PRESS: RusHydroТs financial performance to worsen over next year - All News - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

PRESS: RusHydroТs financial performance to worsen over next year

MOSCOW, Jan 10 (PRIME) -- Russian hydropower giant RusHydro expects its financial results to worsen or at least stagnate over the next few years, Kommersant business daily reported Thursday citing a business plan approved by the companyТs board of directors.

RusHydro expects its net profit under International Financial Reporting Standards (IFRS) to fall 25% to 30.8 billion rubles in 2019, while earnings before interest, taxes, depreciation, and amortization (EBITDA) are projected to decrease to 70.65 billion rubles from 78.96 billion rubles in 2018.

A source familiar with the situation attributed the projected drop in net profit to an expected depreciation of units at the Sakhalin GRES-2, the Sovetskaya Gavan thermal plant, and the Nizhne-Bureiskaya hydropower plant to be launched in 2019.

RusHydro expects that its net profit will grow in 2020Ц2023, but will decrease in 2022 due to an expiration of a forward contract with VTB Bank and reflection of the result of the sale of RusHydro shares to a strategic investor. VTB Bank purchased 12.9% in RusHydro for 55 billion rubles in 2017. RusHydro has to pay around 13 billion rubles to the bank over five years and the stake is then to be sold to a strategic investor, and if the price is higher than the nominal value of the forward, the difference will be paid to RusHydro, if lower Ц to VTB Bank.

Revenue is expected to grow 0.2% in 2019. Expenditures are projected to increase 9.2% in 2019, 9% in 2020, 0.1% in 2021, and 14% in 2022, and fall 15% in 2023.

Power output is seen at 86.5 billion kilowatt-hours (kWh) in 2019 and 84.5 billion kWh in 2020Ц2023.

RusHydro declined to comment on its business plan.

(67.0795 rubles Ц U.S. $1)


10.01.2019 09:08
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 71.6377 -0.5914 20 jun
USD 63.9794 -0.3558 20 jun
Stock Market Indices
1D 1W 1M 1Y
rtsi 1361.14 +0.14 18:50 19 jun
micex 2759.12 -0.09 18:50 19 jun
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 232.46 +0.14 18:49 19 jun
lkoh 5245.00 +0.29 18:49 19 jun
rosn 409.25 -0.60 18:47 19 jun
sber 240.40 -0.58 18:49 19 jun
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 71.9100 -0.1800 14:59 19 jun
USDTD 64.0275 -0.1200 17:44 19 jun