According to the prepared in accordance with the Russian Accounting
Standards statements for 1Q 2019, IDGC of Centre’s revenue was 25,1
bln RUB, including from electric energy transmission – 24,3 bln
RUB, from grid connections – 0,3 bln RUB, from resale of electric
energy – 0,2 bln RUB and other revenue – 0,3 bln RUB. Sales
profit was 2,5 bln RUB. Earnings before interest, taxes, depreciation
and amortization (EBITDA2) reached 5,3 bln RUB. Net profit
was 1,1 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
1Q 2019
|
1Q 2018
|
Change
|
Revenue (total), including:
|
25,1
|
25,4
|
-1,2%
|
Revenue from electric energy transmission
|
24,3
|
24,7
|
-1,6%
|
Revenue from grid connection
|
0,3
|
0,3
|
0%
|
Revenue from resale of electric energy
|
0,2
|
0,2
|
0%
|
Other revenue
|
0,3
|
0,2
|
50,0%
|
Cost of sales
|
22,1
|
21,6
|
2,3%
|
Sales profit1
|
2,5
|
3,3
|
-24,2%
|
Sales profit margin
|
10,0%
|
13,0%
|
-3,0 p.p.
|
EBITDA2
|
5,3
|
5,9
|
-10,2%
|
EBITDA margin
|
21,1%
|
23,2%
|
-2,1 p.p.
|
Net profit
|
1,1
|
1,7
|
-35,3%
|
Net profit margin
|
4,4%
|
6,7%
|
-2,3 p.p.
|
Amount of electric energy transmitted, billion kWh
|
12,5
|
13,0
|
-3,8%
|
Electric energy losses*
|
12,58%
|
12,56%
|
0,02 p.p.
|
Indicators
|
As at 31.03.2019
|
As at 31.12.2018
|
Change
|
Total assets
|
122,2
|
122,5
|
-0,2%
|
Net assets
|
59,6
|
58,5
|
1,9%
|
Loans and credits
|
41,4
|
40,4
|
2,5%
|
Cash and cash equivalents + Financial investments
|
1,2
|
0,8
|
50,0%
|
Net debt3
|
40,2
|
39,6
|
1,5%
|
[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 1Q 2019 decreased by 1,6%, this decrease is mainly due to both
partial transfer of consumer load to FGC UES’s grids and own
generation, as well as to a decrease in electricity consumption of
the industrial and fuel and energy complex in the regions of
operations.
The revenue from grid connection services for 1Q
2019 was 0,3 bln RUB and remained at the last year’s level.
The main reason for the growth of other revenues
by 50.0% compared to the same period last year is an increase in the
volume of work performed in such areas as “Reconstruction of power
grid facilities in the interests of customers”, “Provision of
technical resources” and “Grid connection support”.
The prime cost for 1Q 2019 increased by 2,3% and
amounted to 22,1 bln RUB. Earnings before interest, taxes,
depreciation and amortization (EBITDA) reached 5,3 bln RUB, relative
to the same period last year it decreased by 10,2%, at the same time,
its margin was 21,1%. The net profit for 1Q 2019 was 1,1 bln RUB,
which is 35,3% lower than last year. The decrease in the financial
result is due to a significant decrease compared to the last year’s
level of sales of electricity transmission services while maintaining
the level of fixed costs for maintenance of power grid facilities.
The volume of electricity transmission services
was 12,5 billion kWh, compared to the same period last
year, there was a decrease in the volume by 3,8%, which was a result
of reduced consumption by PJSC “NLMK”, OJSC “Slavneft-YANOS”,
“Gazpromtransgaz Ukhta” LLC. The increase in electricity losses
by 0,02 p.p. to 12,58% is associated with integration of grids of the
city Nelidovo (Tver region) from April 2018.
The Company’s total assets as at 31 March 2019
were 122,2 bln RUB. The Company’s net assets increased to 59,6 bln
RUB. The net debt3 increased and amounted to 40,2 bln RUB
(as at 31 December 2018 – 39,6 bln RUB).
The Company’s statements for 1Q 2019 can be
found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2019/.
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