IDGC of Centre has published its financial statements for 6 months of 2013 (RAS). Revenue has shown an increase of 23,3%

29 July 2013

According to the prepared statements in accordance with Russian Accounting Standards for 6 months of 2013 the revenue of IDGC of Centre increased and amounted to 41,8 billion rubles (33,9 billion rubles for 6M2012), including from the transmission of electricity — 31,3 billion rubles, from the grid connection — 271,8 million rubles, from resale of electricity and capacity — 9,8 billion rubles and other revenue — 365,6 million rubles. Against the same period last year the growth of the revenue was 23,3% due to the new type of activity in 1H 2013 in connection with the transfer of the functions of a supplier of last resort in 4 regions: Bryansk, Orel, Kursk and Tver regions.

The gross profit of IDGC of Centre for the reporting period rose to 7,0 billion rubles (6,6 billion rubles for 6M2012), profit before interest, taxes, depreciation and amortization (EBITDA[1]) amounted to 6,8 billion rubles (9,2 billion rubles for 6M2012), net profit — 1,2 billion rubles (4,3 billion rubles for 6M2012). The profitability of IDGC of Centre for the 6 months of 2013 reached the following values: gross profit margin — 16,7%, EBITDA margin — 16,3%, net profit margin — 2,9%. Financial performance has changed due to reserve on doubtful debts of 4,3 billion rubles in accordance with legal requirements and decline in electrical energy consumption of industrial companies in the regions of the company’s service area as well. It should be noted that following the results of the reporting period the accounts receivable were decreased and administrative expenses were reduced by 18,3%.

On June 30, 2013 net assets of the company were 53,9 billion rubles (53,5 billion rubles on December 31, 2012). Net debt[2] amounted to 25,9 billion rubles (25,5 billion rubles on December 31, 2012).

1H 2013 financial statements of the Company are available at: http://www. mrsk-1.com/en/information/statements/rbsu/2013/
 

  1. [1] EBITDA is calculated as follows: net profit + income tax and other similar mandatory payments + interest expense — interest profit + depreciation and amortization
  2. [2] Net debt is calculated as follows: long-term loans and credits + short-term loans and credits — cash and equivalents — financial investments.

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Сообщение о хищении электроэнергии