IDGC of Centre for the third year in a row publishes its unaudited interim consolidated financial statements in accordance with IFRS. For the six months ended June 30, 2013 the revenue increased and amounted to 41.9 billion rubles (for 6 months in 2012 — 34.2 billion rubles), including from the transmission of electricity — 31.3 billion rubles, from the grid connection — 309 million rubles, from the resale of electrical energy and power — 9.8 billion rubles, and other revenue — 461.7 million rubles. The revenue growth for 6 months of 2013 is 22.5% compared to the same period last year, due to the taking over the functions of a supplier of last resort in the Bryansk, Orel and Kursk regions from February 1, 2013 and in the Tver region from May 1, 2013.
Operating profit of IDGC of Centre for the reporting period has reached 2.1 billion rubles (for 6 months of 2012 —5.4 billion rubles), earnings before interest, taxes, depreciation and amortization (EBITDA)has amounted to 5.8 billion rubles (for 6 months of 2012 — 9.1 billion rubles), the profit for the period — 0.6 billion rubles (for 6 months of 2012 — 3.5 billion rubles). The profitability of IDGC of Centre for 6 months of 2013 has reached the following values: operating margin — 5.0%, EBITDA margin — 13.8%, net profit margin — 1.4%. The main contribution to the change in the financial results was made by the provisions for securing receivables in the amount of 4.0 billion rubles, created in accordance with the requirements of the legislation. An additional factor influencing the results of the company, was the decline in electricity consumption by large industrial enterprises in the Lipetsk and Tambov regions in the 1st half of 2013. For the reporting period lower costs have been achieved for such items as utility energy, transportation and information services, as well as consulting, legal and audit services. The total savings in these items have amounted to 131.4 million rubles.
As of June 30, 2013 net debt has reached 25.9 billion rubles (as of 31 December 2012 — 25.5 billion rubles).
The IFRS statements of the company for 6 months of 2013 can be found at: http://www.mrsk-1.com/en/information/msfo/