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IDGC of Centre has published its unaudited interim condensed consolidated financial statements for 1H 2017 in accordance with International Financial Reporting Standards (IFRS). IDGC of Centre’s revenue for the reporting period was 45,2 bln RUB, including from electric energy transmission services — 43,8 bln RUB, from grid connection services — 0,6 bln RUB, from resale of electric energy and power — 0,3 bln RUB and other revenue — 0,5 bln RUB. Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) increased by 27,9% and amounted to 11,0 bln RUB.
Data in billion RUB, unless specified otherwise
|
Indicators |
1H 2016 |
1H 2017 |
Change, % | ||
|
Revenue (total), including: |
41,5 |
45,2 |
8,9% | ||
|
Electric energy transmission services |
40,3 |
43,8 |
8,7% | ||
|
Grid connection services |
0,6 |
0,6 |
0,0% | ||
|
Revenue from resale of electric energy and power |
0,0 |
0,3 |
- | ||
|
Other revenue |
0,6 |
0,5 |
-16,7% | ||
|
Operating costs |
37,8 |
39,7 |
5,0% | ||
|
Other income |
0,5 |
0,4 |
-20,0% | ||
|
Operating profit |
4,2 |
6,0 |
42,9% | ||
|
EBITDA |
8,6 |
11,0 |
27,9% | ||
|
Profit for period |
2,5 |
2,7 |
8,0% | ||
|
Indicators |
As at 31.12.2016 |
As at 30.06.2017 |
Change, % | ||
|
Total equity |
43,3 |
44,0 |
1,6% | ||
|
Total assets |
107,0 |
107,8 |
0,7% | ||
|
Borrowings and loans |
43,3 |
42,4 |
-2,1% | ||
|
Cash and cash equivalents |
2,6 |
3,8 |
46,2% | ||
|
Net debt1 |
40,7 |
38,6 |
-5,2% | ||
[1] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents
The main factors that have influenced the increase in consolidated revenue are: the increase in the tariff for the transmission of electricity, the increase in the volume of services provided and the emergence of revenue from resale of electric energy and power due to picking up the functions of the supplier of last resort in the Tver region.
Positive impact on the profitability indicators was made by the slower growth of operating costs compared to the growth rate of revenue, due to which the EBITDA margin increased by 3,6 percentage points and amounted to 24,3% for 6 months in 2017. The profit for the period increased by 8,0% and amounted to 2,7 bln RUB for the 1st half of 2017.
As at 30 June 2017 IDGC of Centre’s assets totalled 107,8 bln RUB (as at 31 December 2016 — 107,0 bln RUB). Net debt1 decreased to 38,6 bln RUB (as at 31 December 2016 — 40,7 bln RUB). Changes in the terms of payment of current obligations for electricity transmission services, as well as repayment of previously formed receivables contributed to the decrease in the net debt 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/2017/