RusHydro announces 1H 2013 RAS results
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces its non-consolidated financial results
under Russian accounting standards (RAS) for the first six months
of 2013.
Key
highlights:
-
Strong half-yearly results of the core
hydropower generation business on high storage levels and affluent
water inflows, cost control;
-
In 2Q 2013 revenue increased 20%, in 1H
2013 ? 23%;
-
2Q 2013 EBITDA ? RUR 17.4 bn (+45%), 1H
2013 EBITDA ? RUR 33.5 bn
(+41%);
-
EBITDA margin in 2Q ? 60.6% (+10.4
p.p.), in 1H ? 61.9% (+8,1 p.p.);
-
Net profit in 1H ? RUR 19.6 bn (+48%),
adjusted 1H net profit ? RUR 23.7 bn (+50%);
-
In 1H 2013, operating expenses were up
only 3%.
Key financials for the 1H 2013 under RAS (in RUR
mn)[1]
|
2Q 2013
|
2Q2012
|
chg
|
1H 2013
|
1H 2012
|
chg
|
Revenue
|
28,733
|
23,959
|
20%
|
54,177
|
44,149
|
23%
|
Operating expenses
|
14,261
|
14,591
|
2%
|
26,519
|
25,697
|
3%
|
Operating profit
|
14,472
|
9,368
|
54%
|
27,658
|
18,452
|
50%
|
Other revenue (adj.)[2]
|
1,952
|
701
|
178%
|
3,134
|
1,424
|
120%
|
Other expenses (adj.)[3]
|
(4,768)
|
(2,311)
|
106%
|
(7,675)
|
(3,928)
|
95%
|
EBITDA[4]
|
17,411
|
12,030
|
45%
|
33,526
|
23,725
|
41%
|
Net profit
|
10,222
|
6,923
|
48%
|
19,559
|
13,251
|
48%
|
Net profit (adj.)[5]
|
12,499
|
8,405
|
49%
|
23,687
|
15,900
|
50%
|
For the first six months of 2013,
revenue increased by 23% to RUR 54,177 mn as compared to RUR 44,149
mn in the same period of 2012. The underlying factors behind the
change in revenue were:
-
increase in electricity generation by RusHydro?s hydropower plants
by 22% as compared to January-June 2012;
-
increase in electricity sales volumes
and prices on the ?day-ahead? market;
-
increase in capacity prices of the
competitive capacity auctions for the HPP?s of the first pricing
zone;
-
indexation of regulated electricity and
capacity tariffs;
-
increase in volumes and tariffs of
regulated power sales.
As illustrated in the table below (RUR
mn), the dominant share of revenues comes from electricity and
capacity sales:
|
2Q 2013
|
2Q2012
|
chg
|
1H
2013
|
1H
2012
|
chg
|
Electricity sales
|
21,883
|
17,699
|
23%
|
39,063
|
30,532
|
28%
|
Capacity sales
|
6,707
|
6,144
|
9%
|
14,815
|
13,369
|
11%
|
Sales from rent
|
60
|
51
|
18%
|
121
|
103
|
17%
|
Heat sales
|
22
|
20
|
10%
|
82
|
76
|
8%
|
Other sales
|
61
|
45
|
36%
|
96
|
69
|
39%
|
TOTAL
|
28,733
|
23,959
|
20%
|
54,177
|
44,149
|
23%
|
Operating expenses increased by 3% to
RUR 26,519 mn as compared to the same period of
2012.
Operating expenses (in RUR
mn)
|
1H
2013
|
1H
2012
|
chg
|
Purchased power
|
7,262
|
7,685
|
-6%
|
Depreciation
|
5,868
|
5,273
|
11%
|
Labor expenses
|
2,967
|
2,725
|
9%
|
Property tax
|
2,762
|
2,605
|
6%
|
Repairs &
maintenance
|
1,251
|
1,394
|
-10%
|
Services of System Operator, ATS,
CFS
|
1,286
|
1,149
|
12%
|
Other third-party
services
|
687
|
691
|
-1%
|
Security expenses
|
706
|
554
|
27%
|
Leasing expenses
|
565
|
682
|
-17%
|
Insurance expenses
|
532
|
888
|
-40%
|
Water tax
|
497
|
411
|
21%
|
Estimated reserves
|
201
|
-
|
-
|
Other
|
1,935
|
1,640
|
18%
|
TOTAL
|
26,519
|
25,697
|
3%
|
Major factors of change in operating
expenses were:
-
decrease in electricity purchases by
Zagorskaya pumped storage plant due to repairs and
maintenance;
-
decrease in electricity purchases on
the ?day-ahead? market, including for
the fulfillment of regulated and unregulated
sales;
-
decrease in electricity purchases on
the balancing market;
-
increase in depreciation as a result of
commissioning of new equipment;
-
decrease in repairs and maintenance
expenses due to shorter planned outages, decrease in works
implemented by contracting parties.
