According
to the prepared in accordance with the Russian Accounting Standards
statements for 12 months of 2013 IDGC of Centre’s revenue totalled
92.9 billion rubles, including from transmission of electricity —
61.4 billion rubles, from grid connection — 0.9 billion rubles,
from resale of electric energy and power — 29.8 billion rubles and
other revenues — 858 million rubles. Profit from sales increased by
22.3% and amounted to 11.5 billion rubles. Earnings before interest,
taxes, depreciation and amortization (EBITDA2) amounted to 11.5
billion rubles, net profit — 293 million rubles.
Data in billion RUB, if not specified otherwise
Indicators
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12M 2012
|
12M 2013
|
Change, %
|
Revenue (total), including:
|
69,4
|
92,9
|
33,9%
|
Revenue from electricity transmission
|
67,5
|
61,4
|
-9,0%
|
Revenue from grid connection
|
1,2
|
0,9
|
-25,0%
|
Revenue from resale of electric energy and power
|
0
|
29,8
|
-
|
Other revenue
|
0,7
|
0,9
|
28,6%
|
Cost of sales
|
57,9
|
78,1
|
34,9%
|
Sales profit1
|
9,4
|
11,5
|
22,3%
|
Sales profit margin, %
|
13,5%
|
12,4%
|
- 1,1 p.p.
|
EBITDA2
|
12,3
|
11,5
|
-6,5%
|
EBITDA margin, %
|
17,7%
|
12,4%
|
- 5,3 p.p.
|
Net profit
|
3,5
|
0,3
|
-91,4%
|
Net profit margin, %
|
5,0%
|
0,3%
|
-4,7 p.p.
|
Amount of electric energy transmitted3,
billion kWh
|
55,1
|
55,2
|
0,2%
|
Electric energy losses, %
|
9,53%
|
9,16%
|
-0,37 p.p.
|
[1]Revenue
net of costs, selling and administrative expenses
[2]
EBITDA is calculated as follows: net profit + profit tax and other
similar mandatory payments + interest payable - interest receivable +
depreciation charges
[3]Joint
operation productive supply without taking into account losses of
TGCs
The main factor influencing the financial performance in 2013 was
the takeover of functions of a supplier of last resort in 5 regions
of the service area (Bryansk, Kursk, Orel, Tver and Smolensk
regions). Due to the new activity the data under the item "Revenue
from electricity transmission" is not comparable to the previous
year’s data. Part of the revenue from the electricity transmission
in the amount of 13.8 billion rubles is included in the revenue from
the resale of electric energy and power. Excluding the new activity
the revenue from electricity transmission for 12 months of 2013
amounted to 75.2 billion rubles, which is 11.4% more than in 2012.
Cost of sales in 2013 amounted to 78.1 billion rubles, which is
20.2 billion rubles more than the figure for 2012. Cost of sales
growth was also associated with the performance of the functions of a
supplier of last resort, while it was possible to keep controllable
costs growth rate below the inflation at 4% through the
implementation of a cost management program.
The decline in net profit was mainly due to the allowance for
doubtful debts for electricity transmission services of retail
companies deprived the status of a supplier of last resort. Positive
factors from doing the new activity in 2013 were: an increase in the
debt collection for the electricity transmission services, reducing
losses and receiving additional revenue.
Growth of electric power transmission was due, primarily, to
increased consumption in the most economically developed regions of
IDGC of Centre’s service area: in the Kursk region +1.9%, Belgorod
region +1.0%, and Tver region +1.3 %. The main growth in the volume
of services rendered was due to increased consumption of
metallurgical and chemical industry, agriculture, as well as rising
power consumption of small and medium enterprises. Electricity losses
were reduced from 9.53% to 9.16%, including through the performance
of the functions a supplier of last resort and implementation of a
program on energy conservation and energy efficiency.
The Company's total assets as at December 31, 2013 increased by
5.9 billion rubles and amounted to 105.0 billion rubles. The
Company’s net assets amounted to 53.0 billion rubles. Net debt4
reached 32.0 billion rubles (as at December 31, 2012 — 25.5 billion
rubles).
The Company’s statements can be found at:
https://www.mrsk-1.ru/ru/information/statements/rbsu/2013/
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