The Board of Directors of IDGC of Centre approved the adjusted Business Plan of the Company
Indicators of the adjusted Business Plan of the Company for 2015:
Data in billion RUB, unless specified otherwise
|
Indicators |
Approved plan for 2015 |
Adjusted plan for 2015 |
Change, % |
|---|---|---|---|
|
Revenue (total), including: |
78,7 |
79,4 |
0,9% |
|
Revenue from electricity transmission |
76,5 |
77,4 |
1,2% |
|
Revenue from grid connection |
1,4 |
1,1 |
-21,4% |
|
Other revenue |
0,8 |
0,8 |
0,0% |
|
Cost of sales |
72,3 |
72,0 |
-0,4% |
|
EBITDA1 |
13,9 |
13,8 |
-0,7% |
|
Net profit |
-0,5 |
-0,4 |
20,0% |
|
Amount of electric energy transmitted2, billion kWh |
54,4 |
54,7 |
0,6% |
|
Electric energy losses, % |
9,44% |
9,44% |
0,00 p.p. |
|
Indicators |
Approved plan as at 31.12.2015 |
Adjusted plan as at 31.12.2015 |
Change, % |
|
Loans and credits |
42,7 |
42,1 |
-1,4% |
|
Net debt3 |
42,4 |
42,0 |
-0,9% |
|
Net asset value |
54,9 |
55,0 |
0,2% |
|
[1]EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges [2]Joint operation productive supply without taking into account losses of TGCs [3]Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents – financial investments |
|||
Planned revenue for electric energy transmission services according to the adjusted Business Plan for 2015 is 1,2% higher than the previously approved Business Plan for 2015, due to the increase in the average tariff for electric energy transmission for the category "population" from July 1, 2015 and the growth of electric energy consumption. Reduction of the value of the planned revenue from grid connections is related to the termination of grid connection contracts in the Tver region as a result of failure on the part of the applicants to perform their obligations under the contracts.
Reduction of the cost relative to the previously approved plan for 2015 is due to lower forecast for such items as "Purchase of electric energy for losses" and "Third-party services". Decrease of the cost of sales, including, became possible thanks to accounting of the implementation of the "Cost Management Program" following the results of 6 months of 2015.
Earnings before interest, taxes, depreciation and amortization (EBITDA) is projected almost at the level of the previously approved Business Plan and will be 13.8 billion rubles. At the end of 2015 when adjusting the Business Plan some insignificant change in the financial result projected, which will be (-0,4) billion rubles. The main risks that may affect the results of the Company include: payment discipline of counterparties, interest rate on loans and sale of services for grid connection of preferential consumers.
Projected value of the joint operation productive supply to consumers according to the adjusted Business Plan for 2015 increased by 0,6% to 54,7 billion kWh. The main reason for the improvement was the increase in the forecast of electric energy consumption. The size of the relative value of losses is kept at the previously approved level.
The approved adjusted Business Plan includes the Investment Program for 2015, previously approved by the Board of Directors of the Company. The volume of financing of capital investments of the adjusted Investment Program amounts to 14,4 billion rubles (including VAT). During the implementation of the adjusted Investment Program it is planned to commission1,022 MVA of transformer capacity and 3,870 km of overhead and cable lines.
The approved adjusted Business Plan for 2015 reflects a conservative forecast of IDGC of Centre’s management on the performance following the results of the year. The Board of Directors approved the Plan of measures to increase efficiency and improve the financial and economic condition of the Company, which is aimed to achieve a break-even activity.
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