Revenue from energy export was RUB 18.9 billion, down by RUB 9.2 (32.7%), compared to the same period in 2011. Revenue reduction was mainly driven by optimization of delivery schedule through its decrease due to decrease in wholesale prices in the Finnish market (Nordpool). At that, there was an increase in revenue from export in Belarus, Kazakhstan, Lithuania, Ukraine markets and other conventional export routes by RUB 1.7 billion total (by 12.9%), the net revenue for nine months of 2012 was RUB 14.9 billion.
Split between revenue from international and Russian electricity sales changed to 63.6 % and 36.4 % respectively compared to 54.4 % and 45.6 % in nine months of the previous year.
Reduction of revenue from energy and power sales in Russia by RUB 14.8 billion was driven by exclusion of generation assets from the balance sheet of JSC INTER RAO UES as well as decrease in import for nine month of 2012 by 39% and absence of transactions under non-regulated contracts in 2012.
Cost of goods sold in the reporting period reduced by RUB 20.2 billion (43.5 %) to RUB 26.2 billion. This reduction was primarily driven by the transfer of generation assets to the balance sheet of JSC INTER RAO — Electric Power Plants, and also by decrease in cost of energy and power purchased to supply energy abroad as well as decrease in expenses for purchase of imported energy.
As the result, the respective reduction of gross revenue, the company reported gross profit of RUB 5.6 billion (down RUB 4.3 billion or 43.4 %) for 9 months of 2012.
Commercial expenses reduced by RUB 2.0 billion (40.8 %) to RUB 2.9 billion due to reduced costs of infrastructure services purchased from FSK UES OJSC due to reduction in imported energy, and also due to zero sales costs in 2012 since sales activities were transferred to JSC INTER RAO — Oryol Energy Sales Company, a fully owned subsidiary of JSC INTER RAO UES.
Total amount of dividends received from stakes in other companies was RUB 2.6 billion compared to RUB 0.8 billion for 9 months of 2011, up RUB 1.8 billion (225.0%). Dividends were mainly received from the Group's sale companies and RAO Nordic as well as from minority interests purchased as a part of additional issue of JSC INTER RAO UES in 2011.
Expenses for interest payable for 9 months of 2012 increased by RUB 0.3 billion (23.1%) up to RUB 1.6 billion. The increase was caused by lump-sum allocation of RUB 0.5 billion due to termination of liabilities of JSC INTER RAO UES to INTER RAO Capital CJSC (debt transfer for construction of second power plant of Kaliningradskaya TPP-2 due to offset of internal liabilities as part of comprehensive debt restructuring within the group). Thus, apart from these expenses, the interest expenses for 9 months of 2012 decreased by RUB 0.2 billion (15.4%) down to RUB 1.1 billion due to scheduled and early loan repayments under the existing loan agreements.
Earnings before taxes for 9 months of 2012 were RUB 8.3 billion, up RUB 4.4 billion (112.8%). Net profit was RUB 4 billion (up RUB 0.8 billion or 25%).
Total assets of JSC INTER RAO UES as of September 30, 2012 reduced by RUB 21.3 billion (6.0 %) down to RUB 336.0 billion. This reduction is mainly attributable to share buyback during reorganization and reduction of internal settlements by offsetting counter liabilities.
Fixed assets for the first quarter increased by RUB 3.5 billion (1.2%) up to RUB 286.3 billion at the end of the accounting period.
Current assets for 9 months of 2012 decreased by RUB 24.9 billion (33.4%) down to RUB 49.7 billion.
This was mainly caused by offset of internal liabilities (line "other debtors", decrease by RUB 31.3 billion or 55.5%). At that, the total decrease in accounts receivable was RUB 30.7 billion (49.9%) down to RUB 30.8 billion.
Besides that, the changes in the current assets were caused by increase in short-term financial investments by RUB 1.1 billion (18.3%), for total amount of RUB 7.1 billion for the nine months of 2012 due to additional deposit allocation of RUB 2.8 billion and simultaneous payment of internal loans to Moldova TPP of 1.7 billion RUB.
Cash and cash equivalents as of September 30, 2012 increased up to RUB 10.7 billion (increase by RUB 5.8 billion or 118.7%) due to income from sell of minority interests for RUB 24.2 billion (Enel OGK-5 OJSC, E.ON Russia OJSC, Eniseyskaya TGK OJSC, Kuzbassenergo OJSC) and share buyback as well as purchase of Bashkirenergo OJSC shares.
Total liabilities of JSC INTER RAO UES reduced by RUB 18.9 billion (43.8%) to 24.3 billion RUB as of September 30, 2012. Reduction of liabilities is primarily attributable to offset of internal counter liabilities within the Group, which resulted in decrease in other long-term liabilities by RUB 18.3 billion (94.8%) down to RUB 1.0 billion.
Increase in short-term payables from RUB 4.5 billion up to RUB 6.8 billion for the nine months of 2012 (51.1%) was mainly caused by advance payments received for equipment delivery to Ecuador and reclassification of the respective long-term advance payments under these contracts.
Debt of INTER RAO UES reduced by RUB 2.4 billion (13.1 %) to RUB 15.9 billion since the beginning of 2012 due to scheduled and early loan repayments. Net debt reduced significantly to negative RUB 1.9 billion. The split between long-term and current debtchanged to 69.8% and 30.2% respectively at the end of the nine months of 2012 (compared to 98.4% and 1.6 % respectively at the end of 12 months of 2011).
INTER RAO UES statements include performance data of Sochinskaya TPP, Kaliningradskaya TPP and Severo-Zapadnaya TPP owned by INTER RAO — Electric Power Plants and rented by INTER RAO UES from January 1, 2012 to March 01, 2012, as well as performance data of Ivanovskiye CCP between January 01, 2012 and September 30, 2012. Consolidated operational statements including performance data of JSC INTER RAO — Electric Power Plants are comparable with the previous reporting period and reflect scheduled reduction in power generation inline with industry-wide decrease in electricity prices.
31 Января 2025 | пятница | 08:55
