OREANDA-NEWS. April 24, 2012.  OJSC “Bashkirenergo” (MICEX, RTS: BEGY, ISIN: RU0009044242) – publishes audited consolidated financial statements for FY2011 prepared in accordance with IFRS.

OJSC “Bashkirenergo” managed to improve its results of 2010: net profit from continuing operations reached 3,409 thsd RUR and accounting results from alienation of retail company - 7,949 mln. RUR.
On September 12, 2011 a deal was struck between JSC “RusHydro” and OJSC “Bashkirenergo” to sell LLC “Energeticheskaya Sbytovaya Kompaniya Bashkortostana” (LLC ESKB) to LLC ESK RusHydro (a subsidiary of JSC “RusHydro”).
For the purpose to present comparable indicators in accordance with the rules of reporting all indicators of 2010 were corrected taking into account sale of LLC ESKB.
 
KEY FINANCIAL RESULTS:
 
The Company’s revenue for 2011 declined by 10.5% to 56,261 mln RUR (1,747 mln USD) versus the same period of 2010. Revenue for the fourth quarter of 2011 grew by 32.4% and amounted to 15,313 mln RUR (476 mln. USD).
 
Operating profit increased by 9% Y-o-Y reaching 4,386 mln RUR (136 mln USD). Operational profit for the Q4 2011 dropped by 82.8% compared to the same period of the previous year to 148 mln RUR (4.6 mln USD).
 
OIBDA after 12 months of 2011 was 7,908 mln RUR (246 mln USD) or 4.53% higher comparing with the same period last year. The same indicator for the fourth quarter of 2011 was 1,020 mln RUB (32 mln USD), reduced by 41.68% Y-o-Y.
 
Net profit for 2011 including result from sale of LLC “ESKB” amounted to 7,949 mln RUR (247 mln USD), up 185 % in comparison with 2012.
 
Net profit from continuing operations of 2011 increased by 25% to 3,409 mln RUR (106 mln USD) compared to 2010 results. In Q4 of 2011 net profit from continuing operations reduced by 64% versus similar indicator of the previous year and amounted to 167 mln RUR (5 mln. USD).
 
OIBDA margin for 12 months increased from 12% in 2010 to 14% this year.
 
As at December 31, 2011 the Company’s financial debt amounted to 2,268 mln RUR (70.4 mln USD), with debt/OIBDA ratio at the level of 0.29. 
 
KEY OPERATING RESULTS:
 
OJSC “Bashkirenergo” total power generation in 2011 was 22 779 mln kWh, gaining 0.7% Y-o-Y.
 
The capacity factor of OJSC “Bashkirenergo” power stations remained at a level of 61%.
 
Heat output of the Company amounted to 25,118 thousand Gcal gaining 4 % over the results of 2010.
In 2011 the specific consumption of equivalent fuel decreased by 3 g/kWh for electricity generation to 320 g/kWh, and by 1.4 kg/Gcal for heat output to 143 kg/Gcal compared to the previous year.
 
The transmitted electricity losses in 2011 increased from 1.44% to 1.48% in the transmission grid, with distribution grid losses increasing from 8.82% to 9.13%.
 
Andrey Makarov, CEO of OJSC “Bashkirenergo” commented the results 2011:
 
"A share of OJSC “Bashkirenergo” in total Russian power output reached 2.19% in 2011, in UPS Urals it was 8.9%. During the last year power generation was extended by 0.7% to 22 779 mln kWh . The year results demonstrated that the Company remains competitive in second pricing zone Urals with traditional excess of generating capacity. We consider the growth of the heat output by 4.1% Y-o-Y as exceptionally positive on the background of complicated situation in the heat generation sector, underfunding from the side of owners of regional thermal grids and established low tariffs. Despite negative impact of heat sector on holding’s total results we managed to improve indicators in comparison with 2010. The Company’s net profit significantly exceeded target indicator and reached 7,949 mln. RUR. Sale of power supply asset executed in September had a material impact on financial results of the Company. We have started the process of Company’s reorganization for the purpose to comply with the Russian legislation and sale of LLC “ESKB” became the first step in this process".