MRSK Tsentra : IDGC of Centre has published its operating results for the 1st half of 2016 under IFRS, profit for the period increased by more than 2 times
August 22, 2016 at 03:04 am EDT
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19 August 2016
IDGC of Centre has published its unaudited interim abbreviated consolidated financial statements for the 1st half of 2016 in accordance with International Financial Reporting Standards (IFRS). IDGC of Centre's revenue for the reporting period amounted to 41,5 bln RUB, including from the provision of electricity transmission services - 40,3 bln RUB, from the provision of electricity grid connection services - 0,6 bln RUB, and other revenue - 0,6 bln RUB. Profit for the period increased by 108,3% and amounted to 2,5 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
1H 2015
1H 2016
Change, %
Revenue (total), including:
38,9
41,5
6,7%
Revenue from electricity transmission
38,0
40,3
6,1%
Revenue from grid connection
0,5
0,6
20,0%
Other revenue
0,4
0,6
50,0%
Operating costs
35,7
37,8
5,9%
Other income
0,7
0,5
-28,6%
Operating profit
3,9
4,2
7,7%
EBITDA
7,9
8,6
8,9%
Profit for period
1,2
2,5
108,3%
Amount of electric energy transmitted,
billion kWh
27,5
27,9
1,5%
Electric energy losses, %
9,27%
9,24%
- 0,03 p.p.
The increase in consolidated revenues was due to growth in revenue for electricity transmission services as a result of the tariff increase for electricity transmission and growth of the volume of services provided. Operating expenses, thanks to the implementation of measures aimed at their optimization and increase of efficiency of operations, showed a smaller rate of growth, which was one of the reasons for improved financial result. Operating profit demonstrated an increase of 7,7% to 4,2 bln RUB, EBITDA grew 8,9% up and amounted to 8,6 bln RUB. The consolidated financial result was more than 2 times higher than last year.
The volume of electricity transmission services amounted to 27,9 bln kWh, compared to the same period last year there was an increase in volumes of 1.5%, which is largely due to low temperatures in January and growth of power consumption of large metallurgical enterprises. The level of electric energy losses, calculated in comparable terms, decreased by 0,03 p.p. thanks to the positive results of the Program to reduce losses.
The total value of the consolidated assets of the company for the six months increased by 2,2% and as at 30.06.2016 amounted to 102,6 bln RUB.
The Company's statements can be found at: http://www.mrsk-1.ru/ru/information/msfo/
IDGC of Centre JSC published this content on 19 August 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 August 2016 07:04:03 UTC.
Original documenthttps://www.mrsk-1.ru/en/press-center/news/company/56770/
Public permalinkhttp://www.publicnow.com/view/D5851403ACF555AAD09162DB59135E4DE03A1C8D
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.
MRSK Tsentra : IDGC of Centre has published its operating results for the 1st half of 2016 under IFRS, profit for the period increased by more than 2 times