IR Releases
JSC "LENENERGO" released its 3M 2012 financial statements under Russian Accounting Standards
Key indicators of Lenenergo performance for Q1 2012:
| Indicator | Unit of measurement | 31.03.2011 | 31.03.2012 | Δ in %
31.03.2012 / 31.03.2011 |
| Productive supply of electric power | mln kWh | 7 898 | 8 174 | 3.5% |
|---|---|---|---|---|
| Losses of electric power | % | 14.63% | 14.46% | -0.17 p.p. |
| Connected capacity | kW | 48.6 | 52.4 | 7.7% |
| Revenue from sales of production, including: | RUB mln | 9 156 | 8 380 | -8.5% |
| - From electric power transmission services | RUB mln | 8 323 | 7 534 | -9.5% |
| - From grid connection services | RUB mln | 799 | 810 | 1.4% |
| - From other industrial activity | RUB mln | 34 | 35 | 2.6% |
| Cost | RUB mln | 8 755 | 8 674 | -0.9% |
| Gross profit (loss) | RUB mln | 401 | -294 | -173.4% |
| Profit (loss) before taxation | RUB mln | 150 | -622 | -514.2% |
| Net profit (loss) | RUB mln | 37 | -599 | -1735.6% |
| For reference: | ||||
| EBITDA | RUB mln | 1 573 | 1 390 | -11.6% |
| EBITDA margin | % | 17.2% | 16.6% | -0.6 p.p. |
| Investment program (disbursement) | RUB mln | 2 223 | 1 661 | -25.3% |
In Q1 2012, revenue of JSC Lenenergo totaled RUB 8 380 mln and decreased year-on-year (y-o-y) by 8.5%, or RUB 776 mln.
The decrease in revenue from electric power transmission by RUB 788 mln, or 9.5% in Q1 2012 compared to Q1 2011, is primarily due to a decrease in the average tariff for electric power transmission in St. Petersburg by 22.6%, driven by lower approved tariff rates for the maintenance of electrical networks and payment of technological losses starting from 01.05.2011 (Order of the Committee for Tariffs of St. Petersburg #104-P of 10.06.2011, “About Amendments to Order of the Committee for Tariffs of St. Petersburg of 29.12.2010 #386-p and of 04.02.2011 #10-r”).
In the Leningrad region, the approved tariff rates for the maintenance of electrical networks and payment of technological losses in Q1 2012 were not changed compared to the approved tariff rates in Q1 2011.
Revenue from grid connection services compared to Q1 2011 increased by 1.4% (RUB 11 mln) and totaled RUB 810 mln.
In Q1 2012, cost of services rendered amounted to RUB 8 674 mln, and its decrease compared to Q1 2011 constituted RUB 81 mln, or 0.9%.
Gross profit of the Company in Q1 2012 decreased by RUB 695 mln compared to Q1 2011 and reached negative value of (RUB 294 mln).
In Q1 2012, net profit of the Company compared to Q1 2011 decreased to a lesser degree (by RUB 635 mln), primarily due to the decrease in profit tax, and totaled (RUB 599 mln). The decrease in net profit of the Company was primarily influenced by the decrease in revenue from electric power transmission in St. Petersburg due to lower tariff rates from May 01, 2011.
EBITDA in Q1 2012 amounted to RUB 1 390 mln and was below the level of Q1 2011 by RUB 183 mln (11.6%) due to the deterioration of the Company financial result in the conditions of declining revenue.
