The consolidated interim condensed financial statements include PJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West».

The main items, million rubles

The revenue for the nine months 2018 amounted to 46,914 million rubles, including the revenue from power transmitting 26,878 million rubles, from sale of electricity 19,267 million rubles, from connection to power network 286 million rubles. 

The revenue increased by 12,346 million rubles (36%) in comparison with the similar period of 2017. Increase of the revenue from sale of electricity by 14,546 million rubles due to as at 22 December 2017 the Ministry of Energy of the Russian Federation assigned the Company with the status of guaranteeing electric power supplier function in Arkhangelsk region of the service area of PJSC “Arkhangelsk Energy Retail Company” effective from 1 January 2018 and as at 23 March 2018 assigned the Company with the status of guaranteeing electric power supplier function in Vologda region of the service area of PJSC “Vologda Energy Retail Company” effective from 1 April 2018.

The revenue from power transmitting decreased by 1 799 million rubles mainly due to the termination of the “last mile” contracts. The revenue from connection to power network decreased by 340 million rubles due to decrease volume of connection to power network contracts. 

Expenses are increased 11,917 million rubles (35%) is proportional to revenue increase and is also due to the assigned the Company with the status of guaranteeing electric power supplier function. 

As at 30 September 2018 non-current assets of Company’s asset profile comprise 80% which represent for 96% (39,233 million rubles) property, plant and equipment. 

Major relative share in the structure of current assets (86%) dominates current receivables (8,940 million rubles). Amount of current receivable decreased as at 30 September 2018 as compared to 31 December 2017 by 50 million rubles (1%) caused by conclusion the direct contract for power transmitting and performed effective claim-related work. 

Major relative share of liabilities dominates loans and borrowings (49%) that amounted 15,550 million rubles to the end of the reporting period, which is increase by 1,216 million rubles as compared to the beginning of the period. Amount of current payable decreased by 279 million rubles (3%) mainly due to the repayment of current debts to suppliers and contractors. 

As a result for the nine months ended 30 September 2018 profit 744 million rubles increased by 239 (32%) in comparison with the similar period of 2017. 

EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 4,335 million rubles. 

Net Debt/EBITDA comprised 3.56.

For more details about financial results of PJSC «IDGC of North-West» you can find the official report, published at the address - https://www.mrsksevzap.ru/en/ifrsfinancialstatements.