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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