IR Releases
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 |
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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”