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IDGC of Centre has published its financial statements for 9 months of 2013 under RAS


According to the prepared under Russian Accounting Standards statements for 9 months of 2013 IDGC of Centre’s revenues have grown up and amounted to 64.5 billion rubles (for 9 months of 2012 — 50.5 billion rubles), including from transmission of electrical energy — 45.6 billion rubles (for 9 months of 2012 — 49.5 billion rubles), from grid connection — 507.7 million rubles (for 9 months of 2012 — 525.5 million rubles), from resale of electrical energy and power — 17.8 billion rubles and other revenues — 566.3 million rubles (for 9 months of 2012 — 493.8 million rubles).

Changes in the revenues, including the transmission of electrical energy, are due to the appearance in 2013 of a new kind of activity in connection with the transfer of the functions of a supplier of last resort in 4 regions of the service area. The total effect of the performance of retail activity, accounted for in the revenue from the resale of electrical energy and power, is 9.4 billion rubles. Part of the proceeds from the transmission of electrical energy, which is included in the revenue from the resale of electrical energy and power, is 8.4 billion rubles, taking into account the amount of the revenue from electricity transmission for the 9 months of 2013 amounted to 54.0 billion rubles, which is 9.1% higher than the same period last year.

IDGC of Centre’s gross profit for the reporting period amounted to 10.2 billion rubles (for 9 months of 2012 — 11.5 billion rubles), earnings before interest, taxes, depreciation and amortization (EBITDA[1]) is 8.1 billion rubles (for 9 months of 2012 — 12.7 billion rubles ), net profit — 109.5 million rubles (for 9 months of 2012 — 5.0 billion rubles). Profitability of IDGC of Centre for 9 months of 2013 reached the following values: gross profit margin — 15.8%, EBITDA margin — 12.6%.

The main contribution to the change in financial results was made by additional provision for doubtful debts in the amount of 8.2 billion rubles in connection with the requirements of the legislation, which significantly reduced the net profit. At the same time the company continues to improve operational efficiency, as evidenced by the reduction of accounts receivable by 8.2% and decrease of administrative expenses by 9.6% for 9 months of 2013.

The statements of the company for 9 months of 2013 can be found at: http://www.

  1. [1] EBITDA is calculated as follows: net profit + income tax and other similar mandatory payments + interest payable - interest receivable + depreciation and amortization

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