RusHydro announces full year 2012 IFRS
results
RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces its 2012 audited consolidated financial
statement under International Financial Reporting Standards
(IFRS).
Key
highlights:
-
Revenue decreased 18% to RUR
305,761 mn, comparable revenue was up 16%;
-
RUR 62,966 mn of EBITDA, a
decrease of 18% year-on-year, or +10% in comparable
terms;
-
Comparable manageable expenses
rose only 5%;
-
Net profit of RUR 31,783 mn vs
RUR 45,854 mn in FY 2011 on adjusted basis; net profit increased
14% year-on-year in comparable terms;
-
Group’s assets rose RUR 42,964 mn
to RUR 854,747 mn in FY 2012.
RusHydro Group's financial results for the
reporting period include the results of a number of retail
companies[1], which were accounted for until the disposal date –
March 28th, 2011, when these companies were contributed
to the share capital of OJSC Inter RAO UES in the course of the
share issue of the latter.
2012 financial highlights (in RUR
mn)
|
FY
2012
|
FY
2011
|
Change,%
|
Revenue,
including
|
305,761
|
371,696
|
-18%
|
Revenue from
operations
|
294,979
|
362,599
|
-19%
|
Government
grants
|
10,782
|
9,097
|
19%
|
Expenses
|
(268,663)
|
(313,617)
|
-14%
|
EBITDA[2]
|
62,966
|
76,972
|
-18%
|
Net (loss)/profit
|
(25,539)
|
29,493
|
n/a
|
Net profit (adjusted)
[3]
|
31,783
|
45,854
|
-31%
|
Comparable 2012 financial results (in RUR mn) – excl.
investment component and disposal group[4]
|
FY 2012
|
FY 2011
|
Change, %
|
Revenue
|
305,761
|
263,401
|
16%
|
Expenses
|
(268,663)
|
(226,448)
|
19%
|
EBITDA
|
62,966
|
57,201
|
10%
|
Net profit (adjusted)
|
31,783
|
27,830
|
14%
|
For 2012 total revenue decreased by 18% from RUR
371,696 mn to RUR 305,761 mn. The Group's total expenses
decreased by 14% to RUR 268,663 mn against RUR 313,617
mn in 2011.
Reduction in the Group’s revenue and expenses as compared to the
previous year is connected with the disposal of retail companies in
late March 2011, and removal of the investment component from
RusHydro’s capacity prices in 2012.
Comparable revenue increased by 16% from RUR 263,401 mn to RUR 305,761 mn. The change is
associated with the following factors:
-
growth of electricity sales following the acquisition
of LLC Energy Supply Company of Bashkortostan
(LLC ESC Baskortostan) on September 12th, 2011, the financial
results of which are included in the Group starting from the
acquisition date;
-
increase in electricity output and unregulated power
prices.
Comparable expenses rose by 19% from RUR 226,448 mn to
RUR 268,663 mn. The growth can primarily be attributed to the
following factors:
-
higher electricity purchases and power distribution
expenses in the Group’s retail segment following the acquisition of
LLC ESC Baskortostan and increase in prices for purchased electricity in the 3rd quarter
due to increase in unregulated electricity prices starting from the
second half of the year;
-
higher fuel expenses for electricity and heat
generation by power plants of RAO Energy System of East Group as a
result of increased purchases of fuel oil and coal due to
disruptions in gas supply together with increased volumes of
electricity and heat generation;
-
accrual of impairment of accounts receivable resulting from
analysis of past due receivables and estimation of their
collectability.
In the reporting period, EBITDA decreased by 18% to
RUR 62,966 mn compared to RUR 76,972 mn for the previous year. Decrease in
EBITDA is related to a change in the Group's structure and removal
of the special investment component in capacity prices in 2012.
Comparable EBITDA rose 10% on the back of increase in electricity
output and unregulated power prices and growth of subsidies in the
Far East.
