OJSC “ Bashkirenergo ” Financial and Operational Results of 6 months of 2011 (IFRS)
IFRS Financials 3 months 2009
14
IFRS Financials 3 months 2009
-
Upload
bidelia-davitt -
Category
Documents
-
view
37 -
download
0
description
IFRS Financials 3 months 2009. 3m ended 31 March 2009 main trends. Sales dropped 47% due to stoppage of Kirov plant during January and Voronezh plant during January to March 2009 Cost of sales dropped accordingly 46% Administrative and distribution expenses dropped 52% and 39% respectively - PowerPoint PPT Presentation
Transcript of IFRS Financials 3 months 2009
IFRS Financials3 months 2009
2
3m ended 31 March 2009 main trends
• Sales dropped 47% due to stoppage of Kirov plant during January and Voronezh plant during January to March 2009
• Cost of sales dropped accordingly 46%
• Administrative and distribution expenses dropped 52% and 39% respectively
• The level of trade and other receivables, inventories and payables decreased 7%, 31% and 6% respectively due to the seasonality.
• The level of the Group’s net debt decreased to 535 mln due to forex.
3
Consolidated Balance sheet as at 31 March 2009USD mln
Total As of 31 March 2009
Total As of 31 Dec 2008
ASSETS USD mln %Non-current assetsProperty, plant and equipment 227 269 (42) -16%Intangible assets 5 5 (0) -4%
232 274 (43) -16%Current assetsInventories 29 42 (13) -31%Trade and other receivable 56 60 (4) -7%Cash and cash equivalents 7 11 (4) -35%Assets classified as held for sale 401 424 (22) -5%
493 537 (43) -8%Total assets 725 811 (86) -11%
EQUITY AND LIABILITIESTotal Equity attributable to the equity holders of the parentShare capital 1 1 (0) -14%Additional paid in capital 474 474 0 0%Foreign currency translation reserve 72 56 16 28%Retained earnings (803) (768) (35) 5%Total Equity attributable to the equity holders of the parent (256) (237) (19) 8%Minority interest 8 8 0 5%Total equity (248) (229) (19) 8%
Non-current liabilitiesLong-term payables and accruals 4 6 (2) -39%Deferred tax liability 34 42 (8) -19%
38 48 (10) -22%
Current liabilitiesBank overdrafts 4 5 (1) -20%Short-term loans and borrowings 529 561 (32) -6%Trade and other payables 109 115 (6) -5%Liabilities classified as held for sale 293 311 (18) -6%
935 992 (57) -6%
Total liabilities 973 1 040 (67) -6%
Total equity and liabilities 725 811 (86) -11%
changes
4
Consolidated statement of income for the period ended 31 March 2009USD mln
Total 3m2009 Total 3m2008
USD mln %Revenues 125 236 -111 -47%Cost of sales -88 -163 75 -46%
37 73 -36 -49%
Cost of sales: Depreciation -10 -16 5 -35%Gross profit 27 57 -30 -53%
Distribution expenses -18 -30 12 -39%Administrative expenses -12 -25 13 -52%Taxes (other than profit tax) -1 -2 1 -37%Operating expenses -4 -9 5 -53%Operating expenses: Accrual/reversal provision for bad debts -5 -1 -3 293%Operating expenses: Provision for inventory obsolescence 0 1 -1 -97%Operating expenses: Result on disposal of PPE 0 -4 4 -101%Profit from operations -13 -13 0 1%
Net financing expences -25 -6 -20 352%Finance costs: Forex gains/losses -5 -2 -3 176%Finance costs: Intercompany -1 0 -1 -341%Finance costs: Interest expense -19 -20 2 -9%Finance costs: Interest expense (finance lease) 0 -1 0 -67%Finance costs: Result on disposal of investments 0 18 -18 -101%Loss/profit before tax but before profit on discontinued operations -39 -19 -20 107%
Income taxes 4 5 0 -8%Loss/profit after tax but before profit on discontinued operations -35 -14 -21 145%
Profit on sale of discontinued operationsNet loss/profit for the year -35 -14 -21 145%
Minority interest 0 0 100%Net loss attributable to equity holder of the Parent -35 -14 -21 148%
changes
5
Revenue for the 3m ended 31 March 2009USD mln
Total 3m2009 Total 3m2008
USD mln %TOTAL 125 236 (111) -47%
Tire 122 211 (90) -42%PCT 84 134 (50) -37%
PCT A 65 67 (1) -2%PCT B 16 52 (36) -69%PCT C 2 15 (13) -84%
LTT 12 27 (15) -55%Truck 4 16 (12) -74%Agricultural/industrial 19 30 (10) -35%Moto&Bicycle 2 4 (2) -42%Other tire 0 1 (1) -70%
Other non tire 3 25 (22) -86%other producers 4 9 (5) -53%
changes
6
Cost of sales for the 3m ended 31 March 2009
USD mln
Total 3m2009 Total 3m2008
