27.10.2015, 23:56
Revenue of Inter RAO - Electric Power Plants Increased by 1.8%
OREANDA-NEWS. JSC Inter RAO - Electric Power Plants today announced financial results prepared according to the Russian Accounting Standards (RAS) for the first nine months of 2015.
Revenue of JSC Inter RAO - Electric Power Plants for the first nine months of 2015 was 109.2 billion rubles, up 1.8% (1.9 billion rubles) year-on-year.
Revenue from electricity sales in the reporting period was 69.2 billion rubles, down 3.9% (2.8 billion rubles) year-on-year.
Reduction of revenue in the reporting period reflects the reduction of power generation by JSC Inter RAO - Electric Power Plants in the context of lowering weighted average free prices in the wholesale electricity market due to the launch of new efficient CDA facilities and increase in cheap power generation by NPPs.
Influence of this negative factor on the financial result was partially compensated by a set of measures for optimized utilization of power plants:
- decrease in utilization of unprofitable power generating equipment at Kashirskaya TPP, Verkhnetagilskaya TPP and Cherepetskaya TPP;
- reduction of a repair bay for cost-effective equipment due to intensification of contractors' operations and prolongation of effective equipment repair to period with lower prices at day-ahead market;
- use of unique features of highly-maneuverable equipment at Dzhubginskaya TPP for mitigation of daily irregularities in consumption up to two times per day.
Revenue from capacity sales in the reporting period was 37.8 billion rubles, up 13.9% (4.6 billion rubles) year-on-year.
Growth of revenue from capacity sales is primarily attributable to:
- growing CDA sales reflecting the addition of new power generation assets in the second half of 2014 and the first half of 2015 (the second unit of Yuzhnouralskaya TPP, the eight and ninth units of Cherepetskaya TPP);
- the increase in supplied capacity after re-attestation of the combined-cycle plant at Urengoyskaya TPP, the first unit of Yuzhnouralskaya TPP-2, the first and the second units at Dzhubginskaya TPP, the second unit at Kaliningradskaya TPP-2;
- the increase in CDA fees resulting from higher yield on government bonds.
Cost of goods and services sold in the first nine months of 2015 was 94.5 billion rubles, down 1.2% (1.2 billion rubles) as compared to the same period of 2014. This reduction is attributable to the following factors:
- reduction by power generation by JSC Inter RAO - Electric Power Plants;
- a set of measures aimed at reduction of semi-fixed costs;
- reduction of fuel expenses by 0.8 billion rubles as a result of the decrease in specific consumption of standard fuel within the framework of the power saving program, as well as the launch of new CDA units at Yuzhnouralskaya TPP-2 and Cherepetskaya TPP, which led to the decrease in specific consumption of standard fuel per 1 kW*h by 1.8% and to reduction of fuel expenses.
At the same time, fuel prices increased by 2.3% as compared to the same period of 2014:
- gas prices grew by 1.3%, which is lower than the weighted average index for the first nine months of 2015-2014 stated by the Russian Federal Tariff Service (~2.5%) as a result of gas purchase at a discount of the price of running contracts with JSC NOVATEK;
- coal prices grew by 8.8%, which is in accord with the growth of coal prices in the territory of the Russian Federation as a whole. It is essential to note that due to the considerable growth in prices for coal imported from Kazakhstan JSC Inter RAO - Electric Power Plants was partially replacing this fuel with the increase in delivery of Chelyabinsk coal at Yuzhnouralskaya TPP and the increased use of gas generation at Yuzhnouralskaya and Verkhnetagilskaya TPPs.
Gross profit for the first nine months of 2015 was 14.7 billion rubles, up 26.6% (3.1 billion rubles) as compared to the same period of 2014.
Sales profit for the first nine months of 2015 was 13.3 billion rubles, up 31.8% (3.2 billion rubles) as compared to the same period of the previous year.
Balance of other income/expenses excluding balance of interest and balance of income/loss from equity shares for the first half of 2015 was -0.01 billion rubles as compared to -1.3 billion rubles for the same period of the previous year. This change mostly reflects the receipt of fines and penalties from counteragents for unsatisfactory fulfillment of contractual obligations and lower provisions for CDA fines.