As a result, operating profit for the
reporting period increased by 50% as compared to last year to RUR
27,658 mn.
Other revenue for the six months of
2013 was RUR 3,134 mn, other expenses stood at RUR 7,675 mn. The
largest portion of other expenses was expenses associated with
reserves in the amount of RUR 3,908; and a provision for
mark-to-market revaluation of listed equity stakes in the amount of
RUR 2,458 mn.
EBITDA increased by 41% to RUR 33,526
mn.
RusHydro's net profit for the reporting
period increased by 48% to RUR 19,559 mn. Net profit adjusted for
non-cash items was RUR 23,687 mn, a 50% increase as compared to
last year.
RusHydro's key financial position
indicators as of June 30th, 2013
The Company's total assets increased by
RUR 58,223 mn as of June 30th, 2013, or 8% against the similar
figure as of December 31st, 2012, reaching RUR 812,002
mn.
The growth in assets in January-June
2013 was mainly a result of depositing in banks of proceeds from
domestic bonds placement in the amount of RUR 20
bn.
As of June 30th, 2013, total obligations stood
at RUR 203,419 mn compared with RUR 161,081 mn as of the beginning
of the reporting period. The increase was attributed primarily to
placement of RUR 20 bn of domestic bonds. The Company's debt
portfolio rose by 19% to RUR 112,864 mn starting from the beginning
of the year; long-term loans make up 62% of the total debt
portfolio.
The Company's equity for the six months
of 2013 increased by 3% to RUR 603,583 mn against RUR 592,698 mn as
of the beginning of the reporting year. The growth is primarily
connected to an increase in undistributed profit in the amount of
RUR 4,857 mn out of profit of current reporting period as well as
distribution of profit for 2012 in the amount of RUR 10,292 mn to
the accumulation fund.
The Company plans to publish its
consolidated results for the 1st half of 2013 under International
financial reporting standards (IFRS) on August 29
2013.
About
RusHydro:
RusHydro Group is one of Russia?s largest generating
companies. RusHydro is the leading producer of renewable energy in
Russia with over 70 generating facilities in Russia and abroad. The
company also manages a number of R&D, engineering and
electricity retail companies. Group?s thermal assets are operated
by subsidiary ? RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 36.5
GW, heat capacity ? 16.2 thousand GCal/h.
Russian Federation owns 65.9% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company?s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM ? MSCI Russia indexes. Company?s
GDRs in the IOB section of LSE, ADRs ? in OTCQX.
For more
information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495) 225-3232 ext. 1319,
1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One can
identify forward-looking statements by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could,"
"may" or "might," the negative of such terms or other similar
expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially
from these statements.
We do not intend to update these statements to reflect
events and circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events. Many factors could
cause the actual results to differ materially from those contained
in our projections or forward-looking statements, including, among
others, general economic conditions, our competitive environment,
risks associated with operating in Russia and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
[1] The quarterly figures are not reported in the official
financial statements under RAS, they have been calculated and put
into the press release for reference
[2] Adjusted for the income from redemption and other disposal
of investments.
[3] Adjusted for the expense from redemption and other disposal
of investments.
[4] EBITDA calculated as gross profit before
depreciation.
[5] Net profit adjusted for the mark-to-market revaluation of
listed equity stakes, reserves for financial investment impairment,
assets and potentially uncollectible accounts receivable,
contingencies This indicator is not reported in the official
financial statements under RAS and has been calculated and put into
the press release for reference.
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