Revenue from electricity export was 13.0 billion RUB, 0.9 billion RUB (6.5 %) down compared to the first six months of 2012. Two regions where we saw the most significant reduction of electricity export were Kazakhstan and Lithuania. Electricity export to Kazakhstan reduced by 27.9 % by volume due to lower fluctuations in concurrent operation of national energy systems, and also due to marginal slowdown of commercial sales. Export to Lithuania reduced by 20.3 % by volume due to price increases on the Russian Wholesale Power and Capacity Market. Export to Belarus increased by 11.6 % by volume. Export to other traditional regions stayed largely the same.
We are currently finalizing the transfer of the power generation affiliates of JSC Inter RAO to its fully owned subsidiary, JSC INTER RAO — Electric Power Plants. Leases of power generation equipment of Kaliningradskaya TPP-2, Severo-Zapadnaya TPP and Sochinskaya TPP were terminated on March 1, 2012. Lease of power generation equipment of Ivanovskiye CPP is scheduled for termination in the fourth quarter of 2013. Consequentially, the P&L statement of JSC Inter RAO for the first six months of 2012 includes the results of all four subsidiaries for two out of six reporting months, and the results of one out of four subsidiaries for the remaining four reporting months; while Ivanovskiye CPP is the only subsidiary whose results are included in the P&L statement for the first six months of 2013.
Revenue from electricity and capacity sales in the Wholesale Power and Capacity Market was RUB 8.5 billion in the first six month of 2013 and remained largely unchanged compared to the same period a year ago. Revenue from other sales in the first six months of 2013 was 1.7 billion RUB compared to 0.4 billion RUB in the same period a year ago. Sale of two gas turbines to Venezuela made the largest contribution to this growth.
Cost of goods sold was 19.3 billion RUB in the first six month of 2013, up 0.8 billion RUB or 4.3 % compared to the same period of 2012.
Inter RAO received 3.5 billion RUB of income from stakes in other entities, compared to 2.6 billion RUB in the same reporting period a year ago. Larger dividend income from subsidiaries and affiliates was the main driver of 0.9 billion RUB (34.6 %) increase.
Compared to the same reporting period in the previous year, interest receivable increased by 0.5 billion RUB (71.4 %) to 1.2 billion RUB, primarily due to application of installment fees to payments for power delivery from subsidiaries.
Interest payable was 0.5 billion RUB compared to 1.2 billion RUB in the same reporting period a year ago. Debt reduction was the driver of 0.7 billion RUB (58.3 %) reduction.
Balance of other income and expenses was –0.1 billion RUB compared to 6.4 billion RUB in the same reporting period a year ago. The previous year’s number was driven by the sale of large stakes in energy companies as a part of holding asset optimization strategy. There were no similar transactions in this reporting period.
Net profit was 4.1 billion RUB in the first six months of 2013 compared to 4.4 billion RUB in the same period a year ago.
Total assets of JSC Inter RAO reduced by 7.4 billion RUB (down 1.7 %) to 437.3 billion RUB as of June 30, 2013. Primary drivers of change in total assets include the increase of long-term accounts receivable, the decrease of short-term accounts receivable, and the reduction of cash and cash equivalents.
Fixed assets increased by 4.8 billion RUB (up 1.3 %) to 374.2 billion RUB as of the end of the first six months of 2013. This change was driven by 4.8 billion RUB (18.0 %) increase in long-term assets receivable due to the signing of payment deferral agreements with subsidiaries.
Current assets reduced by 12.1 billion RUB (down 16.1%) to 63.2 billion RUB as of June 30, 2013. Cash and cash equivalents reduced by 3.0 billion RUB (down 21.3%) to 11.1 billion RUB.
Net debt reduced by 4.4 billion RUB (down 31.0 %) to 9.8 billion RUB over the first six months of 2013. The split between long-term debt and short-term debt changed from 77.2 % and 22.8 % in the beginning of the year to 54.2 % and 45.8 % at the end of the first six months of of 2013 due to scheduled and early repayment of high-cost debt, and partial conversion of maturing long-term debt into short-term debt.
Total liabilities (excluding loans received) reduced by 7.1 billion RUB (down 15.3 %) from the beginning of the year to 39.4 billion RUB in the end of reporting period. Other liabilities reduced primarily due to 6.9 billion RUB repayment of promissory notes. These notes were used to facilitate the acquisition of power generation assets from JSC Bashkirenergo.
Факты из архива:
Переселенцы из зоны затопления БоГЭС бесплатно получат землю под строительство жилья
Строительство модульных зданий
Преимущества бетона как строительного материала