IDGC
of Centre has published its consolidated financial statements for
2016 in accordance with IFRS. Consolidated revenues of the Company
for the period amounted to 86,3 bln RUB, including from electric
energy transmission — 83,6 bln RUB, from grid connection — 1,4
bln RUB and other revenue — 1,3 bln RUB. Earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to 17,9 bln
RUB. Profit/(loss) for the period rose by 3,9 bln RUB and amounted to
4,8 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2015
|
12M 2016
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Change, %
|
Revenue (total), including:
|
80,8
|
86,3
|
6,8%
|
Electric energy transmission services
|
77,7
|
83,6
|
7,6%
|
Grid connection services
|
1,2
|
1,4
|
16,7%
|
Other revenue
|
1,9
|
1,3
|
-31,6%
|
Operating costs
|
-75,2
|
-78,8
|
4,8%
|
Other profit
|
1,4
|
1,7
|
21,4%
|
Operating profit/(loss)
|
7,1
|
9,2
|
29,6%
|
EBITDA
|
14,8
|
17,9
|
20,9%
|
Profit/(loss) for the period
|
0,9
|
4,8
|
433,3%
|
Indicators
|
As at 31.12.2015
|
As at 31.12.2016
|
Change, %
|
Total equity
|
38,9
|
43,3
|
11,3%
|
Total assets
|
100,4
|
107,0
|
6,6%
|
Loans and credits
|
42,1
|
43,3
|
2,9%
|
Cash and cash equivalents
|
0,1
|
2,6
|
2500,0%
|
Net debt1
|
42,0
|
40,7
|
-3,1%
|
[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 revenue from resale of electric energy and
power for the purpose of analysis is posted in the other revenue in
the amount of 51,6 mln RUB.
The change in consolidated revenues in 2016 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, as well as a decrease in other revenue due to a reduction in
revenues under the concession agreement with the Administration of
the Tambov region, which entered into force in 2015.
Operating costs of the Company for 2016 amounted to 78,8 bln RUB,
which is 4,8% higher than the same indicator for 2015. The main
factors of the increase in the expenses were the growth of
uncontrolled electricity transmission costs by 5,7% and the purchase
of electricity to compensate for losses by 12,3%, as well as the
growth of reserves for impairment of receivables by 33,3%. Provisions
were made for the impairment of trade receivables from companies with
which there are disagreements over the transmission of electricity,
as well as for companies that are in arrears with resale of electric
energy and power for the period of 2013-2014. Depreciation amounted
to 8,7 bln RUB by the end of 2016, which is 0,9 bln RUB higher than
the same indicator last year. Additional factors that affected the
change in the company’s expenses were a decrease in expenses under
the concession agreement by 0,8 bln RUB, as well as reversal of
impairment of fixed assets for 2014-2015 in the amount of 0,6 bln RUB
in 2016.
Other revenues of the company increased by 21,4% mainly due to
write-off of accounts payable and increase in income in the form of
fines, penalties and liquidated damages. The EBITDA of the company in
the reporting period increased by 20,9% and amounted to 17,9 bln RUB.
The EBITDA margin increased by 1.9 percentage points and amounted to
20,7% in 2016. The profit for the period increased by more than 5
times and amounted to 4,8 bln RUB in 2016. The most significant
impact on the Company’s financial results was provided by the
growth of revenue from electricity transmission services, the need to
create provisions for doubtful debts, the reversal of impairment of
fixed assets, including through depreciation, and the resulting
profit tax savings due to tax adjustments for prior years and
recognition of deferred taxes in accordance with IFRS.
As at 31 December 2016 IDGC of Centre’s assets totalled 107,0
bln RUB (as at 31 December 2015 — 100,4 bln RUB). Net debt1
decreased to 40,7 bln RUB (as at 31 December 2015 — 42,0 bln RUB).
The indicator decreased due to an increase in cash on the company’s
accounts at the end of the reporting period.
The Company’s consolidated financial statements can be found at:
https://www.mrsk-1.ru/en/information/statements/msfo/2016/.
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