Quarterly report
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balance after revalua- tion, thousand rubles preceding the reporting period preceding the reporting pe- riod (31.12.2007), thousand rubles (31.12.2007) with changes in opening balance, thousand rubles 2 4 5 6 7 Production buildings 9 559 183 -45 9 559 138 1 168 321 10 727 459 Hydraulic structures 258 0 258 41 299 Power transmission lines and accessories 107 803 441 7 100 107 810 541 1 614 911 109 425 452 Heating networks 45 0 45 8 53 Equipment and plants 298 905 3 878 302 783 121 962 424 745 Power equipment 72 563 0 72 563 2 322 74 885 Electric power substations 47 161 582 -4 565 47 157 017 2 226 005 49 383 022 Nonproductive capital assets 0 0 0 0 0 Fixed assets which cost is up to 10000 rubles for a unit 490 218 38 431 528 649 582 529 231 Other 22 720 270 -44 799 22 675 471 1 229 229 23 904 700 0 Total balance cost of fixed assets 188 106 465 0 188 106 465 6 363 381 194 469 846 70 Name of group Accumulated depreciation as of the end of the year preceding the reporting period (31.12.2007), thousand rubles Changes in opening balance due to item reclassification, thousand rubles Accumulated depreciation as of the end of the year preced- ing the reporting period (31.12.2007) with changes in opening balance, thousand rubles Revaluation of fixed assets as of the beginning of the reporting period, thousand rubles Accumulated depre- ciation as of the be- ginning of the year ( 01.01.2008) with changes in opening balance after revalua- tion, thousand rubles Production buildings 2 384 933 1 846 2 386 779 268 432 2 655 211 Hydraulic structures 163 0 163 27 190 Power transmission lines and accessories 50 164 450 5 631 50 170 081 793 322 50 963 403 Heating networks 28 0 28 5 33 Equipment and plants 169 533 2 932 172 465 19 429 191 894 Power equipment 37 916 0 37 916 1 345 39 261 Electric power substations 13 349 021 3 294 13 352 315 748 272 14 100 587 Nonproductive capital assets 0 0 0 0 0 Fixed assets which cost is up to 10000 rubles for a unit 490 218 20 818 511 036 223 511 259 Other 7 396 201 -34 521 7 361 680 430 770 7 792 450 For reference. Depreciation accumulated in accordance with account 08 0 0 Total accumulated deprecia- tion of fixed assets 73 992 463 0 73 992 463 2 261 825 76 254 288 0 Total depreciated cost of fixed assets 114 114 002 0 114 114 002 4 101 556 118 215 558 Equal to line 120 of the bal- ance-sheet 120 Information on plans for acquiring, replacing, retiring fixed assets which cost is 10 or more percent of the cost of issuer’s fixed assets and any other fixed assets at the issuer’s de- scretion: There are no such plans. Information on all encumbrances of issuer’s fixed assets (stating the nature of encum- brance, date of encumbrance, duration and any other conditions at the issuer’s discretion): There are no encumbrances of fixed assets. 71 IV. D ATA ON THE ISSUER ' S FINANCIAL AND ECONOMIC ACTIVITY 4.1. R ESULTS OF THE ISSUER ' S FINANCIAL AND ECONOMIC ACTIVITY 4.1.1. P ROFIT AND LOSS Dynamic changes in parameters describing profitability or loss ratio of the Issuer within the 5 last completed fiscal years: Parameter name 2003 2004 2005 2006 2007 Sale proceeds, in thousands of rubles 17 229 460 23 249 655 29 866 866 53 599 546 61 384 715 Gross profit, in thousands of rubles 2 100 173 5 301 176 6 632 459 10 230 926 9 354 884 Net profit (undistributed earnings (unre- covered loss)), in thousands of rubles 1 048 953 2 166 760 1 997 066 1 833 484 2 296 167 Return on equity (ROE), in % 0,86 1,68 1,48 1,31 1,12 Return on assets, in % 0,85 1,58 1,26 0,85 0,77 Net profitability ratio, in % 6,09 9,32 6,69 3,42 3,74 Profitability of production (sales), % 9,09 17,96 17,86 15,59 10,23 Ratio of capital turnover, in times 0,14 0,17 0,19 0,32 0,27 Unrecovered loss amount as of reporting date, in thousands of rubles 398 018,00 0,00 0,00 0,00 0,00 Unrecovered loss as of reporting date – to - balance-sheet total ratio, in % 0,32 0,00 0,00 0,00 0,00 Dynamic changes in parameters describing profitability or loss ratio of the Issuer within the quarter under review: 1 st quarter of the year 2007 1 st quarter of the year 2008 No. Parameter name Unit of measu- rement Formal assess- ment on the basis of the accounting data Assessment in view of contribu- tions into the au- thorized capital Formal assess- ment on the basis of the accounting data Assessment in view of contribu- tions into the au- thorized capital 1. Sale proceeds Millions of rubles 14 686 16 692 2. Gross profit, Millions of rubles 4 876 3 976 3. Net profit Millions of rubles 2 946 2 031 4. Return on equity % 2.00% 1.43% 0.96% 0.73% 5. Return on assets % 1.19% 0.63% 6. Net profitability ratio % 20.06% 12.17% 7. Profitability of produc- tion (sales) % 33.20% 23.82% 8. Ratio of capital turnover times/year 0.08 0.06 0.07 0.06 9. Unrecovered loss amount as of reporting date Millions of rubles 0 0 10. Unrecovered loss as of reporting date – to - bal- ance-sheet total ratio % 0.00 0.00 The amount of net profit judging by results of 1st quarter of 2008 was equal to 2 031 mil- lion rubles, which is less by 915 million rubles (by 31.1%) than in the similar period of 2007. The decrease in net profit is connected to objective growth of the production costs and specific fea- tures of tariff regulation of profits. Reduction in the ratio of return on equity in the 1 st quarter of 2008 in comparison with the 1 st quarter of 2007 is caused by the outrunning growth of the own capital (net worth). 