RusHydro announces 1H 2017 IFRS results
Key highlights for 1H 2017:
Financial results reflected increase in sales of capacity due to liberalization of hydropower capacity market in Siberia and launch of Zelenchukskaya HPP, divestment of LLC Energy of Bashkortostan (LLC ESC Bashkortostan) in the end of 2016, effect of the forward contract with VTB Bank recognized as long term derivative instrument;
Total revenue in 2Q 2017 - RUB 84,295 mn (-2.7%), in 1H 2017 – RUB 187,654 mn ( - 3.4%), excluding contribution of LLC ESC Bashkortostan comparable revenue for the 2Q and 1H increased by 5.8% и 5.4%, respectively[i];
2Q 2017 EBITDA2 – RUB 21,313 mn (+2.4%), 1H 2017 EBITDA – RUB 51,547 mn (+7.3%); excluding contribution of LLC ESC Bashkortostan increase in comparable EBITDA for the 2Q and 1H – 4.9% и 10.4%, respectively;
Operating expenses in 2Q 2017 decreased by 4.2%, in 1H 2017 – by 7.0% mainly due to divestment of LLC ESC Bashkortostan in the end of 2016; excluding contribution of LLC ESC Bashkortostan comparable operating expenses for the 2Q and 1H increased by 5.6% and 2.9%, respectively;
Net profit for 1H 2017 – RUB 22,303 mn (-12.5%); net profit adjusted for non-cash items3 – RUB 32,298 mn (+8.5%).