According
to the prepared in accordance with the Russian Accounting Standards
statements for the 1st quarter of 2018, IDGC of Centre’s revenue
totalled 25,4 bln RUB, including from electric energy 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. Sales profit was 3,3 bln RUB. Earnings before interest,
taxes, depreciation and amortization (EBITDA2) reached 5,9
bln RUB. Net profit was 1,7 bln RUB.
Data in billion RUB, unless specified otherwise
Indicator
|
1 Q 2017
|
1 Q 2018
|
Change
|
Revenue (total), including:
|
24,3
|
25,4
|
4,5%
|
Revenue from electric energy transmission
|
23,6
|
24,7
|
4,7%
|
Revenue from grid connection
|
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%
|
Cost of sales
|
19,7
|
21,6
|
9,6%
|
Sales profit1
|
4,0
|
3,3
|
-17,5%
|
Sales profit margin, %
|
16,5 %
|
13,0%
|
- 3,5 p.p.
|
EBITDA2
|
6,5
|
5,9
|
-9,2%
|
EBITDA margin, %
|
26,7%
|
23,2%
|
- 3,5 p.p.
|
Net profit
|
2,1
|
1,7
|
-19,0%
|
Net profit margin, %
|
8,6%
|
6,7%
|
- 1,9 p.p.
|
Amount of electric energy transmitted*, billion kWh
|
15,1
|
13,0
|
-13,9%
|
Amount of electric energy transmitted, billion kWh (under
comparable conditions**)
|
12,7
|
13,0
|
2,4%
|
Electric energy losses*, %
|
10,92%
|
12,56%
|
1,64 p.p.
|
Electric energy losses, % (under comparable conditions**)
|
12,74 %
|
12,56%
|
- 0,18 p.p.
|
Indicator
|
As at 31.12.2017
|
As at 31.03.2018
|
Change
|
Total assets
|
119,7
|
119,4
|
-0,3%
|
Net assets
|
57,9
|
59,6
|
2,9%
|
Loans and credits
|
41,5
|
39,0
|
-6,0%
|
Cash and cash equivalents + Financial investments (short-term)
|
1,4
|
0,7
|
-50,0%
|
Net debt3
|
40,1
|
38,3
|
-4,5%
|
[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
** without taking into account the volumes of the "last
mile" in January-March 2018
|
The revenue for electric energy transmission services in the 1st
quarter of 2018 showed growth relative to the same period in 2017 due
to an increase in the average tariff and growth in the volume of
rendered services for electricity transmission in comparable
conditions.
The main reason for the increase in the cost of sales was the
growth of uncontrolled expenses included in the item "Material
costs", as well as an increase in the costs of grid companies
for electricity transmission services. The EBITDA decreased by 0,6
bln RUB, which is mainly due to a faster growth in the cost of sales
than the growth in the revenue, the same factor influenced the final
financial result for the analyzed period.
The volume of electricity transmission services in comparable
conditions amounted to 13,0 billion kWh, compared with the same
period last year, there is an increase of 2,4%, which is largely due
to increased power consumption by customers, including due to lower
average temperatures. The largest increase in the volume of
electricity transmission services was recorded in the Voronezh and
Smolensk regions. When the indicators were brought into comparable
conditions, the level of electricity losses was reduced by 0,18 p.p.,
which is a consequence of the successful implementation of a set of
measures to optimize (reduce) the electricity losses.
The Company’s total assets as at 31 March 2018 slightly changed
and amounted to 119,4 bln RUB. The Company’s net assets increased
by 2,9% and amounted to 59,6 bln RUB. The net debt3
significantly decreased to 38,3 bln RUB
(on 31 December 2017 –
40,1 bln RUB), which is due to early repayment of part of the main
debt during the 1st quarter of 2018.
The Company’s statements for the 1st quarter of 2018 can be
found on
the website.
|
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