72 The decrease in the ratio of return on assets in 1st quarter of 2008 by 47.3% in comparison with 1st quarter of 2007 is brought about by the outrunning growth of balance-sheet total caused by conveyance of assets (contributions into the authorized capital). The net profitability ratio in 1 st quarter of 2008 has decreased by 39.3% compared to this ratio in 1 st quarter 2007, as a result of indexation of the tariff for transmission of electric power, growth in volume of services, and specific features of tariff regulation. The ratio of profitability of sales in 1 st quarter of 2008 has decreased by 28.3% in com- parison with its value in the similar period of 2007 because of an objective growth of the produc- tion costs and specific features of tariff regulation of profit. The specific character of the Company's activity has the following peculiarities of forma- tion of financial results and profitability management: The company bears expenses while proceeding from technological requirements of operating the electric power grid installations of the UNEG, a pre-set volume of incomes, and policy of development of the company; The Company's incomes are determined in accordance with tariffs established by the Federal Tariff Service and data about the declared electric power consumption of consumers connected to the UNEG; Planning of profitability is done while proceeding from the level of planned in- comes and the amount of expenses on corrective and operational maintenance of electric power grid installations of the UNEG. Calculation of parameters was done in accordance with a technique recommended by the Regulations about disclosures of information. Economic analysis of profitability / loss ratio of the Issuer while proceeding from dy- namic changes in the displayed parameters: - in 2003-2007 there has been a tendency toward growth of sales proceeds and gross profit; however the resulting gross profit of 2007 decreased a little in comparison with its level in 2006; - within the considered period, changes in values of the net profit do not display any pro- nounced tendency; - parameters of return on equity, return on assets and profitability of production (sales) in 2003 - 2007 have had no pronounced tendency: after a short-time growth, a decline of their values started, as was observed from 2005 to 2007; - the factor of net profit in 2003 - 2006 had no pronounced tendency toward change; - within 2003-2006 there has been a trend toward growth of ratio of capital turnover, but in 2007 this parameter decreased slightly; - in 2003 there was some unrecovered loss, while in 2004 - 2007 the ratio of unrecovered loss as of reporting date – to - balance-sheet total was equal to zero. Information on reasons which, in opinion of the Issuer's management bodies, have led to the losses/profits of the Issuer, as reflected in the financial accounting reports for the 5 completed fiscal years: The JSC FGC UES has been established as an organization managing the Unified National (All-Russian) Electric Power Grid (hereinafter referred to as the UNEG) for the purpose of its preservation and development, which determines the specifics of its activity, as well as specific features of generation of its incomes and expenses. This peculiarity of the Company's activity determines the following special features of formation of financial results and profitability management: − The Company's incomes were determined in accordance with tariffs established by the Federal Tariff Service and requests about electric power supply from the UNEG to the connected Distribution Grid Companies (rus: RSK) and to consumers, based on con- solidated balance accounting, according to data about declared power consumption of consumers connected to the UNEG. 73 − The Company bears expenses while proceeding from technological requirements of operating the electric power grid installations of the UNEG, pre-set volume of incomes, and policy of development of the company. − Planning of profitability is done while proceeding from the level of planned incomes and the amount of expenses on corrective and operational maintenance of electric power grid installations of the UNEG. Opinions of various management bodies of the Issuer in respect of the mentioned reasons and degrees of their influence on parameters of the issuer's financial and economic activity coin- cide. There is no special opinion of a member of the Issuer's Board of Directors or a member of the collegiate executive body of the Issuer about the mentioned reasons and/or degrees of their influence on parameters of the issuer's financial and economic activity, and no such special opin- ion is stated in the minutes of the meeting of the Issuer's Board of Directors or the collegiate ex- ecutive body, where respective issues were considered. 