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Russia's Inter RAO UES consolidates 100% of gas power station in Turkey.

Russia's Inter RAO UES consolidated 100% of the gas power station Trakya Elektrik Uretim Ve Ticaret a.s. (Trakya Elektrik) in Turkey, Inter RAO UES informed, AK&M reported.The company acquired 10% in Trakya Elektrik through a chain of subsidiaries increasing its stake in the Turkish asset to 100% from 90%.It will be recalled that in December 2012, INTER RAO Turkey Enerji Holding A.G. (a business unit of the Inter RAO UES group) acquired 90% of the shares in Trakya Elektrik from international power company AEI Services Limited. The transaction value was $67.5 million.The asset located 100 kilometers away from Istanbul is a modern CCGT power plant with installed capacity of 478 MW and a contracted position via a long-term power purchase agreement (PPA) and gas supply agreement (GSA).OJSC Inter RAO UES (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 33.6 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%), FSK EES Group (18.57%), the Federal Agency for State Property Management (13.76%), OJSC MMC Norilsk Nickel (13.21%), Rosatom Group (12.49%), Vnesheconombank (5.07%), RusHydro Group (4.92%).IFRS net loss of OJSC Inter RAO UES for 2012 was RUB 22.355 billion against a profit of RUB 41.457 billion the year before. Revenue increased by 3.72% to RUB 556.189 billion from RUB 536.244 billion, loss from operations grew 7.08-fold to RUB 31.738 billion from RUB 4.483 billion, loss before tax was RUB 24.273 billion against a profit of RUB 51.824 billion in 2011. EBITDA dropped by 36.5% to RUB 26.5 billion from RUB 41.7 billion.RAS net loss of OJSC Inter RAO UES for Q1 2013 was RUB 39.174 million against a profit of RUB 632.837 million the year before. Revenue decreased by 20.18% to RUB 11.664 billion from RUB 14.613 billion.According to the information and retrieval system DataCapital, net loss (RAS) of OJSC Inter RAO UES for 2012 decreased 9.9-fold year-on-year to RUB 14.4 billion from RUB 143.1 billion. Revenue decreased by 41.8% to RUB 42.7 billion from RUB 73.4 billion, GP by 40.5% to RUB 7.5 billion from RUB 12.6 billion.bne
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Publication:Balkan Business News
Geographic Code:4EXRU
Date:May 29, 2013
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