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According to the prepared in accordance with the Russian Accounting Standards statements for the 1st half of 2017, IDGC of Centre’s revenue was 46,7 bln RUB, including from electric energy transmission – 45,1 bln RUB, from grid connections – 0,8 bln RUB, from resale of electric energy and power – 0,3 bln RUB and other revenue – 0,5 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 9,4 bln RUB. Net profit was 1,6 bln RUB.
Data in billion RUB, unless specified otherwise
|
Indicators |
6M 2018 |
6M 2017 |
Change |
|---|---|---|---|
|
Revenue (total), including: |
46,7 |
45,2 |
3,3% |
|
Revenue from electric energy transmission |
45,1 |
43,8 |
3,0% |
|
Revenue from grid connection |
0,8 |
0,6 |
33,3% |
|
Revenue from resale of electric energy and power |
0,3 |
0,3 |
0,0% |
|
Other revenue |
0,5 |
0,5 |
0,0% |
|
Cost of sales |
41,0 |
38,3 |
7,0% |
|
Sales profit1 |
4,7 |
5,8 |
-19,0% |
|
Sales profit margin, % |
10,1% |
12,8% |
- 2,7 p.p. |
|
EBITDA2 |
9,4 |
10,7 |
-12,1% |
|
EBITDA margin, % |
20,1% |
23,7% |
- 3,6 p.p. |
|
Net profit |
1,6 |
1,9 |
-15,8% |
|
Net profit margin, % |
3,4% |
4,2% |
- 0,8 p.p. |
|
Amount of electric energy transmitted*, billion kWh |
23,8 |
28,5 |
-16,5% |
|
Amount of electric energy transmitted*, billion kWh (in comparable conditions**) |
23,8 |
23,7 |
0,4% |
|
Electric energy losses*, % |
10,61% |
9,26% |
+ 1,35 p.p. |
|
Electric energy losses, % (in comparable conditions**) |
10,61% |
10,97% |
- 0,36 p.p. |
|
Indicators |
As at 30.06.2018 |
As at 31.12.2017 |
Change |
|
Total assets |
117,3 |
119,7 |
-2,0% |
|
Net assets |
58,6 |
57,9 |
1,2% |
|
Loans and credits |
38,8 |
41,5 |
-6,5% |
|
Cash and cash equivalents + Financial investments (short-term) |
0,3 |
1,4 |
-78,6% |
|
Net debt3 |
38,5 |
40,1 |
-4,0% |
|
[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 electricity in the territory of execution of the functions of the electricity supplier of last resort in the service area of JSC "Transservicenergo" in the Tver region ** without taking into account the volumes of the "last mile" in January - June 2018 | |||
Revenues for electricity transmission services in the first half of 2018 showed an increase of 3,3% compared to the same period in 2017 due to an increase in the volume of rendered services for electricity transmission in comparable conditions and an increase in the average tariff.
The main reason for the increase in the cost of sales by 7,0% was the growth of uncontrolled expenses included in the item "material costs": the increase in electricity purchase costs to compensate for losses amounted to 22.0%, and the growth in the cost of electricity transmission services of grid companies was 4,3%. Management costs for the first half of 2018 were reduced by 11,8%. The EBITDA decreased by 1,3 bln RUB. The main factor that influenced the EBITDA and the final financial result was the outstripping growth rate of the cost of sales in comparison with the growth rate of revenue.
The volume of electricity transmission services amounted to 23,8 billion kWh with a slight increase compared to the previous year in comparable conditions. The largest increase in the volume of services for electricity transmission was recorded in the Voronezh and Smolensk regions. When reducing the indicators to comparable conditions, the level of energy losses decreased by 0,36 p.p., which is the result of the successful implementation of a set of measures to optimize (reduce) the losses of electric energy.
The Company’s total assets as at 30 June 2018 decreased and amounted to 117,3 bln RUB. The Company’s net assets increased by 1,2% and amounted to 58,6 bln RUB. The net debt3 significantly decreased to 38,5 bln RUB (on 31 December 2017 – 40,1 bln RUB), which was due to early repayment of part of the principal debt during the reporting period.
The Company’s statements for the 1H 2018 can be found at: https://www.mrsk-1.ru/information/statements/rsbu/2018/.