According to the prepared in accordance with the Russian Accounting
Standards statements for 1H 2019, Rosseti Centre’s revenue (the
public name IDGC of Centre, PJSC, the ticker - MRKC) was 46,5 bln
RUB, including from electric energy transmission – 45,1 bln RUB,
from grid connections – 0,5 bln RUB, from resale of electric energy
and power – 0,3 bln RUB and other revenue – 0,6 bln RUB. Sales
profit was 3,3 bln RUB. Earnings before interest, taxes, depreciation
and amortization (EBITDA2) reached 8,7 bln RUB. Net profit
was 0,8 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
1H 2019
|
1H 2018
|
Change
|
Revenue (total), including:
|
46,5
|
46,7
|
-0,4%
|
Revenue from electric energy transmission
|
45,1
|
45,1
|
0,0%
|
Revenue from grid connection
|
0,5
|
0,8
|
-37,5%
|
Revenue from resale of electric energy and power
|
0,3
|
0,3
|
0,0%
|
Other revenue
|
0,6
|
0,5
|
20,0%
|
Cost of sales
|
42,3
|
41,0
|
3,2%
|
Sales profit1
|
3,3
|
4,7
|
-29,8%
|
Sales profit margin
|
7,1%
|
10,1%
|
-3,0 p.p.
|
EBITDA2
|
8,7
|
9,4
|
-7,4%
|
EBITDA margin
|
18,7%
|
20,1%
|
-1,4 p.p.
|
Net profit
|
0,8
|
1,6
|
-50,0%
|
Net profit margin
|
1,7%
|
3,4%
|
-1,7 p.p.
|
Amount of electric energy transmitted, billion kWh
|
23,3
|
23,8
|
-2,1%
|
Electric energy losses*
|
10,54%
|
10,61%
|
-0,07 p.p.
|
Indicators
|
As at 30.06.2019
|
As at 31.12.2018
|
Change
|
Total assets
|
120,6
|
122,5
|
-1,6%
|
Net assets
|
58,3
|
58,5
|
-0,3%
|
Loans and credits
|
41,5
|
40,4
|
2,7%
|
Cash and cash equivalents + Financial investments (short-term)
|
0,1
|
0,8
|
-87,5%
|
Net debt3
|
41,4
|
39,6
|
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
|
The revenue from electricity transmission services
for 1H 2019 did not change, due to such factors as the increase in
the tariff for electricity transmission and the decrease in the
volume of services for the transmission of electricity.
The revenue from grid connection services for 1H
2019 was 0,5 bln RUB. The decrease by 37,5% compared to the same
period of 2018 is due to the early execution of unplanned grid
connection agreements in 1H 2018.
The other revenue for 1H 2019 compared to the same
period of 2018 increased by 20% and amounted to 0,6 bln RUB. The main
reason for the growth of the other revenue is an increase in the
volume of value-added services, which confirms the Company’s desire
to increase non-tariff sources of income.
The main reason for the increase in cost of
production by 3,2% in 1H 2019 was the increase in production costs
not controlled by the Company’s management. EBITDA decreased by 0,7
bln RUB. The main factor that influenced EBITDA and the final
financial result was the increase in cost of sales while lowering
revenue from services.
The volume of services for the transmission of
electricity amounted to 23,3 billion kWh, compared with the same
period last year, there was a decrease in the volume by 2,1%. This
decrease is mainly due to both partial transfer of consumer load to
grids of PJSC FGC UES and its own generation, as well as to a
decrease in electricity consumption by large metallurgical and
petrochemical enterprises in the regions of operation. The level of
electricity losses changed by (-0,07) p.p. and amounted to 10,54%.
The main reason for this loss trend is the implementation of the
Electricity Loss Reduction Program.
The Company’s total assets as at 30 June 2019
decreased and amounted to 120,6 bln RUB. The Company’s net assets
slightly decreased by 0,3% and amounted to 58,3 bln RUB. The net
debt3 increased to 41,4 bln RUB (as at 31 December 2018 –
39,6 bln RUB).
The Company’s statements for 1H 2019 can be
found at the
website.
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