Hotline of power engineering specialists:
IDGC of Centre for the second year in a row publishes its unaudited interim consolidated financial statements for the six months ended June 30, 2012 in accordance with IFRS. The Company’s revenue amounted to 34.2 billion rubles, including from the transmission of electricity — 33.3 billion rubles, from grid connection — about 0.4 billion rubles and other revenue — 0.5 billion rubles.
Operating profit of IDGC of Centre for the period reached 5.4 billion rubles, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 9.1 billion rubles, which is 5.8% higher than the same period of 2011. Net profit amounted to 3.5 billion rubles. Profit margin of IDGC of Centre for the 6 months of 2012 reached the following values: EBITDA — 26,6%, net profit — 10.2%.
Data in billion rubles, unless otherwise stated
|
Indicators |
First Half |
Change, % | |
|
2012 года |
2011 года |
||
|
Revenue (total), including: |
34,2 |
35,2 |
-2,8% |
|
from electric energy transmission |
33,3 |
33,6 |
-0,9% |
|
from grid connection |
0,4 |
1,1 |
-63,6% |
|
Other revenue |
0,5 |
0,5 |
0,0% |
|
Operating profit |
5,4 |
5,8 |
-6,9% |
|
EBITDA1 |
9,1 |
8,6 |
5,8% |
|
EBITDA margin, % |
26,6% |
24,4% |
2,2 п.п. |
|
Net profit |
3,5 |
3,8 |
-7,9% |
|
Net profit margin, % |
10,2% |
10,8% |
-0,6 p.p. |
1 The calculation is as follows: profit and total consolidated returns for the period + income tax + interest expense (excluding interest on obligations under finance leases and employee benefits) + depreciation.
Compared to the same period last year the total revenue of the Company showed a negative trend −2.8%, due to the restriction of grid tariff growth for the transmission of electricity within the execution of Resolutions of the Government of the Russian Federation # 1172 “On approval of rules for the wholesale e/energy and power market and amendments to some acts of the Government of the Russian Federation related to the organization of the wholesale market of electric energy and power” and # 1178 “On the pricing of regulated tariffs in the power sector”.
It should be noted that the productive supply of electric energy for 1H 2012 is 3.7% higher than the same period of 2011. The growth in the productive supply is due, first of all, to the increased consumption by large industrial consumers.
The financial statements under IFRS for the 1st half of 2012 and previous periods are available on the company’s web site at: http://mrsk-1.com/en/information/msfo/
