According to the prepared in accordance with the Russian Accounting
Standards statements for 2018, IDGC of Centre’s revenue was 93,9
bln RUB, including from electric energy transmission – 90,0 bln
RUB, from grid connections – 1,9 bln RUB, from resale of electric
energy – 0,5 bln RUB and other revenue – 1,5 bln RUB. Sales
profit was 7,7 bln RUB. Earnings before interest, taxes, depreciation
and amortization (EBITDA2) reached 16,6 bln RUB. Net
profit following the results of 2018 was 1,4 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2018
|
12M 2017
|
Change
|
Revenue (total), including:
|
93,9
|
91,1
|
3,1%
|
Revenue from electric energy transmission
|
90,0
|
87,6
|
2,7%
|
Revenue from grid connection
|
1,9
|
1,6
|
18,8%
|
Revenue from resale of electric energy
|
0,5
|
0,6
|
-16,7%
|
Other revenue
|
1,5
|
1,3
|
15,4%
|
Cost of sales
|
83,9
|
79,0
|
6,2%
|
Sales profit1
|
7,7
|
9,8
|
-21,4%
|
Sales profit margin
|
8,2%
|
10,8%
|
-2,6 p.p.
|
EBITDA2
|
16,6
|
19,4
|
-14,4%
|
EBITDA margin
|
17,7%
|
21,3%
|
-3,6 p.p.
|
Net profit
|
1,4
|
2,0
|
-30,0%
|
Net profit margin
|
1,5%
|
2,2%
|
-0,7 p.p.
|
Amount of electric energy transmitted, billion kWh
|
47,0
|
51,7
|
-9,1%
|
Amount of electric energy transmitted, billion kWh (in comparable
conditions*)
|
47,0
|
46,9
|
0,2%
|
Electric energy losses**
|
10,60%
|
9,86%
|
0,74 p.p.
|
Electric energy losses (in comparable conditions***)
|
10,60%
|
10,95%
|
-0,35 p.p.
|
Indicators
|
As at 31.12.2018
|
As at 31.12.2017
|
Change
|
Total assets
|
122,5
|
119,7
|
2,3%
|
Net assets
|
58,5
|
57,9
|
1,0%
|
Loans and credits
|
40,4
|
41,5
|
-2,7%
|
Cash and cash equivalents + Financial investments
|
0,8
|
1,4
|
-42,9%
|
Net debt3
|
39,6
|
40,1
|
-1,2%
|
[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
* Excluding the volume of the "last
mile" in January - June 2017
** 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
*** In terms of the composition of power
grid assets in 2018 (the termination of the “last mile”
contracts from 01.07.2017, as well as the integration of grids of
the town of Nelidovo from 01.04.2018)
|
Revenues for electricity transmission services for
2018 increased by 2,7%, this growth is due to an increase of the
average tariff by 10,6% and the exclusion from 01.08.2017 from the
calculation of the amount of revenue of the cost of load losses of
1,9 bln RUB. The main revenue growth for electricity transmission
services was noticed in the branches “Voronezhenergo” and
“Smolenskenergo”.
The increase in revenues from grid connection
services following the results of 2018 was 18,8% and is associated
with the growth of connection to the grids of large facilities of
applicants in the branches “Belgorodenergo” and “Kurskenergo”.
An important result of the grid connection activity was the reduction
of the average term for the “contract-notice” indicator as part
of the calculation of the “Doing Business” indicator from 96 days
in 2017 to 84 days in the reporting period.
The revenue from the sale of electricity in 2018
amounted to 0,5 bln RUB, which is associated with the performance of
the functions of the supplier of last resort on 1 December 2016 in
the Tver region in relation to the service area of JSC
“Transservicenergo”. On the basis of Order of the Ministry of
Energy of Russia of 29 November 2018 No. 1107, the performance of the
functions of the supplier of last resort by IDGC of Center was
extended from 1 December 2018 for another 12 months.
The main reason for the growth of other revenues
by 15,4% relative to last year is an increase in income from
unregulated activities.
The prime cost for 12 months of 2018 increased by
6,2% and amounted to 83,9 bln RUB. The main reason for the
growth in this indicator is associated with an increase in expenses
beyond the control, namely: a growth in expenses for compensation of
electricity losses due to an increase in the weighted average price
and the exclusion from the calculation of the cost of load losses
from 01.08.2017; an increase in expenses for payment of services of
FGC UES mainly due to the growth of the maintenance rate, as well as
the exclusion from the calculation of the cost of load losses and an
increase in costs of payment of services of Territorial Grid
Companies mainly due to a growth of average tariffs for services.
Earnings before interest, taxes, depreciation and
amortization (EBITDA) reached 16,6 bln RUB, a decrease of 14,4% over
the same period last year. EBITDA margin was 17,7%, which is 3,6 p.p.
lower than the result in 2017. The net profit for 2018 amounted to
1,4 bln RUB, which is 30,0% lower than the same period last year. The
decrease in the financial result is due to a higher increase in the
prime cost as compared with the revenue growth, as well as a negative
balance on other income and expenses.
The volume of electricity transmission services
was 47,0 bln kWh, compared to the same period last year,
there was a decrease in the volume by 9,1%, which was the result of
the termination of the “last mile” contracts from 01.07.2017. At
the same time, the comparison of this indicator in comparable
conditions shows an increase of 0,2%. Reduction of electricity losses
(in comparable conditions for the composition of power grid assets)
by 0,35 p.p. to 10,60% was achieved through the implementation of the
Program to reduce electricity losses, which includes a set of
organizational and technical measures. Total savings amounted to
232,6 mln kWh or 606,6 mln RUB. The greatest effect was achieved
due to raids to identify non-metered power consumption.
The Company’s total assets as at 31 December
2018 were 122,5 bln RUB. The Company’s net assets increased to 58,5
bln RUB. The net debt3 decreased and amounted to 39,6 bln
RUB (as of 31 December 2017 – 40,1 bln RUB).
The Company’s statements for 2018 can be found
at: https://www.mrsk-1.ru/en/information/statements/rsbu/2018/
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