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IDGC of Centre has published financial statements for the 1st quarter of 2014 under RAS, revenue and net profit showed an increase of 26% and 56%


Revenue of IDGC of Centre under RAS for the 1st quarter of 2014 reached the planned target and increased compared to the same period last year by 26,0% to 27,6 bln RUB (1Q 2013 - 21,9 bln RUB), including from electric energy transmission — 15,4 bln RUB (1Q 2013 - 17,9 bln RUB), from grid connections — 0,3 bln RUB (1Q 2013 - 0,1 bln RUB), from resale of electric energy and capacity — 11,7 bln RUB (1Q 2013 - 3,7 bln RUB). Gross profit increased by 2,3% to 4,4 bln RUB, earnings before interest, taxes, depreciation and amortization (EBITDA [1]) amounted to 5,6 bln RUB. Net profit increased compared to the 1st quarter of 2013 by 55,6% and amounted to 1,4 bln RUB.

Changes in the level of revenue and net profit compared to 1Q 2013 are related mainly to the transfer to IDGC of Centre and from the Company to third-party companies the functions of a supplier of last resort in the periods under comparison. The revenue increase from the grid connections from 0,1 bln RUB to 0,3 bln RUB is due to the implementation of a large grid connection contract by the Company.

The growth in cost of sales by 32,4% to 23,3 bln RUB from the same period last year is mainly also due to the transfer of the functions of a supplier of last resort, as well as increased cost of electric energy transmission and depreciation.

The amount of productive supply of electric energy[2] compared to the same period last year dropped by 1.6 and reached 14,57 billion kWh, which is associated with the termination of "last mile" contracts (about 172 million kWh). Reduction of electricity losses from 11,27% of the supply to the grid in 1Q 2013 to 10,75% in 1Q 2014 was achieved through implementation of the program on energy conservation and energy efficiency, including with mass taking readings from residential customers in connection with the transfer of the functions of a supplier of last resort for a number of branches. Higher temperature in March 2014 relative to the norm and the previous year had significant impact on the reduction of losses.

[1] EBITDA is calculated as follows: net profit + income tax and other similar mandatory payments + interest payable - interest receivable + depreciation and amortization
[2] Joint operation productive supply without taking into account losses of TGCs

The Company’s statements for 1Q 2014 can be found at:

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