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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