IV. Data on financial and economic activities of the issuer
4.1. Results of financial and economic activities of the issuer
4.1.1. Profit and losses
Unit of measure: thousand Rubles
Indicator
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010, 3 months
|
Proceeds
|
348 502
|
744 497
|
983 360
|
35 659 578
|
49 053 276
|
15 671 074
|
Gross profit
|
12 630
|
74 899
|
54 988
|
5 415 856
|
5 796 189
|
2 564 908
|
Net profit
|
2 446
|
15 158
|
51 251
|
2 164 904
|
1 324 777
|
1 582 885
|
Return on equity, %
|
19.65
|
58.18
|
68.48
|
5.45
|
3.21
|
3.69
|
Return on assets, %
|
1.83
|
4.57
|
17.02
|
3.73
|
2.17
|
2.54
|
Net profit ratio, %
|
0.7
|
2.04
|
5.21
|
6.07
|
2.7
|
10.1
|
Product profitability (return on sales), %
|
3.62
|
10.06
|
5.59
|
13.52
|
9.38
|
14.5
|
Capital turnover, times
|
28
|
28.27
|
12.99
|
0.76
|
0.91
|
0.28
|
Amount of uncovered loss as of the reporting date
|
0
|
0
|
0
|
0
|
0
|
0
|
Relation of uncovered loss as of the reporting date to the total balance
|
0
|
0
|
0
|
0
|
0
|
0
|
Economic analysis of profitability/loss of the issuer, basing on dynamics of the given indicators. The information is disclosed as well on reasons, which in the opinion of the issuer’s management bodies, resulted in the issuer’s losses/profit, reflected in the accounting statements as of the moment of completion of the reporting quarter in comparison with the same period of the previous year (previous years):
Following the results of 2005 IDGC of Centre, JSC earned net profit in the amount of 2 446 thousand Rubles, following the results of 2006 – 15 158 thousand Rubles, following the results of 2007 – 51 251 thousand Rubles, following the results of 2008 – 2 164 904 thousand Rubles, following the results of 2009 – 1 324 777 thousand Rubles, following the results of the 1st quarter 2010 – 1 582 885 thousand Rubles. Receipt of net profit is grounded by the effective management of the issuer’s expenses, it resulted in exceeding of profits over expenses and necessity of financing of the issuer’s investments.
Profitability of the own capital gives opportunity to determine effectiveness of use of capital invested by the owner of the enterprise. This indicator reflects the information regarding how much each ruble earned, that has been invested by the owners of the company. High level of the equity capital profitability in 2005-2007 is grounded by relatively small amount of the equity capital. Its growth is grounded by net profit growth from 2 446 thousand Rubles in 2005 to 51 252 thousand Rubles in 2007. The essential factor that influenced on significant increase of net profit and therefore the equity capital in 2008 is the issuer’s reorganization in the form of affiliation of eleven regional grid companies to it. Reduction of the equity capital profitability in 2009 as compared to 2008 is grounded by reorganizational measures. As of 31.03.2010 this indicator amounted to 3,69%, what is higher than the same period of the previous year by 0,64%. Increase of value of this indicator is connected with net profit growth by 25,9%.
Net profitability coefficient shows the amount of net profit received from each ruble of the profit. As of March 31, 10 net profit coefficient grew up by 0,65% as compared with the same period of the last year. This increase is connected with net profit growth by 25,9%.
As of 31.12.2005 and till 31.03.2010 the issuer had not have uncovered loss.
Opinions of the issuer's governance bodies concerning the mentioned reasons and/or degrees of influence on the indicators of financial and economic activity of the issuer coincide.
There is no special opinion of members of the issuer's Board of Directors or members of the Collegial executive body concerning the mentioned reasons and/or the degree of influence on indicators of financial and economic activity of the issuer.
4.1.2. The factors which influenced change of the amount of the receipt by the issuer of the goods, products, works, services, and profit (loss) of the issuer from primary activity.
The essential factor that influenced on 2009 net profit reduction as compared to 2008 by 840 127 thousand Rubles (38,8%) is the issuer’s reorganization in the form of affiliation of eleven regional grid companies to it on March 31, 08.
