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According to the prepared under Russian Accounting Standards statements for 9 months of 2012 the revenue of IDGC of Centre was 50,5 billion rubles, including for the transmission of electricity — 49,5 billion rubles, from the grid connection — 525,5 million rubles and other revenue — 493,8 million rubles.
Gross profit of IDGC of Centre for the reporting period amounted to 11,5 billion rubles, profit before interest, tax, depreciation and amortization (EBITDA[1]) — 12,8 billion rubles, net profit — 5,0 billion rubles.
Cost of sales decreased by 3.6% down to 38,9 billion rubles. This led to an increase in gross profit by 15.5% to 11,5 billion rubles, whereby the gross profit margin increased by 3 percentage points to 22.8%. The reduction of the cost price is mainly due to lower cost price of electric power transmission, due to changes of the compensation scheme of cross-subsidization in the settlements with guaranteed supply companies, while the tariffs for 2012 were being approved.
Administrative expenses decreased by 10.5% to 1,42 billion rubles. The main reason for the reduction of the administrative costs was the effect of optimizing the staffing number and reduction of labour costs by 17.8%, and social contributions by 36.4%.
The decrease in net profit by 10.7% is due to the need to establish reserves for estimated liabilities as a result of a dispute with the power retail companies in terms of amount of revenue from electricity transmission and costs for losses in the grids.
Profitability ratios of IDGC of Centre for 9 months of 2012 reached the following values: EBITDA — 25.3%, gross profit — 22.8%, and net profit — 9.9%.
Data in billion RUR, unless otherwise stated
|
Indicators |
3 Q 2011 |
3 Q 2011 |
Change, % |
9M 2011 |
9M 2012 |
Change, % |
|
Revenue (in total), including: |
15,3 |
16,6 |
8,5 |
50,4 |
50,5 |
0,2 |
|
from electricity transmission |
14,9 |
16,2 |
8,7 |
48,5 |
49,5 |
2,1 |
|
from grid connection |
0,2 |
0,2 |
0,0 |
1,3 |
0,5 |
(61,5) |
|
Other revenue |
0,2 |
0,2 |
0,0 |
0,55 |
0,49 |
(10,9) |
|
Cost of sales |
12,7 |
11,6 |
(8,7) |
40,4 |
38,9 |
(3,7) |
|
Gross profit |
2,7 |
5,0 |
85,2 |
10,0 |
11,5 |
15,1 |
|
Gross profit margin, % |
17,6 |
30,1 |
12,5 |
19,8 |
22,8 |
3,0 |
|
EBITDA |
3,5 |
3,5 |
0,0 |
12,2 |
12,8 |
4,9 |
|
EBITDA margin, % |
22,9% |
21,1% |
(1,8) |
24,2% |
25,3% |
1,1 |
|
Net profit |
1,5 |
0,7 |
(53,3) |
5,6 |
5,0 |
(10,7) |
|
Net profit margin, % |
9,8 |
4,2 |
(5,6) |
11,1 |
9,9 |
(1,2) |
|
Volume of e/energy transmitted[2], bln kWh |
12,7 |
12,6 |
(0,8) |
39,6 |
40,5 |
2,3 |
[1]EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + amortization charges
[2] Joint operation productive supply without losses of Territorial Grid Companies
Compared to the same period last year the total revenue of the Company demonstrated a slight increase +0.2% due to the growth of productive supply of electric energy for 9 months of 2012, which was 40.5 billion kWh, an increase of 2.3% over the same period in 2011.
The growth in the productive supply is due, first of all, to the increase of electricity consumption in the regions of the service area of IDGC of Centre, the consumption growth in the Central Federal District for 9 months of 2012 compared to the same period last year was 2.2%, the positive trend is seen in the following branches of IDGC of Centre: Orelenergo +5.9%, Bryanskenergo +5.0%, and Voronezhenergo +3.3%.
The main consumers that are gaining the amount of power consumption — large industrial companies: CJSC MC “Bryansk Machine-Building Plant”, OJSC “Trunk oil pipelines Druzhba” (Bryansk and Orel regions), OJSC “Mineral fertilizers” and LLC “Rusenergosbyt” (Voronezh region).