Federal Grid Company UES reports revenues and adj. EBITDA growth for 2013 under IFRS

Апреля 14, 2014

Adjusted EBITDA (excluding non-specific impairment of property, plant and equipment, impairment of available-for-sale investments, impairment of promissory notes including finance income) for the period amounted to RUB 92 551 mln, a growth of RUB 9 819 mln (11.9%) compared to 2012.

With net debt increase up to RUB 225 bln, the Company’s financial leverage indicator rests on the comfortable level of 2.4 EBITDA.

Federal Grid Company reported paper loss of RUB 234 771 mln in 2013 compared to RUB 7 238 mln profit a year ago. The loss arises from estimated future cash flow revision caused by tariff freeze, as well as depreciation of JSC “Inter RAO” shares on the Company’s balance sheet. However, the fact is not a surprise for investors and is already reflected in the market price.