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IDGC of the North-West

August 22, 2017

PJSC «IDGC of North-West» has published the consolidated IFRS financial statements for the year ended 30 June 2017. Profit for the period amounted 681 million rubles

The consolidated IFRS financial statements include PJSC «IDGC of North-West» and the following subsidiaries: OJSC «Pskovenergoagent», OJSC «Pskovenergosbyt», OJSC «Lesnaya skazka», OJSC «Energoservice North-West».

The main items, million rubles

The  items

for the six months ended 30 June

 

2017

2016

Revenue

24,121

22,080

Including:

 

 

- Power transmitting

20,012

18,263

- Sale of electricity

3,232

3,341

- Connection to power network

510

142

Expenses

(23,006)

(21,139)

Profit for the period

681

417

Property, plant and equipment

34,770

35,219

Accounts receivable and prepayments

13,133

14,172

Loans

14,823

14,793

EBITDA

3,689

3,292

 

The revenue for the six months ended 30 June 2017 amounted to 24,121 million rubles, including the revenue from power transmitting in amount 20,012 million rubles, sale of electricity in amount 3,232 million rubles, connection to power network in amount 510 million rubles. 

The revenue for reporting period increased by 2,041 million rubles (9%)  in comparison with the similar period of 2016, including due to increase of the revenue from power transmitting by 1,749 million rubles (10%). This difference caused by the growth of tariffs for power transmitting within the forecast of the social and economic development Russian Federation and the volume growth of provide service e.g. the lead-in a new capacities by consumers. The revenue from connection to power network is increased by 368 million rubles (a more 3 of times) caused by drawing up act of major transaction for connection to power network which includes third work stage of contract Lukoil-Komi,Ltd  about carrying-out connection to power network the oil production facilities of Yarega oil and titanium deposit  (337 million rubles). 

Expenses is increased balanced growth of revenue 1 867 million rubles (9%). 

Non-current assets of Company’s asset profile as of 30 June 2017 comprise 70% and 96% (34,770 million rubles) from it is property, plant and equipment. 

Major relative share in the structure of current assets (83%) dominates accounts receivable (13,133 million rubles). Amount of accounts receivable decreased as at 30 June 2017 as compared to 30 June 2016 by 1,039 million rubles (7%) caused by conclusion the direct contract for power transmitting and performed effective claim-related work. 

Major relative share of liabilities dominates loans and borrowings (49%) that amounted 14,823 million rubles to the end of the reporting period. Amount of accounts payable decreased by 678 million rubles (7%) mainly due to repayments to suppliers and contractors.  

As a result for the six months ended 30 June 2017 profit amounted to 681 million rubles.

EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 3,689 million rubles.

For more details about financial results of PJSC «IDGC of North-West» you can find the official report, published at the address - http://www.mrsksevzap.ru/en/ifrsfinancialstatements.

 

 

 

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