For 2012, the Group received a net loss of RUR
25,539 mn compared to RUR 29,493
mn of net profit in 2011. Net loss occurred due to the following
non-cash operations (before income tax charge):
-
accrual of impairment of property, plant and equipment in
the amount of RUR 19,332 mn;
-
accrual of impairment of property, plant and equipment of
Krasnoyarskaya HPP and impairment of investment in OJSC
Krasnoyarskaya HPP in the total amount of
RUR 13,275 mn;
-
accrual of impairment of promissory notes of LLC
Energo-finance in the amount of RUR 9,363 mn;
-
accrual impairment of shares of OJSC INTER RAO UES in the
amount of RUR 8,041 mn due to significant and prolonged decline in
their fair value;
-
accrual of impairment of accounts receivable in the amount
of RUR 5,781 mn resulting from analysis of past due receivables and
estimation of their collectability;
-
loss in the amount of RUR 3,669 mn from remeasurement of
the net assets of OJSC DRSK, classified as a discontinued operation
to fair value less costs to sell;
-
accrual of impairment of goodwill in the amount of
RUR 2,084 mn recognised as a result of purchase of LLC
ESC Baskortostan in 2011 and impairment related to the customer
base of LLC ESC Baskortostan in the amount of
RUR 891 mn.
Comparable net profit was up 14% due to higher power
sales in unregulated sectors.
Key indicators of RusHydro Group’s financial position
as at December 31, 2012
As at December
31st, 2012,
the Group's assets increased by RUR 42,964 mn to RUR 854,747 mn
against the comparable figure as at December
31st, 2011.
The increase in assets is primarily due to additions to the Group's
fixed assets and construction in progress (mainly
Sayano-Shushenskaya HPP and Zagorskaya GAES-2) and placing of
short-term deposit in JSC Sberbank of Russia in the amount of
RUR 50,000 mn received in the course of additional share
issue of the Company.
As at the end of the reporting period the Group's
liabilities rose by RUR 30,228 mn
since December 31st, 2011, to RUR 316,352 mn.
The increase in the liabilities was mainly caused by new borrowings
raised from JSC Sberbank of Russia, European Bank for
Reconstruction and Development, JSC Bank of Moscow, UniCredit Bank
Austria AG.
The consolidated financial statements of the Group are
available at: http://www.eng.rushydro.ru/investors/reports/
The presentation of the results is available
at: http://www.eng.rushydro.ru/investors/presentations/results_presentations/
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 ca. 66% 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:
Investor Relations
Tel. +7 (495) 225-3232
ext. 1607, 1319
ir@rushydro.ru
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. You 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,
rapid technological and market change in our industries, as well as
many other risks specifically related to RusHydro and its
operations.
[1] JSC Altayenergosbyt, JSC Mosenergosbyt and its
subsidiaries, JSC Saint Petersburg Sale Company and its
subsidiaries, JSC Saratovenergo, JSC Tambov Energy Retail
Company and JSC United Energy Retail Company.
[2] EBITDA is calculated as operating
profit before depreciation of property, plant and equipment and
non-cash impairment charges.
[3] Net profit is adjusted for the effects of impairment
on the Group's property, plant and equipment, available-for-sale
financial assets, investments in associates, long-term promissory
notes, goodwill and intangible assets, and for effects of accounts
receivable impairment, loss on disposal of property, plant and
equipment and remeasurement of net assets of OJSC “DRSK” to fair
value less cost to sell.
[4] Comparable
financials are calculated by excluding from 2011 results earnings
from an investment component, included in capacity prices of
RusHydro’s hydropower plants and discontinued starting from 2012,
and the results of a number of retail companies, which were
accounted for until the disposal date – March 28th, 2011, when
these companies were contributed to the share capital of OJSC Inter
RAO UES in the course of the share issue of the latter. These
comparable results were calculated using management accounting,
were not audited and are presented for general
information.
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