MRSK Tsentra : IDGC of Centre has published its performance results for 3 months of 2018 under IFRS, profit for the period is 1,9 bln RUB
May 28, 2018 at 05:23 am EDT
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28 May 2018
IDGC of Centre has published its unaudited interim condensed consolidated financial statements for 3 months of 2018 in accordance with International Financial Reporting Standards (IFRS). IDGC of Centre's revenue for the reporting period is 25,4 bln RUB, including from electricity 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.
Data in billion RUB, unless specified otherwise
Indicators
3M 2018
3M 2017
Change
Revenue (total), including:
25,4
24,3
4,5%
Electric energy transmission services
24,7
23,6
4,7%
Grid connection services
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%
Operating costs
22,2
20,2
9,9%
Other income
0,2
0,1
100,0%
Operating profit
3,5
4,2
-16,7%
EBITDA
6,0
6,7
-10,4%
Profit for period
1,9
2,5
-24,0%
Indicators
As at 31.03.2018
As at 31.12.2017
Change
Total equity
46,0
44,2
4,1%
Total assets
105,2
105,1
0,1%
Borrowings and loans
39,0
41,5
-6,0%
Cash and cash equivalents
0,8
1,4
-42,9%
Net debt1
38,2
40,1
-4,7%
[1] Net debt is calculated as follows: long-term borrowings and loans + short-term borrowings and loans - cash and cash equivalents
The main factors that influenced the indicator of consolidated revenue are the growth of the tariff for the transmission of electricity and the increase in the volume of rendered services for the transmission of electricity in comparable conditions.
Operating costs of the Company for 3 months of 2018 amounted to 22,2 bln RUB, which is 9,9% higher than the indicator for the same period in 2017. The main reason for the increase in the costs was the growth of uncontrolled costs: expenses for purchasing electricity to compensate for technological losses increased by 25,6%, expenses for third-party services for electricity transmission increased by 5,4%. Following the results of 3 months of 2018 depreciation is 2,5 bln RUB, which is 0,1 bln RUB more than the same indicator of the previous year.
Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) is 6,0 bln RUB. Negative impact on EBITDA, as well as on the final financial result, was due to a higher growth rate of operating expenses compared to the growth rate of revenues due to circumstances beyond the control of the Company's management. The profit for the period is 1,9 bln RUB, which is lower than the same indicator of the previous year by 0,6 bln RUB.
As at 31 March 2018 IDGC of Centre's assets totalled 105,2 bln RUB (as at 31 December 2017 - 105,1 bln RUB). Net debt1 decreased to 38,2 bln RUB (as at 31 December 2017 - 40,1 bln RUB). The net debt reduction was facilitated by the Company's efforts to pay off its debt in the first quarter of 2018.
The Company's interim condensed consolidated financial statements can be found on the website.
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IDGC of Centre JSC published this content on 28 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 May 2018 09:22:08 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 