In accordance with the resolution of the Board of Directors of IDGC of Centre, JSC No.06/07 dated 16.07.07 the schedule of reforming of IDGC of Centre, JSC into the unified operation company was approved. 11 distribution grid companies and IDGC of Centre, JSC were reformed into the unified operation company on 31 March in compliance with the approved schedule. In this connection according to the accounting policy of IDGC of Centre, JSC and methodology of the accounting, profit and expenses were distributed between the periods (01.01.08-30.03.08) and 31.03.08 in compliance with the terms of execution of the source documents. Reorganized (by means of affiliation to IDGC of Centre, JSC") regional grid companies had been drawing up the final accounting statements since 1 January till 30 March, 2008 and had reflected considerable part of the current expenses, including March 2008, in the accounting, whilst the major part of profit of March марта 2008 had already been reflected in the statements for the 1st quarter 2008 of the successor of these companies – IDGC of Centre, JSC.
In this connection, analysis of the factors rendering influence on change of the proceeds from sale of goods, products, works, services and profit (loss) of the issuer for 2009 and the similar period of the preceding year (2008) cannot serve for unbiased estimation of the issuer.
Growth of net profit for the 1st quarter 2010 as compared to the 1st quarter 2009 (by 25,9%) is connected with the growth of the proceeds from electric power transmission by 18,6%. Growth of the proceeds from electric power transmission services is connected with increase of volume of electric power sale to consumers by 7,7% and average tariff by 10,2%.
Opinions of the issuer’s management bodies relating to mentioned factors and/or degree of influence on indicators of financial and economic activity of the issuer comply. There is no special opinion of members of the issuer's Board of Directors or members of the Collegial executive board relating to mentioned factors and/or degree of influence on the indicators of financial and economic activity of the issuer.
4.2. Liquidity of the issuer, sufficiency of the capital and circulating assets
Unit of measure: thousand Rubles
Indicator
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010, 3 months
|
Own circulating assets
|
-4 586
|
-12 667
|
16 028
|
-10 564 998
|
-12 225 597
|
-10 439 876
|
Constant asset index
|
1.37
|
1.49
|
0.87
|
1.27
|
1.3
|
1.24
|
Current liquidity ratio
|
0.96
|
0.96
|
1.05
|
0.69
|
1.04
|
1.46
|
Acid ratio
|
0.93
|
0.94
|
1.02
|
0.54
|
0.8
|
1.2
|
Equity ratio
|
0.09
|
0.08
|
0.25
|
0.68
|
0.68
|
0.69
|
Economic analysis of liquidity and solvency of the issuer on the grounds of economic analysis of dynamics of the given indicators:
Working capital, thousand Rubles – Capital and reserves (minus treasury shares) – target financing and receipts + deferred income – non-current assets
Net fixed assets index – (Non-current assets + long-term accounts receivable) / (Capital and reserves (minus treasury shares) - target financing and receipts + deferred income)
Current liquidity ratio – (Current assets – long-term accounts receivable) / (Short-term liabilities (net of deferred income))
Quick ration – (Current assets - supply- value added tax on purchased valuables – long-term accounts receivable) / (Short-term liabilities (net of deferred income))
Equity-assets ratio – Capital and reserves (minus treasury shares) - target financing and receipts + deferred income / (Non-current assets + Current assets)
The amount of non-current assets considerably exceeds the amount of own capital since the issuer pursues the policy of financing of the investment program aimed at updating of the fixed production assets, due to attraction of long-term financing that affected values of parameters “Own circulating assets” and “Constant assets index”.
One of the enterprise financial position indicator is its solvency and liquidity, i.e. an opportunity in due time to repay its liabilities.
Coefficients of current and quick liquidity amounted to 0,85 and 0,70 respectively as of 31.03.2009. As of 31.03.2010 values of these coefficients decreased and amounted to 1,46 and 1,20 respectively. Increase of values of these indicators is connected with accounts payable reduction. The coefficient is within the normative value, it witnesses of capability of the enterprise to repay its current short-term obligations by means of the current assets.
