On December 26, the Board of Directors of JSC Inter RAO approved the reduction of the company's equity position in the Turkey-based Akkuyu NGS A.S. to 1.6% from 3.4719%, 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 1.44 billion.
The Board of Directors also approved the 2014 business plans of the company and group, interested-party transactions, and considered other matters.
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 is about 33.5 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%), the Federal Agency for State Property Management (13.76%), MMC Norilsk Nickel (13.21%), OJSC Rosneftegaz (12.6%), Vnesheconombank (5.11%), RusHydro Group (4.92%).
IFRS net loss of JSC Inter RAO UES for H1 2013 grew by 37.71% to RUB 13.845 billion from RUB 10.054 billion the year before. Revenue increased by 20.91% to RUB 317.743 billion from RUB 262.799 billion, operating loss by 52.99% to RUB 9.793 billion from RUB 6.401 billion, loss before tax by 74.95% to RUB 15.184 billion from RUB 8.679 billion.
According to the information and retrieval system DataCapital, RAS net profit of JSC Inter RAO for 9 months 2013 dropped by 13.89% to RUB 3.461 billion from RUB 4.019 billion the year before. Revenue decreased by 0.89% to RUB 31.517 billion from RUB 31.8 billion, sales loss increased 12.55-fold to RUB 1.264 billion from RUB 100.709 million, pre-tax profit decreased by 48.13% to RUB 4.294 billion from RUB 8.278 billion.