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Rosseti Centre

February 27, 2017

IDGC of Centre has published its financial statements for 2016 under RAS, net profit increased by 2,1 times

According to the prepared in accordance with Russian Accounting Standards statements for 2016, IDGC of Centre’s revenue amounted to 86,1 bln RUB, including from electric energy transmission — 83,6 bln RUB, from grid connection — 1,4 bln RUB and other revenue — 1,1 bln RUB. Sales profit amounted to 10,6 bln RUB, sales profit margin increased and amounted to 12,3%. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 16,9 bln RUB, while its margin increased to 19,6%. Compared with the result of a year ago net profit increased by 2,1 times to 1,9 bln RUB.

Data in billion RUB, unless specified otherwise

Indicators

12M 2015

12M 2016

Change, %

Revenue (total), including:

79,8

86,1

7,9%

Revenue from electric energy transmission

77,7

83,6

7,6%

Revenue from grid connection

1,2

1,4

16,7%

Other revenue

0,9

1,1

22,2%

Cost of sales

68,5

73,5

7,3%

Sales profit1

9,1

10,6

16,5%

Sales profit margin, %

11,4%

12,3%

0,9 p.p.

EBITDA2

15,2

16,9

11,2%

EBITDA margin, %

19,0%

19,6%

0,6 p.p.

Net profit

0,9

1,9

111,1%

Net profit margin, %

1,1%

2,2%

1,1 p.p.

Amount of electric energy transmitted, billion kWh

54,8

56,2

2,6%

Electric energy losses, %

9,35%

9,36%

0,01 p.p.

Electric energy losses, % (under comparable conditions)

9,43%

9,36%

- 0,07 p.p.

Indicators

As at 31.12.2015

As at 31.12.2016

Change, %

Total assets

117,9

122,7

4,1%

Net assets

56,3

57,7

2,5%

Loans and credits

42,1

43,3

2,9%

Cash and cash equivalents + Financial investments

0,1

2,6

2500,0%

Net debt3

42,0

40,7

-3,1%

[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 – financial investments

The revenue from electric energy transmission services in 2016 grew by 7,6% due to growth in the average tariff and increased net supply. In accordance with the Order of the Ministry of Energy of Russia, starting from 01 December 2016 the functions of electricity supplier of last resort in the service area of Joint Stock Company "Transservicenergo" in the Tver region were transferred to IDGC of Centre. The revenue from resale of electric energy and power amounted to 51,6 mln RUB and for the purpose of analysis is posted in the other revenue.

The revenue growth for grid connection services by the end of 2016 amounted to 16,7% and is associated with the execution of major contracts for grid connection in the category of more than 150 kW. The share of preferential grid connections was less than 5% of the revenue, while the share of connected capacity was 43% of the total volume of the company.

The main reason for the other revenue growth at 22,2% is the increase in the volume of work performed in such areas as "Reconstruction of electric grid facilities for the benefit of customers" and "Grid connection support". The total number of customer requests for value-added services increased over the year by 10% to 186 thousand.

The cost of sales for 12 months in 2016 amounted to 73,5 bln RUB, while its growth rate was below the pace of the revenue growth. 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. Depreciation increased by 9% compared to 2015 and the figure was 9,9 bln RUB. At the end of the year it managed to contain growth of influenceable costs at the level of 1.6% thanks to the work of the management to reduce unit operating costs and optimize other non-productive expenditure.

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached the level of 16,9 bln RUB, having increased by 11,2% compared to the same period last year. EBITDA margin was 19,6% (19,0% in 2015). The net profit for 2016 amounted to 1,9 bln RUB, which is 111,1% higher than the same period last year.

"The main factors, which had a significant impact on the financial results for 2016, were: the growth of net supply, the need to create provisions for doubtful debts and optimization of operating expenses as a result of the cost management program implementation," stressed General Director of IDGC of Centre Oleg Isaev.

The volume of electricity transmission services amounted to 56,2 billion kWh, compared to the previous year there was an increase in the volume by 2,6%, which was the result of increased consumption of major producers of metallurgical, oil refining and agro-industrial sectors. The greatest increase in the volume of the transmission services was registered in the Kursk, Lipetsk and Voronezh regions.

According to General Director of IDGC of Centre Oleg Isaev, the reduction of electric energy losses (in comparable conditions with the electric grid assets) to 9,36% in 2016 was achieved through the implementation of the Program to reduce electric energy losses, operating in the company.

The company’s total assets as of 31 December 2016 increased by 4,1% and amounted to 122,7 bln RUB. The company’s net assets amounted to 57,7 bln RUB. The net debt3 decreased and amounted to 40,7 bln RUB (as of 31 December 2015 — 42,0 bln RUB).

The Company’s statements for 2016 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2016/






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