MRSK Tsentra : IDGC of Centre has published its financial statements under RAS for 1Q 2018, net profit amounted to 1,7 bln RUB
April 26, 2018 at 10:14 am EDT
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26 April 2018
According to the prepared in accordance with the Russian Accounting Standards statements for the 1st quarter of 2018, IDGC of Centre's revenue totalled 25,4 bln RUB, including from electric energy transmission - 24,7 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 3,3 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 5,9 bln RUB. Net profit was 1,7 bln RUB.
Data in billion RUB, unless specified otherwise
Indicator
1 Q 2017
1 Q 2018
Change
Revenue (total), including:
24,3
25,4
4,5%
Revenue from electric energy transmission
23,6
24,7
4,7%
Revenue from grid connection
0,3
0,3
0,0%
Revenue from resale of electric energy and power
0,2
0,2
0,0%
Other revenue
0,2
0,2
0,0%
Cost of sales
19,7
21,6
9,6%
Sales profit1
4,0
3,3
-17,5%
Sales profit margin, %
16,5 %
13,0%
- 3,5 p.p.
EBITDA2
6,5
5,9
-9,2%
EBITDA margin, %
26,7%
23,2%
- 3,5 p.p.
Net profit
2,1
1,7
-19,0%
Net profit margin, %
8,6%
6,7%
- 1,9 p.p.
Amount of electric energy transmitted*, billion kWh
15,1
13,0
-13,9%
Amount of electric energy transmitted, billion kWh (under comparable conditions**)
12,7
13,0
2,4%
Electric energy losses*, %
10,92%
12,56%
1,64 p.p.
Electric energy losses, % (under comparable conditions**)
12,74 %
12,56%
- 0,18 p.p.
Indicator
As at 31.12.2017
As at 31.03.2018
Change
Total assets
119,7
119,4
-0,3%
Net assets
57,9
59,6
2,9%
Loans and credits
41,5
39,0
-6,0%
Cash and cash equivalents + Financial investments (short-term)
1,4
0,7
-50,0%
Net debt3
40,1
38,3
-4,5%
[1] Revenue net of cost of sales, selling and administrative expenses
[2] EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges
[3] Net debt is calculated as follows: long-term debt + short-term debt - cash and cash equivalents - short-term financial investments
* taking into account the volume of services for the transmission of electricity in the territory of execution of the functions of the electricity supplier of last resort in the service area of JSC 'Transservicenergo' in the Tver region
** without taking into account the volumes of the 'last mile' in January-March 2018
The revenue for electric energy transmission services in the 1st quarter of 2018 showed growth relative to the same period in 2017 due to an increase in the average tariff and growth in the volume of rendered services for electricity transmission in comparable conditions.
The main reason for the increase in the cost of sales was the growth of uncontrolled expenses included in the item 'Material costs', as well as an increase in the costs of grid companies for electricity transmission services. The EBITDA decreased by 0,6 bln RUB, which is mainly due to a faster growth in the cost of sales than the growth in the revenue, the same factor influenced the final financial result for the analyzed period.
The volume of electricity transmission services in comparable conditions amounted to 13,0 billion kWh, compared with the same period last year, there is an increase of 2,4%, which is largely due to increased power consumption by customers, including due to lower average temperatures. The largest increase in the volume of electricity transmission services was recorded in the Voronezh and Smolensk regions. When the indicators were brought into comparable conditions, the level of electricity losses was reduced by 0,18 p.p., which is a consequence of the successful implementation of a set of measures to optimize (reduce) the electricity losses.
The Company's total assets as at 31 March 2018 slightly changed and amounted to 119,4 bln RUB. The Company's net assets increased by 2,9% and amounted to 59,6 bln RUB. The net debt3 significantly decreased to 38,3 bln RUB
(on 31 December 2017 - 40,1 bln RUB), which is due to early repayment of part of the main debt during the 1st quarter of 2018.
The Company's statements for the 1st quarter of 2018 can be found on the website.
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IDGC of Centre JSC published this content on 26 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 April 2018 14:13:06 UTC
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.
ROSSETI CENTRE 
