IR Releases
JSC "LENENERGO" released its 9M 2011 financial statements under Russian Accounting Standards
JSC "Lenenergo" released its financial statements for the nine months of 2011, drawn up in accordance with Russian Accounting Standards (RAS). Key indicators of the Company for the reporting period are presented in the table.| Indicator | Unit | 9 M 2010 | 9 M 2011 | ∆, %
9 M 2011/ 9 M 2010 |
| Assets balance value | RUR min | 86 066 | 92 806 | 7,8% |
|---|---|---|---|---|
| Equity | RUR min | 50 165 | 52 341 | 4,3% |
| Revenue from sales of production, including: | RUR min | 23 172 | 26 910 | 16.1% |
| - from services on electric power transmission | RUR min | 16 160 | 21 015 | 30,0% |
| - from services on technological connection | RUR min | 6 894 | 5 774 | -16,2% |
| - from other industrial activity | RUR min | 118 | 121 | 3,2% |
| Profit before taxation | RUR min | 3 118 | 1 913 | -38,6% |
| Net profit | RUR min | 2 221 | 1 192 | -46,1% |
| For reference: | ||||
| ROE | % | 4,51% | 2,20% | -51,2% |
| EBITDA | RUR min | 6 872 | 6 416 | -6,6% |
| EBITDA margin | % | 29,7% | 23,8% | -19,6% |
| DEBT/EBITDA | - | 2,02 | 2,91 | 44,1 |
The balance value at the end of the 3rd quarter of 2011 amounted to RUR 92,806 mln (+ RUR 6,740 mln, or 7.8% to 30.09.2010).
Revenue of the Company's activity for the nine months of 2011 constituted RUR 26,910 mln, that is 16.1% higher the same indicator for 2010. At the same time the Company's revenue from electric power transmission in 2011 increased by 30.0%, which is caused by the increase in the tariffs for electric power transmission.
At the same time, revenue from technological connection for the nine months of 2011 decreased by 16.2% as compared to the same indicator of the last year (RUR 1,120 mln) that was mainly caused by the decrease in revenue on property contracts.
EBITDA for the 9 months of 2011 amounted to RUR 6,416 mln, which is 6.6% lower than for the 9 months of 2010. EBITDA decline was accompanied by a decrease in its components: income tax and net profit. At the same time the accrued depreciation and the amount of interest payable increased.
Net profit for the 9 months of 2011 amounted to RUR 1,192 mln, and decreased by 46.1% as compared to the 9 months of 2010, which is caused by an outstripping growth of costs, compared with an increase in revenue for the first months of 2011 versus the same period the previous financial year.
Since the Company received positive net profit for the 9 months of 2011, profit margins also have positive value, although there is a slight decrease with respect to the same period of the last year. So, return on equity (ROE) amounted to 2.20%, and decreased as compared to 2010 by 2.31 percentage points due to opposite changes of net profit and equity.
In general, there is a positive trend of revenue and equity of the Company for the 9 months of 2011 as compared to the 9 months of 2010. Net assets of JSC "Lenenergo" also increased and considerably exceed the amount of authorized capital than can be regarded as a major factor in the stability of the financial condition of the Company at present and in the future.
The level of financial independence remains high enough - sources of forming of the Company's assets are formed at their own expense by 56.4%. The increase in debt (the sum of long-term and short-term borrowings) is to a large extent related to the attraction of credit resources to finance investments.
Accounting statements of JSC "Lenenergo" for 9M 2011 are available on the Company's website at www.lenenergo.ru under Obligatory information disclosure.
