The Board of Directors of PJSC Inter RAO approved the company's strategy / long-term development program until 2025 with an outlook for 2030, the company informed.
The document is aimed at ensuring further growth of the Group's production and financial performance by virtue of the efficient use of the accumulated investment resource.
The Strategy defines 4 key development priorities for Inter RAO Group:
Value appreciation: the group aims to implement modernization projects for power units of thermal power plants, participate in competitive capacity outtakes of new generating facilities, new construction projects, mergers and acquisitions, as well as further improve the efficiency of existing assets and increase the level of sustainable development.
Diversification: the group aims to diversify its business, including the development of the mechanical engineering segment, retail business and other promising business areas, including consideration of the possibility to participate in the development of renewable energy.
Digitalization and improvement of efficiency: in the current asset profile, the Group plans to improve its operational efficiency through digitalization of energy sales, trading, key business processes in the field of production and fund management, as well as by offering new digital services. This will ensure maximum synergy of the Group's business processes, optimize costs and generate new sources of income.
Sustainable development: the Group aims to improve sustainability and, for the first time, sets clear targets to improve its position in the international ESG ratings and reduce its specific carbon footprint.
PJSC Inter RAO UES (short name: PJSC 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 electrical capacity of the company's power plants is 33.487 GW, heat capacity is 25,731 GCal/h.
The authorized capital of Inter RAO UES reaches RUB 293.34 billion. It consists of 10,440,000,997,683 common shares with a face value of RUB 0.02809767 each.
IFRS net profit of Inter RAO for 1Q 2020 increased by 11.1% to RUB 34.6 billion from RUB 31.2 billion a year earlier. Revenue dropped by 5.2% to RUB 266.9 billion from RUB 281.4 billion, operating profit by 15.1% to RUB 32.6 billion from RUB 38.4 billion, EBITDA by 13.1% to RUB 41.4 billion from RUB 47.6 billion.
RAS net profit of PJSC Inter RAO for 1H 2020 increased by 26.5% to RUB 6.9 billion. Revenue decreased by 54.4% to RUB 13.2 billion. Gross profit for the 6-month period decreased to RUB 2.8 billion from RUB 10.5 billion.