IDGC
of Centre has published its unaudited interim condensed consolidated
financial statements for 3 and 6 months of 2018 in accordance with
International Financial Reporting Standards (IFRS), as well as the
Management Discussion and Analysis of the Company, including its
financial condition and performance results (MD&A).
Revenue for the reporting period is RUB 46.8 bln, including
revenue from electricity transmission — RUB 45.1 bln, revenue from
technological connection — RUB 0.8 bln, revenue from resale of
electricity and capacity — RUB 0.3 bln and other revenue — RUB
0.6 bln.
Data in billion RUB, unless specified otherwise
Indicators
|
6M 2018
|
6M 2017
|
Change, %
|
Revenue (total), including:
|
46.8
|
45.2
|
3.5%
|
Electric energy transmission services
|
45.1
|
43.8
|
3.0%
|
Grid connection services
|
0.8
|
0.6
|
33.3%
|
Revenue from resale of electric energy and power
|
0.3
|
0.3
|
0.0%
|
Other revenue
|
0.6
|
0.5
|
20.0%
|
Operating costs
|
42.5
|
39.7
|
7.1%
|
Other income
|
0.5
|
0.4
|
25.0%
|
Operating profit
|
4.8
|
6.0
|
- 20.0%
|
EBITDA
|
9.8
|
11.0
|
-10.9%
|
Profit for period
|
2.2
|
2.7
|
-18.5%
|
Indicators
|
As at 30.06.2018
|
As at31.12.2017
|
Change, %
|
Total equity
|
45.5
|
44.2
|
2.9%
|
Total assets
|
103.6
|
105.1
|
- 1.4%
|
Loans and borrowings
|
38.8
|
41.5
|
- 6.5%
|
Cash and cash equivalents
|
0.3
|
1.4
|
- 78.6%
|
Net debt1
|
38.5
|
40.1
|
-4.0%
|
[1] Net debt is calculated as follows: long-term loans and
borrowings + short-term loans and borrowings – cash and cash
equivalents
The main factors that influenced the indicator of consolidated
revenue are the growth of the tariff for the electricity transmission
and the increase in the volume of rendered services for the
electricity transmission in comparable conditions, technological
connection and other services of unregulated activity.
Earnings before Interest, Taxation, Depreciation &
Amortisation (EBITDA) following the results of 6 months of 2018
amounted to RUB 9.8 bln. EBITDA margin following the results of 6
months of 2018 amounted to 20.9%, which is higher than the target
value approved within the framework of the Company’s Business Plan
– 19.4%.
As at 30 June 2018 the Company’s assets were RUB 103.6 bln (as
at 31 December 2017 — 105.1 RUB bln). Net debt decreased to RUB
38.5 bln (as at 31 December 2017 — RUB 40.1 bln). The decrease in
net debt is due to sufficient volume of own financial resources to
cover the Company’s current and investment expenses, as well as
early repayment of part of the principal debt during the first half
of 2018.
The Company’s consolidated financial statements can be found at:
https://www.mrsk-1.ru/information/statements/msfo/2018/
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