MRSK Tsentra PAO : IDGC of Centre has published financial statements for 1H 2016 under RAS, net profit is 0,9 bln RUB
July 26, 2016 at 04:12 am EDT
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25 July 2016
According to the prepared in accordance with the Russian Accounting Standards statements for 1H 2016 IDGC of Centre's revenue totalled 41,4 bln RUB, including from electric energy transmission - 40,3 bln RUB, from grid connections - 0,6 bln RUB and other revenue - 0,4 bln RUB. Profit from sales amounted to 4,3 bln RUB, sales profit margin decreased and is 10,4%. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 7,8% and reached 8,3 bln RUB. Net profit turned out to be 80% higher than last year's indicator and amounted to 0,9 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
6M 2015
6M 2016
Change, %
Revenue (total), including:
38,9
41,4
6,4%
Revenue from electric energy transmission
38,0
40,3
6,1%
Revenue from grid connection
0,5
0,6
20,0%
Other revenue
0,4
0,5
25,0%
Cost of sales
33,0
36,0
9,1%
Sales profit
4,7
4,3
-8,5%
Sales profit margin, %
12,1%
10,4%
- 1,7 p.p.
EBITDA
7,7
8,3
7,8%
EBITDA margin, %
19,8%
20,0%
0,2 p.p.
Net profit
0,5
0,9
80,0%
Net profit margin, %
1,3%
2,2%
0,9 p.p.
Amount of electric energy transmitted, billion kWh
27,5
27,9
1,5%
Electric energy losses, %
9,27%
9,24%
- 0,03 p.p.
Indicators
As at 31.12.2015
As at 30.06.2016
Change, %
Total assets
117,9
120,0
1,8%
Net assets
56,3
56,7
0,7%
Loans and credits
42,1
42,6
1,2%
Cash and cash equivalents+Financial investment
0,1
2,2
2100,0%
Net debt
42,0
40,4
-3,8%
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
Revenues for electric energy transmission services for 6 months of 2016 showed an increase compared to the same period of 2015, which was associated with an increase in the tariff for electric energy transmission and a growth in volume of rendered services on electric energy transmission. Non-influenceable costs included in the article 'tangible costs' became the main cause of the increased cost of sales by 9,2%. The growth in the cost of sales was also due to an increase of depreciation expenses by 6,7%. EBITDA increased by 0,6 bln RUB, while the indicator margin was 20,0%. An increase in the balance of other income and expenses had positive impact on the final financial result for the period under review.
The volume of electric energy transmission services amounted to 27,9 billion kWh, compared to the same period last year there was an increase in the volumes by 1,5%, which is largely due to the low temperatures in January and the 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 positive results of the Program to reduce losses.
The Company's total assets as of June 30, 2016 increased by 1,8% and amounted to 120,0 bln RUB. The Company's net assets amounted to 56,7 bln RUB. Net debt decreased to 40,4 bln RUB (as of December 31, 2015 - 42,0 bln RUB) due to a significant reduction in accounts receivable with the receipt of funds to the Company's account from large debtors.
The Company's statements for 1H 2016 can be found at: http://www.mrsk-1.ru/information/statements/rsbu/2016/
IDGC of Centre JSC published this content on 25 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 July 2016 08:11:03 UTC.
Original documenthttps://www.mrsk-1.ru/en/press-center/news/company/56518/
Public permalinkhttp://www.publicnow.com/view/4272CFB0818827F8032A970A82AB11E6FA3DA27B
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.