg.
|
Electricity sales, incl.
|
65,553
|
53,646
|
22%
|
Sales of electricity under unregulated bilateral
contracts
|
9,213
|
3,421
|
169%
|
Capacity sales
|
28,155
|
38,490
|
-27%
|
Heat sales
|
141
|
129
|
9%
|
Other sales
|
358
|
239
|
50%
|
TOTAL
|
94,207
|
92,504
|
2%
|
Operating costs increased 27% year-on-year to RUR
55,987 mn as compared to 2011.
Operating costs (in RUR mn)
|
2012
|
2011
|
chg.
|
Purchased power
|
16,489
|
9,150
|
80%
|
Depreciation
|
10,810
|
9,068
|
19%
|
Labor expenses
|
6,003
|
5,863
|
2%
|
Property tax
|
5,246
|
4,747
|
11%
|
Repairs & maintenance
|
3,515
|
3,403
|
3%
|
Services of SO UES, ATS, CFS
|
2,425
|
2,293
|
6%
|
Other services
|
1,646
|
1,506
|
9%
|
Insurance expenses
|
1,505
|
1,327
|
13%
|
Security expenses
|
1,311
|
1,139
|
15%
|
Leasing expenses
|
1,298
|
1,367
|
-5%
|
Other taxes and social security
contributions
|
1,139
|
847
|
34%
|
Water tax
|
817
|
779
|
5%
|
Other
|
3,783
|
2,527
|
50%
|
TOTAL
|
55,987
|
44,016
|
27%
|
Major factors for change in operating costs
were:
-
growth in expenses for purchased power in connection
with free bilateral agreements for the sale of electricity
concluded in January-September 2012 to optimize the company’s cash
flow;
-
higher depreciation due to commissioning of a number
of facilities into operation.
As a result, operating profit for the reporting period
decreased by 21% as compared to last year to RUR 38,220
mn.
Other revenue for 2012 was RUR 18,084 mn, other
expenses stood at RUR 35,167 mn. The largest portion of other
expenses was expenses for setting reserves for financial investment
impairment in the amount of RUR 7,873.
EBITDA fell by 15% to RUR 49,030 mn. This was mainly
due to the removal of the investment component in tariffs since
2012.
RusHydro's net profit for the reporting period
decreased by 52% to RUR 14,702 mn.
RusHydro's key financial position indicators as of
December 31st, 2012
The Company's total assets increased to RUR 93,487 mn
as of December 31st, 2012, or 14% against the similar
figure as of December 31st, 2011, reaching RUR 753,779
mn.
The growth in assets in 2012 was mainly caused by the
following factors:
-
receipt of federal funds in the amount of RUR 50,000
mn during additional issue of the Company’s shares, that were
placed into deposit accounts. These funds are aimed to finance
construction of power units in the Far East;
-
commissioning of a number of facilities into
operation, including restoration of the Sayano-Shushenskaya
hydropower plant and the Baksanskaya HPP.
As of December 31st, 2012, total
obligations stood at RUR 161,005 mn compared with RUR 124,815 mn as
of the beginning of the reporting period. The increase was
attributed primarily to raising loans from Sberbank of Russia and
European Bank for reconstruction and development (EBRD) in the
amount of RUR 24,480 mn. The Company's credit portfolio rose 37% to
RUR 94,772 mn; long-term loans make up 53% of the total debt
portfolio.
The Company's equity for 2012 increased by 11% to RUR
592,699 mn against RUR 535,402 mn as of the beginning of the
reporting year. This was primarily due to increase in the Company’s
share capital as a result of additional share issue in the amount
of RUR 27,335 mn of August 16, 2011, and share premium received in
the amount of RUR 17,768 mn (changes to the Articles of Association
registered on October 1, 2012).
The full financial statements in Russian only are
available on the Company’s website at: http://www.rushydro.ru/investors/reports
The Company plans to publish its consolidated results
for the year ended December 31, 2012, under International financial
reporting standards (IFRS) on Monday, April 1, 2013.
About RusHydro:
RusHydro Group is one of Russia’s largest generating
companies. RusHydro is the leading producer of renewable energy in
Russia with over 70 generating facilities in Russia and abroad. The
company also manages a number of R&D, engineering and
electricity retail companies. Group’s thermal assets are operated
by subsidiary – RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 36.5
GW, heat capacity – 16.2 thousand GCal/h.
Russian Federation owns 65.9% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company’s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM и MSCI Russia indexes. Company’s
GDRs in the IOB section of LSE, ADRs – in OTCQX.
For more information:
JSC RusHydro, Investor Relations Department
Tel. +7 (495) 225-3232
ext. 1319, 1394, 1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One 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 and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
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