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IFRS net loss increased DEC in 2,8 times in 2015 - EastRussia | Far East






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IFRS net loss increased DEC in 2,8 times in 2015

The Far Eastern Energy Company (DEC) group in 2015 increased its net loss under IFRS 2,8 times compared to 2014 year - up to 9,96 billion rubles

This is stated in the consolidated financial statements of the group.

At the same time, total revenue increased by 8,5% and amounted to 109,3 billion rubles. In particular, the revenue from the sale of electricity reached 70,5 billion rubles (an increase of 12,7%), from the sale of heat energy - 16,8 billion rubles (an increase of 4,4%).

According to the document, in 2016, the maturity date for loans and loans totaling 37,12 billion rubles. “The management of the group is planning to refinance the loan debt in order to redistribute the debt over time in favor of longer repayment periods,” the statement said.

Earlier it was reported that DEK in 2015 reduced its net loss under RAS by 35% compared to 2014 year - to 1 billion 086,3 million rubles. The company explained the unprofitableness of activity by the growth of consumers' debts for the supplied electricity.

The DEC report also says that 24 March 2015 year the group sold shares of a subsidiary of OJSC "Guberovskiy repair and mechanical plant" (Primorsky Territory) for 25 million rubles.

PJSC "DEK" works as a part of PJSC "RAO ES of the East", the main shareholder of which is PJSC "RusHydro". The company is a guaranteeing supplier and a single buyer of electricity in the 2nd non-price zone, annually buys about 32 billion kWh of electricity.
The group, in addition to PJSC “DEK”, includes JSC Far Eastern Generating Company, JSC Far Eastern Distribution Grid Company, as well as repair and service subsidiaries and affiliates, Interfax notes.

According to the list of affiliates on 1 on April 2016, PJSC RusHydro owns 52,07% of DEK shares (1,04% - direct control, 51,03% - indirect control through RAO ES of the East), Cyprus-based Donalink Limited (controlled by SUEK JSC) - 34,08%.