On August 23, the Board of Directors of OJSC RAO Energy System of East approved a loan contract with OJSC Daltekhenergo and a number of other interested-party transactions, the company informed.
Besides, the Board of Directors approved the business plan implementation report, the KPI performance report for Q1 2013 and the CEO report on the company's credit policy in Q2 2013.
OJSC RAO Energy System of East (RAO ES of East, tax number: 2801133630) was established on July 1, 2008 as a result of the reorganization of RAO UES of Russia. OJSC RusHydro owns 75.23%, Vostok-Finance holds 1.89% in RAO ES of East. The company owns blocks of shares in power companies of the Far East such as: OJSC DVEUK, OJSC DEK, OJSC AK Yakutskenergo, OJSC Magadanenergo, OJSC Kamchatskenergo, OJSC Sakhalinenergo. Besides, RAO ES of East owns blocks of shares in OJSC Peredvizhnaya Energetika and some non-core companies of RAO UES of Russia transferred to the Holding under the dividing balance sheet.
IFRS loss of OJSC RAO Energy System of East for 2012 decreased 3.39-fold to RUB 4.92 billion from RUB 16.698 billion in 2011. Revenue grew by 6.17% to RUB 142.08 billion from RUB 133.822 billion, loss from current operations decreased 9.37-fold to RUB 1.388 billion from RUB 13.009 billion, loss before tax 2.67-fold to RUB 6.156 billion from RUB 16.416 billion. EBITDA decreased by 1.02% to RUB 12.379 billion from RUB 12.507 billion.
According to the information and retrieval system DataCapital, RAS net loss of OJSC RAO Energy System of East for H1 2013 grew by 19.67% to RUB 3.2 billion from RUB 2.674 billion the year before. Revenue increased by 27.67% to RUB 654.144 million from RUB 512.614 million, sales loss decreased by 43.36% to RUB 74.304 million from RUB 131.196 million, loss before tax grew by 19.78% to RUB 3.13 billion from RUB 2.613 billion.