MOSCOW, September 7, 2017 /PRNewswire/ --
JSC Atomenergoprom, the holding company of Russia's nuclear energy corporation Rosatom, today reported consolidated net earnings of 40.7 billion roubles (US$0.7 bn) for the first half of 2017. This compares with earnings of 21.5 billion in the same period of 2016. Revenue for the first half of 2017 was 319.1 billion roubles (US$5.4bn) compared with 273.3 billion roubles in the first half of 2016, demonstrating a16.7% revenue growth year-on-year.
First Deputy CEO of Rosatom Dr Kirill Komarov said: "The first half-year results demonstrate robust growth and reinforce the reality that nuclear energy remains commercially attractive. As a reliable source of clean energy, nuclear is contributing significantly to reducing CO2 emissions and the fight against climate change."
Stabilisation of foreign currency exchange rates increased consolidated earnings in the 2017, compared with 2016 when currency exchange losses amounted to 49.3 billion roubles.
The main drivers of the group's growth have been the power generation (17% growth) and energy equipment manufacturing (36% growth) divisions. The share of export revenues stood at 24.3% of consolidated revenue in the first six months of 2017, totalling 77.4 billion roubles (US$ 1.3bn).
Total debt decreased by 24.9% to 222.3 bn roubles (US3.7bn), from 295.8 bn roubles as of 31 December 2016.
Dr Komarov commented: "Despite all the difficulties the global energy sector is now facing, we have managed to maintain a healthy financial position with strong debt/EBITDA ratio and low implied cost of debt. It enables us to maintain our leadership position and continue to invest about 4.5% of our revenue in R&D, to ensure we can maintain our technological edge."
ROSATOM is the only company in the world to offer integrated clean energy solutions across the nuclear supply chain and beyond. This includes the design, build and operation of nuclear power stations, uranium mining, conversion and enrichment, the supply of nuclear fuel, decommissioning, spent fuel storage and transportation, and safe nuclear waste disposal. With seventy years' experience, the company is the world leader in high-performance solutions for all kinds of nuclear power plants. It is also working on wind generation, nuclear medicine, and energy storage among others.