IDGC
of Centre has published its unaudited interim consolidated financial
statements for the 1st half of 2014 in accordance with the
International Financial Reporting Standards (IFRS). IDGC of Centre's
revenue for the period amounted to 47,7 bln RUB, including from the
provision of electricity transmission services — 31,5 bln RUB, from
the provision of electricity grid connection services — 0,8 bln
RUB, from the resale of electric energy and power — 14,9 bln RUB.
Profit for the period showed a positive trend and was 2,6 bln RUB
against 0,6 bln RUB for the same period in 2013.
Data in billion RUB, if not specified otherwise
Indicators
|
1H 2013
|
1H 2014
|
Change, %
|
Revenue (total), including:
|
41,9
|
47,7
|
13,8%
|
Revenue from electricity transmission
|
31,3
|
31,5
|
0,6%
|
Revenue from grid connection
|
0,3
|
0,8
|
166,7%
|
Revenue from resale of electric energy and power
|
9,9
|
14,9
|
50,5%
|
Other revenue
|
0,4
|
0,5
|
25,0%
|
Operating costs
|
40,2
|
43,2
|
7,5%
|
Other income
|
0,4
|
0,3
|
-25,0%
|
Operating profit
|
2,1
|
4,8
|
128,6%
|
EBITDA1
|
6,0
|
9,1
|
51,7%
|
Profit for period
|
0,6
|
2,6
|
333,3%
|
Amount of electric energy transmitted2,
billion kWh
|
27,68
|
27,35
|
-1,2%
|
Electric energy losses, %
|
9,23
|
8,99
|
-0,24 ď.ď.
|
[1]EBITDA
is calculated as follows: profit for period + profit tax + interest
payable – interest receivable + depreciation charges;
[2]Joint
operation productive supply without taking into account losses of
TGCs
The company's performance in 2013 of the functions of a supplier
of last resort in the Bryansk, Orel, Kursk, Tver and Smolensk regions
had the main influence on the financial performance of IDGC of
Centre. Excluding the effect of the new activity the revenue from
electricity transmission for the 1st half of 2014 amounted to 38,3
bln RUB, which is 6.4% higher than in 2013 (36,0 bln RUB) and is
mainly due to an increase in the average transmission tariff.
Performance of large contracts in the Voronezh and Tver regions and a
milestone agreement in the Kursk region significantly affected the
growth of revenue from the electricity grid connection services: the
indicator increased by 166,7% compared with the data for 6 months in
2013.
Operating expenses of IDGC of Centre in the reporting period
increased by 7,5 % to 43,2 bln RUB, primarily due to increased costs
for the electricity transmission services through the Unified
National (All-Russia) Power Grid and growth of the cost of purchasing
electricity losses due to the increase in the weighted average
non-regulated prices for electric energy (power). The increase in the
operating expenses is also related to the implementation of the
functions of a supplier of last resort by IDGC of Centre.
Operating profit of IDGC of Centre reached 4,8 bln RUB (for 6
months of 2013 - 2,1 bln RUB). EBITDA for the 1st half of 2014
increased by 51,7 % compared to the same period last year and reached
9,1 bln RUB. The difference is due to the adjustment of the provision
for litigation in the 1st half of 2013.
Decrease in the volume of the electricity transmission services
rendered by IDGC of Centre following the results of the first half of
2014 by 1,2% is due to the termination of "last mile"
contracts for a number of branches from 01 January 2014 and the
decline in electricity consumption by large industrial enterprises.
The total value of the consolidated assets of the company for the
six months increased by 3,1% and as at 30.06.2014 amounted to 99,0
bln RUB. Net debt3
reached 33,2 bln RUB (as at 31 December 2013 — 32,0 bln RUB).
"Despite the general instability in the economy, unfavourable
external environment, the company has shown a positive trend on the
key financial indicators, improving the reliability, quality and
availability of power supply to customers," underlined Deputy
General Director for Economy and Finance Sergey Rumyantsev.
The Company’s statements can be found at:
https://www.mrsk-1.com/en/information/msfo/
[3]Net
debt is calculated as follows: long-term debt + short-term debt –
cash and cash equivalents
|
