According to the prepared in accordance with the Russian Accounting Standards statements for 12 months of 2013 IDGC of Centre’s revenue totalled 92.9 billion rubles, including from transmission of electricity — 61.4 billion rubles, from grid connection — 0.9 billion rubles, from resale of electric energy and power — 29.8 billion rubles and other revenues — 858 million rubles. Profit from sales increased by 22.3% and amounted to 11.5 billion rubles. Earnings before interest, taxes, depreciation and amortization (EBITDA2) amounted to 11.5 billion rubles, net profit — 293 million rubles.
Data in billion RUB, if not specified otherwiseIndicators | 12M 2012 | 12M 2013 | Change, % |
---|---|---|---|
Revenue (total), including: |
69,4 |
92,9 |
33,9% |
Revenue from electricity transmission |
67,5 |
61,4 |
-9,0% |
Revenue from grid connection |
1,2 |
0,9 |
-25,0% |
Revenue from resale of electric energy and power |
0 |
29,8 |
- |
Other revenue |
0,7 |
0,9 |
28,6% |
Cost of sales |
57,9 |
78,1 |
34,9% |
Sales profit1 |
9,4 |
11,5 |
22,3% |
Sales profit margin, % |
13,5% |
12,4% |
- 1,1 p.p. |
EBITDA2 |
12,3 |
11,5 |
-6,5% |
EBITDA margin, % |
17,7% |
12,4% |
- 5,3 p.p. |
Net profit |
3,5 |
0,3 |
-91,4% |
Net profit margin, % |
5,0% |
0,3% |
-4,7 p.p. |
Amount of electric energy transmitted3, billion kWh |
55,1 |
55,2 |
0,2% |
Electric energy losses, % |
9,53% |
9,16% |
-0,37 p.p. |
[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
The main factor influencing the financial performance in 2013 was the takeover of functions of a supplier of last resort in 5 regions of the service area (Bryansk, Kursk, Orel, Tver and Smolensk regions). Due to the new activity the data under the item "Revenue from electricity transmission" is not comparable to the previous year’s data. Part of the revenue from the electricity transmission in the amount of 13.8 billion rubles is included in the revenue from the resale of electric energy and power. Excluding the new activity the revenue from electricity transmission for 12 months of 2013 amounted to 75.2 billion rubles, which is 11.4% more than in 2012.
Cost of sales in 2013 amounted to 78.1 billion rubles, which is 20.2 billion rubles more than the figure for 2012. Cost of sales growth was also associated with the performance of the functions of a supplier of last resort, while it was possible to keep controllable costs growth rate below the inflation at 4% through the implementation of a cost management program.
The decline in net profit was mainly due to the allowance for doubtful debts for electricity transmission services of retail companies deprived the status of a supplier of last resort. Positive factors from doing the new activity in 2013 were: an increase in the debt collection for the electricity transmission services, reducing losses and receiving additional revenue.
Growth of electric power transmission was due, primarily, to increased consumption in the most economically developed regions of IDGC of Centre’s service area: in the Kursk region +1.9%, Belgorod region +1.0%, and Tver region +1.3 %. The main growth in the volume of services rendered was due to increased consumption of metallurgical and chemical industry, agriculture, as well as rising power consumption of small and medium enterprises. Electricity losses were reduced from 9.53% to 9.16%, including through the performance of the functions a supplier of last resort and implementation of a program on energy conservation and energy efficiency.
The Company's total assets as at December 31, 2013 increased by 5.9 billion rubles and amounted to 105.0 billion rubles. The Company’s net assets amounted to 53.0 billion rubles. Net debt4 reached 32.0 billion rubles (as at December 31, 2012 — 25.5 billion rubles).
The Company’s statements can be found at: http://www.mrsk-1.ru/ru/information/statements/rbsu/2013/