Baku, Azerbaijan, April 26
By Maxim Tsurkov - Trend:
Azerenergy JSC (the main electricity producer in Azerbaijan) has finished 2017 with a loss of 602.87 million manats, said the consolidated statement of the company, audited by Deloitte International Company.
Based on the audit report, last year's income of Azerenergy amounted to 1 013,34 million manats. The company received its main income from the sale of electricity –1.010.34 million manats. Revenues from provision of services of connection to the electricity network amounted to three million manats.
Expenses of the company amounted to 876,9 million manats. The greatest expenditures fell on purchase of fuel - 647,58 million manats, depreciation charges (183,14 million manats), repair and maintenance - 72.76 million manats, salary - 42.07 million manats, and payment of taxes, except the profit tax (11.83 million manats).
Operating profit amounted to 136.44 million manats.
At the same time, Azerenergy's losses due to the exchange rate difference in 2017 amounted to 16.74 million manats. While the company lost almost 220.15 million manats in 2016 due to changes in the exchange rate of the national currency.
The total loss amounted to 602.87 million manats.
For comparison, Azerenergy finished 2016 with a loss of 108,93 million manats, while its revenues amounted to 810,16 million manats and its expenditures – to 666,1 million manats.
Last year, the company invested 150.69 million manats in real estate, various structures and equipment.
At the end of 2017, Azerenerji's assets amounted to more than 3.65 billion manats with liabilities of 2.63 billion manats. Most of the assets are concentrated in real estate, structures and equipment - 2.71 billion manats. As for liabilities, its significant amount is made up of long-term (1.59 billion manats) and short-term (356.16 million manats) loans, trade and other credit debts (468.98 million manats).
The authorized capital of the company has remained unchanged since 2016 - 1.76 billion manats.
The official exchange rate as of April 26 is 1.7 AZN/USD.