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/
|
