IDGC
of Centre has published its consolidated financial statements for
2017 in accordance with IFRS. Consolidated revenues of the Company
for the period amounted to 91,1 bln RUB, including from electric
energy transmission – 87,6 bln RUB, from grid connection – 1,6
bln RUB, from resale of electric energy and power – 0,5 bln RUB and
other revenue – 1,4 bln RUB. Earnings before interest, taxes,
depreciation and amortization (EBITDA) increased to 19,0 bln RUB.
Profit for the period was 3,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
12M 2016
|
12M 2017
|
Change, %
|
Revenue (total), including:
|
86,3
|
91,1
|
5,6%
|
Electric energy transmission services
|
83,6
|
87,6
|
4,8%
|
Grid connection services
|
1,4
|
1,6
|
14,3%
|
Revenue from resale of electric energy and power
|
0,1
|
0,5
|
400,0%
|
Other revenue
|
1,2
|
1,4
|
16,7%
|
Operating costs
|
-78,8
|
-83,3
|
5,7%
|
Net other income
|
1,7
|
1,3
|
-23,5%
|
Operating profit
|
9,2
|
9,1
|
-1,1%
|
EBITDA
|
17,9
|
19,0
|
6,1%
|
EBITDA margin, %
|
20,7%
|
20,9%
|
0,2 p.p.
|
Profit for the period
|
4,8
|
3,0
|
-37,5%
|
Profit margin for the period, %
|
5,6%
|
3,3%
|
-2,3 p.p.
|
Indicators
|
As at 31.12.2016
|
As at 31.12.2017
|
Change, %
|
Total equity
|
43,3
|
44,2
|
2,1%
|
Total assets
|
107,0
|
105,1
|
-1,8%
|
Loans and borrowings
|
43,3
|
41,5
|
-4,2%
|
Cash and cash equivalents
|
2,6
|
1,4
|
-46,2%
|
Net debt1
|
40,7
|
40,1
|
-1,5%
|
[1] Net debt is calculated as follows: long-term loans
and borrowings + short-term loans and borrowings – cash and cash
equivalents
|
The change in consolidated revenues in 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. In connection with the implementation of a large number of
large grid connection contracts, the growth in revenue for grid
connection services following the results of 2017 amounted to 14,3%.
Since 2016, the functions of the electricity supplier of last resort
in the territory of the Tver region have been fulfilled by IDGC of
Centre, which was the reason for the appearance in the consolidated
revenues of incomes from resale of electric energy and power.
Operating costs of the Company for 2017 amounted to 83,3 bln RUB,
which is 5,7% higher than the same indicator for 2016. The main
factor of the increase in the expenses was the growth of uncontrolled
costs: the expenses to purchase electricity to compensate for losses
increased by 15,1%, the costs for services of third-party
organizations for electricity transmission increased by 5,0%.
Following the results of 2017, the depreciation amounted to 9,6 bln
RUB, which is 0,9 bln RUB higher than the same indicator last year.
Additional factors that affected the change in the company’s
expenses in 2017 were recognition of impairment of fixed assets in
the amount of 0,9 bln RUB, an increase in taxes of 0,3 bln RUB and
the emergence of costs for the purchase of electricity for sale.
Net other income of the company decreased by 23,5% mainly due to a
decline in the amounts of write-off of accounts payable and income
from gratuitously received fixed assets and inventories. EBITDA of
the company in the reporting period increased by 6,1% and amounted to
19,0 bln RUB. The profit for the period decreased by 37,5% and
amounted to 3,0 bln RUB in 2017. The most significant impact on the
Company’s financial results was provided by the growth of revenue
from electricity transmission services and grid connection services,
recognition of impairment of fixed assets and additional taxation in
connection with the exclusion from non-operating expenses for tax
purposes of expenses for mobilization preparation.
As at 31 December 2017 IDGC of Centre’s assets totalled 105,1
bln RUB (as at 31 December 2016 – 107,0 bln RUB). Net debt1
decreased to 40,1 bln RUB (as at 31 December 2016 – 40,7 bln RUB).
The indicator decreased due to a reduction of the loan portfolio in
the reporting period.
The Company’s consolidated statements can be found at:
https://www.mrsk-1.ru/en/information/statements/msfo/2017/
|