4.1.2. The factors that have influenced the changes in the amount of sales proceeds received by the issuer from selling goods, products, works, services, and profits (losses) of the issuer as a result of its primary activity. Factors (influence of inflation, changes in foreign currency exchange rates, decisions of the state authorities, other economic, financial, political and other factors) which, in opin- ion of management bodies of the Issuer, have influenced the changes in the amount of the earnings received by the issuer from selling the goods, products, works, services, expenses on their production and sale (production costs), and profits (losses) in primary activity within the 5 last completed fiscal years, and assessment of influence which, in opinion of the above-mentioned management bodies of the issuer, each of the above-mentioned factors has exerted on the above-mentioned parameters of the issuer's financial and economic activity: - Increase in volume of servicing the various power grids; - Increase in tariffs for services consisting in transmission of electric power through the UNEG; - Inclusion of payments for technological losses in the UNEG power grids into the service prices to be paid by consumers; - Inclusion of payments for expenses on servicing additional power grids in Backbone grid Companies (rus: MSK) into the total service fees to be paid by consumers; - Growth of incomes from rendering specialized services in unplanned types of activity. The above factors are the main ones among the one that have influenced growth in the amount of proceeds, production costs and profits (losses) from the primary activity. Assessment of influence of these factors: in connection with the fact that the above- mentioned factors are principal, they have rendered prevailing influence on the growth in amounts of proceeds, production costs and profits (losses) from the primary activity. Opinions of various management bodies of the Issuer in respect of the mentioned factors and/or degrees of their influence on parameters of the issuer's financial and economic activity co- incide. There is no special opinion of a member of the Issuer's Board of Directors or a member of the collegiate executive body of the Issuer about the mentioned factors and/or degrees of their in- fluence on parameters of the issuer's financial and economic activity, and no such special opinion is stated in the minutes of the meeting of the Issuer's Board of Directors or the collegiate execu- tive body, where respective issues were considered. 4.2. Liquidity of the issuer, sufficiency of the capital and circulating/floating assets. Parameter name 2003 2004 2005 2006 2007 Own circulating assets, in thousands of 6 033 254 3 418 264 -4 805 598 -43 080 114 -31 081 724 74 rubles Permanent asset index 0,95 0,97 1,04 1,31 1,15 Current liquidity ratio 6,16 3,52 3,47 0,70 0,87 Acid (quick) liquidity ratio 4,10 2,04 1,99 0,62 0,82 Equity-assets ratio 0,93 0,94 0,85 0,65 0,69 1 st quarter of the year 2007 1 st quarter of the year 2008 No. Parameter name Unit of measu- rement Formal assess- ment on the basis of the accounting data Assessment in view of contribu- tions into the au- thorized capital Formal assess- ment on the basis of the accounting data Assessment in view of contribu- tions into the au- thorized capital 1. Own circulating assets Millions of rubles 0 19 456 0 30 855 2. Permanent asset index Units 1.27 0.91 1.18 0.89 3. Current liquidity ratio Units 0.86 5.01 0.84 3.33 4. Acid (quick) liquidity ratio Units 0.80 4.70 0.79 3.14 5. Equity-assets ratio Units 0.59 0.83 0.65 0.86 While taking into account that the debt before the company founders in the aspect of con- tributions into the authorized capital - amounting to 67 830 million rubles - is virtually the author- ized capital, by results of 1st quarter of 2008 the own circulating/floating assets have amounted to 30 855 million rubles (which is more than this parameter's value in the similar period of 2007 by 58.6%), which means that the ownership capital covers 40% of the Company's floating assets (working capital). The value of permanent asset index shows the portion of fixed (non-current) assets and long-term receivables in the shareholder's equity. Reduction of the permanent asset index in the 1 st quarter of 2008, in comparison with this parameter in the 1 st quarter of 2007, is caused by out- running growth of an ownership capital compared to growth of fixed (non-current) assets, which is connected to special features of implementation of the investment program. According to estimates made on the basis of financial accounting reports, parameters of liquidity as per results of 1st quarter of 2008, prove the Company's ability