IR Releases

29.11.2010

“LENENERGO” publishes consolidated results of its activities under the international financial reporting standards (IFRS) for H1 2010.

The financial reporting of JSC “LENENERGO” for the 1st half of the year 2010 has been prepared in compliance with IFRS standards and inspected by the independent audit firm Ernst&Young. It was examined at the joint-presence meeting of the Company’s Audit Committee on 23 November 2010.

Consolidated statement of comprehensive income under IFRS for H1 2010 and year 2009

For six months before
30 June 2010 (RUR, in thousand) 30 June 2009 (RUR, in thousand)
Earnings 13 285 112 10 033 334
Operating expenses (9 841 842) (8 151 348)
Operating profit 3 443 270 1 881 986
Financial income 771 252 63 547
Financial expenses (817 052) (1 173 745)
Loss caused by currency revaluation (112 540) (382 000)
Profit before taxes 3 284 930 389 788
Profits tax expense (697 341) (147 769)
Net profit for the year 2 587 589 242 019
falling at:
Shareholders of the parent company 2 586 336 238 228
Uncontrolled stake 1 253 3 791

The base and diluted profit per ordinary share has increased from RUR 0.23 (based on the results of the 1st half of the year 2009) to RUR 2.54 (data based on the results of the 1st half of the year 2010).

The sales earnings have grown by RUR 3,251,778 thousand or 32% for the first half of the year 2010 in comparison with the similar period of 2009 and equaled RUR 13,285,112 thousand. Below is more detailed information in respect of main indicators describing the structure of the sales earnings for the first half of the year 2010 and the year 2009.

The profit of the parent company shareholders for six months prior to 30 June 2010 has equaled RUR 2,586,336 thousand, which exceeds the indicator for the similar period of the year 2009 by RUR 2,348,108 thousand or 985.6%.

The essential growth of profit has been caused by the following factors:

- growth of technological connection earnings,

- growth of financial incomes related with the sale of the stake in JSC “UES FGC” and JSC “Petersburg Sales Company”,

- growth of the net profit resulted from settlement of accounts under the SWAP agreement.

Earnings For six months before
30 June 2010 (RUR, in thousand) 30 June 2009 (RUR, in thousand)
Transportation of electric power through grids 11 277 689 9 564 955
Technological losses within the mark (2 785 495) (2 096 910)