Net profit for the reporting period was 10.1 billion rubles as compared to 6.9 billion rubles of net profit for nine months of 2014.
Revenue of JSC Inter RAO - Electric Power Plants for the first nine months of 2015 was 109.2 billion rubles, up 1.8% (1.9 billion rubles) year-on-year.
Revenue from electricity sales in the reporting period was 69.2 billion rubles, down 3.9% (2.8 billion rubles) year-on-year.
Reduction of revenue in the reporting period reflects the reduction of power generation by JSC Inter RAO - Electric Power Plants in the context of lowering weighted average free prices in the wholesale electricity market due to the launch of new efficient CDA facilities and increase in cheap power generation by NPPs.
Influence of this negative factor on the financial result was partially compensated by a set of measures for optimized utilization of power plants:
- decrease in utilization of unprofitable power generating equipment at Kashirskaya TPP, Verkhnetagilskaya TPP and Cherepetskaya TPP;
- reduction of a repair bay for cost-effective equipment due to intensification of contractors' operations and prolongation of effective equipment repair to period with lower prices at day-ahead market;
- use of unique features of highly-maneuverable equipment at Dzhubginskaya TPP for mitigation of daily irregularities in consumption up to two times per day.
Revenue from capacity sales in the reporting period was 37.8 billion rubles, up 13.9% (4.6 billion rubles) year-on-year.
Growth of revenue from capacity sales is primarily attributable to:
- growing CDA sales reflecting the addition of new power generation assets in the second half of 2014 and the first half of 2015 (the second unit of Yuzhnouralskaya TPP, the eight and ninth units of Cherepetskaya TPP);
- the increase in supplied capacity after re-attestation of the combined-cycle plant at Urengoyskaya TPP, the first unit of Yuzhnouralskaya TPP-2, the first and the second units at Dzhubginskaya TPP, the second unit at Kaliningradskaya TPP-2;
- the increase in CDA fees resulting from higher yield on government bonds.
Cost of goods and services sold in the first nine months of 2015 was 94.5 billion rubles, down 1.2% (1.2 billion rubles) as compared to the same period of 2014. This reduction is attributable to the following factors:
- reduction by power generation by JSC Inter RAO - Electric Power Plants;
- a set of measures aimed at reduction of semi-fixed costs;
- reduction of fuel expenses by 0.8 billion rubles as a result of the decrease in specific consumption of standard fuel within the framework of the power saving program, as well as the launch of new CDA units at Yuzhnouralskaya TPP-2 and Cherepetskaya TPP, which led to the decrease in specific consumption of standard fuel per 1 kW*h by 1.8% and to reduction of fuel expenses.
At the same time, fuel prices increased by 2.3% as compared to the same period of 2014:
- gas prices grew by 1.3%, which is lower than the weighted average index for the first nine months of 2015-2014 stated by the Russian Federal Tariff Service (~2.5%) as a result of gas purchase at a discount of the price of running contracts with JSC NOVATEK;
- coal prices grew by 8.8%, which is in accord with the growth of coal prices in the territory of the Russian Federation as a whole. It is essential to note that due to the considerable growth in prices for coal imported from Kazakhstan JSC Inter RAO - Electric Power Plants was partially replacing this fuel with the increase in delivery of Chelyabinsk coal at Yuzhnouralskaya TPP and the increased use of gas generation at Yuzhnouralskaya and Verkhnetagilskaya TPPs.
Gross profit for the first nine months of 2015 was 14.7 billion rubles, up 26.6% (3.1 billion rubles) as compared to the same period of 2014.
Sales profit for the first nine months of 2015 was 13.3 billion rubles, up 31.8% (3.2 billion rubles) as compared to the same period of the previous year.
Balance of other income/expenses excluding balance of interest and balance of income/loss from equity shares for the first half of 2015 was -0.01 billion rubles as compared to -1.3 billion rubles for the same period of the previous year. This change mostly reflects the receipt of fines and penalties from counteragents for unsatisfactory fulfillment of contractual obligations and lower provisions for CDA fines.
Net profit for the reporting period was 10.1 billion rubles as compared to 6.9 billion rubles of net profit for nine months of 2014.
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