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.
|
