Key Operating Indicators of the Distribution Grid Sector
Electricity distribution services accounted for the largest share in the Group’s revenue in 2012 (84.72%). Other sources of revenue include network connection services and electricity sales.
TABLE 10. REVENUE OF THE GROUP
|Million Rubles||% of Total||Million Rubles||% of Total|
|Network connection services||44,592||7.17%||40,099||6.32%|
Compared with 2011, revenue from electricity distribution services decreased by 4.70%. Government subsidies also were reduced: by 34.16% against 2011. Revenue decreased by 2.04%; however, the decrease in electricity distribution and government subsidies was set off by a rise in revenue from network connection services, electricity sales, and other revenue.
TABLE 11. OPERATING RESULTS OF THE GROUP
|2012||% of Total||2011||% of Total|
|Purchased electricity for compensation of technological losses||74,300||12.94%||94,663||16.40%|
|Depreciation and amortization||61,499||10.71%||54,075||9.37%|
|Purchased electricity for resale||22,797||3.97%||17,525||3.04%|
|Raw materials and supplies||17,393||3.03%||15,905||2.76%|
|Repairs, maintenance and installation services||13,251||2.31%||14,902||2.58%|
|Impairment of trade and other receivables||6,913||1.20%||7,668||1.33%|
|Consulting, legal and audit services||5,243||0.91%||4,712||0.82%|
|Impairment of property, plant and equipment||4,626||0.81%||–||–|
|Taxes other than income tax||3,130||0.55%||2,683||0.46%|
In 2012, electricity distribution expenses were down by 2.94% against 2011. Depreciation and amortization rose by 13.73% from 54,075 million rubles to 61,499 million rubles.
Payroll expenses and social security contributions in the reporting period increased by 3.76% and 3.81%, respectively. However, it should be noted that expenses related to the plan with established payments and expenses related to other long-term employee remuneration decreased by 33.68% and 110.76%, respectively.
Total operating expenses for 2012 remained almost unchanged against 2011, going down by only 0.52% and totaling 574,197 million rubles.
In 2012, net profit for the reporting period was 31,654 million rubles, or 18.77% less than in 2011 (38,966 million rubles). The net profit margin in 2012 was 5.09%, against 6.14% in 2011.
In 2012, total assets increased by 10.65% from 879,077 million rubles to 972,736 million rubles. Noncurrent assets rose by 9.62%: from 722,391 million rubles in 2011 to 791,849 million rubles in 2012.