Table. Main financial results, bln RUB
| ||2013||2012**||2013/2012, %||2011||2012/2011, %|
|Cost of sales
|Commercial and administrative expenses
|Other receipts and expenditures (net)
|Financial receipts and expenditures (net)
|Share of the net profit/(loss) of companies accounted for by the equity accounting
|Expenditure on the profit tax
|(Loss)/profit from closed-down activities (deducting the profit tax)
|Profit over the year
|Other consolidated receipts/(losses)
|Total consolidated receipts over the year
|Net operating profit after taxes (NOPAT)
| * This section contains information on JSC Atomenergoprom and its affiliated companies (hereinafter referred to as “the Group AEPC”) prepared in accordance with International Financial Reporting Standards (IFRS). The Group AEPC is an integrated group of Companies that consolidates the civil assets of the Russian nuclear industry, which span the full production cycle of nuclear power. The affiliated companies include Russian open-type joint stock companies, closed-type joint stock companies, limited liability companies (as defined by the Civil Code of the Russian Federation), and companies registered abroad. The summarised consolidated financial statements, as per IFRS, and statements made by independent auditors are provided in JSC Atomenergoprom’s report.
** The 2012 data were recalculated because the revised IFRS (IAS) 19 “Employee Benefits” relate to the base for defining receipts and expenditures in preset benefit plans after termination of employment, and because there was a need to reflect the terminated activity associated with the loss of control of Uranium One Inc., which resulted from the sale of the interest in Uranium One Holding. According to the IFRS, when a line of business is deemed to be terminated, the comparative data from the profit or loss statement and other consolidated income are presented as if this line of business had been terminated at the beginning of the respective period of comparison.
In 2013, the growth rate of proceeds (10.5 %) was substantially higher than that of the cost of sales (3.2 %).
The revenue trend (reflecting a growth by 10.5 % or RUB 41.3 billion compared to 2012) was affected predominantly by the following factors:
- the growth of revenue from sales of electricity, power, and heat, caused by the favourable price situation in the free electricity market, the increased price of power for the competitive capacity outtake (CCO), and the beginning of power generation by the Kalinin NPP Unit 4;
- the growth of revenue from supplies of NFC products. Negative changes due to the drop in market prices for uranium-containing products and enrichment services were compensated by larger volumes of nuclear fuel supplies sold to foreign NPPs, including entry into new markets; and
- the growth of revenue through a larger volume of design services to foreign NPPs.
Over 2013, the profit was RUB 24.7 billion, down RUB 2.1 billion from the preceding year (RUB 26.8 billion in 2012).
Fig. The revenue mix from sales to external buyers by operating segment, bln RUB
The following factors produced the most substantial impact on financial results in 2013:
- the excessive growth of proceeds as compared to the growth of the prime cost, which resulted in an increase in the gross profit to RUB 32.7 billion;
- the negative revaluation of JSC INTER RAO UESs shares for 2013 at RUB 19.4 billion was partially compensated for by the profit of RUB 5.8 billion, but the ultimate result (loss) was RUB 13.6 billion (shown as part of the financial expenditures);
- the profit from the fair price revaluation of shares in Uranium One Holding and Uranium One Inc., as of the retirement date, amounting to RUB 8.9 billion (shown as part of the financial receipts);
- the loss of RUB 31.4 billion from the depreciation of assets, shown as other expenditures (the corresponding amount for 2012 was RUB 26.3 billion), was mainly induced by:
- a decrease in the long-term outlook for uranium prices that led to a depreciation of the uranium mining assets of the operating segment “Mining” in Russia (RUB 7.6 billion) and abroad (RUB 14.6 billion); and
- a decrease in the volume of orders, along with the deterioration of the situation in the steel markets that led to a depreciation of assets for the operating segment “Machine Engineering”, totalling RUB 4.7 billion;
- the positive effect of changes due to the revaluation of reserves for decommissioning, RAW, SNF, and other reserves, shown as RUB 12.1 billion in other receipts; and
- other consolidated receipts in 2013 were RUB 7.1 billion, with the main positive effect under the heading showing the actuarial gains of pension plans from the enterprises.
Thus, the total consolidated receipts over 2013 increased by RUB 25.3 billion from 2012 to RUB 31.8 billion.
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