TENEX (the “Company”) published its 2016 accounting (financial) statements prepared in compliance with the Russian standards (RSBU).
Based on the accounting year results, the Company's proceeds, of which practically 100% was the profit from uranium product sales, reached Rubles ~139 billion. Compared with the previous year, the gross income decreased ~18% primarily due to a drop of the market quotations for feed (~30%) and uranium enrichment services (~20%).
Uranium business cost price slightly increased in 2016, and reached Rubles 92 billion. It is basically due to relatively high prices of the feed used to manufacture the products sold in the first half of 2016. Given the specificity of production cycle, the utilized feed was purchased in the second half of 2015, when the market indicators and exchange rates were significantly above the 2016 average values.
EBITDA and net profit in the accounting year decreased compared with the similar indicators in 2015 totaling Rubles ~36 billion and Rubles ~30 billion respectively.