Trading Segmentshowed the most significant revenue growth.Segment revenue increased by 19.8 billion rubles (by a factor of 2) to 39.6 billion rubles. The main reasons for this large increase include an uplift in domestic trading volume and the depreciation of ruble against the currencies of our export contracts in the end of 2014, which allowed to increase both the volume of export sales and revenue expressed in rubles.
Revenue from Supply Segment increased by 7.0 billion rubles (3.1%) to 228.3 billion rubles due to the growth of the customer baseresulting from regional expansion of the Group's guaranteeing suppliers (serving Omsk and Oryol regions since March and February 2014 respectively), and acquisition of new customers by the independent sales companies.
Revenue from Generation Segment increased by 2.2 billion rubles (2.4%) to 95.0 billion rubles, mostly representing the growth of the thermal power generation sub-segment.
A marginal increase in the revenue from electric power generation sub-segment, which went up by 0.5 billion rubles (0.8%) to 58.8 billion rubles, reflects larger proceeds from capacity sales resulting from the launch of several CDA power generation units, including Unit 2 at Yuzhnouralskaya TPP-2 and Units 8 and 9 at Cherepetskaya TPP, in late 2014 and early 2015, and the growth of NDM prices in the second pricing zone. These factors were partially offset by a marginal NDM price decrease in the first pricing zone and the reduction of capacity prices in the Competitive Capacity Outtake (CCO) Segment.
Revenue from thermal power generation sub-segment, which includes TGK-11 Group 4 and Bashkir Generation Company, increased by 1.7 billion rubles (5.1%) to 36.2 billion rubles due to an increase in average heat delivery tariffs on July 1, 2014 in Bashkortostan, even though there was a marginal decrease in revenue from CCO capacity sales, and also due to an NDM price hike across TGK-11 Group assets located in the second pricing zone.
Revenue from Turkey Segment increased by 4.4 billion rubles (79.2%) to 10.1 billion rubles due to appreciation of US dollar against ruble. Production volume in the reporting period increased year-on-year compared to 2014 due to planned repair downtime of Trakya in Q2 2014, while consumer sales prices decreased under the influence of the fuel component.
Revenue from Georgia Segment increased by 1.3 billion rubles (42.4%) to 4.3 billion rubles. This change reflects the increase in tariffs, growing electricity consumption in Georgia, and the appreciation of Georgian lari against Russian ruble.
Operating expenses increased by 9.1% to 374.9 billion rubles
Cost of purchased electricity and capacity increased in the first six months of 2015 by 21.7 billion rubles (16.7%) to 151.4 billion rubles, while electricity transmission fees decreased by 2.7 billion rubles (3.0%) to 94.1 billion rubles due to a significant increase in the volume of electricity supply (as a part of the trading business) both abroad and on the domestic market, as well as sales activities in the Group's new regions.
A slight increase in the fuel costs, by 0.4 billion rubles (0.6%) to 68.7 billion rubles, was due to a combination of several factors. In particular, fuel costs increased at our Trakya (Turkey) and Mtkvari Energetika (Georgia) power plants due to much higher power output and also due to the hike of US dollar, the currency of our gas supply contracts in Turkey and Georgia, against Russian ruble. At the same time, fuel consumption at our Russian power plants decreased due to 3% year-on-year decrease in the output of Inter RAO – Electric Power Plants subsidiaries, and also due to the load reallocation to the most efficient stations.
As a result, Group EBITDA increased by 39.1% to 37.3 billion rubles.
The largest contribution to EBITDA is attributable to the Generation — Russian Assets Segment, which brought in 25.1 billion rubles. EBITDA increased in both electric power generation (by 3.8 billion rubles up to 18.2 billion rubles) thermal power generation (by 1.1 billion rubles to 6.9 billion rubles) sub-segmentsas a result of optimized equipment utilization, fixed cost control, selection of fuel suppliers offering the best pricing, as well as the following:
Addition of more than 1.2 GW of new CDA facilities at Yuznhouralskaya TPP-2 and Cherepetskaya TPP, as well as at Nizhnevartovskaya TPP owned by NVGRES Holding Limited joint venture, in electric power generationsub-segment
Increase in average heat delivery prices in Bashkortostan over the course of 2014, in thermal power generation sub-segment
Trading Segment increased its EBITDA by a factor of 2.8 to 4.6 billion rubles. The primary driver of this change was the depreciation of Russian ruble in late 2014 leading to a significant increase in sales volumes and export revenues in Russian rubles.
