IDGC of Centre (MRKC) published financial reporting for 2009

2 March 2010

Gross profit of IDGC of Centre for the reporting period amounted to 5,796 bln Rubles, sales profit — 4,603 bln Rubles, profit before taxation — 2,395 bln Rubles, net profit — 1,325 bln Rubles. Profitability of IDGC of Centre according to sales profit following the results of 2009 amounted to 9,4 %, net profitability — 2,7 %.

Following the results of 2009 the proceeds of IDGC of Centre grew up by 13 % compared with 2008 *, prime cost — by 15 %. Within the framework of tariff regulation the Company profit growth was limited. Besides, under the conditions of power consumption drop a number of consumers was transferred to flat-rate tariff for power transmission service payment, this also influenced on the Company proceeds negatively. At the same time prime cost increased mainly owing to growth of tariffs for FGC services and loss payment (in non-regulated part). As a result of higher-than-anticipated growth of prime cost the Company gross profit reduced by 2 %, gross profitability reduced by 1,8 percentage points (p. p.). Following the results of 2009 sales profit turned out to be lower by 2 % than the compared index of 2008, sales profit profitability decreased by 1,5 p. p. The Company net profit grew up more than in one-half, net profitability — by 0,7 p. p.

Within the reporting period the key profit indices turned out to be higher than the planned ones. The main discrepancy reason is that the Company managed to implement the rigid enough cost control program in full. This allowed to show prime cost reduction by 2,5% in comparison with the planned one following the results of the year. The result is that sales profit turned out to be higher by 25 % than the plan, and net profit exceeded the planned targets more than by 30 %.

* Since IDGC of Centre formation process as the unified company had been completed on March 31, 2008, consolidated data of RAS for 2008 taking into account the results of RGC activities before affiliation was used to compare indices with 2008.

 

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