Inter RAO Announces 9 Months of Year 2016 Results
OREANDA-NEWS. Revenue of PJSC Inter RAO for the first 9 months of 2016 was 33.1 billion rubles, down 2.5 billion rubles (7.0%) from the first 9 months of 2015.
Revenue from electricity export was 23.7 billion rubles, down 1.6 billion rubles (6.5%) from the first 9 months of 2015. This change reflects partially offsetting trends in sales volumes: while we increased our sales by volume to Finland (by 46.6%), Belarus (by 30.1%) and Georgia (by 47.0%), we saw a reduction in sales to Ukraine (by 95.9%) and Kazakhstan (by 25.3%). Revenue from WECM electricity and capacity sales for the first 9 months of 2016 was 7.0 billion rubles, up 0.1 billion rubles (1.7%) year-on-year. Revenue from other sales for the first 9 months of 2016 was 2.5 billion rubles. The 1.0 billion ruble (28.1%) decrease in the revenue from other sales reflects variations in the schedule of export deliveries of our energy equipment.
Cost of goods sold in the first 9 months of 2016 was 24.6 billion rubles, down 1.5 billion rubles (5.8%) year-on-year. This change reflects several partially offsetting factors, including a 1.1 billion ruble (88.0%) increase in the cost of imported electricity due to larger import by volume, and a 1.8 billion ruble (8.4%) reduction in the cost of electricity and capacity purchased at WECM due to lower export by volume and smaller transit flows between different WECM pricing zones. Cost of other sales was 2.1 billion rubles. The 0.8 billion ruble (26.6%) decrease in the cost of other sales reflects variations in the schedule of export deliveries of our energy equipment.
Gross profit for the first 9 months of 2016 was 8.5 billion rubles compared to 9.4 billion rubles for the first 9 months of 2015.
Selling costs for the first 9 months of 2016 were 2.4 billion rubles, down 0.8 billion rubles (25.0%) year-on-year. The primary driver of this change was the lower cost of infrastructure services due to lower electricity export by volume.
Administrative costs stayed virtually the same year-on-year, at 3.9 billion rubles. Sales profit for the first 9 months of 2016 was 2.2 billion rubles compared to 2.3 billion rubles a year before.
Income from share ownership in other companies reduced by 0.7 billion rubles, to 1.0 billion rubles, reflecting smaller dividends paid by Group subsidiaries.
Interest receivable stayed virtually the same year-on-year, at 4.1 billion rubles. Balance of other income/expenses was 31.1 billion rubles compared to 0.3 billion rubles in the same period of 2015. The primary driver of this change was the sale of the 40.007% ownership stake in PJSC Irkutsk Energy (as a part of the sale of the 40.29% interest in PJSC Irkutsk Energy by Inter RAO Group) combined with the recognition of contingent liabilities on the joint and several guarantee of an option agreement with SC Vnesheconombank.
As the result, net income for the first 9 months of 2016 was 37.4 billion rubles, compared to 6.8 billion rubles for the same period of 2015.