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According to the prepared in accordance with the Russian Accounting Standards statements for 1H 2016 IDGC of Centre’s revenue totalled 41,4 bln RUB, including from electric energy transmission — 40,3 bln RUB, from grid connections — 0,6 bln RUB and other revenue — 0,4 bln RUB. Profit from sales amounted to 4,3 bln RUB, sales profit margin decreased and is 10,4%. Earnings before interest, taxes, depreciation and amortization (EBITDA2) increased by 7,8% and reached 8,3 bln RUB. Net profit turned out to be 80% higher than last year’s indicator and amounted to 0,9 bln RUB.
Data in billion RUB, unless specified otherwise
|
Indicators |
6M 2015 |
6M 2016 |
Change, % |
|---|---|---|---|
|
Revenue (total), including: |
38,9 |
41,4 |
6,4% |
|
Revenue from electric energy transmission |
38,0 |
40,3 |
6,1% |
|
Revenue from grid connection |
0,5 |
0,6 |
20,0% |
|
Other revenue |
0,4 |
0,5 |
25,0% |
|
Cost of sales |
33,0 |
36,0 |
9,1% |
|
Sales profit1 |
4,7 |
4,3 |
-8,5% |
|
Sales profit margin, % |
12,1% |
10,4% |
- 1,7 p.p. |
|
EBITDA2 |
7,7 |
8,3 |
7,8% |
|
EBITDA margin, % |
19,8% |
20,0% |
0,2 p.p. |
|
Net profit |
0,5 |
0,9 |
80,0% |
|
Net profit margin, % |
1,3% |
2,2% |
0,9 p.p. |
|
Amount of electric energy transmitted, billion kWh |
27,5 |
27,9 |
1,5% |
|
Electric energy losses, % |
9,27% |
9,24% |
- 0,03 p.p. |
|
Indicators |
As at 31.12.2015 |
As at 30.06.2016 |
Change, % |
|
Total assets |
117,9 |
120,0 |
1,8% |
|
Net assets |
56,3 |
56,7 |
0,7% |
|
Loans and credits |
42,1 |
42,6 |
1,2% |
|
Cash and cash equivalents+Financial investment |
0,1 |
2,2 |
2100,0% |
|
Net debt3 |
42,0 |
40,4 |
-3,8% |
|
[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 | |||
Revenues for electric energy transmission services for 6 months of 2016 showed an increase compared to the same period of 2015, which was associated with an increase in the tariff for electric energy transmission and a growth in volume of rendered services on electric energy transmission. Non-influenceable costs included in the article “tangible costs” became the main cause of the increased cost of sales by 9,2%. The growth in the cost of sales was also due to an increase of depreciation expenses by 6,7%. EBITDA increased by 0,6 bln RUB, while the indicator margin was 20,0%. An increase in the balance of other income and expenses had positive impact on the final financial result for the period under review.
The volume of electric energy transmission services amounted to 27,9 billion kWh, compared to the same period last year there was an increase in the volumes by 1,5%, which is largely due to the low temperatures in January and the growth of power consumption of large metallurgical enterprises. The level of electric energy losses, calculated in comparable terms, decreased by 0,03 p.p. thanks to positive results of the Program to reduce losses.
The Company’s total assets as of June 30, 2016 increased by 1,8% and amounted to 120,0 bln RUB. The Company’s net assets amounted to 56,7 bln RUB. Net debt3 decreased to 40,4 bln RUB (as of December 31, 2015 — 42,0 bln RUB) due to a significant reduction in accounts receivable with the receipt of funds to the Company's account from large debtors.
The Company’s statements for 1H 2016 can be found at: http://www.mrsk-1.ru/information/statements/rsbu/2016/