According
to statements for the 1st half of 2014 under Russian Accounting
Standards IDGC of Centre’s revenue amounted to 47.6 bln RUB,
including from electricity transmission — 31.5 bln RUB, from grid
connection — 0.7 bln RUB, from resale of electric energy and power
— 14.9 bln RUB. Other revenue amounted to 420 mln RUB. Sales profit
slightly decreased and amounted to 5.7 bln RUB. Earnings before
interest, taxes, depreciation and amortization (EBITDA) amounted to
8.5 bln RUB, which is 25% higher than the same period last year. Net
profit increased by 66.7% to 2.0 bln RUB.
Data in bln RUB, unless specified otherwise
Indicators
|
1 H 2013
|
1 H 2014
|
Change, %
|
Revenue (total), including:
|
41,8
|
47,6
|
13,9%
|
Revenue from electricity transmission
|
31,3
|
31,5
|
0,6%
|
Revenue from grid connection
|
0,3
|
0,7
|
133,3%
|
Revenue from resale of electric energy and power
|
9,8
|
14,9
|
52,0%
|
Other revenue
|
0,4
|
0,4
|
0,0%
|
Cost of sales
|
34,8
|
41,3
|
18,7%
|
Sales profit1
|
5,8
|
5,7
|
-1,7%
|
Sales profit margin, %
|
13,9%
|
12,0%
|
- 1,9 p.p.
|
EBITDA2
|
6,8
|
8,5
|
25,0%
|
EBITDA margin, %
|
16,3%
|
17,9%
|
1,6 p.p.
|
Net profit
|
1,2
|
2,0
|
66,7%
|
Net profit margin, %
|
2,9%
|
4,2%
|
1,3 p.p.
|
Amount of electric energy transmitted3,
billion kWh
|
27,68
|
27,35
|
-1,2%
|
Electric energy losses, %
|
9,23
|
8,99
|
-0,24 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 affecting the company's financial performance in
2013-2014 was the pickup of the function of a supplier of last resort
in 5 regions of its service area (Bryansk, Kursk, Orel, Tver and
Smolensk regions). With the new activity the data in the item
"Revenue from electricity transmission" is not comparable
with the previous year. Part of the proceeds from the electricity
transmission in the amount of 6.8 bln RUB is included in the revenue
from the resale of electric energy and power (4.7 bln RUB in the
statements for 1H 2013). Excluding the new activity the revenue from
electricity transmission for 1H 2014 amounted to 38.3 bln RUB, which
is 6.4% higher than in 2013 (36.0 bln RUB). The revenue growth from
electricity transmission under comparable conditions is mainly
associated with an increase in the average transmission tariff. The
revenue growth from grid connection is related with the closure of
major contracts in the Voronezh and Tver regions and completion of a
stage contract in the Kursk region.
The cost of sales for 1H 2014 amounted to 41.3 bln RUB, which is
6.5 bln RUB higher than the figure for 2013. The cost of sales growth
is also associated with the implementation of functions of a supplier
of last resort by IDGC of Centre. Besides, the factors increasing the
cost of sales are the growth in expenses of electricity transmission
services in the Unified National (All-Russia) Electric Grid and the
cost increase to purchase electricity to compensate losses due to
growth in the weighted average non-regulated prices for electric
energy (power).
The net profit increase compared to the same period last year is
mainly attributable to the allowance for doubtful accounts receivable
for electricity transmission services of retail companies, which lost
their status of a supplier of last resort, reflected in 2013.
The volume of electricity transmission following the results of 1H
2014 showed a decline of 1.2% due to the termination of the contracts
of the "last mile" for a number of branches from 01 January
2014 and reduction in electricity consumption by large industrial
enterprises. Electricity losses were reduced from 9.23% to 8.99% due
to the company's ongoing work to improve the quality and reliability
of electricity transmission.
The company's net assets as at June 30, 2014 increased by 2.0 bln
RUB compared to December 31, 2013 and amounted to 54.9 bln RUB. The
net debt4
reached 33.3 bln RUB (as at December 31, 2013 — 32.0 bln RUB).
The Company’s statements can be found at:
https://www.mrsk-1.com/en/information/statements/rbsu/2014/
[4]Net
debt is calculated as follows: long-term debt + short-term debt –
cash and cash equivalents – financial investments
|