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ROSSETI Center and Volga Region

November 22, 2017

Profit of PJSC "IDGC of Centre and Volga region" according to IFRS for 9 months of 2017 exceeded 8 billion roubles

IDGC of Center and Volga region published unaudited interim condensed consolidated financial statements for 9 months of 2017, in accordance with international financial reporting standards (IFRS).

The revenues of IDGC of Center and Volga region for the reporting period amounted to 64.1 billion rubles, including from services on electric power transmission — 60,5 billion roubles, from the provision of services on connection to electric grids — 0.5 bln RUB, from resale of electricity and capacity — 2.7 billion rubles and other revenue — 0.4 billion rubles. Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 74,5% and amounted to 17 billion rubles.

According to the financial statements revenues for the 9 months 2017 in comparison with the same period last year increased by 8 975 million (+16.3 per cent). The main factors influencing the increase in consolidated revenues, are as follows: change of tariffs for electricity transmission, increase of the volume of services and education revenue from the resale of electricity and power due to the catch of the functions of a guaranteeing supplier in the Vladimir region.

The company's operating expenses for the first 9 months of 2017 increased compared to the same period of 2016 at 2 796,6 million rubles and amounted to 52 962,3 million rubles, due to the increase in uncontrollable costs for purchase of electricity for loss compensation, payment of services of FGC UES, JSC and territorial grid organizations and depreciation.

EBITDA increased by 8.8 percentage points to over 9 months of 2017 26.5 per cent. Profit for the period increased by 217,5% and amounted to 8.2 billion rubles. The increase in profit was due to quicker growth of income over expenditure, which was the result of purposeful work of the company to reduce costs and increase efficiency.

The total assets of PJSC "IDGC of Centre and Volga region" as of 30.09.2017 was 86 316,3 million (including: non-current assets – 65 053,1 million rubles, current assets – 21 263,2 million rubles).

With the consolidated interim financial statements of the PJSC "IDGC of Centre and Volga region" for the first 9 months of 2017 can be found on the website of the company at the following address: https://www.mrsk-cp.ru/stockholder_investor/disclosure_reporting_info/finansovaya-informatsiya-i-otchetnost/fin-otchetnost-msfo-mrsk-tsentra-i-privolzhya/

 

 

 

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