On the 7th of April IDGC of Centre’s management held a conference call with a webcast with representatives of the investment community on the results of 2013 and forecasts for 2014. From the company participated Sergey Rumyantsev – Deputy General Director for Economy and Finance, Lyudmila Sklyarova – Chief Accountant - Head of Financial and Tax Accounting and Reporting Department and Sergey Ternikov – Head of IR. During the event, the main results of the work in 2013 were stated and consolidated financial statements for 2013 under IFRS were presented, comments were given on the main factors affecting the company's operations, as well as targets of activities were provided according to the approved Business plan of the company for 2014.
As it was noted by Sergey Rumyantsev during the conference call, despite the large number of problematic issues, IDGC of Centre ended the year of 2013 with positive outcome, which was the result of professional and well-coordinated work of all employees of the company. "We have fulfilled our main objective - to provide reliable, quality and affordable power supply to customers," stated Sergey Rumyantsev, "At the same time the company managed to reduce electricity losses from 9.53% in 2012 to 9.16% in 2013." The following was also noted as the main results in 2013: an increase in the market share of electricity transmission revenue to 84.3%, growth of the "joint operation" supply to 55.2 billion kWh and increasing revenues for electricity transmission in accordance with the management accounting by 11.4%. Growth of consolidated revenues under IFRS amounted to 33.3%. The main factor, affecting the results of operations in 2013, was the performance of functions of a supplier of last resort, while the company managed to increase consolidated revenues, reduce electricity losses and significantly decrease the debt of end customers to the company.
Also during the conference call the look-ahead indicators of IDGC of Centre for 2014 were stated within the approved Business plan. Net income of the company as forecast could reach 2.7 billion rubles. Net profit growth is proposed to achieve by reducing operating expenses as well. Particular attention was paid to keeping the policy of dividend payments to shareholders. IDGC of Centre plans to maintain its dividend payout in the amount of 25% of net profit under RAS.
The full version of the conference call and webcast (only in Russian) can be found at: http://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=2229