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Rosseti Centre

October 27, 2015

IDGC of Centre published financial statements for 9 months of 2015 under RAS, EBITDA margin increased to 20,1%

According to statements for 9 months 2015 under the Russian Accounting Standards IDGC of Centre’s revenue amounted to 57,8 bln RUB, including from electricity transmission — 56,4 bln RUB, from grid connection — 0,8 bln RUB and other revenue — 0,6 bln RUB. Sales profit was 6,5 bln RUB, sales profit margin changed insignificantly and amounted to 11,2%. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 11,6 bln RUB, at the same time the indicator margin increased to 20,1%. Net profit decreased to 0,9 bln RUB.

Data in bln RUB, unless specified otherwise

Indicators

9M 2014

9M 2015

Change, %

Revenue (total), including:

64,6

57,8

-10,5%

Revenue from electric energy transmission

48,1

56,4

17,3%

Revenue from grid connection

0,9

0,8

-11,1%

Revenue from resale of electric energy and power

15,0

0,0

-100,0%

Other revenue

0,7

0,6

-14,3%

Cost of sales

55,0

49,6

-9,8%

Sales profit1

7,3

6,5

-11,0%

Sales profit margin, %

11,3%

11,2%

- 0,1 p.p.

EBITDA2

12,0

11,6

-3,3%

EBITDA margin, %

18,6%

20,1%

1,5 p.p.

Net profit

2,2

0,9

-59,1%

Net profit margin, %

3,4%

1,6%

-1,8 p.p.

Amount of electric energy transmitted, billion kWh

39,6

40,3

1,8%

Electric energy losses, %

8,42%

8,57%

0,15 p.p.

Electric energy losses, % (under comparable conditions)

8,69%

8, 57%

- 0,12 p.p.

Indicators

As at 31.12.2014

As at 30.09.2015

Change, %

Total assets

111,4

116,2

4,3%

Net assets

56,2

56,3

0,2%

Loans and credits

37,2

40,0

7,5%

Cash and cash equivalents + financial investments

0,4

1,8

350,0%

Net debt3

36,8

38,2

3,8%

[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

The main influence on the change in the level of revenue and cost of sales as compared to 9 months of 2014 was given by the Company’s performance of functions of a supplier last resort in 2014. The decrease in revenues for grid connection services for 9 months of 2015 compared to the same period in 2014 is due to the implementation in 2014 of large contracts for grid connection in the Kursk, Voronezh and Tver regions. Factors that had a significant impact on the financial results for 9 months of 2015 include an increase in the key rate of the Central Bank of the Russian Federation, as well as formation of reserves associated with challenging transactions with retail companies, deprived of the status of a supplier of last resort and declared bankrupt in the branches of Bryanskenergo, Orelenergo and Kurskenergo. At the end of the reporting period there was a success to reduce controlled costs by 8.7% (relative to the level of 2012), which was the result of effective work of the management to manage costs of the Company.

In connection with the execution by IDGC of Centre in 2013-2014 of the functions of a supplier of last resort and the reflection in the accounting of revenues from electricity transmission in income from electricity sales, a 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 bln RUB, unless specified otherwise

Indicators

9M 2014

9M 2015

Change, %

Revenue from electric energy transmission (like-for-like)

54,8

56,4

2,9%

Revenue from resale of electric energy and power (like-for-like)

8,2

0,0

-100,0%

The volume of electricity transmission services in comparison with the same period last year increased by 1,8% and amounted to 40,3 bln kWh. The growth of productive supply is connected with the increase of electricity consumption in the regions of the service area. A reduction of electric energy losses was achieved under comparable conditions from 8,69% for 9 months of 2014 to 8,57% for 9 months of 2015 due to implementation of a program on energy saving and energy efficiency. The growth of like-for-like revenue from electric energy transmission for 9 months of 2015 amounted to 1,5 bln RUB, or 2,9%, mainly due to the increase of tariffs for electricity transmission services in 2015.

The company’s total assets as of September 30, 2015 increased by 4,3% and amounted to 116,2 bln RUB. The company’s net assets amounted to 56,3 bln RUB. Net debt3 reached 38,2 bln RUB (as of December 31, 2014 — 36,8 bln RUB).

The Company’s statements for 9 months of 2015 can be found on the website at: https://www.mrsk-1.ru/en/information/statements/rsbu/2015/






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