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/
|