IR Releases

20.09.2012

JSC " Lenenergo " releases its financial statements for the 6 months ended June 30, 2012, prepared in accordance with IFRS.

The opinion of the Company’s auditor Ernst&Young states that in the course of a review there were not found any evidence that would allow to believe that the accompanying interim condensed consolidated financial statements are prepared, in all material aspects, in accordance with IFRS (IAS) 34.

Key indicators of financial reporting of Lenenergo (IFRS), RUB thousand

Indicator Unit of
measurement
30.06.2011 31.12.2011 30.06.2012 ∆ %
30.06.2012/ 31.12.2011
Assets RUB thousand 88 761 036 96 951 021 99 013 134 2,13%
Equity RUB thousand 45 479 412 42 535 138 46 531 441 9,40%
Liabilities, including: RUB thousand 43 281 624 54 415 883 52 481 693 -3,55%
- non-current liabilities RUB thousand 16 957 172 29 381 124 31 683 008 7,83%
- current liabilities RUB thousand 26 324 452 25 034 759 20 798 685 -16,92%
Δ %
HY2012/ HY2011
Revenues, including: RUB thousand 15 806 821 32 256 795 15 364 169 -2,80%
- from electricity transmission RUB thousand 11 714 338 22 895 281 11 483 440 -1,97%
- from technological connection RUB thousand 3 774 349 8 629 336 3 083 018 -18,32%
- other RUB thousand 318 133 732 178 797 711 150,75%
Operating expenses RUB thousand (16 394 887) (31 503 143) (12 814 214) -21,84%
Operating profit / loss RUB thousand (588 066) 753 652 2 549 955 -
Net profit / loss RUB thousand (1 178 642) (943 276) 1 217 469 -
Profit /loss per ordinary share RUB (1,16) (0,93) 1,15 -
For reference:
EBITDA RUB thousand 1 813 123 5 742 546 4 753 053 162,15%
NET DEBT/EBITDA - 8,71 3,57 3,89 -
Profitability indicators
EBITDA margin, % % 11,5% 17,6% 30,9% -
Net profit margin, % % -7,5% -2,9% 7,9% -
Liquidity indicators
Urgent liquidity - 0,08 0,32 0,40 -
Current liquidity - 0,24 0,48 0,55 -

Revenues from electricity transmission for the six months ended June 30, 2012, net of the regulatory technological losses in the amount of RUB 2,550 million (for 6 months ended June 30, 2011 – RUB 3,242 million) totaled RUB 11,483 million, which is 2% less than for HY2011.

Revenues from technological connection for the six months ended June 30, 2012 decreased by RUB 691 million (-18.3%) as compared to the same period of 2011, and amounted to RUB 3,083 million, which is caused by the decline in the volume (capacity) of connections and decrease in the number of new property contracts (in HY2012 services on technological connection were paid in the form of transfer of fixed assets in the amount of RUB 70 million, in HY2011 1 - in the amount of RUB 370 million).

Other revenues for HY2012 constituted RUB 798 million.

Total operating expenses of the Group for the period amounted to RUB 12,814 million, which is 21.8% less than in same period of the last year. The decrease is caused by the following changes in expenses for HY2012:

  • Reduction of depreciation costs by 11% as a result of write-downs of fixed assets recognized on 31.12.2011.
  • In HY2011, the Group recognized an impairment loss in the amount of RUB 2,961,229 thousand due to the limitation of maximum tariff growth rates. In HY2012, impairment of fixed assets was not revealed.
  • The costs of establishing a reserve for doubtful accounts receivable decreased by 92% (RUB 265,067 thousand). The most significant change occurred in the reserve for advances paid to construction companies.
  • Reduction of the recognized impairment loss of property under finance lease contracts by 50% (RUB 61,194 thousand).

Following HY2012, the Group of companies Lenenergo earned an operating profit of RUB 2,550 million, net income for the period amounted to RUB 1,217 million.

EBITDA for HY2012 totaled RUB 4,753 million, which is 162% higher than in HY2011.

For reference:

The structure of the Group of companies Lenenergo


HY2012 financial statements prepared in accordance with IFRS and the investor presentation are available on the website of Lenenergo the section “For Shareholders and Investors”