Solvency ratio of own funds determines the share of assets of organization, which are covered for the account of the own capital. The higher coefficient value, the enterprise is more financially stable and independent from external creditors. Generally accepted normative value for this indicator is 0,6. Solvency ratio is of great importance for investors and creditors, because the higher coefficient value, the lower risk of loss of investments and credits. Following the results of the 1st quarter 2010 value of this indicator were within the frameworks of the normative one.
Opinions of the issuer’s management bodies relating to mentioned factors and/or degree of influence on indicators of financial and economic activity of the issuer comply. There is no special opinion of members of the issuer's Board of Directors or members of the Collegial executive body relating to mentioned factors and/or degree of influence on the indicators of financial and economic activity of the issuer.
4.3. Amount and structure of the capital and circulating assets of the issuer
4.3.1. Amount and structure of the capital and circulating assets of the issuer
Unit of measure: thousand Rubles
Indicator
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010, 3 months
|
Amount of the authorized capital
|
10 000
|
10 000
|
10 000
|
4 221 794
|
4 221 794
|
4 221 794
|
Total value of shares (stakes) of the issuer, bought out by the issuer for their subsequent re-sale (transfer)
|
0
|
0
|
0
|
0
|
0
|
0
|
Interest of shares (stakes) of outstanding shares (authorized capital) of the issuer, bought out by the issuer for their subsequent re-sale (transfer)
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount of the reserve capital of the issuer, formed for the account of the issuer’s operating surplus
|
0
|
122
|
500
|
0
|
108 245
|
108 245
|
Amount of additional capital of the issuer reflecting assets value surplus revealed following the results of re-estimate as well as the amount of difference between selling price (placing price) and par value of shares (stakes) of the company for the account of sale of shares (stakes) at the price exceeding par value.
|
0
|
0
|
497
|
33 269 936
|
33 269 936
|
33 269 936
|
Amount of undistributed net profit of the issuer
|
0
|
15 158
|
51 251
|
2 164 904
|
3 634 541
|
5 217 426
|
Total amount of the issuer’s capital
|
12 446
|
26 055
|
74 875
|
39 656 634
|
41 234 516
|
42 817 401
|
The amount of the authorized capital given in this item complies with the issuer’s constituent documents
Structure and amount of circulating assets of the issuer in accordance with the accounting statements of the issuer
Indicator
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010, 3 months
|
TOTAL Current assets
|
116 861
|
293 267
|
242 355
|
7 831 521
|
7 539 230
|
9 113 571
|
Stock
|
1 081
|
6 300
|
6 023
|
1 692 269
|
1 639 282
|
1 592 913
|
To current assets, %
|
0.9
|
2.1
|
2.5
|
21.6
|
21.7
|
17.5
|
Value added tax according to purchased values
|
2 648
|
0
|
0
|
51 448
|
54 789
|
27 067
|
To current assets, %
|
2.3
|
0
|
0
|
0.7
|
0.7
|
0.3
|
Accounts receivable (payments on which are expected more than
within 12 months after accounting date)
|
0
|
0
|
5 923
|
68 623
|
62 913
|
62 195
|
To current assets, %
|
0
|
0
|
2.4
|
0.9
|
0.8
|
0.7
|
Accounts receivable (payments on which are expected within 12 months after accounting date)
|
105 144
|
279 028
|
79 865
|
5 945 024
|
5 411 376
|
6 945 154
|
To current assets, %
|
90
|
95.1
|
33
|
75.9
|
71.8
|
76.2
|
Short-term financial investments
|
0
|
0
|
0
|
0
|
0
|
0
|
To current assets, %
|
0
|
0
|
0
|
0
|
0
|
0
|
Monetary funds
|
7 988
|
7 939
|
150 544
|
71 459
|
368 104
|
483 661
|
To current assets, %
|
6.8
|
2.7
|
62.1
|
0.9125
|
4.8825
|
5.307
|
Other currents assets
|
0
|
0
|
0
|
2 698
|
2 766
|
2 581
|
To current assets, %
|
0
|
0
|
0
|
0
|
0.037
|
0.028
|
Sources of the issuer's circulating assets financing (own sources, loans, credits):
proceeds from rendering services, borrowed funds
Policy of the issuer on financing the circulating assets, and also factors which can entail changing in the policy of circulating assets financing, and estimation of probability of their occurrence:
Policy of the issuer on financing the circulating assets includes preservation of the liquidity ratio, turnaround of accounts payable, debt receivable and solvency of the issuer’s company in the level providing on-time execution of liabilities to creditors.
