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Rosseti Centre

November 22, 2017

IDGC of Centre published its IFRS results for 9 months of 2017, Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) increased by 15,6%

IDGC of Centre has published its unaudited interim condensed consolidated financial statements for 9 months of 2017 in accordance with International Financial Reporting Standards (IFRS). IDGC of Centre’s revenue for the reporting period was 65,8 bln RUB, including from electric energy transmission services — 63,7 bln RUB, from grid connection services — 0,9 bln RUB, from resale of electric energy and power — 0,4 bln RUB and other revenue — 0,8 bln RUB. Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) increased by 15,6% and amounted to 14,8 bln RUB.

Data in billion RUB, unless specified otherwise

Indicators

9M 2016

9M 2017

Change, %

Revenue (total), including:

61,8

65,8

6,5%

Electric energy transmission services

60,0

63,7

6,2%

Grid connection services

0,9

0,9

0,0%

Revenue from resale of electric energy and power

0,0

0,4

-

Other revenue

0,9

0,8

- 11,1%

Operating costs

56,2

59,0

5,0%

Other income

0,7

0,7

0,0%

Operating profit

6,3

7,4

17,5%

EBITDA

12,8

14,8

15,6%

Profit for period

3,3

2,5

- 24,2%

Indicators

As at 31.12.2016

As at 30.09.2017

Change, %

Total equity

43,3

43,7

0,9%

Total assets

107,0

105,1

- 1,8%

Borrowings and loans

43,3

42,1

- 2,8%

Cash and cash equivalents

2,6

2,5

- 3,8%

Net debt1

40,7

38,6

-5,2%

[1] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents

The main factors that have influenced the consolidated revenue indicator are: the increase in the tariff for the transmission of electricity, the termination of “last mile” contracts with customers from 01.07.2017 and the emergence of revenue from resale of electric energy and power due to picking up the functions of the supplier of last resort in the Tver region.

Positive impact on the EBITDA indicator was made by the slower growth of operating costs compared to the growth rate of revenue and an increase in the average tariff for the transmission of electricity. The profit for the period was 2,5 bln RUB, which is lower than the similar indicator of the previous year, mainly due to the additional taxation because of the exclusion from non-operating expenses for tax purposes of costs for mobilization preparation.

As at 30 September 2017 IDGC of Centre’s assets totalled 105,1 bln RUB (as at 31 December 2016 — 107,0 bln RUB). Net debt1 decreased to 38,6 bln RUB (as at 31 December 2016 — 40,7 bln RUB). The net debt reduction was facilitated by repayment of the debt in accordance with the contractual terms and refinancing of loans.

The Company’s consolidated financial statements can be found at: https://www.mrsk-1.ru/en/information/statements/msfo/2017/






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