JSC Inter RAO today announced RAS (Russian Accounting Standards) financial results for the first three months of 2015.

Income statement
First three months of 2015 First three months of 2014 Change, %
Revenue 13.2 6.8 93.2
Cost of goods sold 9.2 5.4 69.7
Gross profit 4.0 1.4 184.2
Sales profit/(loss) 1.7 (0.3) -
Net profit/(loss) 2.0 0.9 125.9
Balance Sheet
March 31, 2015 December 31, 2014 Change, %
Total assets 354.6 353.4 0.3
Total equity 332.8 330.8 0.6
Loans and borrowings 9.6 9.2 5.0
-26.6 -24.5 8.8

- Billion rubles unless indicated otherwise. Percentage change is calculated using accounting data in thousand rubles.

- Short-term loans and borrowings plus Long-term loans and borrowings less Cash and cash equivalents less Short-term financial investments.


Income statement

Revenue of JSC Inter RAO for the first three months of 2015 was 13.2 billion rubles, up 6.4 billion rubles (93.2%) year-on-year.

Revenue from electricity export was 10.7 billion rubles, up 5.5 billion rubles (106.1%) year-on-year. This change was primarily driven by increased export by volume.

Revenue from WECM electricity and capacity sales for the first three months of 2015 was 2.5 billion rubles, up 0.9 billion rubles (53.7%) year-on-year. This increase is attributable to larger transit flows between different WECM pricing zones and higher net electricity sales price in the domestic market.

Cost of goods sold for the first three months of 2015 was 9.2 billion rubles, up 3.8 billion rubles (69.7%) year-on-year. This increase is primarily attributable to the 4.1 billion ruble (87.1%) increase in cost of electricity and capacity purchased on WECM due to larger export by volume and larger transit flows between different WECM pricing zones.

Gross profit for the first three months of 2015 was 4.0 billion rubles compared to 1.4 billion rubles for the same period of the previous year.

Selling costs for the first three months of 2015 were 1.2 billion rubles, up 0.4 billion rubles (52.9%) year-on-year. Higher cost of infrastructure services due to larger export volume was the primary driver of this change.

Administrative costs for the first three months of 2015 were 1.1 billion rubles, which is comparable with the same period of the previous year.

Sales profit for the first three months of 2015 was 1.7 billion rubles compared to sales loss of (0.3) billion rubles for the same period of the previous year.

Interest receivable was 1.4 billion rubles. The 0.4 billion ruble (35.0%) increase in interest receivable reflects interest income on bank deposits and interest income on larger loans provided to Group subsidiaries.

Balance of other income/(expenses) for the first three months of 2015 was (0.4) billion rubles compared to 0.5 billion rubles for the same period of 2014. The primary driver of this change was the foreign exchange loss.

As the result, net profit for the first three months of 2015 was 2.0 billion rubles compared to net profit of 0.9 billion rubles for the first three months of 2014.


Balance Sheet

Total assets of JSC Inter RAO increased by 1.1 billion rubles (0.3%) to 354.6 billion rubles as of March 31, 2015. The increase in total assets is primarily attributable to current assets.

Current assets increased by 1.3 billion rubles (2.3%) in the first three months of 2015 to 58.9 billion rubles as of March 31, 2015. This change is attributable to the 3.1 billion ruble (13.6%) increase in cash and cash equivalents, which reached 26.3 billion rubles, offset by 1.2 billion ruble (5.1%) reduction of accounts receivable, which went down to 22.2 billion rubles due to reduction of current accounts receivable and 0.5 billion ruble (5.2%) decrease in short-term financial investments, which went down to 9.9 billion rubles.

Net debt increased by 0.5 billion rubles (5.0%) in the first three months of 2015 and reached 9.6 billion rubles due to foreign exchange losses from depreciation of ruble against U.S. dollar on a foreign currency loan. Debt portfolio consists entirely of short-term loans and borrowings.

Total debt (excluding loans and borrowings) decreased by 1.3 billion rubles (10.0%) from the beginning of the year to 12.1 billion rubles at the end of the reporting period. This change primarily reflects the reduction of current accounts payable to suppliers and contractors.

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Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business. The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and the leading Russian energy company by energy efficiency. Inter RAO Group owns and operates over 35 GW of installed power generation capacity. www.interrao.ru


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