the policy of financing of circulating funds is based on formation of the balanced budget of cash flow. The current financing of the circulating assets is carried out thanks to the proceeds received from primary activity. Possibility of occurrence of the factors which can entail negative changes in the policy of the issuer’s circulating assets financing is minimal.
4.3.2. Financial investments of the issuer
For 2009.
List of the issuer’s financial investments, which amount to 10 and more percent of all its financial investments for the date of completion of the reporting period
Investments in equity securities
Type of securities: shares
Full company name of the issuer: "The Forth Generation Company of the Wholesale Electric Power Market ", Joint Stock Company
Shortened company name of the issuer: JSC "WGC-4"
Location of the issuer: Russian Federation, Tyumen region, Khanty-Mansi Autonomous area – Yugra, Surgut city, Energostroitelei Street 23, bld.34
Date of the state registration of issue (issues)
|
registration number
|
Registering agency
|
19.04.2007
|
10265104D
|
FFMS of Russia
|
Number of the securities which are owned by the issuer: 72 456 737
Total par value of the securities being in the issuer’s property: 28 982 694.8
Currency: RUR
Total balance value of the securities being in the issuer’s property, rubles: 117 235 000.47
Amount of the fixed interest or other income under bonds and other promissory equity securities or the procedure of its definition, term of payment: this information is not specified for this type of securities.
Amount of the dividend under preferred shares or the procedure of its definition in case it is defined in the charter of the joint stock company:
The Company did not issue preferred shares.
Amount of the declared dividend per ordinary shares (if there is no data on the amount of declared dividend on ordinary shares in the current year, the amount of dividend declared in the previous year is specified), term of payment: dividends were not accrued.
Type of securities: shares
Full company name of the issuer: "Sanatorium-Preventorum Energetik", Joint-Stock Company
Shortened company name of the issuer: "Energetik", JSC
Location of the issuer: 1, Sanatornaya St., r.p. Novaya Lyada, Tambov district, Tambov region, the Russian Federation
Date of the state registration of issue (issues)
|
registration number
|
Registering authority
|
19.09.2003
|
10142545А
|
Federal Securities Commission of Russia
|
Number of the securities which are owned by the issuer: 15 354 998
Total par value of the securities being in the issuer’s property: 15 354 998
Currency: RUR
Total balance value of the securities being in the issuer’s property, rubles: 15 354 998
Amount of the fixed interest or other income under bonds and other promissory equity securities or the procedure of its definition, term of payment: this information is not specified for this type of securities.
Amount of the dividend under preferred shares or the procedure of its definition in case it is defined in the charter of the joint stock company:
The Company did not issue preferred shares.
Amount of the declared dividend per ordinary shares (if there is no data on the amount of declared dividend on ordinary shares in the current year, the amount of dividend declared in the previous year is specified), term of payment: dividends were not accrued.
Investments in non-equity securities
There are no investments in non-equity securities amounted to 10 and more percent of all financial investments
Other financial investments
There are no other financial investments amounted to 10 and more percent of all financial investments
Information on the amount of potential losses connected with bankruptcy of organizations (enterprises), in which investments were made, according to each type of these investments:
Over "WGC-4", JSC - 117 235 000,47 Rubles.
Over "Energetik", JSC - 15 354 998 Rubles.
