JSC RusHydro publishes 2008 Financial Results prepared in accordance with the Russian Accounting Standards (RAS).
Financial Statement as of December 31, 2008
As of December 31, 2008 the value of JSC RusHydro assets were 441,293,808,000 roubles against 194 041 167 000 roubles at the beginning of the reporting year. The Company’s shareholder equity amounted to 410 103 939 000 roubles as of December 31, 2008 against 176 755 185 000 roubles at the beginning of the reporting year.
The substantial change in Company’s assets and shareholder equity reflected in the Company’s financial statements for 2008 were the results of the two stages of the Company’s reorganization completed. During the first stage, on January 9, 2008, JSC RusHydro consolidated 20 SDCs (19 ŔÎ-HPPs and CJSC EOZ), during the second stage, on July 1, 2008, the reorganization was completed by consolidation of JSC Irganaiskaya HPP, JSC Cascade of NChHPPs, JSC State Holding RusHydro and JSC Minority Holding RusHydro.
Profit and loss statement for 2008
JSC RusHydro revenues amounted to 61,877,186,000 roubles against 41,797,725,000 roubles in the same period last year, growth by 38.4%. Production costs amounted to 38,218,482,000 roubles, against 33,293,839,000 roubles for last year.
Gross profit amounted to 23,658,704,000 roubles, against 8,503,886,000 roubles for the same period of last year.
JSC RusHydro’s current profit tax for 2008 amounted to 7,284,525,000 roubles against 2,268,184,000 roubles in the same period last year. During 2008, JSC RusHydro received net profits of 16,450,239,000 roubles against 8,615,731,000 roubles during the previous year.
Growth in revenues is due to the general increase in 2008 of the Company’s tariff including growth of regulated tariffs (to finance construction of the most important hydropower facilities and technical rehabilitation and modernization), introduction from July 1, 2008 of a capacity market, increase in the share of liberalization on the national wholesale electric power (capacity) market, and consolidation of SDCs within the Company’s reorganization.