Revenue from electricity export was 32.6 billion rubles, up 12.2 billion rubles (60.0%) from 2014. This increase in export revenue is primarily attributable to the change in ruble sales prices reflecting a significant hike of currency exchange rates in 2015 compared to the same period a year ago, and also to larger sales volumes due to favorable market conditions and the shortage of electricity in the Unified Energy Systems of Ukraine. The strongest increases in electricity export by volume are attributable to Ukraine (by a factor of 13.8), Belarus (97.5%) and Finland (13.0%). Revenue from WECM electricity and capacity sales in 2015 was 8.8 billion rubles, down 0.8 billion rubles (8.5%) from 2014. The reduction of WECM sales revenue is attributable to lower electricity import by volume.
Revenue from other sales in 2015 was 4.5 billion rubles. The 1.9 billion ruble (73.3%) increase in the revenue from other sales reflects the schedule of export shipments of power equipment and the appreciation of US dollar against ruble.
Cost of goods sold in 2015 was 33.4 billion rubles, up 8.0 billion rubles (31.7%) year-on-year. This change was driven by several partially offsetting factors, including an 8.3 billion ruble (41.7%) increase in the cost of electricity and capacity purchased at WECM due to larger export volumes and higher transit flows across WECM pricing zones; a 1.7 billion ruble (52.5%) decrease in the cost of imported electricity due to smaller commercial imports; and a 1.5 billion ruble (65.4%) increase in the cost of other sales.
Gross profit in 2015 was 12.6 billion rubles compared to 7.3 billion rubles in 2014.
Selling costs in 2015 were 4.1 billion rubles, up 1.0 billion rubles (31.3%) from 2014. Higher cost of infrastructure services due to larger export volume was the primary driver of this change.
Administrative expenses in 2015 were 5.6 billion rubles, up 0.9 billion rubles (19.3%) from 2014. The primary drivers of administrative expenses include the increase in ruble costs of agreements denominated in foreign currencies due to appreciation of US dollar and euro against ruble, and the increase in private pension expenditures.
Sales profit in 2015 was 2.9 billion rubles compared to sales loss of 0.5 billion rubles a year ago.
Income from share ownership in other companies increased by 0.1 billion rubles (4.0%) year on year, to 1.7 billion rubles, reflecting larger dividend payments from Group subsidiaries.
Interest receivable was 5.8 billion rubles. A 1.3 billion ruble (30.0%) increase in interest receivable compared to 2014 reflects higher interest rates on bank deposits, higher ruble income from foreign currency deposits due to significant changes in exchange rates, and a larger portfolio of loans extended to Group subsidiaries.
Balance of other income/(expenses) in 2015 was (3.8) billion rubles, a marginal change from (3.6) billion rubles in 2014. Key drivers of this change included foreign exchange gains and losses, revaluation of listed and unlisted financial assets, and recognition of contingent liabilities at the end of the reporting period. The effect from the recognition of contingent liabilities* was offset by foreign exchange income and gains, and positive revaluation of listed financial investments.
Total assets of PJSC Inter RAO as of December 31, 2015, increased by 1.3 billion rubles (0.4%) year-on-year to 354.7 billion rubles.
Non-current assets increased by 17.9 billion rubles (6.1%) to 313.7 billion rubles over the year. The increase in non-current assets primarily reflects the following partially offsetting factors: a 25.1 billion ruble (8.9%) increase in financial investments, to 306.5 billion rubles, through additional contributions to authorized capital of subsidiaries; revaluation of listed financial assets to reflect their current market value; and a 6.8 billion ruble (63.9%) decrease in long-term accounts receivable, to 3.8 billion rubles, through their conversion to short-term accounts receivable.
Current assets reduced in 2015 by 16.6 billion rubles (28.8%) to 41.0 billion rubles as of December 31, 2015. This reduction is reflects the following factors: a 6.5 billion ruble (62.1%) decrease in short-term financial investments, to 4.0 billion rubles, due to repayment of short-term loans and reduction of bank deposits with maturity over three months; a 2.8 billion ruble (12.0%) decrease in cash and cash equivalents, to 20.4 billion rubles; and a 7.1 billion ruble (30.4%) reduction in short-term accounts receivable, to 16.3 billion rubles, due to settlement of current accounts receivable and application of prepayments to equipment purchase agreements.
Total debt reduced in 2015 by 8.2 billion rubles (89.6%) to 1.0 billion rubles. The key driver of the reduction of total debt was the repayment of a foreign currency loan in the fourth quarter of 2015. Also in the fourth quarter of 2015, we took a long-term loan from PAO Sberbank under the Project-Based Investment Project Support Program introduced by the Order of the Government of Russia of October 11, 2014 No. 1044. Our debt portfolio consists entirely of long-term loans. Net debt of PJSC Inter RAO as of December 31, 2015 was (20.8) billion rubles.
Total liabilities reduced over the year by 2.3 billion rubles (10.2%) to 20.3 billion rubles as of December 31, 2015. This change is primarily attributable to repayment of loans, recognition of contingent liabilities at the end of the reporting period, reduction of accounts payable to vendors for services rendered, reduction of prepayments for delivery of power equipment to Venezuela according to approved schedule and agreement provisions, and reduction of prepayments for electricity export.
27 Ноября 2024 | среда | 15:28