Information on losses is given in the issuer’s estimate of financial investments reflected in the accounting statements of the issuer for the period from the beginning of the reporting year till the end date of the last reporting quarter
Standards (rules) of the accounting statements, in accordance with which the issuer has made calculations, are reflected in this clause of the quarterly report:
Accounting of financial investments is performed in accordance with RAS 19/02 " Accounting of financial investments", approved by the order of Ministry of Finance of the Russian Federation No. 126n dated 10.12.2002 (in edition of Orders of Ministry of Finance of the Russian Federation No.116n dated 18.09.2006, No.156n dated 27.11.2006).
For the date of completion of the reporting quarter
List of the issuer’s financial investments, which amount to 10 and more percent of all its financial investments for the date of completion of the reporting period
Investments in equity securities
Type of securities: shares
Full company name of the issuer: "The Forth Generation Company of the Wholesale Electric Power Market ", Joint Stock Company
Shortened company name of the issuer: JSC "WGC-4"
Location of the issuer: Russian Federation, Tyumen region, Khanty-Mansi Autonomous area – Yugra, Surgut city, Energostroitelei Street 23, bld.34
Date of the state registration of issue (issues)
|
registration number
|
Registering agency
|
19.04.2007
|
10265104D
|
FFMS of Russia
|
Number of the securities which are owned by the issuer: 72 456 737
Total par value of the securities being in the issuer’s property: 28 982 694.8
Currency: RUR
Total balance value of the securities being in the issuer’s property, rubles: 160 419 215.72
Amount of the fixed interest or other income under bonds and other promissory equity securities or the procedure of its definition, term of payment: this information is not specified for this type of securities.
Amount of the dividend under preferred shares or the procedure of its definition in case it is defined in the charter of the joint stock company:
The Company did not issue preferred shares.
Amount of the declared dividend per ordinary shares (if there is no data on the amount of declared dividend on ordinary shares in the current year, the amount of dividend declared in the previous year is specified), term of payment: dividends were not accrued.
Type of securities: shares
Full company name of the issuer: "Sanatorium-Preventorum Energetik", Joint-Stock Company
Shortened company name of the issuer: "Energetik", JSC
Location of the issuer: 1, Sanatornaya St., r.p. Novaya Lyada, Tambov district, Tambov region, the Russian Federation
Date of the state registration of issue (issues)
|
registration number
|
Registering authority
|
19.09.2003
|
10142545А
|
Federal Securities Commission of Russia
|
Number of the securities which are owned by the issuer: 15 354 998
Total par value of the securities being in the issuer’s property: 15 354 998
Currency: RUR
Total balance value of the securities being in the issuer’s property, rubles: 15 354 998
Amount of the fixed interest or other income under bonds and other promissory equity securities or the procedure of its definition, term of payment: this information is not specified for this type of securities.
Amount of the dividend under preferred shares or the procedure of its definition in case it is defined in the charter of the joint stock company:
The Company did not issue preferred shares.
Amount of the declared dividend per ordinary shares (if there is no data on the amount of declared dividend on ordinary shares in the current year, the amount of dividend declared in the previous year is specified), term of payment: dividends were not accrued.
Investments in non-equity securities
There are no investments in non-equity securities amounted to 10 and more percent of all financial investments
Other financial investments
There are no other financial investments amounted to 10 and more percent of all financial investments
Information on the amount of potential losses connected with bankruptcy of organizations (enterprises), in which investments were made, according to each type of these investments:
Over "WGC-4", JSC - 160 419 215,72 Rubles.
Over "Energetik", JSC - 15 354 998 Rubles.
Information on losses is given in the issuer’s estimate of financial investments reflected in the accounting statements of the issuer for the period from the beginning of the reporting year till the end date of the last reporting quarter
Standards (rules) of the accounting statements, in accordance with which the issuer has made calculations, are reflected in this clause of the quarterly report:
Accounting of financial investments is performed in accordance with RAS 19/02 " Accounting of financial investments", approved by the order of Ministry of Finance of the Russian Federation No. 126n dated 10.12.2002 (in edition of Orders of Ministry of Finance of the Russian Federation No.116n dated 18.09.2006, No.156n dated 27.11.2006).
4.3.3. Immaterial assets of the issuer
For 2009.
