Last checked at 10 Feb 2017 17:29
SOCIETATEA ENERGETICA ELECTRICA S.A.
Separate preliminary unaudited results
31 December 2016
(free translation)
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Preliminary 31 December 2016 (unaudited) | 31 December 2015 (audited) |
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ASSETS |
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Non-current assets |
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Property, plant and equipment | 275,008,415 | 293,375,460 |
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Intangible assets | 1,836,710 | 1,498,663 |
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Investments in subsidiaries | 1,430,819,457 | 1,430,819,457 |
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Restricted cash | 134,491,752 | - |
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Deferred tax assets | - | 7,249,634 |
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Total non-current assets | 1,842,156,334 | 1,732,943,214 |
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Current assets |
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Cash and cash equivalents | 197,644,018 | 283,366,031 |
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Deposits, treasury bills, government bonds | 1,867,115,360 | 1,900,395,387 |
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Trade receivables | 64,074,773 | 77,531,461 |
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Other receivables | 12,597,869 | 13,056,225 |
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Inventories | 161,205 | 116,597 |
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Prepayments | 48,926 | 56,033 |
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Income tax receivable | 2,359,595 | 23,134,100 |
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Total current assets | 2,144,001,746 | 2,297,655,834 |
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Total assets | 3,986,158,080 | 4,030,599,048 |
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EQUITY AND LIABILITIES |
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Equity |
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Share capital out of which: | 3,459,399,290 | 3,459,399,290 |
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Subscribed and paid in share capital | 3,459,399,290 | 3,459,399,290 |
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Inflation adjustment to share capital | - | - |
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Share premium | 103,049,177 | 103,049,177 |
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Treasury shares | (75,372,435) | (75,372,435) |
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Contributions in advance from shareholders in kind | 5,144,025 | 2,861,525 |
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Revaluation reserve | 709,974 | 769,261 |
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Legal reserves | 155,253,514 | 142,932,218 |
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Retained earnings | 227,698,042 | 292,266,081 |
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Total equity | 3,875,881,587 | 3,925,905,117 |
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Preliminary 31 December 2016 (unaudited) | 31 December 2015 (audited) | ||||
Liabilities | |||||
Non-current liabilities | |||||
Employee benefits | 1,580,589 | 1,795,588 | |||
Total non-current liabilities | 1,580,589 | 1,795,588 | |||
Current liabilities | |||||
Trade payables | 67,591,033 | 60,633,718 | |||
Other payables | 11,716,925 | 7,632,190 | |||
Deferred revenue | 540,944 | 497,084 | |||
Employee benefits | 3,037,967 | 2,884,701 | |||
Provisions | 25,809,035 | 31,250,650 | |||
Total current liabilities | 108,695,904 | 102,898,343 | |||
Total liabilities | 110,276,493 | 104,693,931 | |||
Total equity and liabilities | 3,986,158,080 | 4,030,599,048 | |||
Preliminary 2016 (unaudited) | 2015 (audited) | ||
Revenues | 362,388,192 | 383,708,120 | |
Other income | 1,709,527 | 1,533,233 | |
Electricity purchased | (347,592,754) | (368,683,747) | |
Employee benefits | (20,503,839) | (16,636,893) | |
Depreciation and amortization | (23,506,827) | (20,241,737) | |
(Impairment)/ Release of impairment of trade and other receivables, net | (38,391,976) | 2,832,061 | |
Other operating expenses | (81,061,941) | (23,289,218) | |
Change in provisions, net | 5,478,282 | (31,250,650) | |
Operating loss | (141,481,336) | (72,028,831) | |
Finance income | 389,682,646 | 373,026,201 | |
Finance costs | (1,775,390) | (289,466) | |
Net finance cost | 387,907,256 | 372,736,735 | |
Profit before tax | 246,425,920 | 300,707,904 | |
Income tax - (expense)/ benefit | (7,233,617) | 156,580 | |
Profit for the year | 239,192,303 | 300,864,484 | |
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Note:
The result of 2016, compared with 2015, was influenced by the recording of expenses related to the previous years (2008-2010) amounting to 52.3 million RON and of provisions for doubtful debts, amounting to RON 41 million resulted from the 2016 current activity, for which management estimates a low recoverability.
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