Revenue at Kubanenergo from sales of products, works and services (in total) was received in the volume of 28 708 million rubles, which was 4 172 million rubles more than the corresponding indicator from last year. Growth in revenue from sales of electricity transmission of 4 246 million rubles had the principal effect on the increase in revenue over the accounting period, including:
- 897 million rubles from increased net generation;
- 3 349 million rubles from increase in tariff.
According to the results for 2011 revenue from technological connection services totalled 1 086 million rubles, having decreased in comparison with the previous year by 83 million rubles.
Actual losses according to the results for the accounting year totalled 1 861 billion rubles, have decreased in comparison with 2010 by 527 million rubles by increasing revenue from sales of products, works and services, as well as completing work to optimise expenditure within the Programme of actions for the financial recovery of Kubanenergo for
An increase in the volume of self-cost in 2011 compared to the 2010 level is accounted for by a growth in expenditure on the following:
- Power purchased to compensate for losses to the amount of 1 052 million rubles, which was due to a growth in the volume of actual losses of electricity in Kubanenergo networks related to a significant increase in receipt of electricity into the network, as well as a decrease in the proportion of purchases to cover losses at the regulated price.
- Network company services in electricity transmission to the amount of 2 329 million rubles, which was related to an increase in the volume of services provided by territorial network companies.
Changes in other entries were insignificant.
For the financial recovery of Kubanenergo a policy to optimise production and commercial expenditures is being carried out, and planned work is in progress within the Programme for cost management. As a result of carrying out a range of pertinent actions the total economic effect for 2011 was achieved to the amount of 2084 million rubles, which was 199% comparatively to the level of the planned target.
The debt to equity ration indicator in 2011 decreased by 18.78% in comparison with 2010 as the result of an increase in equity capital at Kubanenergo.
The debt service coverage indicator at the end of the accounting year had decreased by 5.07%.
The receivables turnover ratio in 2011 decreased compared with the level of the previous year by 31.64% and totalled 9.85 times a year. This change occurred due to an increase in the total volume of accounts receivable compared to growth in revenue at the Company.
The level of overdue accounts payable for 2011 decreased by 7.04%.
The working capital ratio, which makes it possible to determine to what extent current assets cover current liabilities, as at the end of 2011 totalled 0.95.
The liquid ratio over the year showed a negative trend and totalled 0.85 in 2011.
The
The equity to debt ratio which shows the Company’s dependence on borrowed funds totalled 0.61 at 31 December 2011.
The lowering of tariffs on electricity transmission at the beginning of the accounting year led to a decrease in the requisite gross revenues and a deterioration in the financial and economic standing overall for the Company in 2011.