Unit of measure: thousand Rubles
Group of intangible assets items
|
Initial (recovery) cost
|
Accrued amortization
|
Trade mark
|
125
|
31
|
Program products
|
51 523
|
15 990
|
Useful model
|
54
|
3
|
TOTAL:
|
51 702
|
16 024
|
Standards (rules) of the accounting, in accordance with which the issuer submits information on its intangible assets:
Intangible assets are reflected in the accounting records at the residual cost, according to item 7 of Order No.44n as from 20.05.2003 "Methodical Instructions on Formation of the Accounting Reports at Realization of Reorganization of the Organizations". The accounting of intangible assets is carried out according to RAS No.14/2007 "Account of intangible assets" approved by Order No.153n as of 27.12.2007. Amortization will be charged starting from 1 April 2008 using a linear way.
For the date of completion of the reporting quarter
Unit of measure: thousand Rubles
Group of intangible assets items
|
Initial (recovery) cost
|
Accrued amortization
|
Trade mark
|
219
|
36
|
Program products
|
51 523
|
18 275
|
Useful model
|
54
|
4
|
TOTAL:
|
51 796
|
18 315
|
Standards (rules) of the accounting, in accordance with which the issuer submits information on its intangible assets:
Intangible assets are reflected in the accounting records at the residual cost, according to item 7 of Order No.44n as from 20.05.2003 "Methodical Instructions on Formation of the Accounting Reports at Realization of Reorganization of the Organizations". The accounting of intangible assets is carried out according to RAS No.14/2007 "Account of intangible assets" approved by Order No.153n as of 27.12.2007. Amortization will be charged starting from 1 April 2008 using a linear way
4.4. Data on the policies and charges of the issuer in the field of scientific and technical development, concerning licenses and patents, new development and researches
Information on the policy in the field of scientific and technical development.
Within the framework of the work on formation of the common approach to technical development and unified requirements to equipment purchased for power grid facilities, the Technical policy of IDGC of Centre, JSC for 2010 was approved by the Order No. 15-CA dated January 27, 2010.
In accordance with the Technical policy of IDGC of Centre, JSC for 2010 the following areas of activity have been accepted and are being implemented:
- application at technical re-equipping, reconstruction, new construction, and also repairs activity of the new hi-tech equipment and materials, including: complex distribution gas-insulated devices of 35 kv, modular substations of 110 kv, automation of substations, increase of visibility and controllability of distribution grids for the account of grid topology change and automation level increase;
- works of scientific and technical council of IDGC of Centre, JSC;
- presentations of new equipment and new technology developments held by manufacturers and scientific and technical centres;
- joint work with manufacturers related to testing and “pilot” use of new equipment at power grid facilities of the branches of IDGC of Centre, JSC;
- jointly with design organisations development of projects of standard points of power facilities;
- typical technical specifications for equipment purchase and services on facilities engineering and work performance are extended and updated, new forms of typical technical specifications were brought into force by the resolution No. CA-25/93R dated February 17, 2010;
- within the framework of the work on operating updating of the Technical policy, the list of organisational and regulatory documentation of IDGC of Centre, JSC new type of documents – Operating instruction (letter in the branches No. CA/25/319) is introduced;
- analysis of work of the equipment which is on test operation at power grid facilities of the branches of IDGC of Centre, JSC.
Financial and material expenses in the 1st quarter 2010for implementation of scientific and technical activity were forwarded in the volume of expenses for technical re-equipping and reconstruction within the frameworks of investment and target programs of IDGC of Centre, JSC to use new equipment in accordance with the technical policy of IDGC of Centre, JSC.
The information on creation and reception of the legal protection of the main objects of intellectual property
As of the 1st quarter 2010 the current items of legal protection of intellectual property are:
- patent for useful model of remote cabinet of electric power metering dated April 10, 2009 valid until April 10, 2019;
- trademark with emblem of the Company and lettering “ОАО «МРСК Центра” in Russian, registered on February 11, 2010;
- trademark with emblem of the Company and lettering “IDGC of Centre, JSC” in English, registered on February 18, 2010.
Development of intellectual property items, obtaining of patents and use of trademarks were not conducted in the 1st quarter 2010.
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