According
to the prepared in accordance with the Russian Accounting Standards
statements for 2015 IDGC of Centre’s revenue totalled 79,8 bln RUB,
including from electric energy transmission — 77,7 bln RUB, from
grid connection — 1,2 bln RUB and other revenue — 0,9 bln RUB.
Sales profit amounted to 9,1 bln RUB, sales profit margin changed
insignificantly and amounted to 11,4%. Earnings before interest,
taxes, depreciation and amortization (EBITDA2)
reached 15,2 bln RUB, while its margin increased to 19,0%. Net profit
decreased to 0,9 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2014
|
12M 2015
|
Change, %
|
Revenue (total), including:
|
86,7
|
79,8
|
-8,0%
|
Revenue from electric energy transmission
|
69,2
|
77,7
|
12,3%
|
Revenue from grid connection
|
1,5
|
1,2
|
-20,0%
|
Revenue from resale of electric energy and power
|
15,1
|
0,0
|
-100,0%
|
Other revenue
|
1,0
|
0,9
|
-10,0%
|
Cost of sales
|
73,9
|
68,5
|
-7,3%
|
Sales profit1
|
10,0
|
9,1
|
-9,0%
|
Sales profit margin, %
|
11,5%
|
11,4%
|
- 0,1 p.p.
|
EBITDA2
|
15,7
|
15,2
|
-3,2%
|
EBITDA margin, %
|
18,1%
|
19,0%
|
0,9 p.p.
|
Net profit
|
3,3
|
0,9
|
-72,7%
|
Net profit margin, %
|
3,8%
|
1,1%
|
-2,7 p.p.
|
Amount of electric energy transmitted, billion kWh
|
54,4
|
54,8
|
0,7%
|
Electric energy losses, %
|
9,17%
|
9,35%
|
0,18 p.p.
|
Electric energy losses, % (under comparable conditions)
|
9,49%
|
9,35%
|
- 0,14 p.p.
|
Indicators
|
As at 31.12.2014
|
As at 31.12.2015
|
Change, %
|
Total assets
|
111,4
|
117,9
|
5,8%
|
Net assets
|
56,2
|
56,3
|
0,2%
|
Loans and credits
|
37,2
|
42,1
|
13,2%
|
Cash and cash equivalents + Financial investments
|
0,4
|
0,1
|
-75,0%
|
Net debt3
|
36,8
|
42,0
|
14,1%
|
[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 + depreciation
charges
|
[3]Net
debt is calculated as follows: long-term debt + short-term debt –
cash and cash equivalents – financial investments
|
In connection with the execution by IDGC of Centre in 2013-2014 of
functions of a supplier of last resort and accounting for income from
electric energy transmission in the profit from the sale of
electricity, the comparison of the proceeds, received by the Company
for the current and previous year for the electric energy
transmission services and for services from the resale of electric
energy and power, should be carried out under comparable conditions.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2014
|
12M 2015
|
Change, %
|
Revenue from electric energy transmission (like-for-like)
|
75,9
|
77,7
|
2,4%
|
Revenue from resale of electric energy and power (like-for-like)
|
8,3
|
0
|
-100%
|
The revenue from electric energy transmission under comparable
conditions shows a positive trend, due to growth of tariffs and an
increase in the volume of productive supply.
The decrease in the revenue for grid connection services by the
end of 2015 compared to the same period in 2014 is due to the
implementation of major contracts for technological connection in
2014. In spite of this, it achieved growth in the number of executed
contracts by 25,8%, most of which were for privileged categories of
consumers.
The main reason for the decline in the other revenue is the change
in the income structure: the allocation in 2015 of electricity
transmission services in a large municipal contract of IDGC of Centre
- Smolenskenergo division for the maintenance and development of
street lighting grids. An increase of 2,5% of customer requests
regarding value-added services had positive impact on the other
revenue figure for the period under review.
Net profit by the end of 2015 amounted to 0,9 bln RUB, which is
72,7% lower than the same indicator last year, but 1,3 bln RUB above
the planned level determined by the Company’s Board of Directors.
The main factors that had a significant impact on the financial
results for 2015 are: termination of the provision of services for
the sale of electric energy in 2014, an increase in the key rate of
the Central Bank of the Russian Federation, as well as creation of
reserves associated with challenging of transactions with sales
companies, deprived of the status of a supplier of last resort and
recognized bankrupt. Limiting the growth of tariffs and shortfall in
income from the phasing out of "last mile" contracts put
additional pressure on the company’s profit. Despite the negative
impact of external factors beyond the control of the company’s
management, in 2015 they managed to reduce controllable expenses by
8,5%, which was the result of implementation of the target cost
management program. During the reporting period the company managed
to diversify its loan portfolio, to preserve financial stability and
to improve the EBITDA margin.
The volume of electric energy transmission services amounted to
54,8 billion kWh, an increase in the volume by 0,7% compared with the
same period last year, largely due to the change in the tariff and
contractual model in the Bryansk region. Upon adjustment of the
indicators with the comparable conditions the level of power
consumption remained at the level of 2014: the reduction in
electricity consumption in the Lipetsk, Tver and Kostroma regions was
offset by the growth of electricity consumption in the Kursk,
Smolensk and Yaroslavl regions.
A reduction of electric energy losses under comparable conditions
was achieved from 9,49% for 12 months of 2014 to 9,35% for 12 months
in 2015 due to implementation of the energy conservation and
efficiency program. Following the results of 2015 IDGC of Centre
managed to increase its market share in terms of revenue from
electric energy transmission to 83,2%.
The company’s total assets as of December 31, 2015 increased by
5,8% and amounted to 117,9 bln RUB. The company’s net assets
amounted to 56,3 bln RUB. Net debt3 reached 42,0 bln RUB
(as of December 31, 2014 — 36,8 bln RUB).
The Company’s statements for 2015 can be found at:
https://www.mrsk-1.ru/en/information/statements/rsbu/2015/
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