RusHydro announces 9 months 2013 IFRS results

In the nine months of 2013, average electricity selling price on the “day-ahead” market, a key segment of wholesale electricity market, in the 1st price zone amounted to RUB 1,107/MWh (+9% compared to the same period of 2012), in the 2nd price zone electricity price was RUB 659/MWh (flat as compared to the same period of 2012). In the 3rd quarter of 2013, the average electricity selling price on the “day-ahead” market in the 1st price zone amounted to RUB 1,292/MWh (+10%), in the 2nd price zone – RUB 553/MWh (-24%).

In the reporting period, EBITDA increased by 28.6% to RUB 52,079 mn compared to RUB 40,496 mn for the same period of previous year. EBITDA growth is related to increase in electricity output by hydropower plants, growth in prices on the day-ahead market, decrease in fuel and electricity and capacity purchase expenses.

In the nine months of 2013, the Group’s net profit amounted to RUB 14,800 mn compared to net loss of RUB 1,906 mn in the same period last year. Adjusted net profit in the nine months of 2013 amounted to RUB 29,884 mn, a 57.7% increase as compared to the same period of the previous year.

Total operating expenses increased by 0.8% from RUB 192,988 mn to RUB 194,604 mn.