Rus News Journal

Such profitable RAB

FSK has summed up the first year of work in new conditions

the First year of work in the conditions of RAB has allowed the Federal network company (FSK) to take in the lead positions in branch on profitability. The net profit also has essentially grown up that will give the chance FSK to one of the few to pay dividends to shareholders.

the First year of work on method RAB has already brought FSK notable financial results. The corrected net profit of the company cleared from paper incomes of revaluation of actives, in 2010 has grown on 62,6 %, almost to 28 mlrd rbl. RAB - regulation has allowed the company to reduce costs essentially. For last year thus it has been saved 2,6 mlrd rbl. the tariff Established on five years has made the company more transparent and attractive to investors. Working by an old principle expenses plus we could not involve large loans - the representative of the company Dmitry Gryzunov has noted. Performance of parametres RAB - regulations has been confirmed by Ministry for the Power Generating Industry, FST and the MAYOR in the end of 2010.

investment program Financing in 2010 has been executed in volume 167,03 mlrd rbl. (98 % from the plan). 50 mlrd rbl. have made extra means of this sum. we actively involve extra means, means of investors, for modernisation of a federal infrastructure in electric power industry. It also is one of main principles RAB - regulations - receiving the guaranteed return of investments to the tariff, as much as possible to involve credit resources and to use them in investments - the vice-president of board of the company Andrey Kazachenkov has told. In the end of April board of directors FSK has made the decision to place in 2011-2012 bonded loans on total sum to 125 mlrd rbl. This money also will go on financing of the investment program and refinancing before the accepted promissory notes.

In April FST has confirmed new tariffs for the network company. In the second - the fourth quarters 2011 their growth will make 26,4 % from level of year prescription. Further for all consumers the tariff will grow on 26,4 % in 2012, on 26,3 % in 2013 - m and on 26,3 % in 2014 - m. These updatings will not demand revision of the confirmed investment program. Possibility of increase RAB - the period from five till seven years is now discussed. It will allow the company to plan expenditure for longer term, and to the state - to redistribute a gain of the company for control over tariffs.

In 2010 FSK became the most profitable Russian electropower company and in general one of the most profitable Russian companies among all sectors, its profitability on EBITDA has made 60 %, the analyst " speaks; the Renaissance the Capital Vladimir Sklyar. EBITDA - a margin RusGidro For 2010 has made 15 % (without taking into account sbytov this indicator would make 43 %). At OGK - 4 this indicator in 2010 has made 30 %, and in the first quarter 2011 - 37 % - speaks g - n Sklyar.

Also management FSK has generated recommendations to direct on payment of dividends of 10 % from the net profit confirmed with a monetary stream, - 2,6 mlrd rbl. the Sum of payments on one action will make 0,2 copeck, profitableness - 0,6 %.