DGAP-News: The open joint-stock company Federal Grid Company of Unified Energy System publishes unaudited IFRS statements for the first half of
ID: 294250
11.11.2010 08:41
---------------------------------------------------------------------------
FGC UES Group publishes unaudited IFRS statements for the first half of
2010
Moscow, November 11th, 2010 - FGC UES Group (hereafter FGC UES or the
Group) publishes its financial statements, prepared in accordance with IFRS
standards for the first half of 2010.
Combined and consolidated statement of comprehensive income for the first
half of 2010.
RUR mln
30.06.2009 30.06.2010 Change, %* excluding losses from depreciation of non-current assets and profit from
Revenues 42,247 56,565 34
Other operating income 2,022 1,765 13
Operating expenses (35,526) (44,346) 25
Operating profit* 8,743 13,984 60
Profit (loss) from current activity 5,429 12,884 137
EBITDA 24,923 32,602 31
Net profit (loss) 7,940 12,636 59
realization of financial investments
Revenues from current activities of the Group during the first half of 2010
increased by 34% in comparison with the first half of 2009 reaching RUR
56,565 mln. The growth of revenues is mainly due to increase of tariff on
power transmission services.
Other operating profits of the Group including mainly profits from non-core
activities as of 30.06.2010 totaled RUR 1,765 mln, having decreased by RUR
257 mln (13%) in comparison with the first half of 2009. Such change is due
mainly to absence of dividend income during the first half of 2010.
Operating expenses during the first half of 2010 increased by RUR 8,820 mln
(25%) in comparison with the first half of 2009 reaching RUR 44,346 mln,
which is due to increase of amortization deductions, labor payment expenses
and deductions to non-budgetary funds.
EBITDA indicators increased by 31% as of in comparison with the first half
of 2009 and reached RUR 32,602 mln. Net profit of FGC UES for the first
half of 2010 amounted to RUR 12,636 mln. Increase of net profit by 59% in
comparison with the previous year period is mainly due to the transition to
new tariff-forming system in accordance with the method of return on the
invested capital since January 1st, 2010.
Combined and consolidated statement on the Group's financial position as of
30.06.2010
RUR mln
31.12.2009 30.06.2010 Change, %Assets
Assets 976,424 990,970 1
Non-current assets, including: 850,303 893,772 5
Property, plant and equipment 740,320 776,972 5
Financial investments 102,632 110,082 7
Current assets 126,121 97,198 (23)
Equity and liabilities 976,424 990,970 1
Equity 801,548 859,564 7
Equity, attributable to the 576,757 616,781 7
shareholders
Non-current liabilities 93,079 93,733 1
Current liabilities81,797 37,673 (54)
In the first half of 2010 assets increased by 1% and reached RUR 990,970
mln.
The Group's non-current assets, as of 30.06.2010, were RUR 893,772 mln
compared with RUR 850,303 mln as of 31.12.2009. This represents a 5%
increase.
As of June 30th, 2010 property, plant and equipment stood at RUR 776,972
mln compared with RUR 740,320 mln as of 31.12.2009. The change in property,
plant and equipment totaled 5%. Such change is due to the increase in the
volume of investment program of the Company.
Financial investments include investments in associated companies (RUR
58,451 mln as of 31.12.2009 and RUR 58, 951 mln as of 30.06.2010),
investments in other companies (RUR 35,229 mln as of 31.12.2009 and RUR
41,777 mln as of 30.06.2010) and long-term promissory notes (RUR 8,952 mln
as of 31.12.2009 and RUR 9,354 mln as of 30.06.2010).
As of June 30th, 2010 financial investments amounted to RUR 110,082 mln
compared with RUR 102,632 mln as of 31.12.2009, an increase of 7%. Such
change is mainly due to partial recovery of the earlier recognized loss
from devaluation as a result of an increase in market quotation of
financial investments during first six months of 2010.
As of 30.06.2010 current assets totaled RUR 97,198 mln, a decrease of RUR
28,923 mln compared with the same indicator as of beginning of the year
(-23%). The change was mainly the result of closing of depository accounts
and certificates (RUR 23.5 bn), payment of short-term promissory notes of
VTB (RUR 18.5 bn), acquisition of short-term promissory notes of Alfa bank
(RUR 10.3 bn).
