MRSK Tsentra : IDGC of Centre has published its financial statements under RAS for 9 months of 2017
October 30, 2017 at 03:53 am EDT
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30 October 2017
According to the prepared in accordance with the Russian Accounting Standards statements for 9 months of 2017, IDGC of Centre's revenue totalled 65,7 bln RUB, including from electric energy transmission - 63,7 bln RUB, from grid connections - 0,9 bln RUB, from sale of electric energy - 0,4 bln RUB and other revenue - 0,7 bln RUB. Sales profit was 7,3 bln RUB, sales profit margin increased and amounted to 11,1%. Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) increased by 15,2% and reached 14,4 bln RUB. Net profit remained at the same level as last year and amounted to 1,3 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
9M 2016
9M 2017
Change, %
Revenue (total), including:
61,6
65,7
6,7%
Revenue from electric energy transmission
60,0
63,7
6,2%
Revenue from grid connection
0,9
0,9
0,0%
Revenue from sale of electric energy
0,0
0,4
-
Other revenue
0,7
0,7
0,0%
Cost of sales
53,5
56,8
6,2%
Sales profit
6,7
7,3
9,0%
Sales profit margin, %
10,9%
11,1%
0,2 p.p.
EBITDA
12,5
14,4
15,2%
EBITDA margin, %
20,3%
21,9%
1,6 p.p.
Net profit
1,3
1,3
0,0%
Net profit margin, %
2,1%
2,0%
- 0,1 p.p.
Amount of electric energy transmitted, billion kWh
41,1
39,2
-4,62%
Electric energy losses, %
8,57%
8,99%
0,42 p.p.
Electric energy losses, % (under comparable conditions)
9,23%
8,99%
-0,24 p.p.
Indicators
As at 31.12.2016
As at 30.09.2017
Change, %
Total assets
122,7
119,1
- 2,9%
Net assets
57,7
57,1
- 1,0%
Loans and credits
43,3
42,1
- 2,8%
Cash and cash equivalents + Financial investments (short-term)
2,6
2,5
- 3,8%
Net debt
40,7
39,6
- 2,7%
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 - short-term financial investments
Revenue for electric energy transmission services following the results of 9 months of 2017 showed growth relative to the same period in 2016, which was mostly associated with an increase in the volume of services provided for electricity transmission, as well as growth in tariffs for electricity transmission services. The main reason for the increase in the cost of services 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 growth in depreciation. EBITDA increased by 1,9 bln RUB, and EBIDTA margin was 21,9%. The final financial result for the analyzed period was influenced by the following factors: growth of tariff revenue and optimization of influenceable costs.
The volume of electricity transmission services amounted to 39,2 billion kWh, compared with the same period last year, there is a decrease of 4,6% due to the completion from 01.07.2017 of a phased reduction of cross subsidization and the transition of consumers connected to electric grids of the Unified National Power Grid, to direct contracts with PJSC 'FGC UES'. The level of electricity losses under comparable conditions was reduced by 0,24 p.p. and amounted to 8,99%.
The Company's total assets as at 30 September 2017 decreased by 2,9% and amounted to 119,1 bln RUB, which is largely due to a decrease in accounts receivable for the analyzed period by 2,3 bln RUB. The Company's net assets amounted to 57,1 bln RUB. The net debt was 39,6 bln RUB (on 31 December 2016 - 40,7 bln RUB).
The Company's statements for 9 months of 2017 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2017/
IDGC of Centre JSC published this content on 30 October 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 October 2017 07:51:59 UTC.
Original documenthttps://www.mrsk-1.ru/en/press-center/news/company/62231/
Public permalinkhttp://www.publicnow.com/view/781C0504FA4C3B84A170BA5A53E17297AAB3D7AC
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.