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Rosseti Centre

July 27, 2017

IDGC of Centre has published its financial statements under RAS for 1H 2017, net profit exceeded the same indicator last year more than 2 times

According to the prepared in accordance with the Russian Accounting Standards statements for the 1st half of 2017, IDGC of Centre’s revenue totalled 45,2 bln RUB, including from electric energy transmission — 43,8 bln RUB, from grid connections — 0,6 bln RUB, from resale of electric energy and power – 0,3 bln RUB and other revenue — 0,5 bln RUB. Sales profit was 5,8 bln RUB, sales profit margin increased and amounted to 12,8%. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 28,9% and reached 10,7 bln RUB. Net profit turned out to be 111,1% higher than the same indicator of the previous year and amounted to 1,9 bln RUB.

Data in billion RUB, unless specified otherwise

Indicators

6M 2016

6M 2017

Change, %

Revenue (total), including:

41,4

45,2

9,2%

Revenue from electric energy transmission

40,3

43,8

8,7%

Revenue from grid connection

0,6

0,6

0,0%

Revenue from resale of electric energy and power

-

0,3

-

Other revenue

0,5

0,5

0,0%

Cost of sales

36,0

38,3

6,4%

Sales profit1

4,3

5,8

34,9%

Sales profit margin, %

10,4%

12,8%

2,4 p.p.

EBITDA2

8,3

10,7

28,9%

EBITDA margin, %

20,0%

23,7%

3,7 p.p.

Net profit

0,9

1,9

111,1%

Net profit margin, %

2,2%

4,2%

2,0 p.p.

Amount of electric energy transmitted*, billion kWh

27,9

28,5

2,2%

Electric energy losses, %

9,24%

9,26%

0,02 p.p.

Electric energy losses, % (under comparable conditions)

9,39%

9,26%

- 0,13 p.p.

Indicators

As at 31.12.2016

As at 30.06.2017

Change, %

Total assets

122,7

120,7

- 1,6%

Net assets

57,7

57,8

0,2%

Loans and credits

43,3

42,4

- 2,1%

Cash and cash equivalents + short-term Financial investments

2,6

3,7

42,3%

Net debt3

40,7

38,7

-4,9%

[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 electric energy in the territory of the "pick-up" of the functions of the supplier of last resort in the Tver region from 01.12.2016

Revenue for electric energy transmission services following the results of 6 months 2017 showed growth relative to the same period in 2016, which was associated with an increase in the tariff for electricity transmission and an increase in the volume of electricity transmission services rendered. The cost of sales for the first half of 2017 compared to the same period in 2016 increased by 2,3 bln RUB or by 6,4%, which is 2,8 p.p. below the growth rate of revenue. The sales profit for the analyzed period increased by 34,9%, the growth in absolute value was 1,5 bln RUB. EBITDA increased by 2,4 bln RUB, while the EBITDA margin was 23,7%. Positive impact on the final financial result for the analyzed period was provided by the following factors: growth of tariff revenue and optimization of manageable costs.

The volume of electricity transmission services amounted to 28,5 billion kWh, compared with the same period last year, there is an increase of 2,2%, which is largely due to low temperatures in the first half of 2017 and increased energy consumption by large industrial enterprises. The level of electricity losses, calculated under comparable conditions, was reduced by 0,13 p.p. thanks to the positive results of the work under the Loss Reduction Program.

The Company’s total assets as at 30 June 2017 decreased by 1,6% mainly due to the decrease in the item "Accounts receivable" and amounted to 120,7 bln RUB. Based on the results of activity for 6 months 2017, the accounts receivable decreased by 2,6 bln RUB mainly due to timely fulfillment of their obligations by retail companies to IDGC of Centre. The Company’s net assets amounted to 57,8 bln RUB. The net debt3 decreased to 38,7 bln RUB (on 31 December 2016 — 40,7 bln RUB) due to a significant reduction in receivables due to the receipt of cash on the Company’s settlement account from major debtors.

The Company’s statements for the 1H 2017 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2017/






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