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M&A: Inter RAO Electric Power Plants to place additional shares

On August 29, the Board of Directors of JSC Inter RAO decided that the company would acquire 356,229,390 additionally issued common shares of Inter RAO Electric Power Plants, OJSC with the face value of 1 ruble each intended for private placement, paying RUB 356.229 million, the company informed.

The Board of Directors also formulated its position on the agendas of shareholders' meetings and meetings of Boards of Directors of its subsidiaries and affiliates, approved 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 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 profit of JSC Inter RAO for H1 2014 was RUB 6.856 billion against a loss of RUB 13.845 billion the year before. Revenue increased by 11.06% to RUB 352.896 billion from RUB 317.743 billion, operating profit was RUB 12.559 billion against a loss of RUB 9.793 billion for the same period in 2013, pre-tax profit was RUB 10.516 billion against a loss of RUB 15.184 billion. Adjusted EBITDA increased by 30.09% to RUB 28.1 billion from RUB 21.6 billion.

According to the DataCapital information retrieval system, RAS net profit of JSC Inter RAO for H1 2014 decreased by 47.3% to RUB 2.135 billion from RUB 4.05 billion for the same period in 2013. Revenue decreased by 36.54% to RUB 14.679 billion from RUB 23.133 billion, sales loss increased 2.28 times to RUB 881.278 million from RUB 386.216 million, pre-tax profit decreased by 32.65% to RUB 2.495 billion from RUB 3.704 billion.

"AK&M", 02.09.2014


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