Samruk-Energy JSC. Annual Report / 2013

Operating and financial activity indices

# Index, mln tenge 2011 2012 2013
(plan) 		2013 Variation %
1 Income from sales of products and services rendered 85,550 94,558 140,540 135,844 97%
2 Self-cost of sales of products and services rendered 68,824 77,064 113,840 104,944 92%
3 Gross profit (Gross operating profit=1-2) 16,726 17,494 26,699 30,900 116%
4 Financial receipts Other incomes 843 1,702 1,986 3,294 166%
5 Other incomes 1,402 6,577 2,593 3,799 146%
6 Sales of products and services rendered costs 113 153 355 105 30%
7 General and administrative costs 6,405 6,770 11,046 10,718 97%
8 Financial expenses 5,148 5,300 9,084 8,377 92%
10 Other expenses from non-core activities 184 4,632 658 1,314 200%
11 Profit share/share in the loss of organizations, considered by equity method 10,025 13,177 33,923 30,106 89%
12 Profit (loss) from ceasing of activities - 60 96 -92 -95%
13 Corporate income tax expenditures 2,219 3,522 2,604 5,618 216%
14 Minority interest 132 -126 722 1,023 142%
Total income 14,794 18,758 40,828 40,853 100%

Cost of Sales

# Index, thous tenge 2011 2012 2013
1 Raw materials and supplies 32,767,261 37,941,308 47,436,058
2 Processing and other services 13,729,569 13,035,345 18,438,008
3 Personnel compensation 13,076,988 13,705,988 19,749,249
5 Depreciation and amortization of equivalents 6,607,741 8,145,973 11,798,309
6 Taxes, except for income tax 876,681 1,741,657 2,600,681
7 Others 1,765,421 2,493,936 4,642,477
TOTAL: 68,823,661 77,064,207 104,664,782
Basic growth of actual expenses for 2013 versus 2012 occurred, basically, due to including into consolidation in 2013 of new subsidiaries (Shygysenergytrade LLP, EK REC JSC).  

Distribution Costs

# Index, thous tenge 2011 2012 2013
1 Labor remuneration and social transfer costs to the personnel related to sales process 32,675 47,228 83,509
2 Taxes and other mandatory payments to the budget 3,161 4,682 -
3 Other work and services related to sales 71,860 95,884 17,642
4 Business trip expenses 597 577 2,405
5 Other expenses on sales 4,441 4,809 1,391
TOTAL: 112,733 153,180 104,947
Growth of distribution costs is explained by increase of power production volumes. Increase of labor remuneration and social transfer costs, connected with sales process, took place on account of annual indexation and because of changing of MREC JSC’s organizational structure.

Administrative Expenses

# Index, thous tenge 2011 2012 2013
1 Personnel labor remuneration 2,616,851 3,278,887 5,048,235
2 Taxes, except for income tax 849,007 458,537 365,221
3 Consultation, auditing and information services 681,312 677,397 1,045,642
4 Depreciation and amortization 258,949 383,599 392,878
5 Rent 291,311 284,158 511,232
6 Raw materials and supplies 112,585 144,167 162,716
7 Business trip expenses 156,848 153,404 261,347
10 Maintenance and repair 89,687 61,286 113,171
11 Bank commissions 120,590 128,852 154,996
12 Communication services 85,545 84,798 133,855
13 Other 1,142,653 1,115,181 2,102,116
TOTAL:
YEAR 2011
6 405
338
thous tenge
TOTAL:
YEAR 2012
6 770
266
thous tenge
TOTAL:
YEAR 2013
10 291
409
thous tenge


Growth of administrative expenses for 2013 versus 2012 took place because of, basically, including into consolidation of new subsidiaries (Shygysenergytrade LLP, EK REC JSC) in 2013. 

Increase of labor remuneration took place due to annual indexation. 

BASIC PART OF TAXES CONSISTS OF PROPERTY TAX. 

Decrease of taxes from 2012 occurred because the property tax was charged to self-cost item on AZC JSC. During 2011 property tax was included into self-cost item, whereas from 2012 the tax has been split to the self-cost and administrative expenses. 

Change of depreciation and amortization – due to purchase of fixed assets and intangible assets.

Financial Costs

# Index, thous tenge 2011 2012 2013
1 Loan fees expenses 2,501,074 1,780,912 5,868,598
2 Loss due to exchange difference minus income 0 173,839 969,936
3 Dividends on preferential shares of subsidiaries 134,724 155,493 118,393
4 Cancellation of discount on current value: - - -
4.1 loans and financial assistance from shareholders 1,823,635 2,445,508 1,685,634
4.2 bill for payment 30,053 36,590 37,362
4.3 employees’ benefits obligations 37,626 47,145 46,315
4.4 reserve to restore ash dumps 29,722 27,508 27,140
4.5 loans from consumers 642,179 585,139 523,848
4.6 bonds issued 44,623 40,163 41,518
5 Other 121,876 7,815 0
TOTAL:
YEAR 2011
5 365
512
thous tenge
TOTAL:
YEAR 2012
5 300
112
thous tenge
TOTAL:
YEAR 2013
9 291
744
thous tenge
Growth of labor compensation expenses in 2013 took place due to attraction of euro-bonds in December 2012. 
Increase of the loss due to currency difference has occurred due to decrease of currency difference in 2012 and 2013. 

Financial Incomes

# Index, thous tenge 2011 2012 2013
1 Interest yield on bank deposits 834,012 1,698,368 3,106,257
2 Revision of loan redemption schedule from shareholder 0 0 0
3 Forex gain, net 0 0 0
4 Other 318 3,298 187,838
TOTAL: 834,330 1,701,666 3,294,095
Income growth from financing in 2013 in whole occurred due to incomes received on account of fee earnings from deposits, opened by the Company at the 2012 year-end after receipt of funds from issuing of euro-bonds.
Forex gain in 2011, 2012, and 2013 was not received due to decrease of exchange difference.
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