IDGC
of Centre has published its consolidated financial statements for
2014 in accordance with IFRS. Consolidated revenues of the Company
for the period amounted to 87,0 bln RUB, including for electric
energy transmission — 69,1 bln RUB, from resale of electric energy
and power — 15,1 bln RUB, from grid connection — 1,6 bln RUB and
other revenue — 1,2 bln RUB. Earnings before interest, taxes,
depreciation and amortization (EBITDA1)
amounted to 7,8 bln RUB, adjusted EBITDA2
reached 16,7 bln RUB. Adjusted profit for the period3
was 4,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2013
|
12M 2014
|
Change, %
|
Revenue (total), including:
|
93,3
|
87,0
|
-6,8%
|
Revenue from electricity transmission
|
61,4
|
69,1
|
12,5%
|
Revenue from resale of electric energy and power
|
29,8
|
15,1
|
-49,3%
|
Revenue from grid connection
|
1,1
|
1,6
|
45,5%
|
Other revenue
|
1,0
|
1,2
|
20,0%
|
Operating costs
|
-91,2
|
-88,9
|
-2,5%
|
Other income
|
1,3
|
1,2
|
-7,7%
|
Operating profit
|
3,4
|
-0,7
|
-120,6%
|
EBITDA1
|
11,3
|
7,8
|
-31,0%
|
Adjusted EBITDA2
|
19,9
|
16,7
|
-16,1%
|
Profit for period
|
0,3
|
(3,3)
|
-1200,0%
|
Adjusted profit for period3
|
8,0
|
4,0
|
-50%
|
Indicators
|
As at 31.12.2013
|
As at 31.12.2014
|
Change, %
|
Total equity
|
41,8
|
38,9
|
-6,9%
|
Total assets
|
96,0
|
93,8
|
-2,3%
|
Loans and credits
|
33,1
|
37,3
|
12,7%
|
Cash and cash equivalents
|
1,1
|
0,4
|
-63,6%
|
Net debt4
|
32,0
|
36,9
|
15,3%
|
[1]
EBITDA is calculated as follows: profit for period +
profit tax + financial costs – financial income + depreciation
charges
|
[2]
Adjusted EBITDA is calculated as EBITDA except for the
provisions for impairment of accounts receivable and disposal of
fixed assets
|
[3]
Adjusted profit for the period is calculated as Profit
for the period except for the provisions for impairment of
accounts receivable and related deferred income tax on profits
|
[4]
Net debt is calculated as follows: long-term debt + short-term
debt – cash and cash equivalents
|
In connection with the execution of IDGC of Centre in 2013-2014 of
functions of a supplier of last resort and accounting for income from
the electricity transmission in the income from the sale of
electricity, the comparison of the proceeds received by the Company
for the current and previous year for the electricity 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 2013
|
12M 2014
|
Change, %
|
Revenue from electricity transmission (like-for-like)
|
75,2
|
75,9
|
0,9%
|
Revenue from resale of electric energy and power (like-for-like)
|
16,0
|
8,3
|
-48,1%
|
[*]According
to management accounting
|
Change in consolidated revenue in 2014 is mainly due to a decrease
in revenue from the resale of electric energy and power as a result
of the termination of the functions of the supplier of last resort in
the Bryansk, Orel, Kursk, Tver and Smolensk regions.
Operating costs for 2014 amounted to 88,9 bln RUB, which is 2.5%
less than the figure for 2013. The main factors of growth in the
expenses were non-cash items "Loss on impairment of fixed
assets" in the amount of 9,1 bln RUB and "Losses of
previous years", having increased from 0,4 bln RUB to 1,4 bln
RUB. The most significant cost reductions occurred under the item
"Provision for impairment of accounts receivable" from 8,6
bln RUB in 2013 to 0,0 bln RUB in 2014, as well as under the item
"Electric energy for resale" of 6,9 bln RUB. Depreciation
at the end of 2014 was 8,6 bln RUB, which is 0,6 bln RUB more than
last year.
The Company’s EBITDA in the reporting period amounted to 7,8 bln
RUB (11,3 bln RUB in 2013), profit for the period amounted to (-3,3)
bln RUB (0,3 bln RUB in 2013). Change in the financial results was
mainly due to the recognition of a loss on fixed assets impairment of
9,1 bln RUB on the results of testing as at December 31, 2014.
Adjusted EBITDA in the reporting period amounted to 16,7 bln RUB,
which is 16.1% less than in 2013 (19,9 bln RUB). Adjusted profit for
the period in 2014 decreased by 50.0% and amounted to 4,0 bln RUB
(8,0 bln RUB in 2013). The difference between the reporting and
adjusted indicators is explained with reflection of the following
non-cash transactions: provision for impairment of accounts
receivable, economic depreciation of fixed assets and adjustment of
deferred income tax associated with these transactions.
As at December 31, 2014 IDGC of Centre’s assets totalled 93,8
bln RUB (as at December 31, 2013 — 96,0 bln RUB). Net debt4
reached 36,9 bln RUB (as at December 31, 2012 — 32,0 bln RUB). The
increase in liabilities was due to the need to finance the investment
program and current operations.
The Company’s consolidated financial statements can be found at:
https://www.mrsk-1.ru/en/information/msfo/
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