Following the correction that Enemona released on its annual consolidated and unconsolidated financial statements for 2011, it published a corrected 9mo 2012 unconsolidated report. The revenues are slightly up - by BGN 317k (“other revenues”) and the company’s EBIDTA came at BGN 2m (EBITDA margin of 4.6%).
The main change was related to the initially booked BGN 2.34m loss from sold receivables under ESCO contract to Enemona’s subsidiary Energetics and Energy Savings Fund SPV [BSE ticker: 6EE]. The corrected 2011 financial report stated that the parent company has detected an error in reporting non-current receivables under ESCO contracts, which have not been recognised at amortised cost. As a result of the correction, an additional BGN 2.9m loss was booked for 2011. The same amount was removed from the corrected 9mo’12 income statement (from “financial expenses”). In addition, after the change in the accounting method for the transaction with the shares of Energoni in the financial statement for 2011 and the elimination of the costs for discounting long term investments, the expenses related to discounting the above liability of BGN 782k was also removed and the “financial expenses” – correspondingly reduced. Both corrections supported significantly Enemona’s bottom line, which turned to positive BGN 531k, vs. a previously reported loss of BGN 2.9m. The net income margin was 1.2%.
On the corrected balance sheet, the shares received from Energoni were presented as a purchase of an option with zero net cash investment and consequently financial assets held for trading were reduced by BGN 53.7m, while LT liabilities were corrected downward by BGN 12.4m. As a result, the total assets decreased by BGN 57m to BGN 149m. The initially booked retained earnings of BGN 14.5m turned to a loss of BGN 27m after the company booked loss following the correction of 2011 financial statements.