Following the correction that Enemona released in its annual consolidated and unconsolidated financial statement for 2011, it has now published its corrected 9mo 2012 consolidated report. The revenues are slightly up - by BGN 317k (“other revenues”). The main change was related to the initially booked BGN 2.34m loss from sold receivables under ESCO contracts, which was removed due to a corrected error in the 2011 financial statement when reporting these receivables, which have not been recognised at amortised cost. In addition “other expenses” of BGN 782k were also removed and company’s EBIDTA turned to positive BGN 3.2m, vs previously reported negative value of BGN 0.26m. EBDTA margin came at 3%. Consequently the initially reported net loss of BGN 4.2m narrowed to BGN 0.84m.
On the corrected balance sheet, 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 53m to BGN 200m. The initially booked retained earnings of BGN 8.3m turned to a loss of BGN 33.3m after the company booked loss following the correction of 2011 financial statements.