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Rosseti Centre

March 3, 2015

IDGC of Centre has published its financial statements for 2014 under RAS

According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2014 IDGC of Centre’s revenue totalled 86,7 billion rubles, including from electricity transmission — 69,2 billion rubles, from grid connection — 1,5 billion rubles, from resale of electric energy and power — 15,1 billion rubles and other revenues — 1,0 billion rubles. Profit from sales decreased by 1,5 billion rubles and amounted to 10,0 billion rubles. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 35,7% and reached 15,6 billion rubles. Net profit increased significantly from 0,3 billion rubles to 3,3 billion rubles.

Data in billion RUB, unless specified otherwise

Indicators

12M 2013

12M 2014

Change, %

Revenue (total), including:

92,9

86,7

-6,7%

Revenue from electricity transmission

61,4

69,2

12,7%

Revenue from grid connection

0,9

1,5

66,7%

Revenue from resale of electric energy and power

29,8

15,1

-49,3%

Other revenue

0,9

1,0

11,1%

Cost of sales

78,1

73,9

-5,4%

Sales profit1

11,5

10,0

-13,0%

Sales profit margin, %

12,4%

11,5%

- 0,9 p.p.

EBITDA2

11,5

15,6

35,7%

EBITDA margin, %

12,4%

18,0%

5,6 p.p.

Net profit

0,3

3,3

1000,0%

Net profit margin, %

0,3%

3,8%

3,5 p.p.

Amount of electric energy transmitted3, billion kWh

55,2

54,4

-1,4%

Electric energy losses, %

9,16%

9,17%

0,01 p.p.

Electric energy losses (like-for-like), %

9,26%

9,17%

- 0,09 p.p.

Indicators

As at 31.12.2013

As at 31.12.2014

Change, %

Total assets

105,0

111,4

6,1%

Net assets

53,0

56,2

6,0%

Loans and credits

33,1

37,2

12,4%

Net debt4

32,0

36,8

15,0%

[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 - interest receivable + depreciation charges

[3]Joint operation productive supply without taking into account losses of TGCs

[4] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents – financial investments

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

12M 2013

12M 2014

Change, %

Revenue from electricity transmission (like-for-like)

75,2

75,9

0,9%

Revenue from resale of electric energy and power (like-for-like)

16,0

8,3

-48,1%

The main factors affecting the revenues from electricity transmission were the increase in the average joint operation rate, reduction of the volume of electricity transmission and change of the settlement scheme from 01.06.2014 with the territorial grid company LLC "Bryanskoblelektro" "with joint operation paying to IDGC of Centre". A significant change in the revenue from the resale of electric energy and power is due to the transfer by IDGC of Centre in 2014 of the functions of a supplier of last resort to winners of the Russian Ministry of Energy tender in all regions.

The growth in revenues from grid connection also positively influenced the total revenues of the company. The increase in revenues is due to the fact that in 2014 some large projects were implemented in the branches of Voronezhenergo, Kurskenergo and Tverenergo.

The cost of sales for 12 months in 2014 amounted to 73,9 billion rubles, a decrease of 5,4%. Change is mainly due to the reduction of costs for the purchase of electricity in connection with the functions of a supplier of last resort. However, with respect to the fact 2013, there was an increase of 1.5 billion rubles, or 7.7% controlled costs by increasing the consumption of materials for repair, indexation of wages and an increase in property tax.

As a result of the formation of significant reserves for doubtful accounts receivable for electricity transmission services of retail companies, deprived of the status of suppliers of last resort, recorded in 2013, net profit for last year is much less than in 2014, which amounted to 3,3 billion rubles.

Following the results of operation in 2014 the volume of electric energy transmission (joint operation productive supply without losses of TGCs) amounted to 54,4 billion kWh, that in comparison with the indicator of 2013 (55,2 billion kWh) is 0,8 billion kWh, or 1,4%, less. The reduction in the volume of services is associated with the termination of "last mile" contracts and a decrease in electricity consumption in the Smolensk and Yaroslavl regions.

Electricity losses, while calculating under comparable conditions (electric energy supplied at “last mile” facilities, which were removed from the balance sheet in 2014, was excluded from the actual balance of electric energy in 2013), were reduced by 0,09 percentage points through the successful implementation of the "Energy saving and energy efficiency" program in 2014. The total effect of its performance was 196,6 million kWh (529,2 million rubles).

The company’s total assets as of December 31, 2014 increased by 6.1% and amounted to 111,4 billion rubles. The company’s net assets amounted to 56,2 billion rubles. Net debt4 reached 36,8 billion rubles (as of December 31, 2013 — 32,0 billion rubles).

The Company’s statements can be found at: https://www.mrsk-1.ru/ru/information/statements/rbsu/2014/






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