16 April, 2009
ABIndex: OJSC “NEN of Kyrgyzstan” by 2008 totals has received 31,9 mil. soms loss
On 15th of April 2009 yearly general meeting of OJSC “NEN of Kyrgyzstan” shareholders took place. All the questions included in agenda were reviewed.
AGENDA:
On returning board membership.
On board of directors’ report about financial and economic activity of the company for 2008 totals.
On independent auditor’s report.
On inspection commission’s report.
On performance of estimate of expenditures for board of directors and inspection commission maintenance for 2008.
On report of the board of directors on company budget execution for 2008.
On balance sheet, income statement for 2008.
On board of directors’ report for 2008 on work done.
On budget of expenditures for board of directors members maintenance.
On budget of expenditures for inspection commission members maintenance.
On annual budget of the company for 2009.
On corrective actions and additions to OJSC “National electric network of Kyrgyzstan’s” article of association.
On corrective actions and additions to OJSC “National electric network of Kyrgyzstan” board of directors’ regulations.
On corrective actions and additions to OJSC “National electric network of Kyrgyzstan” inspection comittee regulations.
On board of directors’ structure.
On inspection commission’s structure.
On increase of current stock of the company and their closed placing.
OJSC “National electric network of Kyrgyzstan” is a national company which performs electricity transportation through high-voltage networks from producing companies to distributors and large industrial enterprises.
Correspondingly this company is the most important part of republic’s power industry and second large company in former JSC “Kyrgyzenergo” structure.
Electric power coming in OJSC “NEN of Kyrgyzstan” in 2008 has amounted 11 247,1 mil. kw. and in comparison with actual data of 2007 has decreased by 2 956,5 mil. kw.. Technical loss of electric power has formed 779,8 mil. kw.
For the last period of 2008 Kyrgyz power system has worked simultaneously with ESD of Central Asia, UES of Kazakhstan and UES of Russia with standard frequency of electric current. Average frequency value has amounted 49,99 hertz.
Since March 2008 till now, because of low inflow in Toktogul storage, hydro generators of Toktogul hydro-electric station are working with lower power of 245 MW.
Receivables on 1st January 2009 has mounted 1 970,8 million soms. Considerable part of the receivables belongs to REC in amount of 1 602,6 million soms (81,7%):
OJSC Severelectro – 579,3 million soms
OJSC Vostokelectro - 119,5 million soms
OJSC Oshelectro - 690,5 million soms
OJSC Jalalabadelectro – 213,3 million soms
Liablilities on 1st January 2009 has amounted 633,1 million soms
From which 16,3 million soms – tax payable
Salary payable – 35,1 million soms
Payables to Social Fund – 10,6 million dollars
Current part of foreign debt – 355,2 million soms
Dividends payable – 7 million soms
By 2008 totals 31,9 million loss has been received, as compared to 2007 when this value was 50,8 million soms.
Main factor which influenced the loss was the decrease of useful export transit volume by 827,3 million kw. and also currency difference totaling 251,3 million soms because of currency rates increase for debts received earlier (Swiss frank, SDR, Kuwait dinar and U.S. dollar).
ADB and SDF debts have been directed to heat supply reconstruction project achievement, Switzerland government debt – to substations “Naryn” and “Ak-Kyia”. European bank has been used for Issyk-Kul and Talas regions’ power supply improvement.
Company stock prices fluctuate in 0,8-1,10 soms range. Recently the prices have set at 1 som per share level. Accordingly company capitalization at this price amounts nearly 35 mil. soms. At the same time equity capital of the company makes up almost 86 million soms. Even taking in consideration rather low market price the profitability is extremely low – last dividends were at 0,013157 som per share level, this is 1.2% of market price.
Stock price change dynamics and trade volume of OJSC “NEN of Kyrgyzstan” for the period of 01.01.2007 – 14.04.2009
It has to be mentioned that in 1999-98 JSC “Kyrgyzenergo” stock were bought by international portfolio investors for 0.8$ per share. After “Kyrgyzenergo” division a share of OJSC “National electric network of Kyrgyzstan” got nearly 20% of old parent company stock. Totally 965 237 234 shares are in circulation, including State Property Fund which holds 80,48% and Kyrgyz Republic Social Fund with 13,16%. And only 6% are in free float on the market held by approximately 20 thousand shareholders. As OJSC “National electric network of Kyrgyzstan” is a strategic object state share holding of this company is not to be privatized.
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