TVEL ups IFRS revenue 30% to 128 bln rubles in 2011
Russian nuclear fuel company OJSC TVEL, which is part of State Nuclear Energy Company Rosatom, boosted its revenue to International Financial Reporting Standards (IFRS) by 30% year-on-year to 128 billion rubles in 2011, the company reported in its combined financial statement.
Net profit climbed 1.5-fold to 20.1 billion rubles. Profit before tax was also up 1.5-fold, to 25.7 billion rubles.
Revenue from nuclear fuel sales rose 5.7% to 67.3 billion rubles, revenue from conversion and enrichment services grew 2.4-fold to 25.9 billion rubles, and revenue from sales of other uranium-containing products doubled to 10.3 billion rubles. Revenue from R&D services nearly quadrupled to 3.9 billion rubles, and other revenue came to 15.6 billion rubles, on par with 2010.
Revenue from heat and electricity sales increased 1.7-fold to 5 billion rubles. TVEL operates three combined heat and power plants (CHPP), which provide for the fuel company's needs and sell the surplus to cities for businesses - the Severskaya CHPP (OJSC Siberian Chemical Complex in the Tomsk region), OJSC Chepetsk Mechanical Plant CHPP (Udmurtia) and OJSC Urals Electrochemical Complex CHPP (Sverdlovsk region). These CHPPs have a combined capacity of up to 1,000 MW.
TVEL consolidates all Russian assets in nuclear fuel fabrication, the separation-sublimation complex and the production of gas centrifuges and their accompanying equipment.
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