JSC AzerEnergy Released Annual Financial Report

The state-run AzerEnergy, natural monopoly for the production, distribution and supply of electricity, announced the first consolidated financial report for the year 2011.

In the last year AzerEnergy sold electricity in the amount of 646.1 million manat. This is 9.1% more than in 2010. Taking into account other incomes (connection fees, etc.) the total income of the state company was 672.4 million manat

The total costs of AzerEnergy last year totaled 596 million manat. It included fuel - 189.8 million manat, staff costs - 92.3 million manat, repairs and maintenance - 51.9 million manat, etc. Given the profit tax, AzerEnergy paid 61,360 manat to the state budget in 2011. That's about 35 million manat less than the previous year.

In 2011, the company's debt was written off for a total of more than 150 mln. Thus, the total profit for the year amounted to 192.7 million manat. Each share earned AZN 2.47 (in 2010 - 11.50 manat).

Assets of AzerEnergy for the year 2011 increased by 5.8% to around 5 billion manat. Of these, 4.2 billion manat fell on buildings and structures. The capital stock reached 1.77 billion manat.

It is noteworthy that the tax liability of AzerEnergy was 786 million manat in early 2012. ---08D