Revenue from electricity export was 20.4 billion rubles, down 2.9 billion rubles (12.4%) from 2013. Reduction of export revenue primarily reflects smaller export volumes and lower Nord Pool prices. The strongest reduction in electricity export by volume is attributable to Belarus and Finland (60.4% 27.1% respectively). Revenue from sales of electricity and capacity on the Wholesale Electricity and Capacity Market was 9.7 billion rubles in 2014, down 5.0 billion rubles (34.0%) from 2013. This change reflects the discontinuation of internal power generation, reduction in domestic sales of electricity due to smaller imports, and reduction in transit flow between different WECM price zones.
Other revenue was 2.6 billion rubles in 2014, compared to 3.2 billion rubles a year before. The reduction in other revenue is mostly attributable to a scheduled slowdown in delivery of gas turbine equipment to Venezuela.
Cost of goods sold was 25.3 billion rubles in 2014, down 9.4 billion rubles (27.1%) from 2013. This change is primarily attributable to 6.2 billion ruble (23.8%) reduction in the cost of electricity and capacity purchased on WECM due to smaller export volumes, 0.9 billion ruble (22.0%) reduction in the cost of imported electricity due to lower commercial sales, and 1.7 billion ruble reduction in the cost of internally generated electricity and capacity.
Gross profit was 7.3 billion rubles in 2014 compared to 6.5 billion rubles in 2013.
Selling costs were 3.1 billion rubles in 2014, down 0.7 billion rubles (18.4%) year-on-year, primarily reflecting the reduction in electricity transmission costs owing to smaller export volumes.
General and administrative expenses were 4.7 billion rubles in 2014 and did not change significantly year-on-year.
Sales loss was 0.5 billion rubles in 2014 compared to sales loss of 1.9 billion rubles in 2013.
Income from share ownership in other companies was 1.6 billion rubles compared to 3.5 billion rubles in 2013. This 1.9 billion ruble (54.3%) reduction reflects smaller dividends from affiliates and subsidiaries. Interest income was 4.4 billion rubles. The 1.2 billion ruble (37.5%) year-on-year increase in interest income is attributable to installment fees for property sale payments, interest on loans extended to Group subsidiaries, interest on bank deposits.
Balance of other income/(expenses) was (3.6) billion rubles compared to (56.5) billion rubles in 2013. The strongest contributing factor to this line was the growth of expenses due to revaluation of listed and unlisted financial assets at the end of the reporting year. Depreciation amounted to 4.1 billion rubles in 2014 compared to 57.0 billion rubles in 2013. The largest contributing factor was the plunge of energy shares.
As the result, net profit for the full year 2014 was 0.4 billion rubles, compared to net loss of 53.7 billion rubles in 2013.
Adjusted net profit excluding the depreciation of financial investments was 4.5 billion rubles in the reporting period compared to 3.3 billion rubles in 2013.
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