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Annual Report 2015

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Financial results analysis

The Company’s revenue in the reporting period was the combined income from the following types of activities:

  • Provision of electricity transmission services;
  • Connection to electric grids;
  • Production and sale of DPP electric energy in the Arkhenergo branch;
  • Electricity sales;
  • Other services in the core and non-core activities.
Key Financial Indicators in 2011-2015
Indicator, RUB million 2011 2012 2013 2014 2015
Revenue from sales 30,849 31,169 42,050 44,262 39,623
Production cost 27,781 28,129 38,293 40,030 35,547
Gross profit 3,067 3,040 3,757 4,232 4,076
Selling expenses 30 29 474 487 112
Management expenses 819 900 889 853 984
Profit on sales 2,218 2,112 2,394 2,892 2,981
Balance of other proceeds and expenses —1,258 –1,689 –1,661 –3,421 —2,101
Profit before tax 960 423 733 –529 880
Profit taxation 552 361 433 91 236
Net profit 408 In 2012, retrospective adjustments were made for the purpose of correction of accounting statements for recognition of deferred tax liability relating to the provision for doubtful debt resulting in the increase in the balance of deferred tax liabilities with the relevant effect on the financial result of 2011 which amounted, with the adjustments made, to RUB 411 million. 62 300 In 2014, retrospective adjustments were made for the purpose of revision of accounting report submissions of differences in taxes in respect of estimated liabilities for the payment of vacation allowances, annual remuneration, fees for legal proceedings with the relevant effect on the financial result of 2013 which amounted, with the adjustments made, to RUB 275 million. —620 644
EBITDA The indicator is calculated based on the earnings before tax, interest payable and depreciation adjusted for changes in the current market value of financial investments. 3,979 3,929 5,283 6,488 6,877