According
to the prepared in accordance with the Russian Accounting Standards
statements for the 1st quarter of 2017, IDGC of Centre’s revenue
totalled 24,3 bln RUB, including from electric energy transmission –
23,6 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 4,0 bln RUB, sales profit margin increased
and amounted to 16,5%. Earnings before interest, taxes, depreciation
and amortization (EBITDA2) reached 6,5 bln RUB, while the
indicator margin increased to 26,7%. Net profit turned out to be 1,1
bln RUB higher than for the same period last year and amounted to 2,1
bln RUB.
Data in billion RUB, unless specified otherwise
Indicator
|
3M 2016
|
3M 2017
|
Change, %
|
Revenue (total), including:
|
22,1
|
24,3
|
10,0%
|
Revenue from electric energy transmission
|
21,7
|
23,6
|
8,8%
|
Revenue from grid connection
|
0,2
|
0,3
|
50,0%
|
Revenue from resale of electric energy and power
|
0,0
|
0,2
|
100,0%
|
Other revenue
|
0,2
|
0,2
|
0,0%
|
Cost of sales
|
18,8
|
19,7
|
4,8%
|
Sales profit1
|
2,8
|
4,0
|
42,9%
|
Sales profit margin, %
|
12,7%
|
16,5 %
|
3,8 p.p.
|
EBITDA2
|
4,6
|
6,5
|
41,3%
|
EBITDA margin, %
|
20,8%
|
26,7%
|
5,9 p.p.
|
Net profit
|
1,0
|
2,1
|
110,0%
|
Net profit margin, %
|
4,5%
|
8,6%
|
4,1 p.p.
|
Amount of electric energy transmitted, billion kWh
|
14,7
|
15,1
|
2,7%
|
Electric energy losses, %
|
11,13%
|
10,92%
|
- 0,21 p.p.
|
Electric energy losses, % (under comparable conditions)
|
11,13%
|
10,77 %
|
- 0,36 p.p.
|
Indicators
|
As at 31.12.2016
|
As at 31.03.2017
|
Change, %
|
Total assets
|
122,7
|
124,8
|
1,7%
|
Net assets
|
57,7
|
59,8
|
3,6%
|
Loans and credits
|
43,3
|
43,6
|
0,7%
|
Cash and cash equivalents + Financial investments
|
2,8
|
8,3
|
196,4%
|
Net debt3
|
40,7
|
35,3
|
-13,3%
|
[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 – financial
investments
|
Revenue for electric energy transmission services in the 1st
quarter of 2017 showed growth relative to the same period in 2016 due
to an increase in the volume of electricity transmission services
rendered.
The growth in revenue for grid connection services during the
reporting period amounted to 50,0% and is related to the execution of
grid connection contracts in the category of over 150 kW.
In the reporting period, a new revenue item was generated – from
the sale of electric energy and power in connection with the
execution by IDGC of Centre from 01 December 2016 of the functions of
the electricity supplier of last resort in the service area of Joint
Stock Company "Transservicenergo" in the Tver region on the
basis of the order of the Ministry of Energy of Russia.
The main reason for the growth in production expenses was the
growth of non-influenceable costs related to the purchase of
electricity for compensation of losses, payment for services of FGC
UES and Territorial Grid Companies, as well as an increase in
depreciation. EBITDA increased by EBITDA increased by 1,9 bln RUB,
which is mainly due to the increase in revenue from electricity
transmission, the same factor had a positive impact on the final
financial result for the analyzed period.
The volume of electricity transmission services amounted to 15,1
billion kWh, compared with the same period last year, there is an
increase of 2,7%, which is largely due to increased power consumption
by large producers from the agro-industrial and metallurgical sectors
of the economy. The largest increase in the volume of electricity
transmission services was recorded in the Belgorod and Lipetsk
regions. When the indicators were brought into comparable conditions,
the level of electricity losses was reduced by 0,36 p.p., which
indicates positive results in the field of energy saving and loss
reduction.
The Company’s total assets as at 31 March 2017 increased by 1,7%
and amounted to 124,8 bln RUB. The Company’s net assets amounted to
59,8 bln RUB. The net debt3 significantly decreased to
35,3 bln RUB (on 31 December 2016 – 40,7 bln RUB), which is due to
sufficient volume of own financial resources to cover current and
investment expenses of the Company.
The Company’s statements for the 1st quarter of 2017 can be
found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2017/
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