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RusHydro

May 6, 2010

RusHydro delivers 26 % net profit growth in 1Q2010

JSC RusHydro (ticker symbol HYDR; LSE, RTS, MICEX) announces today its unaudited financial results for the first quarter of 2010 in accordance with the Russian Accounting Standards.

1Q2010 Financial Highlights (million RUR):

 

1Q2010

1Q2009

Changes, %

Revenue

20,216.8

19,273.7

5 %

Cost of goods and services sold

9,311.7

8,212.5

13 %

Gross profit

10,905.2

11,061.2

-1 %

Profit before tax

14,035.0

11,336.0

24 %

Net profit

11,083.9

8,781.5

26 %

According to the results for the first quarter 2010 the revenue from the sale of goods and services increased by 5 % to 20,216.8 million roubles, compared to 19,273.7 million roubles in the first quarter of 2009. The main factors behind the revenue growth in 1Q 2010 were:

 increase in the share of sales at unregulated prices in accordance with the time schedule for liberalization of the wholesale market for electricity and capacity;

 increase in overall energy consumption in Russia;

 increased electricity prices on a free market due to cold winter.

Cost of goods and services sold (COGS) amounted to 9,311.7 million roubles in 1Q2010, a 13 % increase compared to the same period last year. The main factor behind the growth in COGS was the increase of total volume of purchased electricity on the day-ahead and balancing markets for the purpose of fulfilling the obligations under existed agreements due to accident on the Sayano-Shushenskaya HPP.

Gross profit in the first quarter of 2010 decreased by 1 %, compared to the same period last year and amounted to 10,905.2 million roubles.

Company's net profit in accordance with the Russian Accounting Standards grew by 26 % to 11,083.9 million roubles. The main reason for the net profit growth was additional recognition of insurance compensation under the property insurance contract.

 

 

 

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