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15/07/2014
16:58
M&A: Vnesheconombank demands that Inter RAO subsidiary exercise option agrt

On July 11, Vnesheconombank notified Silverteria Holdings Limited (a subsidiary of JSC Inter RAO located in Cyprus) of its intention to exercise the agreement for a put option concluded on June 18, 2010, the power company informed.

Under the option agreement Silverteria Holdings should buy a 5.07% equity stake (529,303,482,587 additionally issued common shares) in Inter RAO from Vnesheconombank for a total amount of RUB 21.278 billion plus the Central Bank's key interest rate and 1% p.a.

It will be recalled that the proceeds from Inter RAO's follow-on offering were used for the construction of the Urengoyskaya SDPP in Yamalo-Nenets autonomous area.

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.

RAS net profit of JSC Inter RAO for Q1 2014 was RUB 899.004 million against a loss of RUB 39.174 million the year before. Revenue decreased by 41.35% to RUB 6.84 billion from RUB 11.664 billion.


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