According
to the prepared statements in accordance with Russian
Accounting Standards for 6 months of 2013 the revenue
of IDGC of Centre increased and amounted to 41,8
billion rubles (33,9 billion rubles for 6M2012), including from the
transmission of electricity — 31,3 billion rubles, from
the grid connection — 271,8 million rubles, from resale
of electricity and capacity — 9,8 billion rubles and
other revenue — 365,6 million rubles. Against the same period
last year the growth of the revenue was 23,3% due to the
new type of activity in 1H 2013 in connection
with the transfer of the functions of a supplier
of last resort in 4 regions: Bryansk, Orel, Kursk and
Tver regions.
The gross profit of IDGC of Centre
for the reporting period rose to 7,0 billion rubles (6,6 billion
rubles for 6M2012), profit before interest, taxes, depreciation and
amortization (EBITDA[1])
amounted to 6,8 billion rubles (9,2 billion rubles for 6M2012),
net profit — 1,2 billion rubles (4,3 billion rubles for
6M2012). The profitability of IDGC of Centre for the
6 months of 2013 reached the following values: gross profit
margin — 16,7%, EBITDA margin — 16,3%, net profit
margin — 2,9%. Financial performance has changed due
to reserve on doubtful debts of 4,3 billion rubles
in accordance with legal requirements and decline in electrical
energy consumption of industrial companies in the regions
of the company’s service area as well. It should
be noted that following the results of the reporting period
the accounts receivable were decreased and administrative expenses
were reduced by 18,3%.
On June 30, 2013 net assets
of the company were 53,9 billion rubles (53,5 billion rubles
on December 31, 2012). Net debt[2]
amounted to 25,9 billion rubles (25,5 billion rubles
on December 31, 2012).
1H 2013 financial statements of the Company are
available at: https://www.
mrsk-1.com/en/information/statements/rbsu/2013/
[1]
EBITDA is calculated as follows: net profit + income tax
and other similar mandatory payments + interest expense —
interest profit + depreciation and amortization
[2]
Net debt is calculated as follows: long-term loans and
credits + short-term loans and credits — cash and
equivalents — financial investments.
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