MRSK Tsentra : IDGC of Centre has published its financial statements under RAS for 1Q 2017, net profit amounted to 2,1 bln RUB
April 28, 2017 at 08:09 am EDT
Share
28 April 2017
According to the prepared in accordance with the Russian Accounting Standards statements for the 1st quarter of 2017, IDGC of Centre's revenue totalled 24,3 bln RUB, including from electric energy transmission - 23,6 bln RUB, from grid connections - 0,3 bln RUB, from resale of electric energy and power - 0,2 bln RUB and other revenue - 0,2 bln RUB. Sales profit was 4,0 bln RUB, sales profit margin increased and amounted to 16,5%. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 6,5 bln RUB, while the indicator margin increased to 26,7%. Net profit turned out to be 1,1 bln RUB higher than for the same period last year and amounted to 2,1 bln RUB.
Data in billion RUB, unless specified otherwise
Indicator
3M 2016
3M 2017
Change, %
Revenue (total), including:
22,1
24,3
10,0%
Revenue from electric energy transmission
21,7
23,6
8,8%
Revenue from grid connection
0,2
0,3
50,0%
Revenue from resale of electric energy and power
0,0
0,2
100,0%
Other revenue
0,2
0,2
0,0%
Cost of sales
18,8
19,7
4,8%
Sales profit
2,8
4,0
42,9%
Sales profit margin, %
12,7%
16,5 %
3,8 p.p.
EBITDA
4,6
6,5
41,3%
EBITDA margin, %
20,8%
26,7%
5,9 p.p.
Net profit
1,0
2,1
110,0%
Net profit margin, %
4,5%
8,6%
4,1 p.p.
Amount of electric energy transmitted, billion kWh
14,7
15,1
2,7%
Electric energy losses, %
11,13%
10,92%
- 0,21 p.p.
Electric energy losses, % (under comparable conditions)
11,13%
10,77 %
- 0,36 p.p.
Indicators
As at 31.12.2016
As at 31.03.2017
Change, %
Total assets
122,7
124,8
1,7%
Net assets
57,7
59,8
3,6%
Loans and credits
43,3
43,6
0,7%
Cash and cash equivalents + Financial investments
2,8
8,3
196,4%
Net debt
40,7
35,3
-13,3%
Revenue net of cost of sales, selling and administrative expenses
EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges
Net debt is calculated as follows: long-term debt + short-term debt - cash and cash equivalents - financial investments
Revenue for electric energy transmission services in the 1st quarter of 2017 showed growth relative to the same period in 2016 due to an increase in the volume of electricity transmission services rendered.
The growth in revenue for grid connection services during the reporting period amounted to 50,0% and is related to the execution of grid connection contracts in the category of over 150 kW.
In the reporting period, a new revenue item was generated - from the sale of electric energy and power in connection with the execution by IDGC of Centre from 01 December 2016 of the functions of the electricity supplier of last resort in the service area of Joint Stock Company 'Transservicenergo' in the Tver region on the basis of the order of the Ministry of Energy of Russia.
The main reason for the growth in production expenses was the growth of non-influenceable costs related to the purchase of electricity for compensation of losses, payment for services of FGC UES and Territorial Grid Companies, as well as an increase in depreciation. EBITDA increased by EBITDA increased by 1,9 bln RUB, which is mainly due to the increase in revenue from electricity transmission, the same factor had a positive impact on the final financial result for the analyzed period.
The volume of electricity transmission services amounted to 15,1 billion kWh, compared with the same period last year, there is an increase of 2,7%, which is largely due to increased power consumption by large producers from the agro-industrial and metallurgical sectors of the economy. The largest increase in the volume of electricity transmission services was recorded in the Belgorod and Lipetsk regions. When the indicators were brought into comparable conditions, the level of electricity losses was reduced by 0,36 p.p., which indicates positive results in the field of energy saving and loss reduction.
The Company's total assets as at 31 March 2017 increased by 1,7% and amounted to 124,8 bln RUB. The Company's net assets amounted to 59,8 bln RUB. The net debt significantly decreased to 35,3 bln RUB (on 31 December 2016 - 40,7 bln RUB), which is due to sufficient volume of own financial resources to cover current and investment expenses of the Company.
The Company's statements for the 1st quarter of 2017 can be found at: https://www.mrsk-1.ru/information/statements/rsbu/2017/
IDGC of Centre JSC published this content on 28 April 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 April 2017 12:09:14 UTC.
Original documenthttps://www.mrsk-1.ru/en/press-center/news/company/59848/
Public permalinkhttp://www.publicnow.com/view/85627A02293FBADE408870420BBCAA25ABC9B8C1
Rosseti Tsentr PAO, formerly MRSK Tsentra PAO is a Russia-based company, which is engaged in the electric power industry. The company conducts business in 11 regions of the Central part of Russia, providing electricity to the population, industrial companies, and enterprises of transport and agriculture, carrying out the technological connection of new consumers to electric networks. The Company focuses on the transmission and distribution of electric power domestically, mainly on the territory of the Central Federal District. Rosseti Tsentr PAO operates through a number of branches, located in Belgorod, Bryansk, Voronezh, Kostroma, Kursk, Lipetsk, Orel, Smolensk, Tambov, Tverâ and Yaroslavl.