At a
meeting of the company’s Board of Directors November 10, 2015 the
adjusted Business Plan of the Company, including the Investment
Program, for 2015 was approved. Adjustment of the Business Plan of
the Company is related to the need to take into account several
important factors such as: Directive of the Government of the Russian
Federation dated 16.04.2015 ¹ 2303p-P13 to reduce operating costs
by at least 2-3% per year, accounting the results of a review from
01.07.2015 of tariffs for electricity transmission and a change of
the volume of financing of the Investment Program for 2015.
Indicators of the adjusted Business Plan of the Company for 2015:
Data in billion RUB, unless specified otherwise
Indicators
|
Approved plan for 2015
|
Adjusted plan for 2015
|
Change, %
|
Revenue (total), including:
|
78,7
|
79,4
|
0,9%
|
Revenue from electricity transmission
|
76,5
|
77,4
|
1,2%
|
Revenue from grid connection
|
1,4
|
1,1
|
-21,4%
|
Other revenue
|
0,8
|
0,8
|
0,0%
|
Cost of sales
|
72,3
|
72,0
|
-0,4%
|
EBITDA1
|
13,9
|
13,8
|
-0,7%
|
Net profit
|
-0,5
|
-0,4
|
20,0%
|
Amount of electric energy transmitted2,
billion kWh
|
54,4
|
54,7
|
0,6%
|
Electric energy losses, %
|
9,44%
|
9,44%
|
0,00 p.p.
|
Indicators
|
Approved plan as at 31.12.2015
|
Adjusted plan as at 31.12.2015
|
Change, %
|
Loans and credits
|
42,7
|
42,1
|
-1,4%
|
Net debt3
|
42,4
|
42,0
|
-0,9%
|
Net asset value
|
54,9
|
55,0
|
0,2%
|
|
[1]EBITDA
is calculated as follows: net profit + profit tax and other
similar mandatory payments + interest payable + depreciation
charges
[2]Joint
operation productive supply without taking into account losses of
TGCs
[3]Net
debt is calculated as follows: long-term debt + short-term debt –
cash and cash equivalents – financial investments
|
Planned revenue for electric energy transmission services
according to the adjusted Business Plan for 2015 is 1,2% higher than
the previously approved Business Plan for 2015, due to the increase
in the average tariff for electric energy transmission for the
category "population" from July 1, 2015 and the growth of
electric energy consumption. Reduction of the value of the planned
revenue from grid connections is related to the termination of grid
connection contracts in the Tver region as a result of failure on the
part of the applicants to perform their obligations under the
contracts.
Reduction of the cost relative to the previously approved plan for
2015 is due to lower forecast for such items as "Purchase of
electric energy for losses" and "Third-party services".
Decrease of the cost of sales, including, became possible thanks to
accounting of the implementation of the "Cost Management
Program" following the results of 6 months of 2015.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) is projected almost at the level of the previously approved
Business Plan and will be 13.8 billion rubles. At the end of 2015
when adjusting the Business Plan some insignificant change in the
financial result projected, which will be (-0,4) billion rubles. The
main risks that may affect the results of the Company include:
payment discipline of counterparties, interest rate on loans and sale
of services for grid connection of preferential consumers.
Projected value of the joint operation productive supply to
consumers according to the adjusted Business Plan for 2015 increased
by 0,6% to 54,7 billion kWh. The main reason for the improvement was
the increase in the forecast of electric energy consumption. The size
of the relative value of losses is kept at the previously approved
level.
The approved adjusted Business Plan includes the Investment
Program for 2015, previously approved by the Board of Directors of
the Company. The volume of financing of capital investments of the
adjusted Investment Program amounts to 14,4 billion rubles (including
VAT). During the implementation of the adjusted Investment Program it
is planned to commission1,022 MVA of transformer capacity and 3,870
km of overhead and cable lines.
The approved adjusted Business Plan for 2015 reflects a
conservative forecast of IDGC of Centre’s management on the
performance following the results of the year. The Board of Directors
approved the Plan of measures to increase efficiency and improve the
financial and economic condition of the Company, which is aimed to
achieve a break-even activity.
Other IR news of the Company can be found at:
https://www.mrsk-1.ru/en/investors/presentations/ir_news/
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