62
of which indicators are calculated: RAS
Measurement unit for the uncovered loss:
the Russian rubles
Indicator
2014
2015
3 months 2015
3 months 2016
Net profit margin, %
28.3
28.0
36.9
57.1
Asset turnover ratio, times
0.13
0.12
0.03
0.03
Return on assets, %
3.59
3.36
1.01
1.71
Return on equity, %
4.28
4.04
1.20
2.04
Amount of uncovered losses as of the
reporting date, Russian rubles
0
0
0
0
Ratio between uncovered losses as of
the reporting date and the balance
sheet assets, %
0
0
0
0
In order to calculate given indices, methodology was used recommended by the Regulation on
Information Disclosure by Issuers of Equity Securities approved by the Bank of Russia (No. 454-П dated
December 30, 2014).
Economic analysis of the Issuer's profitability/unprofitability on the basis of the dynamics of the
given indexes.
The net profit margin characterizes the rate of return from business activities of the company. That index
in 2014 amounted to 28.3 %, in 2015 – 28,0%, in 2015 (3 months) to 36.9 %, in 2016 (3 months) to 57.1 %.
The asset turnover ratio shows how often over a period, usually within one year, there is a complete
production cycle and circulation which brings effect in the form of profit. The utilization efficiency by the Issuer
of all available resources, irrespective of from where they are sourced, is characterized. This index changed little,
if at all
for the comparable periods in 2014 and 2015 and correspondingly amounting to 0.13 times and to 0,12
times in 2015 (3 months) and to 0.03 times in 2016 (3 months). The index by years and quarters changes
due to a
lack of comparability between annual and quarterly net profit.
Profitability ratios, that is the relation between profit (net income) and profit earning means, are
characterized by the operating efficiency of the company—productivity or return on financial resources.
The return on assets is the effectiveness of using funds belonging to owners of an enterprise. It serves as
the key criterion when assessing the share level on the stock exchange. The return on assets according to net
profit shall guarantee the payback of funds invested in the enterprise by its shareholders. This ratio shows what
profit the company receives from every Russian rubles invested in assets. The return on assets defining the
effectiveness of using the company's property amounted to 3.59 % in 2014 and to 3.36 % 2015 correspondingly,
to 1.01 % in 2015 (3 months) and to 1.71 % in 2016 (3 months) correspondingly. The index by years and
quarters changes due to a lack of comparability between annual and quarterly net profit
The return on equity shows the utilization efficiency of the Issuer's equity. The return on equity in 2014
and 2015 amounted to 4.28 % and 4,04 % correspondingly, in 2015 (3 months) and 2016 (3 months) to 1.20 %
and to 2.04 %. That index by years and quarters changes due to a lack of comparability between annual and
quarterly net profit.
4.2. Liquidity of the Issuer, Capital and Fixed Asset Adequacy
Dynamics of indicators characterizing liquidity of the Issuer, calculated on the basis of accounting
(financial) statements
Standard (rule), in accordance with which the accounting (financial) statements are prepared, on the basis
of which indicators are calculated:
RAS
Measurement unit for Net Working Capital:
million Russian rubles
Indicator
2014
2015
2015, 3
months
2016, 3
months
63
Net working capital
105 482
74 502
103 707
84 443
Current
liquidity ratio
4,22
3,45
3,83
3,56
Quick liquidity ratio
4.11
3,31
3,71
3,41
For the calculation of these indexes, it was used the method recommended by the "Regulations on
Disclosure of Information by Issuers of Equity Securities" approved by the Bank of Russia from December
30, 2014 No 454-P.
Economic analysis of liquidity and financial solvency of the Issuer, capital adequacy of the Issuer
for performance of short-term obligation and coverage of current operating expenditure on the basis of
economic analysis of dynamics of the given indicators, with a description of factors, which, according to
the management entities of the Issuer, have the most significant impact on liquidity and financial solvency
of the Issuer:
Net working capital shows the amount of current assets financed at the company's own expense, and the
amount financed at the expense of bank loans. Net working capital is needed to maintain financial stability of the
company, because excess of current assets over short-term liabilities means that the company may not only
redeem its short-term liabilities, but has reserves for business expansion. The change at the end of Q1 2016 is
inconsiderable.
The current liquidity ratio enables assessment of the current assets per one Russian ruble of current
liabilities. This ratio exceeded the standard value for the period under analysis (1.5); as at March 31, 2016 it
amounted to 3,56.
The quick liquidity ratio is similar to the current liquidity ratio. It assesses the liquidity of assets. But it is
calculated on the basis of a narrower range of current assets when inventories, the least liquid part, are excluded
from calculations. This ratio exceeded the standard value for the period under analysis (0.95); as at March 31,
2016 it amounted to 3.41.
On the whole, liquidity ratios show that the company's position is stable.
4.3. Financial Investments of the Issuer
The list of the Issuer's financial investments making up 5 per cent and more of its all financial
investments as of the expiry date of the reporting period
Investments of Issuer in equity securities that make up 5 percent or more of all its financial
investments at December 31, .2015:
type of securities:
uncertified registered ordinary shares
Full corporate name of the Issuer:
Joint-Stock Company Zagorskaya PSHPP-2
Abbreviated corporate name of the Issuer:
JSC Zagorskaya PSHPP-2
Location of the Issuer:
Sergievo-Posadskiy municipal district, Moscow Oblast, Russian Federation
INN:
5042086312
OGRN:
1065042071137
state registration numbers of the securities issues:
1-01-11397-А,
state registration date:
January 18, 2007
registering authorities which carried out state registration of the securities issues:
Federal Financial
Markets Service of Russia
number of securities owned by the Issuer:
53 681 508 646 un.
total par value of securities owned by the Issuer:
53 681 508 646 Russian rubles
maturity for bonds and other debt equity securities, as well as to the issuer's options: not applicable to
shares
total balance sheet value of securities owned by the Issuer (balance sheet value of securities of
subsidiaries and affiliates shall be specified separately):
60 690 958 886,76 Russian rubles
dividend on preferred shares or the procedure for determination thereof when it is specified in the Charter
of the Issuer being a joint-stock company, and repayment period:
There are no preferred shares.