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According to the published consolidated financial statements for 3 months of 2017, the Company’s revenue for the period was 24,3 bln RUB, including from electricity transmission — 23,6 bln RUB, from grid connections — 0,3 bln RUB, from resale of electric energy and power – 0,2 bln RUB and other revenue — 0,2 bln RUB. Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA) amounted to 6,7 bln RUB. Profit for the period increased by 8,7% and amounted to 2,5 bln RUB.
Data in billion RUB, unless specified otherwise
|
Indicators |
3M 2016 |
3M 2017 |
Change, % |
|
Revenue (total), including: |
22,3 |
24,3 |
9,0% |
|
Electric energy transmission services |
21,7 |
23,6 |
8,8% |
|
Grid connection services |
0,2 |
0,3 |
50,0% |
|
Revenue from resale of electric energy and power |
0,0 |
0,2 |
- |
|
Other revenue |
0,4 |
0,2 |
-50,00% |
|
Operating costs |
-19,8 |
-20,2 |
2,0% |
|
Other income |
0,1 |
0,1 |
0,0% |
|
Operating profit/(loss) |
2,6 |
4,2 |
61,5% |
|
EBITDA |
4,8 |
6,7 |
39,6% |
|
Profit for period |
2,3 |
2,5 |
8,7% |
|
Indicators |
As at 31.12.2016 |
As at 31.03.2017 |
Change, % |
|
Total equity |
43,3 |
45,7 |
5,5% |
|
Total assets |
107,0 |
109,6 |
2,4% |
|
Borrowings and loans |
43,3 |
43,6 |
0,7% |
|
Cash and cash equivalents |
2,6 |
8,1 |
211,5% |
|
Net debt1 |
40,7 |
35,5 |
-12,8% |
|
[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 consolidated revenues included "Revenue from resale of electric energy and power". The tariff for the sale of electricity under power supply contracts is calculated taking into account the transmission fee. The change in consolidated revenues for 3 months of 2017 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.
Operating costs of the Company for 3 months of 2017 amounted to 20,2 bln RUB, which is 2,0% higher than the same indicator for 3 months of 2016. At the same time, as a result of implementing measures to reduce costs, the growth rate of operating costs was below the level of inflation and is much lower than the rate of the revenue growth, which had a positive effect on the financial result. Other revenues of the company decreased by 16,8 mln RUB mainly due to a reduction in revenues from cost recovery and losses. EBITDA of the company in the reporting period increased by 39,6%. EBITDA margin increased by 6,1 percentage points and amounted to 27,6% for 3 months of 2017. The profit for the period increased by 8,7% and amounted to 2,5 bln RUB for 3 months of 2017. The most significant impact on the Company’s financial results was provided by the growth in revenues from electricity transmission services and the restriction of the growth rate of operating costs.
As at 31 March 2017 IDGC of Centre’s assets totalled 109,6 bln RUB (as at 31 December 2016 — 107,0 bln RUB). Net debt1 decreased to 35,5 bln RUB (as at 31 December 2016 — 40,7 bln RUB). The indicator decreased due to an increase in cash on the company’s accounts at the end of the reporting period, which, in turn, is due to a change in the terms of payment for current obligations for electricity transmission services, the repayment of previously formed receivables, and the improvement of payment discipline.
The Company’s consolidated financial statements can be found at: https://www.mrsk-1.ru/en/information/statements/msfo/2017/