OREANDA-NEWS. May 25, 2009. TVEL OJSC, 100% subsidiary of Atomenergoprom OJSC, has published its financial report for 2008. Last year the company’s net assets grew by 30bln RUR to 65bln RUR. The share of the fixed assets grew from 24.39% to 48.94% due to the purchase of the shares of Atomredmetzoloto OJSC and the reception of the shares of MZP and ChMZ as payment for the issue of the company’s additional shares.

The greater part of the company’s income – almost 90% (just like in 2007) — were the revenues from the sale of fuel for nuclear power plants. The share of the fuel supplied to the Russian nuclear power plants in the total amount of fuel sold in 2008 was 31%, the share of the export – 58% (30% to Ukraine).

Thus, in 2008 TVEL earned over 51bln RUR from the sales of products and services – 39% more than in 2007.

The key factors boosting revenues were:

4bln RUR or 35% growth in revenues from the sale of nuclear fuel for the Russian NPPs
8bln RUR or 37% growth in the revenues from the sale of nuclear fuel for foreign NPPs
2bln RUR growth in the revenues from the sale of other products, raw materials, services and wholesale goods.

In 2008 the pretax profit totaled 32.2bln RUR, the net profit – 29.9bln RUR – 24bln RUR more than in 2007.

This growth was due to 23.4bln RUR income from the purchase of the shares of Atomredmetzoloto and the assessment of the shares of Priargun Mining Chemical Combine, Dalur and Khiagda, given to the company as payment for the issue of additional shares of Atomredmetzoloto.

The current profit totaled 6.6bln RUR.