Equity and liabilities
The Group's equity attributable to the shareholders as of 30.06.2010 was
RUR 616,781 mln, an increase of RUR 40,024 mln (7%). This change occurred
due to registration of share issue in January 2010 in the number of 80,047
shares with nominal value of RUR 0.5 each. The change in equity was
influenced by receipt of share premium in the amount of RUR 152 mln and
change in fair value of financial investments by RUR 5.2 bn.
The Group's long-term liabilities as of 30.06.2010 amounted to RUR 93,733
mln, having increased by RUR 654 mln (1%). This change was mainly a result
of change in value of deferred tax liabilities.
The Group's short-term liabilities as of 30.06.2010 totaled RUR 37,673
mln., having decreased by RUR 44 124 mln (-54%). The change was mainly a
result of registration of share issue and transfer of liabilities in the
composition of equity attributable to the shareholders (RUR 40 bn), payment
of series 02 bonded loan (RUR 7 bn), increase of current liabilities on
advances received
(RUR 2 bn).
Key performance indicators
Profitability 30.06.2009 30.06.2010 Change* excluding losses from depreciation of non-current assets
On operating profit (EBIT margin), % 20.69 24.72 4.03
On EBITDA (EBITDA margin), % 58.99 57.64 (1.36)
ROA*, % 3.47 1.40 (2.07)
ROE*, % 1.92 1.65 (0.26)
Liquidity ratios
Current liquidity 2.62 2.58 (0.04)
Cash liquidity 2.48 1.65 (0.83)
Financial stability indices
Equity Ratio 0.83 0.87 0.04
Operational efficiency
Revenue/Grid length, RUR/ km 0.14 0.19 0.05
Revenue/Transformer capacity, RUR/ MVA 0.35 0.47 0.12
Free cash flow (FCF), RUR mln. 22,291 (18,407)
Net Debt, RUR mln. (101,172 ) (56,051)
Earnings per share (EPS), RUR 0.01 0.01 -
Combined and consolidated IFRS statements of the Group for the first half
of 2010 is placed at FGC UES website in the section Financial
performance/IFRS financial reports and is available at
http://www.fsk-ees.ru/eng/investor_finance_ifrs.html.
Federal Grid Company's Profile
Open Joint Stock Company Federal GridCompany of the Unified Energy System
(Federal Grid Company; FEES) was created based on the power industry reform
program, as a monopoly operator of the Unified National (All-Russian)
Electric Grid (UNEG) - with the aim of maintaining and developing the grid.
The Company was founded June 25th, 2002.
Federal Grid Company's Profile
Open Joint Stock Company Federal Grid Company of the Unified Energy System
(Federal Grid Company; FEES) was created based on the power industry reform
program, as a monopoly operator of the Unified National (All-Russian)
Electric Grid (UNEG) - with the aim of maintaining and developing the grid.
The Company was founded June 25th, 2002.
The Company has grid facilities in 73 Russian regions, covering an area of
13.6 mln square km. The company ensures the functioning of 118 thousand km
electric lines and 761 SSes, with a total transformer capacity of more than
298 thousand MVA under 35-750 kV voltage.
The Company's charter capital is RUR 616,780,666,776, which is divided into
1,233,561,333,552 ordinary shares with a par value of 50 kopecks per share.
The Russian state is the Company's largest shareholder and holds 79.11% of
shares, 20.89 % of the Company's outstanding shares are free-float.
According to RAS Statements, in the first 9 months of, the Company's total
revenue amounted to RUR 83.5 bln, with a sales profit of RUR 18.8 bln.
The Company's ordinary shares are traded on the B quotation list on RTS
(under the ticker symbol: FEES) on the classical market and under the
ticker symbol: FEESG on the stock exchange market, as well as on the MICEX
Stock Exchange under the ticker symbol: FEES.
The Company's web site is: www.fsk-ees.ru
Investor Relations Department
Phone: +7 (495) 710-9064
Phone: +7 (495) 710-9541
E-mail: ir@fsk-ees.ru
11.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 11.11.2010 - 08:41 Uhr
Sprache: Deutsch
News-ID 294250
Anzahl Zeichen: 10607
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
Diese Pressemitteilung wurde bisher 209 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: The open joint-stock company Federal Grid Company of Unified Energy System publishes unaudited IFRS statements for the first half of"
steht unter der journalistisch-redaktionellen Verantwortung von
The open joint-stock company Federal Grid Company of Unified Energy System (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
