OREANDA-NEWS. According to statements for 9 months 2014 under the Russian Accounting Standards IDGC of Centre's revenue amounted to 64,6 bln RUB, including for electricity transmission - 48,1 bln RUB, from grid connection - 0,9 bln RUB, from resale of electric energy and power - 15,0 bln RUB. Other revenue was 605 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 11,9 bln RUB, which is 46,9% higher than last year. Net profit increased significantly from 0,1 bln RUB to 2,2 bln RUB.

Since February 2013 the company has been performing functions of a supplier of last resort, which influences both its financial and production performance. By the resolution of the Russian Ministry of Energy the functions were transferred to IDGC of Centre as follows: in the Bryansk region from 01.02.2013 to 31.05.2014, in the Kursk region from 01.02.2013 to 31.03.2014, in the Orel region from 01.02.2013 to 01.02.2014, in the Tver region (the service area of Tverenergosbyt) from 01.05.2013 to 31.03.2014 and in the Smolensk region from 01.10.2013 to 31.05.2014. The company continues performing the functions of a supplier of last resort in the only territory of the service area of Tveroblenergosbyt. The functions were transferred for a transitional period until tenders to select new suppliers of last resort. In connection with the emergence of the new activity the data under the article "Revenue from electricity transmission" for the comparable 2013-2014 period do not reflect all revenues from electricity transmission. Due to the nature of accounting, part of the proceeds from the electricity transmission is included in the revenue from the resale of electric energy and power. Additional positive factors that influenced the growth of the company's revenues were the increase of the average tariff for the electricity transmission in 2014 and growing revenues from grid connection related to the implementation of large grid connection contracts.

The cost of sales for 9 months of 2014 amounted to 56,7 bln RUB, having increased by 4,4%. The main factors of the changes in the cost of sales were growing expenses for the purchase of electricity losses, increased depreciation and growth in the cost of electricity transmission services in the UES of Russia.

As a result of making the provision for doubtful accounts receivable for electricity transmission services of retailers, deprived of their status of a supplier of last resort, reflected in 2013, the net profit for last year is much less than in 2014, which amounted to 2,2 bln RUB.

The volume of services provided for the electricity transmission for 9 months of 2014 amounted to 39,6 billion kWh and was lower than the same period last year by 2,5%, which was due to the excluded volume of electricity transmission of the "last mile" facilities and the decrease in the volume of electricity consumption by industrial customers. The main indicator of the quality and reliability of electricity transmission - electric energy losses - was reduced from 8,58% to 8,42%.

Net assets of the company as at September 30, 2014 increased by 2,1 bln RUB compared to December 31, 2013 and amounted to 55,1 bln RUB. Net debt reached 33,8 bln RUB (as at December 31, 2013 - 32,0 bln RUB).