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IFRS Financial Results Review

In 2011, IDGC of Centre, JSC continued its growth trend for financial indicators as measured by International Financial Reporting Standards (IFRS).

The consolidated proceeds of IDGC of Centre, JSC , according to the 2011 results, increased 13.9% compared to the previous year to RUB 69.04 bn. The Company’s EBITDA was up 19.2% in 2011 to RUB 14.79 bn. Net profit for 2011 amounted to RUB 5.53 bn, 8.5% higher than in the previous year.

IDGC of Centre, JSC’s key financial indicators, measured by IFRS, bn RUB:

Indicator	2009	2010	2011	Growth rate, %
				2011/2010
Revenue	49.31	60.61	69.04	13.9
Including:
Proceeds from provision of services for electric power transmission	46.78	57.44	65.95	14.8
Proceeds from provision of services for Technological connection	1.65	2.25	1.82	-19.1
Other proceeds	0.89	0.93	1.27	36.7
Base cost of services	(45.27)	(54.1)	(61.06)	12.9
Results of operational activities	4.77	7.90	8.93	13.1
EBITDAEarnings Before Interest, Tax, Depreciation and Amortisation; indicator showing the profit of the Company before deduction of income taxes, accrued interest on loans and depreciation	8.61	12.41	14.79	19.2
Profit before tax	2.75	6.39	7.38	15.4
Net financial expenditures	2.02	1.51	1.56	3.3
Profit and total consolidated profit for the year	2.11	5.10	5.53	8.5
Base profit and diluted earnings per share, RUB	0.05	0.12	0.13	8.3
Net asset value	28.55	33.65	38.58	14.6
Net debt	10.76	14.68	18.59	26.7
Ratio of net debt /EBITDA	1.25	1.18	1.26	0.07 points
ROEReturn on equity; net income of the company expressed as a percentage in relation to the equity capital, %	7.38	15.16	14.35	-0.81 pp
EBITDA margin, %	17.45	20.48	21.43	0.95 pp
Sales net profit margin, %	4.27	8.42	8.02	-0.40 pp

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The main contributing factors to the positive momentum in the reporting period were a 14.2% increase in tariffs on electric power transmission services from 2010 levels, and a 1.14% increase in productive electric supply compared with the previous year.

Negatively influencing the momentum in 2011 was a 19.1% reduction of revenue from Technological connection services, caused by a 42.5% reduction of average tariffs for Technological connection in comparison with 2010 (as a result of the transfer of payment for the covering of expenses for the development of existing infrastructure to the tariff for electric power transmission), as well as a rise in the proportion of consumers connected at reduced tariffs.

The growth of the base cost of services in 2011 by 12.9% compared with the previous year should also be noted; this mainly resulted from a 23.9% growth of expenses for electric power transmission services on the unified electricity national network and on for electric power transmission services on co-operating networks, and also from cost increases for raw and other materials for production needs.

The indebtedness of IDGC of Centre, JSC under credits and loans as of December 31, 2011 amounted to RUB 21.24 bn, including the current part of long-term credits and loans, subject to redemption within 12 months after the reporting date in the amount of RUB 1.12 bn. The net debt of IDGC of Centre, JSC as of the reporting date was equal to RUB 18.59 bn.

Schedule for repayment of credits and loans of IDGC of Centre, JSC as of December 31, 2011, bn RUB:

Indicator	Principal redemption	Interest payment obligation under agreement
Redeemable within 12 months	1.12	0.05
Redeemable within 1-5 years	11.15	—
Exceeding 5 years	8.92	—
TOTAL	21.19	0.05

The complete text of the Consolidated Financial Statements of IDGC of Centre, JSC for the year ended December 31, 2011, is attached here to as Annex No. 2 to this Annual Report and is posted on the corporate website of the Company at the address: http://www.mrsk-1.ru/ru/information/msfo/.