Wednesday, April 5 2017 14:56
Alina Hovhannisyan

Armen Arshakyan: Electric Networks of Armenia never used banking guarantees during whole the performance history

Armen Arshakyan: Electric Networks of Armenia never used banking guarantees during whole the performance history

ArmInfo. Armenian Electric Networks JSC never used any banking during whole the performance history. This was stated by Armen Arshakyan, the Financial and Economic Director of Electric Networks of Armenia after the session of the Public Services Regulating Commission, which approved the allocation of  AMD 1.2 bln  Ardshinbank guarantee to the special account of  Electric networks of Armenia.

Following Arshakyan, according to the procedures on utilization of special accounts assets, this procedure has standard features. "The bank has to submit a guarantee in the limits of 1% of our average monthly billing, which will give an option to the Company to cover the liabilities in respect to the generating companies and operators," he mentioned. In this respect Arshakyan clarified that since the Company has been purchased by Tashir Group,  it had no overdue  liabilities in respect to generating stations. "In essence, this process is something like our overinsurance," he mentioned.  According to the source, the profit of ENA JSC, based on results of 2016, formed  AMD 23, 6 bln. The profit will be allocated for covering the overdue liabilities . An economic-financial audit is completed at the Company, implemented by international audit company of KPMG. The results of audit  will be published in the terms set forth by regulations.

To remind, in late September the Tashir Group and Inter RAO signed an agreement on buy-sell of electic power assets of Armenia. The subject of the transaction was the Electric Networks of Armenia JSC and Hrazdan TPP. All the assets will continue performing all the liabilities undertaken prior to the transaction mentioned.

According to the data of Armenian banks Ranking prepared by ArmInfo Agency as of  January 1, 2017, due to the credit exposures Ardshinbank holds the second position  - AMD 343,9 bln , within the annual growth for 18,4% . In respect to legal entities  lending Ardshinbank also holds the second position with a volume of AMD 257 bln, providing annual growth for 30, 4%. The credit portfolio share in the assets of the bank forms 68%, and in total credit exposures the share of Ardshinbank forms 13,12%. In 2016, Ardshinbank incread its  net profit in 2,3 times - up to AMD  4,6  bln, taking the 3rd position.

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