EBITDA from Foreign Assets increased by 3.5 billion rubles (more than 3-fold) to 5.1 billion rubles. Translational foreign exchange gainresulting from the depreciation of ruble were the primary driver of this change.
EBITDA from Supply Segment decreased by 0.3 billion rubles (6.0%). This change reflects the reduction in average unregulated prices at the wholesale electricity and capacity market and the increase in average electricity transmission tariffs.
Group's share of profits of associates and joint ventures increased from 0.03 to 1.3 billion rubles.
The 1.3 billion ruble increase in the Group's share of profits of associates and joint venturesreflects the following: increased output of Nizhnevartovskaya TPP following the addition of the third power generation unit under CDA framework in March 2014; 0.2 billion ruble share of profit of Ekibastuzskaya TPP-2 compared to 0.4 billion ruble share of loss in the same period a year ago due to reduction of foreign exchange losses resulting from revaluation of ruble and US dollar loans.
Net income for the first six months of 2015 was 19.7 billion rubles compared to 6.9 billion rubles in the first six months of 2014.
The Group generated net income of 19.7 billion rubles for the first six months of 2015 as a result of increased efficiency of the Generation Segment and addition of new CDA facilities, as well as major positive changes in the Trading Segment following the depreciation of ruble against the core currencies of export contracts.
Interim consolidated statement of financial position
Non-current assets reduced by 5.1 billion rubles (1.4%) to 360.0 billion rubles.
This change in non-current assets reflects the depreciation of fixed and intangible assets exceeding the capital expenditures in the reporting period and the sale of several minority ownership stakes classified as available-for-sale offset by the appreciation of the Group's shares in Nizhnevartovskaya TPP and Ekibastuzskaya TPP-2 joint ventures.
Current assets reduced by 16.5 billion rubles (7.5%) to 203.8 billion rubles.
The reduction of current assets is primarily attributable to cash repayment of ZAO Mezhregionenergostroy loan, including the amounts payable to VTB Factoring, in the amount of 17.4 billion rubles.
Equity increased by 11.9 billion rubles (3.4%) to 360.2 billion rubles.
The largest contribution to equity increase is attributable to the growth of the Group’s retained earnings in the first six months of 2015.
Total liabilities decreased by 33.5 billion rubles (14.1%) to 203.7 billion rubles.
This reduction in total liabilities mostly reflects the repayment of ZAO Mezhregionenergostroy loan, and the seasonal reduction in accounts payable and consumer prepayments.
Total debt inclusive of the Group's share of the debt of joint ventures decreased by 17.7% to 96.4 billion rubles.
Total loans and borrowings of Group subsidiaries, excluding the Group’s share of the debt of joint ventures, decreased by 20.5 billion rubles (19.1%) to 86.6 billion rubles due to scheduled and early repayment of certain debt items of several Group companies, as well as due to revaluation of foreign currency loans following the depreciation of Russian ruble.
The split between non-current and current debt (excluding loans and borrowings of joint ventures) was 64.6% and 35.4% as of June 30, 2015, compared to 59.9% and 40.1% as of December 31, 2014. The share of current debt decreased as we repaid the 17.4 billion ruble loan from ZAO Mezhregionenergostroy and reclassified a part of our non-current debt into current debt according to debt repayment schedule.
Loans and borrowings of joint ventures represent 9.8 billion rubles of the total debt. Of those, 9.0 billion rubles are attributable to the Group share of the debt portfolio of the joint venture Ekibastuzskaya TPP-2 used to finance its investment program.
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