Аудиторское заключение

EXPLANATIONS
to the accounting (financial) statements of
JSC “INTER RAO UES” for the year 2012
As of the reporting date of December 31, 2012 the off-balance-sheet items of the Company reflected
security of Company’s obligations under forward contracts in the amount of 7,723,891 thousand
rubles, calculated on the basis of the exchange rate of the Central Bank of the Russian Federation as of
December 31, 2012, as well as the security of obligations of counteragent banks in the amount of
8,450,530 thousand rubles, calculated at the rate of forward deals. All deals will be executed in 2013.
Net fair value of forward contracts as of December 31, 2012 is equal to 179,086 thousand rubles
(45,761 thousand rubles – as of December 31, 2011). When assessing the fair value, Bloomberg
analytical system data were used.
Interest Swap
In order to minimize potential financial losses, in consequence of the growth of LIBOR6m floating
rate index, the Company entered into a transaction — interest-rate swap to hedge changes in future
interest payments on the loan received. The financial result of the Transaction is reflected by the
Company in the structure of interests received/paid. Fulfilment of obligations under the transaction
occurs once in half a year until the end of the interest rate swap -November 12, 2013.
Under the terms of Transaction the Company effects payments to the Bank-counteragent based on a
fixed rate and receives payments based on LIBOR6m floating rate index calculated similarly to the
interests on the loan received on the basis of the LIBOR6m floating rate index. This hedging
transaction allows, in terms of established share of hedging, insurance against the fall of cash flows of
the Company in consequence of the growth of LIBOR6m floating rate index.
When assessing the efficiency, the Company uses retrospective and perspective hedge efficiency
analyses. Based on the results of perspective and retrospective analyses, as of December 31, 2012,
hedging of interest rate risks with the use of the said interest rate swap transaction has been found
efficient.
Net negative fair value (loss) of interest swap as of December 31, 2012 is equal to 68,649 thousand
rubles (121,288 thousand rubles – as of December 31, 2011). When assessing the fair value,
Bloomberg analytical system data were used.
Futures Contracts at the Energy Exchange
98