According
to the published consolidated financial statements for 3 months of
2017, the Company’s revenue for the period was 24,3 bln RUB,
including from electricity transmission — 23,6 bln RUB, from grid
connections — 0,3 bln RUB, from resale of electric energy and power
– 0,2 bln RUB and other revenue — 0,2 bln RUB. Earnings before
Interest, Taxation, Depreciation & Amortisation (EBITDA) amounted
to 6,7 bln RUB. Profit for the period increased by 8,7% and amounted
to 2,5 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
3M 2016
|
3M 2017
|
Change, %
|
Revenue (total), including:
|
22,3
|
24,3
|
9,0%
|
Electric energy transmission services
|
21,7
|
23,6
|
8,8%
|
Grid connection services
|
0,2
|
0,3
|
50,0%
|
Revenue from resale of electric energy and power
|
0,0
|
0,2
|
-
|
Other revenue
|
0,4
|
0,2
|
-50,00%
|
Operating costs
|
-19,8
|
-20,2
|
2,0%
|
Other income
|
0,1
|
0,1
|
0,0%
|
Operating profit/(loss)
|
2,6
|
4,2
|
61,5%
|
EBITDA
|
4,8
|
6,7
|
39,6%
|
Profit for period
|
2,3
|
2,5
|
8,7%
|
Indicators
|
As at 31.12.2016
|
As at 31.03.2017
|
Change, %
|
Total equity
|
43,3
|
45,7
|
5,5%
|
Total assets
|
107,0
|
109,6
|
2,4%
|
Borrowings and loans
|
43,3
|
43,6
|
0,7%
|
Cash and cash equivalents
|
2,6
|
8,1
|
211,5%
|
Net debt1
|
40,7
|
35,5
|
-12,8%
|
[1] Net debt is calculated as follows: long-term debt +
short-term debt – cash and cash equivalents
|
In connection with the execution by IDGC of Centre from 01
December 2016 of the functions of the electricity supplier of last
resort in the service area of Joint Stock Company "Transservicenergo"
in the Tver region the consolidated revenues included "Revenue
from resale of electric energy and power". The tariff for the
sale of electricity under power supply contracts is calculated taking
into account the transmission fee. The change in consolidated
revenues for 3 months of 2017 is mainly due to growth in revenue from
electricity transmission services due to an increase in the average
tariff and a gain in the volume of productive supply.
Operating costs of the Company for 3 months of 2017 amounted to
20,2 bln RUB, which is 2,0% higher than the same indicator for 3
months of 2016. At the same time, as a result of implementing
measures to reduce costs, the growth rate of operating costs was
below the level of inflation and is much lower than the rate of the
revenue growth, which had a positive effect on the financial result.
Other revenues of the company decreased by 16,8 mln RUB mainly due to
a reduction in revenues from cost recovery and losses. EBITDA of the
company in the reporting period increased by 39,6%. EBITDA margin
increased by 6,1 percentage points and amounted to 27,6% for 3 months
of 2017. The profit for the period increased by 8,7% and amounted to
2,5 bln RUB for 3 months of 2017. The most significant impact on the
Company’s financial results was provided by the growth in revenues
from electricity transmission services and the restriction of the
growth rate of operating costs.
As at 31 March 2017 IDGC of Centre’s assets totalled 109,6 bln
RUB (as at 31 December 2016 — 107,0 bln RUB). Net debt1
decreased to 35,5 bln RUB (as at 31 December 2016 — 40,7 bln RUB).
The indicator decreased due to an increase in cash on the company’s
accounts at the end of the reporting period, which, in turn, is due
to a change in the terms of payment for current obligations for
electricity transmission services, the repayment of previously formed
receivables, and the improvement of payment discipline.
The Company’s consolidated financial statements can be found at:
https://www.mrsk-1.ru/en/information/statements/msfo/2017/
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