According
to the prepared in accordance with Russian Accounting Standards
statements for 2017, IDGC of Centre’s revenue amounted to 91,1 bln
RUB, including from electric energy transmission – 87,6 bln RUB,
from grid connection – 1,6 bln RUB, from sale of electric energy –
0,6 bln RUB and other revenue – 1,3 bln RUB. Sales profit amounted
to 9,8 bln RUB. Earnings before interest, taxes, depreciation and
amortization (EBITDA2) reached 19,4 bln RUB, while its
margin increased to 21,3%. Compared with the result of a year ago net
profit increased by 5,3% to 2,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2016
|
12M 2017
|
Change, %
|
Revenue (total), including:
|
86,1
|
91,1
|
5,8%
|
Revenue from electric energy transmission
|
83,6
|
87,6
|
4,8%
|
Revenue from grid connection
|
1,4
|
1,6
|
14,3%
|
Revenue from sale of electric energy
|
0,1
|
0,6
|
500,0%
|
Other revenue
|
1,0
|
1,3
|
30,0%
|
Cost of sales
|
73,5
|
79,0
|
7,5%
|
Sales profit1
|
10,6
|
9,8
|
-7,5%
|
Sales profit margin, %
|
12,3%
|
10,8%
|
-1,5 p.p.
|
EBITDA2
|
16,9
|
19,4
|
14,8%
|
EBITDA margin, %
|
19,6%
|
21,3%
|
1,7 p.p.
|
Net profit
|
1,9
|
2,0
|
5,3%
|
Net profit margin, %
|
2,2%
|
2,2%
|
0,0 p.p.
|
Amount of electric energy transmitted, billion kWh
|
56,2
|
51,7
|
-8,0%
|
Amount of electric energy transmitted, billion kWh (under
comparable conditions)
|
51,3
|
51,7
|
0,8%
|
Electric energy losses, %
|
9,36%
|
9,86%
|
0,50 p.p.
|
Electric energy losses, % (under comparable conditions)
|
10,28%
|
9,86%
|
-0,42 p.p.
|
Indicators
|
As at 31.12.2016
|
As at 31.12.2017
|
Change, %
|
Total assets
|
122,7
|
119,7
|
-2,4%
|
Net assets
|
57,7
|
57,9
|
0,3%
|
Loans and credits
|
43,3
|
41,5
|
-4,2%
|
Cash and cash equivalents + Financial investments
|
2,6
|
1,4
|
-46,2%
|
Net debt3
|
40,7
|
40,1
|
-1,5%
|
[1] Revenue net of costs, 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
|
The revenue from electric energy transmission services in 2017
grew by 4,8%, this growth was due to an increase in the average
tariff and a decrease in the cost of load losses. The growth in the
revenue for grid connection services by the end of 2017 was 14,3% and
is associated with the implementation of many large grid connection
contracts in the branches "Belgorodenergo", "Tambovenergo",
"Kurskenergo" and "Tverenergo" in the reporting
period. The revenue from the sale of electric energy in 2017 amounted
to 0,6 bln RUB, which is related to the performance of the functions
of the supplier of last resort from 01.12.2016 on the territory of
the Tver region in relation to the service area of JSC
"Transservicenergo". The main reason for the other revenue
growth at 30,0% compared to the previous year is the increase in the
volume of work performed in such areas as "Reconstruction of
electric grid facilities for the benefit of customers",
"Provision of technical resources", "Organization of
outdoor lighting systems" and "Grid connection support".
The cost of sales for 12 months in 2017 amounted to 79,0 bln RUB.
The greatest increase in operating expenses occurred with
non-influenceable cost items related to the purchase of electricity
for losses, payment for services of FGC UES and Territorial Grid
Companies, as well as the increase in depreciation, which increased
by 5,3% compared to the indicator of 2016 and amounted to 10,7 bln
RUB. The growth of depreciation charges in 2017 is related to the
commissioning of fixed assets in the implementation of the Company’s
investment program.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) reached the level of 19,4 bln RUB, having increased by 14,8%
compared to the same period last year. EBITDA margin was 21,3%, which
is 1,7 p.p. higher than in 2016. The net profit for 2017 amounted to
2,0 bln RUB, which is 8,8% higher than the same period last year.
The volume of electricity transmission services amounted to 51,7
billion kWh, compared with the previous year, there was a
decrease in the volume by 8,0%, which was the result of the
termination of the "last mile" contracts and the reduction
of electricity consumption in the Yaroslavl region. At the same time,
the comparison of this indicator in comparable conditions shows an
increase of 0,8%. The increase in the reporting loss is due to a
decrease in the supply of electricity to the grid, caused by the
exclusion of transmission volumes from the "last mile"
facilities from the balance of 5.2 billion kWh and the integration of
power grid assets in the cities of Semiluki and Rzhev. The reduction
of electricity losses (in comparable terms by the composition of
electric grid assets) by 0,42% to 9,86% in 2017 was achieved due to
the implementation of the Program for reduction of electric energy
losses, which includes a set of organizational and technical
measures.
The company’s total assets as of 31 December 2017 were 119,7 bln
RUB. The company’s net assets increased to 57,9 bln RUB. The net
debt3 decreased and amounted to 40,1 bln RUB (as of 31
December 2016 – 40,7 bln RUB).
The Company’s statements for 2017 can be found at:
https://www.mrsk-1.ru/en/information/statements/rsbu/2017/
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