According
to the prepared in accordance with the Russian Accounting Standards
statements for the 1st quarter of 2016, IDGC of Centre’s
revenue totalled 22,1 bln RUB, including from electric energy
transmission — 21,7 bln RUB, from grid connections — 0,2 bln RUB
and other revenue — 0,2 bln RUB. Sales profit was 2,8 bln RUB,
sales profit margin decreased and amounted to 12,7%. Earnings before
interest, taxes, depreciation and amortization (EBITDA2)
reached 4,6 bln RUB, while the indicator margin was 20,8%. Net profit
turned out to be 0,4 bln RUB higher than the target and amounted to
1,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
3M 2015
|
3M 2016
|
Change, %
|
Revenue (total), including:
|
21,0
|
22,1
|
5,2%
|
Revenue from electric energy transmission
|
20,6
|
21,7
|
5,3%
|
Revenue from grid connection
|
0,2
|
0,2
|
0,0%
|
Other revenue
|
0,2
|
0,2
|
0,0%
|
Cost of sales
|
17,1
|
18,8
|
9,9%
|
Sales profit1
|
3,3
|
2,8
|
-15,2%
|
Sales profit margin, %
|
15,7%
|
12,7%
|
- 3,0 p.p.
|
EBITDA2
|
5,7
|
4,6
|
-19,3%
|
EBITDA margin, %
|
27,1%
|
20,8%
|
- 6,3 p.p.
|
Net profit
|
2,0
|
1,0
|
-50,0%
|
Net profit margin, %
|
9,5%
|
4,5%
|
- 5,0 p.p.
|
Amount of electric energy transmitted, billion kWh
|
14,6
|
14,7
|
0,7%
|
Electric energy losses, %
|
11,11%
|
11,13%
|
0,02 p.p.
|
Electric energy losses, % (under comparable conditions of
equipment composition)
|
11,19%
|
11,13%
|
- 0,06 p.p.
|
Indicators
|
As at 31.12.2015
|
As at 31.03.2016
|
Change, %
|
Total assets
|
117,9
|
121,1
|
2,7%
|
Net assets
|
56,3
|
57,3
|
1,8%
|
Loans and credits
|
42,1
|
42,6
|
1,2%
|
Cash and cash equivalents + Financial investments
|
0,1
|
4,8
|
4700,0%
|
Net debt3
|
42,0
|
37,8
|
-10,0%
|
[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 – financial
investments
|
The increase of revenue for electric energy transmission services
in the 1st quarter of 2016 compared to the same period in
2015 is due to the growth of tariff rates and the increase in volume
of rendered services on electric energy transmission. The main reason
for the increase of the cost of sales was the growth in material
costs by 11,3% mainly due to growth of expenditure beyond the
control. EBITDA decreased by 1,1 bln RUB because of faster growth of
spending compared with the growth of the regulated tariff revenue.
Positive impact on the final financial result for the period under
review was given by a decrease in provisions for estimated
liabilities by 0,7 bln RUB.
The volume of electric energy transmission
services amounted to 14,7 bln kWh, an increase on the
amount by 0,7% compared to the same period last year, largely due to
the low temperatures in January. Upon bringing the indicators into
comparable conditions the level of electricity losses decreased by
0,06 p.p., indicating the positive results in the field of energy
efficiency and reduction of losses.
The total assets of the Company as at 31 March 2016 increased by
2,7% and amounted to 121,1 bln RUB. The net assets of the Company
amounted to 57,3 bln RUB. The net debt3 significantly
decreased to 37,8 bln RUB (on 31 December 2015 — 42,0 bln RUB) due
to significant reduction in accounts receivable because of the
receipt of funds to the account of the Company from major debtors.
The Company’s statements for the 1st quarter of 2016
can be found at:
https://www.mrsk-1.ru/information/statements/rsbu/2016/
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