Русгидро RAS 2010
This morning, RusHydro released 2010 RAS financials that differ from key financial estimates for 2010 published by the Vedomosti daily, to which we referred in today's Russia Market Daily. The actual 2010 figures are all above those published by Vedomosti.
RusHydro's 2010 EBITDA under RAS came in at R51,754 mln ($1,704 mln), up 2.7% in ruble terms, and implying an EBITDA margin of 58%. Net income of R37,963 mln ($1,250 mln) was up almost 270% in ruble terms, mainly due to one-offs (the downward revaluation of its stake in OGK-1 in 2009). These results are non-consolidated and do not include RusHydro's electricity supply business, unlike the IFRS figures. RusHydro is to publish its 2010 IFRS results by end April