According
to the prepared in accordance with the Russian Accounting Standards
statements for 6 months of 2015 IDGC of Centre’s revenue totalled
38,9 bln RUB, including from electric energy transmission — 38,0
bln RUB, from grid connections — 0,5 bln RUB and other revenue —
0,4 bln RUB. Profit from sales amounted to 4,7 bln RUB, sales profit
margin increased a little to 12,1%. Earnings before interest, taxes,
depreciation and amortization (EBITDA2) reached 7,5 bln
RUB, at the same time the indicator profitability increased to 19,3%.
Net profit decreased to 0,5 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
6M 2014
|
6M 2015
|
Change, %
|
Revenue (total), including:
|
47,6
|
38,9
|
-18,3%
|
Revenue from electric energy transmission
|
31,5
|
38,0
|
20,6%
|
Revenue from grid connection
|
0,7
|
0,5
|
-28,6%
|
Revenue from resale of electric energy and power
|
14,9
|
0,0
|
-100,0%
|
Other revenue
|
0,4
|
0,4
|
0,0%
|
Cost of sales
|
40,1
|
33,0
|
-17,7%
|
Sales profit 1
|
5,7
|
4,7
|
-17,5%
|
Sales profit margin, %
|
12,0%
|
12,1%
|
0,1 p.p.
|
EBITDA 2
|
8,5
|
7,5
|
-11,8%
|
EBITDA margin, %
|
17,9%
|
19,3%
|
1,4 p.p.
|
Net profit
|
2,0
|
0,5
|
-75,0%
|
Net profit margin, %
|
4,2%
|
1,3%
|
-2,9 p.p.
|
Amount of electric energy transmitted, billion kWh
|
27,3
|
27,5
|
0,7%
|
Electric energy losses, %
|
8,99%
|
9,27%
|
0,28 p.p.
|
Electric energy losses, % (under comparable conditions without
taking into account “last mile” facilities)
|
9,28%
|
9,27%
|
-0,01 p.p.
|
Indicators
|
As at 31.12.2014
|
As at 30.06.2015
|
Change, %
|
Total assets
|
111,4
|
112,4
|
0,9%
|
Net assets
|
56,2
|
55,9
|
-0,5%
|
Loans and credits
|
37,2
|
36,8
|
-1,1%
|
Cash and cash equivalents + Financial investments
|
0,4
|
1,2
|
200,0%
|
Net debt 3
|
36,8
|
35,6
|
-3,3%
|
[1]
Revenue net of cost of sales, selling and administrative expenses
[2]
EBITDA is calculated as follows: net profit + profit tax and
other similar mandatory payments + interest payable - interest
receivable + depreciation charges
[3]
Net debt is calculated as follows: long-term debt + short-term debt –
cash and cash equivalents – financial investments
Changes in the level of revenue and cost of sales relative to 6
months of 2014 are mainly connected with the transfer by the Company
of functions of a supplier of last resort to third-party companies in
the compared periods. The increase in the key rate of the Central
Bank of the Russian Federation, as well as the formation of reserves
for estimated liabilities associated with challenging transactions
with retail companies, deprived of the status of a supplier of last
resort and recognized as a bankrupt, had significant impact on the
financial results for 6 months of 2015.
In connection with the execution by IDGC of Centre in 2013-2014 of
functions of a supplier of last resort and accounting for income from
electricity transmission in the profit 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
|
6M 2014
|
6M 2015
|
Change, %
|
Revenue from electric energy transmission (like-for-like)
|
38,3
|
38,0
|
-0,8%
|
Revenue from resale of electric energy and power (like-for-like)
|
8,2
|
0
|
-100%
|
The volume of electricity transmission services in comparison with
the same period last year increased by 0,7% and was 27,5 billion kWh.
The reduction in the comparable revenue from electricity transmission
occurred due to changes in the model of "joint operation"
in the Bryansk region from 01.06.2014 in respect of settlements
between IDGC of Centre, PJSC, the supplier of last resort LLC
"TEK-Energo" and the territorial grid company LLC
"Bryanskoblelectro", and namely: points of delivery from
grids of LLC "Bryanskoblelectro" were excluded from the
contract for the provision of electric energy transmission services
between IDGC of Centre, PJSC and LLC "TEK-Energo", a
contract for the provision of electric energy transmission services
was concluded between LLC "Bryanskoblelectro" and IDGC of
Centre, PJSC, providing for settlements under an individual tariff
"with joint operation paying to IDGC of Centre". Reduction
of electric energy losses in comparable terms was achieved, excluding
the volume of transmission in regards with "last mile"
facilities from 9,28% for 6 months in 2014 to 9,27% for 6 months in
2015 due to the implementation of the program on energy saving and
energy efficiency.
The company’s total assets as of June 30, 2015 increased by 0,9%
and amounted to 112,4 bln RUB. The company’s net assets amounted to
55,9 bln RUB. Net debt3 decreased to 35,6 bln RUB (as of
December 31, 2014 — 36,8 bln RUB).
The Company’s statements for 6 months of 2015 can be found at:
https://www.mrsk-1.ru/en/information/statements/rsbu/2015/
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