IDGC of Centre has published its financial statements for 6 months of 2012 (RAS), EBITDA, net profit and productive supply have shown an increase of 6.9%, 2.4% and 3.7% respectively

1 August 2012

According to the prepared statements in accordance with Russian Accounting Standards for 6 months of 2012 the revenue of IDGC of Centre was 33.9 billion rubles, including from the transmission of electricity — 33.3 billion rubles, from the grid connection — 285.3 million rubles, and other revenue — 317.9 million rubles.

The gross profit of IDGC of Centre for the reporting period amounted to 6.6 billion rubles, profit before interest, taxes, depreciation and amortization (EBITDA[1]) — 9.3 billion rubles, net profit — 4.3 billion rubles.

The profitability of IDGC of Centre following the results of 6 months of 2012 reached the following values: for EBITDA — 20.3%, gross profit — 19.5%, net profit — 12.7%.


Data in billion RUB, unless specified otherwise

Indicators 2Q 2011 2Q 2012 Change, % 1H 2011 1H 2012 Change, %

Revenue (total), including:

15,6

15,9

1,9%

35,1

33,9

-3,4%

Revenue from electricity transmission

14,7

15,6

6,1%

33,6

33,3

-0,9%

Revenue from grid connection

0,7

0,2

-71,4%

1,1

0,3

-72,7%

Other revenue

0,1

0,2

100,0%

0,4

0,3

-25,0%

Cost price

12,8

12,8

0,0%

27,7

27,3

-1,4%

Gross profit

2,9

3,0

3,4%

7,3

6,6

-9,6%

Gross profit margin, %

18,6%

18,9%

0,3 pp

20,8%

19,5%

— 1,3 pp

EBITDA

3,5

4,7

34,3%

8,7

9,3

6,9%

EBITDA margin, %

22,4%

20,3%

-2,1 pp

24,8%

20,3%

— 4,5 pp

Net profit

1,4

2,2

57,1%

4,2

4,3

2,4%

Net profit margin, %

9,0%

13,8%

4,8 pp

12,0%

12,7%

0,7 pp

Volume of e/energy transmitted[2], billion kWh

12,4

12,8

3,2%

26,9

27,9

3,7%


Against the same period last year the total revenue of the Company showed a negative trend −3.4%, due to limited growth of grid tariffs for electricity transmission, in fulfillment of Resolutions of the Russian Federation Government # 1172 “On approval of rules of the wholesale e/energy and power market and amendments to certain acts of the Russian Government on the organization of the wholesale electricity and power market” and # 1178 “On the pricing in the area of regulated tariffs in the electricity industry”.

It should be noted alongside that the productive supply of electrical energy for 1H 2012 amounted to 27.9 billion kWh, which is 3.7% up over the same period in 2011. The growth of productive supply is due, primarily, to an increase in consumption by large industrial consumers: It should be noted alongside that the productive supply of electrical energy for 1H 2012 amounted to 27.9 billion kWh, which is 3.7% up over the same period in 2011. The growth of productive supply is due, primarily, to an increase in consumption by large industrial consumers: mining and enriching plant of OJSC “Stoilensky GOK” (Belgorod region), ZAO “Bryansk Machine Building Plant”, OJSC “Trunk Pipelines Druzhba” (Bryansk and Orel region) , OJSC “Mineral Fertilizers” and LLC “Rusenergosbyt” (Voronezh region), as well as agricultural products processing enterprises (Belgorod and Voronezh regions).

[1] EBITDA is calculated as follows: net profit + income tax and other similar mandatory payments + interest expense + depreciation accrual interest expense + depreciation charge

[2] Joint operation productive supply without losses of TGCs

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