to settle (extinguish) its current liabilities by 80 or more percent. JSC FGC UES retains an admissible level of financial independence, i.e. the Company's ownership capital is the source of financing of 65% of its as- sets. In view of the fact that indebtedness before the company founders in the aspect of contri- butions into the authorized capital in the amount of 59 084 million rubles in the 1 st quarter of 2007 and 67 830 million rubles in the 1st quarter of 2008 is actually the authorized capital, liquid- ity parameters as per results of the 1 st quarter of 2007 and of 2008 is an evidence of the Com- pany's ability to extinguish completely its current liabilities. On the whole, JSC FGC UES retains a high level of liquidity with constant stability and a low level of financial dependence, while the ownership capital of the Company finances 86% of all its assets. Calculation of parameters was made by using a technique recommended by Regulations about disclosing information. Economic analysis of liquidity and solvency of the Issuer, sufficiency of the Issuer's ownership capital for fulfillment of current liabilities and for covering the Issuer's current operating expenses done on the basis of economic analysis of dynamic changes in the dem- onstrated parameters, as well as description of factors which, in opinion of management bodies of the issuer, have led to such changes in the demonstrated parameters that equal 10 or more percent in comparison with the previous accounting period: The amount of own circulating/floating assets characterizes that part of the enterprise's ownership capital which is a source of covering its current assets (i.e. assets having a turn-around time shorter than one year). This is a specified rate which depends on both the structure of assets, and on the structure of sources of finances. The presented data show that the Issuer has had defi- 75 ciency of own circulating/floating assets in 2005 – 2007, which negatively affects the Issuer's li- quidity and solvency, sufficiency of its ownership capital. Throughout the period under review one may observe a tendency toward decrease in this parameter. In 2003-2004 the parameter of own circulating/floating assets was at a high / good enough level. The value of permanent asset index has exceeded one unit in 2005, 2006, 2007, which is confirmed with negative values of own circulating/floating assets within these years. This value of the index shows that the sum of fixed (non-current) assets and long-term debts receivable ex- ceeds the ownership capital – which is a negative fact. Within all period under review, current liquidity ratio tended to decrease, which, in itself, in view of its high value in 2003, may be considered a positive fact, because the ratio's normative value lies within the interval between 1 and 2. Values of this parameter witness of high enough level of liquidity and solvency of the Issuer, except for the years 2006-2007, when this parameter fell down to 0.7 and 0.87 accordingly, which is below the norm. A major factor leading to the current liquidity ratio's reduction in 2004 was growth of current liabilities. An important factor bringing this parameter down in 2006, was also considerable growth of current liabilities. The acid (quick) liquidity ratio during all period under review tended to decrease, which, in itself, taking into account its high value in 2003, may be considered a positive fact, because the ratio's normative value lies within the interval between 0.7 and 0.8. Values of this parameter wit- ness of high enough level of liquidity of the Issuer, except for 2006, when this parameter went down to 0.62, which is below the norm. A major factor leading to the acid (quick) liquidity ratio's reduction in 2004, was growth of current liabilities. An important factor bringing this parameter down in 2006, was also considerable growth of current liabilities. The equity-assets ratio shows the percentage of ownership capital within assets and charac- terizes the degree of financial independence from creditors. This ratio has no pronounced ten- dency to change. Values of this parameter during all period under review are at a sufficiently good level, which demonstrates a certain degree of financial stability of JSC FGC UES. Opinions of various management bodies of the Issuer in respect of the mentioned factors and/or degrees of their influence on parameters of the issuer's financial and economic activity co- incide. There is no special opinion of a member of the Issuer's Board of Directors or a member of the collegiate executive body of the Issuer about the mentioned factors and/or degrees of their in- fluence on parameters of the issuer's financial and economic activity, and no such special opinion is stated in the minutes of the meeting of the Issuer's Board of Directors or the collegiate execu- tive body, where respective issues were considered. Download 5.01 Kb. Do'stlaringiz bilan baham: 
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