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According to the prepared in accordance with the Russian Accounting Standards statements for 9 months of 2017, IDGC of Centre’s revenue totalled 65,7 bln RUB, including from electric energy transmission – 63,7 bln RUB, from grid connections – 0,9 bln RUB, from sale of electric energy – 0,4 bln RUB and other revenue – 0,7 bln RUB. Sales profit was 7,3 bln RUB, sales profit margin increased and amounted to 11,1%. Earnings before Interest, Taxation, Depreciation & Amortisation (EBITDA2) increased by 15,2% and reached 14,4 bln RUB. Net profit remained at the same level as last year and amounted to 1,3 bln RUB.
Data in billion RUB, unless specified otherwise
|
Indicators |
9M 2016 |
9M 2017 |
Change, % |
|
Revenue (total), including: |
61,6 |
65,7 |
6,7% |
|
Revenue from electric energy transmission |
60,0 |
63,7 |
6,2% |
|
Revenue from grid connection |
0,9 |
0,9 |
0,0% |
|
Revenue from sale of electric energy |
0,0 |
0,4 |
- |
|
Other revenue |
0,7 |
0,7 |
0,0% |
|
Cost of sales |
53,5 |
56,8 |
6,2% |
|
Sales profit1 |
6,7 |
7,3 |
9,0% |
|
Sales profit margin, % |
10,9% |
11,1% |
0,2 p.p. |
|
EBITDA2 |
12,5 |
14,4 |
15,2% |
|
EBITDA margin, % |
20,3% |
21,9% |
1,6 p.p. |
|
Net profit |
1,3 |
1,3 |
0,0% |
|
Net profit margin, % |
2,1% |
2,0% |
- 0,1 p.p. |
|
Amount of electric energy transmitted, billion kWh |
41,1 |
39,2 |
-4,62% |
|
Electric energy losses, % |
8,57% |
8,99% |
0,42 p.p. |
|
Electric energy losses, % (under comparable conditions) |
9,23% |
8,99% |
-0,24 p.p. |
|
Indicators |
As at 31.12.2016 |
As at 30.09.2017 |
Change, % |
|
Total assets |
122,7 |
119,1 |
- 2,9% |
|
Net assets |
57,7 |
57,1 |
- 1,0% |
|
Loans and credits |
43,3 |
42,1 |
- 2,8% |
|
Cash and cash equivalents + Financial investments (short-term) |
2,6 |
2,5 |
- 3,8% |
|
Net debt3 |
40,7 |
39,6 |
- 2,7% |
|
[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 | |||
Revenue for electric energy transmission services following the results of 9 months of 2017 showed growth relative to the same period in 2016, which was mostly associated with an increase in the volume of services provided for electricity transmission, as well as growth in tariffs for electricity transmission services. The main reason for the increase in the cost of services was the growth of non-influenceable costs related to the purchase of electricity for compensation of losses, payment for services of FGC UES and Territorial Grid Companies, as well as growth in depreciation. EBITDA increased by 1,9 bln RUB, and EBIDTA margin was 21,9%. The final financial result for the analyzed period was influenced by the following factors: growth of tariff revenue and optimization of influenceable costs.
The volume of electricity transmission services amounted to 39,2 billion kWh, compared with the same period last year, there is a decrease of 4,6% due to the completion from 01.07.2017 of a phased reduction of cross subsidization and the transition of consumers connected to electric grids of the Unified National Power Grid, to direct contracts with PJSC "FGC UES". The level of electricity losses under comparable conditions was reduced by 0,24 p.p. and amounted to 8,99%.
The Company’s total assets as at 30 September 2017 decreased by 2,9% and amounted to 119,1 bln RUB, which is largely due to a decrease in accounts receivable for the analyzed period by 2,3 bln RUB. The Company’s net assets amounted to 57,1 bln RUB. The net debt3 was 39,6 bln RUB (on 31 December 2016 – 40,7 bln RUB).
The Company’s statements for 9 months of 2017 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2017/