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Inter RAO UES posts IFRS-based annual results
RBC, 30.07.2010, Moscow 10:49:00.Inter RAO UES's net loss under IFRS amounted to EUR 282m compared to a net profit of EUR 87m a year earlier, the Russian energy export and import operator indicated in an official statement today. Revenue shrank 7.7 percent to EUR1.543bn, due to lower demand for products and a decrease in the price for electric power resulting from a downturn in economic activity during the crisis. The company's EBITDA dropped 17 percent - from EUR 301m in 2008 to EUR 250m in 2009. According to Inter RAO UES's statement, the company's negative financial result can be traced primarily to a paper loss from the devaluation of core assets and incomplete construction in the amount of EUR 384m, as well as to a rise in interest expenditures and high volatility in the ruble exchange rate against the euro and the dollar. As of the end of 2009, the group's consolidated loans amounted to EUR 707m. Capital reached EUR 1.304bn, having slid 8 percent from January 1, 2009.
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