Revenue of Inter RAO for nine months of 2015 was 35.6 billion rubles
Revenue of PJSC Inter RAO for the first nine months of 2015 was 35.6 billion rubles, up 14.0 billion rubles (64.8%) from the first nine months of 2014.
Revenue from electricity export was 25.3 billion rubles, up 12.9 billion rubles (103.6%) from the first nine months of 2014. This increase in export revenue primarily stems from the change in ruble sales prices reflecting a significant hike of currency exchange rates in the first nine months of 2015 compared to the same period of the previous year, and also 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 exports by volume are attributable to Belarus (79.0%), Finland (48.0%), and Ukraine (by a factor of 50.8). Revenue from electricity and capacity sales on WECM in the first nine months of 2015 was 6.9 billion rubles, up 0.1 billion rubles (1.3%) year-on-year. This increase reflects larger transit flows across WECM pricing zones and higher net electricity sales price in the balancing market.
Revenue from other sales in the first nine months of 2015 was 3.4 billion rubles. The 1.0 billion ruble (43.0%) increase in other revenue is associated with scheduled shipments of power generation equipment for export and appreciation of US dollar against ruble.
Cost of goods sold in the first nine months of 2015 was 26.2 billion rubles, up 8.5 billion rubles (47.7%) from the same period of 2014. This change was driven by several factors partially offsetting one another, including 9.0 billion ruble (69.6%) increase in cost of electricity and capacity purchased at WECM due to larger export and higher transit flows across WECM pricing zones; 1.4 billion ruble (52.7%) decrease in cost of electricity imported due to lower commercial imports; and 0.8 billion ruble (38.7%) increase in cost of other sales.
Gross profit for the first nine months of 2015 was 9.4 billion rubles compared to 3.9 billion rubles in the same period of the previous year.
Selling costs for the first nine months of 2015 were 3.2 billion rubles, up 1.3 billion rubles (68.6%) from the first nine months of 2014. Higher cost of infrastructure services due to larger export volume was the primary driver of this change.
Administrative expenses for the first nine months of 2015 were 3.8 billion rubles, up 0.8 billion rubles (28.1%) from the first nine months of 2014. This increase was primarily driven by changes in future cost allowances (regular inclusion in cost structure throughout the year), growing expenses for non-state pension provision and larger ruble costs associated with agreements with liabilities denominated in foreign currency due to appreciation of US dollar and euro against ruble.
Sales profit for the first nine months of 2015 was 2.3 billion rubles compared to sales loss of 1.0 billion rubles for the same period of the previous year.
Income from share ownership in other companies was 1.7 billion rubles, up 0.1 billion rubles year-on-year, reflecting larger dividend payments from Group subsidiaries.
Interest receivable was 4.3 billion rubles. Interest income increased by 1.1 billion rubles (33.2%) year-on-year due to higher interest rates on bank accounts and larger overall balance of loans extended to Group subsidiaries.
Balance of other income/expenses for the first nine months of 2015 was 0.3 billion, down 1.5 billion rubles compared to the same period of 2014. This change is primarily associated with the receipt of income in 2014 in connection with one-time tax recomputation.
As the result, net profit for the first nine months of 2015 was 6.8 billion rubles compared to 4.0 billion rubles for the first nine months of 2014.