JSC Bakielektriksebeke released annual financial report

The State Electrical Distribution Company Bakielektriksebeke announced in the press its annual financial report for the first time. According to the balance sheet drawn up in compliance with international standards of financial reporting, in 2011, the JSC rescued profit of 4,283,800 manat, which is 11.1 mln manat less than in 2010.

In 2011, electricity was supplied to consumers totaling 401.4 million manat. That's 16.5 million manat (4.2%) higher than the previous year. Taking into account the commercial, administrative and operating expenses and the profit tax, the net income in 2011 amounted to 8.4 million manat, that is two times less than in 2010.

Assets of Bakielektriksebeke at the beginning of 2012 rose from 826 million to 963 manat. The authorized capital stock increased during the year by 180 million manat. On January 1 the authorized capital of the JSC reached 255.3 million manat.

At the beginning of 2012 the short-term receivables of Bakielektriksebeke were about 460 million manat, and the short-term debt payable was 345 million manat.

The auditor's report to this report provided by an international audit companies.

This year, the state joint-stock companies have started to publish in print annual financial statements. Among them are JSC Azerbaijan Railways and JSC AzerEnergy. - 08D-