IR Releases
On September 25, 2012 the Board of Directors of Lenenergo during its on-site meeting approved the adjusted business plan of the Company (under RAS), which includes an investment program for 2012.
Business plan of Lenenergo for 2012 was approved by the Board of Directors on 19.01.2012 (Minutes #17 of 20.01.2012). The adjustment of the Company's business plan for 2012 was carried out due to:
- adjustments of tariff decisions pursuant to the Resolution of the RF Government of 29.12.2011 #1178;
- based on the actual data of FY2011 and 1H2012.
| Indicator | Unit of measurement |
FY2011 | 2012 (F) approved |
2012 (F) adjusted |
Change adjusted BP / FY2011 |
Change adjusted BP / approved BP,% |
| Productive electric power supply | mln kWh | 28 975 | 30 060 | 29 942 | 3,7% | -0,4% |
| Electric power losses | % | 10,60% | 10,29% | 10,37% | -2,9% | 0,8% |
| Connected capacity | MW | 321 | 370 | 388 | 15,3% | 5,1% |
| Sales revenues, including | RUB mln | 37 009 | 38 409 | 36 834 | 3,8% | -4,1% |
| - from electric power transmission | RUB mln | 28 526 | 30 318 | 29 136 | 6,3% | -3,9% |
| - from grid connection | RUB mln | 8 311 | 7 928 | 7 537 | -4,6% | -4,9% |
| Prime cost, total | RUB mln | 31 758 | 34 012 | 33 959 | 7,1% | -0,2% |
| EBITDA | RUB mln | 8 630 | 9 659 | 9 300 | 11,9% | -3,7% |
| Net profit (loss), including | RUB mln | 1 417 | 1 350 | 528 | -4,7% | -60,9% |
| - from electric power transmission | RUB mln | -4 560 | -5 047 | -7 212 | 10,7% | 42,9% |
| - from grid connection | RUB mln | 6 418 | 6 295 | 7 012 | -1,9% | 11,4% |
| Borrowings | RUB mln | 26 993 | 26 988 | 27 809 | 0,0% | 3,0% |
| Average rate on attracted borrowings | % | 7,7% | 9,08% | 9,13% | - | 0,6п.п. |
| Investment program (disbursement) | RUB mln | 15 061 | 13 316 | 14 100 | -11,6% | 5,9% |
| Net debt | RUB mln | 20 198 | 27 272 | 26 664 | 35,0% | -2,2% |
| Net Debt/EBITDA | 2,34 | 2,82 | 2,87 | - | - |
Anticipated Net profit of Lenenergo in 2012 will amount to RUB 528 million and decrease as compared with the approved business plan by RUB 822 million, or 61%.
The main factors affecting the decrease in Net profit forecast are as follows:
- Reduced revenues forecast from electricity transmission by RUB 1,182 million, or 4%.
- Reduced revenues from grid connection by RUB 391 million, or 5%.
- Reduced revenues from other activities by RUB 2 million, or 1%.
- Reduced prime cost by RUB 53 million, or 0.2%, including non-controlled expenses having decreased by RUB 332.5 million, or 1.2%, controlled expenses increased by RUB 279.5 million, or 5%.
- Reduced negative balance of income and expenses by RUB 503 million, or 24%
Forecasted loss from electric power transmission compared to the approved business plan increased by RUB 2,165 million, or 43%. The growth of loss from electric power transmission is associated with reduced revenues from transmission by RUB 1,182 million, or 4%, and increased prime cost of electricity transmission by RUB 748 million, or 2% due to changes in the legislation, under which the cost of leasing was excluded from payment for technological connection and is included in the tariff for electricity transmission.
The volume of disbursement in accordance with the adjusted investment program for 2012 amounts to RUB 14,100 million that is RUB 784.1 million or 5.9% higher than the approved business plan levels, including:
- over St. Petersburg – RUB 10,443.7 million that is RUB 493.6 million, or 5% higher than the investment program levels, approved for 2012;
- over the Leningrad region – RUB 3,656.2 million that is RUB 290.5 million, or 8,6% higher than the investment program levels, approved for 2012.