USD mln %Cost of sales: Salaries and related expenses (18) (28) 11 -37%Cost of sales: Social taxes (2) (3) 1 -23%Cost of sales: Pension fund (2) (3) 1 -25%Cost of sales: Depreciation (10) (16) 5 -35%Cost of sales: Amortization (1) (1) 0 7%Cost of sales: Third parties services (0) (3) 2 -82%Cost of sales: Maintenance and repair of FA (1) (2) 0 -27%Cost of sales: Utilities (energy,fuel etc.) (6) (11) 5 -43%Cost of sales: Materials (49) (132) 83 -63%Cost of sales: Change in stock (3) 17 -20 -116%Cost of sales: Russian finance leases (0) (1) 1 -97%Cost of sales: Intercompany change in stock (3) 10 -13 -127%Cost of sales: Other items (1) (7) 6 -83%Total CoS (98,3) (179,0) 81 -45%
Cost of sales: Salaries and related expenses (18) (28) 11 -37%Cost of sales: Social taxes (2) (3) 1 -23%Cost of sales: Depreciation&Amortization (12) (17) 5 -32%Cost of sales: Utilities (energy,fuel etc.) (6) (11) 5 -43%Cost of sales: Materials (55) (105) 50 -48%Cost of sales: Other items (6) (15) 10 -64%
Total CoS (98) (179) 81 -45%
changes
7
Administrative expenses for the 3m ended 31 March 2009
USD mln
Total 3m2009Total
3m2008
USD mln %Admin: Salaries and related expenses (5) (8) 3 -38%Admin: Social taxes (0) (1) 0 -44%Admin: Pension fund (1) (1) 0 -22%Admin: Depreciation and amortization (0) (1) 0 -42%Admin: Insurance (1) (1) 0 -17%Admin: Consulting & legal services (0) (1) 0 -42%Admin: Operating leases (0) (1) 1 -74%Admin: Communication (0) (1) 0 -35%Admin: Security services including fire prevention (0) (1) 0 -38%Admin: Other (2) (3) 0 -17%Admin: Overhead (2) (8) 7 -81%Overhead: IFRS audit (1) 1 -100%Overhead: Legal and consulting services (1) (7) 6 -87%Overhead: Other (1) -1 100%
Total Admin (12) (25) 13 -52%
changes
8
Distribution expenses for the 3m ended 31 March 2009
USD mlnSelling expenses
Total 3m2009Total
3m2008
USD mln %Selling: Salaries and related expenses (5) (7) 3 -36%Selling: Social taxes (1) (1) 0 -26%Selling: Pension fund (0) (1) 0 -48%Selling: Depreciation and amortization (0) (1) 0 -48%Selling: Operating leases (2) (2) 1 -28%Selling: Business trip (1) (0) -1 4726%Selling: Marketing and advertising (3) (5) 2 -41%Selling: Other services 0 (2) 1 -101%Total Selling (12) (20) 7 -37%
Logistic expenses
Logistic: Warehouse and inventory insurance (2) (3) 1 -28%Logistic: Transportation and insurance (1) (3) 1 -50%Logistic: Salaries and bonuses (2) (1) 0 34%Logistic: Operating leases (0) (1) 0 -69%Logistic: Other (0) (3) 2 -92%Total Logistic (6) (10) 4 -42%
Total Distribution expenses (18) (30) 12 -39%
changes
9
Operating expenses for the 3m ended 31 March 2009
USD mln
Total 3m2009 Total 3m2008
USD mln %Operating expenses:
Research and development (3,7) (2,6) (1) 38%Write-off of miscellaneous fixed assets and inventory (0,1) 0 -100%Other (0,5) (6,1) 6 -92%
Total (4,2) (8,8) 5 -53%
changes
10
Trade and other receivables at 31 March 2009
USD mln
Total As of 31 March 2009
Total As of 31 Dec 2008
USD mln %Trade accounts receivable 49 53 (4) -8%Taxes receivable 16 18 (2) -10%Advances issued 3 4 (1) -30%Other receivables 19 12 7 56%Provision for doubtful accounts (31) (28) (4) 13%Total 56 60 (4) -7%
changes
11
Trade and other payables at 31 March 2009
USD mlnTotal As of 31 March 2009
Total As of 31 Dec 2008
USD mln %Trade accounts payable 54 68 (13) -20%Taxes payable 3 3 0 5%Payables to related parties 2 2 0 17%Advances received 1 1 (0) -47%Deferred income 1 1 (0) -20%Finance lease payables- current portion 6 7 (1) -13%Other payables 37 28 9 30%Accruals and provisions 5 5 (0) -1%Total 109 115 (6) -5%
changes
12
Inventory at 31 March 2009
USD mln
Total As of 31 March 2009
Total As of 31 Dec 2008
USD mln %Raw materials 10 14 (4) -29%
Raw materials and supplies- third parties 7 7 (1) -7%Raw materials and supplies- intercompany 3 7 (3) -52%
WIP 5 4 1 26%Finished goods 19 27 (8) -29%
Finished goods- third parties 16 21 (5) -23%Finished goods- intercompany 3 6 (3) -52%
Provision for obsolescence (5) (4) (2) 48%
Total 29 42 (13) -30%
changes
13
Cash at 31 March 2009
USD mln
Total As of 31 March 2009
Total As of 31 Dec 2008
USD mln %Petty cash 0 0 (0) -27%Cash in bank 2 4 (1) -33%Call deposits 4 7 (2) -33%Cash equivalents - short-term promissory notes 0 0 (0) -14%Total 7 11 (3) -32%
changes
14
Net debt at 31 March 2009
USD mln
Total As of 31 March 2009
Total As of 31 Dec 2008
USD mln %Long-term loans and borrowings - Short-term loans and borrowings 528,6 561,0 (32) -6%Cash 7,1 11,0 (4) -35%Bank overdrafts 4,0 5,0 (1) -20%
including Vredestein Banden 54,1 66,7 (13) -19%Leasing 9,6 12,9 (3) -25%Net Debt excluding leasing 525,5 555,0 (29) -5%Net Debt inc leasing 535,2 567,9 (33) -6%Equity (247,8) (228,9) (19) 8%
changes
