MOSCOW, April 1 (RIA Novosti) – Russian hydropower holding company RusHydro posted an IFRS net loss of 25.5 billion rubles ($824 million) for 2012 compared with a net profit of 29.5 billion rubles a year earlier, the company said Monday.
Analysts polled by RIA Novosti had expected RusHydro to post a full-year net profit of 25 billion rubles.
RusHydro attributed its net loss to the impairment of property, plant and equipment, and to the accrual of the impairment of promissory notes, shares and accounts receivable.
The company’s revenues in the reporting period fell by 18 percent to 305.76 billion rubles, below an analysts’ consensus forecast of 372 billion rubles.
The company’s EBITDA dropped by 18 percent in 2012, year on year, to 62.9 billion rubles due to a “change in the group's structure and removal of the special investment component in capacity prices in 2012,” the company said.
RusHydro’s liabilities increased by 30.23 billion rubles to 316.3 billion rubles, which was “mainly caused by new loans from Sberbank, the European Bank for Reconstruction and Development, Bank of Moscow and UniCredit Bank Austria AG.”