Financial & Economic results

Indicator, RUR thous. 2011 2010 2009
Overall revenues 54 571 746 49 783 796 41 297 636
Energy transmission 52 866 144 47 763 291 40 001 176
Connection 1 327 617 1 685 727 973 985
Other revenues 377 985 334 778 322 475
Expenses 50 063 731 44 842 725 36 623 611
Gross profit 4 508 015 4 841 072 4 674 025
Operating profit 4 508 015 4 841 072 4 674 025
Interest receivable 24 276 15 715 14 598
Interest payable 240 650 391 864 728 621
Revenues from participation in other companies 291 161 118 784 13 242
Other revenues 5 556 883 5 778 541 3 845 823
Other expenses 7 099 869 8 071 661 6 426 100
Pre-tax profit 3 039 816 2 390 587 1 392 972
Income tax and other payments 491 766 705 814 339 705
Net profit 2 548 050 1 684 773 1 053 267
From operations 1 602 143 458 478 391 533
From connection 945 907 1 223 295 661 734

Revenues in 2011 totaled RUR 54 572 mln (+RUR 4 788 mln or +10% on 2010), including revenues from energy transmission totaling RUR 52 866 mln (+RUR 5 103 mln on 2010), revenues from connection – RUR 1 328 mln (-RUR 358 mln on 2010). Expenses totaled RUR 50 064 mln (+RUR 5 221 mln or +12% on 2010). The increase is mainly due to the growth of system costs – loss compensation expenses, FSK payments, payments to other local grids (+RUR 3 527 mln) and other uncontrollable costs – taxes, insurance fees, lease, depreciation (+RUR 848 mln).

Therefore, gross profit decreased and totaled RUR 4 508 mln (-RUR 333 mln). Pre-tax profit totaled RUR 3 040 mln (+RUR 649 mln on 2010). This can be explained by additional revenues from participation in other companies (RUR 291 mln), restoration of bad debt reserves and decrease of interest payable (-RUR 151 mln or 38%) as a result of portfolio decrease.

As of 2011 net profit totaled RUR 2 548 050 thous. (+RUR 863 mln on 2010), including connection revenues totaling RUR 945 907 thous.