On March 31, the Board of Directors of JSC Inter RAO approved the reduction of the company's equity stake in Turkey-based Akkuyu NGS A.S. to 0.8% from 1.7525%, the company informed.
Inter RAO's stake was diluted as the authorized capital of Akkuyu NPP was increased by an amount denominated in Turkish liras equivalent to RUB 22.45 billion. Prior to the increase, the company's share capital was TL 2.853 billion.
The Board of Directors also approved the company's innovative development program for the period until 2017 extendable until 2021, the group's compliance policy, the company's withdrawal from InterRAO-WorleyParsons LLC by means of selling the equity stake and from Inter RAO Middle East B.V (Netherlands) as a result of the latter company's winding-up, decided to close down Inter RAO's Ivanovskie PGU branch.
Besides, the Board of Directors approved the 2013 business plan performance report and procurement report, expanded the list of 12-month targets for 2014, approved Nadezhda Kudryashova as secretary of the central procurement committee, approved a loan contract in the amount of RUB 13.503 billion between Inter RAO Finance LLC and JSC TGC-11 and an overdraft loan agreement in the amount of RUB 150 million between Inter RAO – Electric Power Plants, OJSC and Gazprombank OJSC.
JSC Inter RAO UES (short name: JSC Inter RAO, tax number: 2320109650) was established in May 1997 following the decision of the founder, OJSC RAO UES of Russia. It is the largest electric power export and import operator in Russia which manages numerous power assets in the Russian Federation and abroad. The total installed capacity of the company's power plants exceeds 33.6 GW.
The authorized capital of Inter RAO UES reached RUB 293.34 billion represented by 10,440,000,997,683 common shares at par value of RUB 0.02809767 each. The company's major shareholders are: CJSC Inter RAO Capital, a subsidiary of Inter RAO UES (13.93%), FGC UES Group (18.57%), MMC Norilsk Nickel (13.21%), OJSC Rosneftegaz (27.63%), Vnesheconombank (5.11%), RusHydro Group (4.92%).
IFRS net loss of JSC Inter RAO UES for 2013 grew by 7.87% to RUB 24.03 billion from RUB 22.276 billion the year before. Revenue increased by 19.08% to RUB 662.321 billion from RUB 556.189 billion, operating loss decreased by 41.58% to RUB 18.473 billion from RUB 31.623 billion, loss before tax grew by 12.13% to RUB 27.098 billion from RUB 24.166 billion. EBITDA increased by 47.37% to RUB 39.2 billion from RUB 26.6 billion.
According to the DataCapital information retrieval system, RAS net loss of OJSC Inter RAO for 2013 increased 3.74-fold to RUB 53.688 billion from RUB 14.361 billion the year before. Revenue decreased by 3.45% to RUB 41.221 billion from RUB 42.692 billion, sales loss grew by 69.02% to RUB 1.937 billion from RUB 1.146 billion, loss before tax 5.37 times to RUB 52.597 billion from RUB 9.789 billion.