According
to the prepared in accordance with the Russian Accounting Standards
statements for 9 months of 2018, IDGC of Centre’s revenue was 68,4
bln RUB, including from electric energy transmission – 65,7 bln
RUB, from grid connections – 1,2 bln RUB, from resale of electric
energy and power – 0,4 bln RUB and other revenue – 1,1 bln RUB.
Sales profit was 6,3 bln RUB. Earnings before interest, taxes,
depreciation and amortization (EBITDA2) reached 12,5 bln
RUB, EBITDA margin decreased relative to the same period last year
and amounted to 18,3%. Net profit decreased by 0,3 bln RUB and
amounted to 1,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
9M 2018
|
9M 2017
|
Change
|
Revenue (total), including:
|
68,4
|
65,7
|
4,1%
|
Revenue from electric energy transmission
|
65,7
|
63,7
|
3,1%
|
Revenue from grid connection
|
1,2
|
0,9
|
33,3%
|
Revenue from resale of electric energy and power
|
0,4
|
0,4
|
0,0%
|
Other revenue
|
1,1
|
0,7
|
57,1%
|
Cost of sales
|
60,6
|
56,8
|
6,7%
|
Sales profit1
|
6,3
|
7,3
|
- 13,7%
|
Sales profit margin
|
9,2%
|
11,1%
|
- 1,9 p.p.
|
EBITDA2
|
12,5
|
14,4
|
- 13,2%
|
EBITDA margin
|
18,3%
|
21,9%
|
- 3,6 p.p.
|
Net profit
|
1,0
|
1,3
|
- 23,1%
|
Net profit margin
|
1,5%
|
2,0%
|
- 0,5 p.p.
|
Amount of electric energy transmitted*, billion kWh
|
34,6
|
39,2
|
-11,7%
|
Amount of electric energy transmitted, billion kWh (in comparable
conditions**)
|
34,6
|
34,4
|
0,6%
|
Electric energy losses*, %
|
9,84%
|
8,99%
|
0,85 p.p.
|
Electric energy losses, % (in comparable conditions**)
|
9,84%
|
10,15%
|
- 0,31 p.p.
|
Indicators
|
As at 30.09.2018
|
As at 31.12.2017
|
Change
|
Total assets
|
118,2
|
119,7
|
- 1,3%
|
Net assets
|
58,1
|
57,9
|
0,3%
|
Loans and credits
|
39,7
|
41,5
|
- 4,3%
|
Cash and cash equivalents + Financial investments (short-term)
|
0,2
|
1,4
|
- 85,7%
|
Net debt3
|
39,5
|
40,1
|
- 1,5%
|
[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
* 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 following the
results of 9 months of 2018 increased compared to the same period in
2017, due to the growth of single (boiler) tariffs for the
electricity transmission services and the exclusion from 01.08.2017
from the calculation of the amount of revenue for the electricity
transmission services of the cost of load losses of electricity. The
increase in revenues from grid connection is associated with the
implementation of unscheduled facilities in the Kursk region, as well
as with the early implementation of a major agreement on grid
connection of military-industrial enterprises in the Belgorod region.
The main reason for the growth of other revenues is an increase in
the volume of work performed on the services: “Reconstruction of
power grid facilities in the interests of customers”, “Provision
of technical resources” and “Grid connection support”.
The main reasons for the accelerated growth rate of costs compared
with the growth rate of revenues were the increase in the cost of
purchased electricity to compensate for losses, as well as a
significant increase in taxes and fees. As a result, EBITDA decreased
by 1,9 bln RUB. The final financial result for the analyzed period
was mainly affected by the growth of tariff revenues and the increase
in the cost of electricity transmission for reasons beyond the
influence of the Company’s management.
The volume of electricity transmission services was 34,6 billion
kWh, compared to the same period last year, there was a
decrease in the volume by 11,7% due to the gradual reduction of
cross-subsidization from 01.07.2017 and the transition of customers
connected to electric power grids of the Unified National Power Grid
to direct contracts with FGC UES. The volume of electricity
transmission services (under comparable conditions) increased by 0,6%
due to the growth of electricity consumption by customers in the
Voronezh, Kursk and Smolensk regions. The level of electricity losses
in comparable conditions decreased by 0,31 p.p. and amounted to
9,84%. This result was achieved through technical and organizational
measures, as well as measures to improve electricity metering.
The Company’s total assets as at 30 September 2018 decreased by
1,3% and amounted to 118,2 bln RUB, which is associated with a
decrease in short-term liabilities due to repayment of loans. The
Company’s net assets increased slightly and reached 58,1 bln RUB.
The net debt3 amounted to 39,5 bln RUB (on 31 December
2017 – 40,1 bln RUB).
The Company’s statements for 9 months of 2018 can be found at:
https://www.mrsk-1.ru/en/information/statements/rsbu/2018/.
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