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IDGC of the North-West

May 28, 2018

PJSC «IDGC of North-West» has published the consolidated interim condensed financial statements for the period ended 31 March 2018

The consolidated interim condensed 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 three months ended 31 March

2018

2017

Revenue

16,391

13,090

Including:

 

 

- Power transmitting

10,693

10,791

- Sale of electricity

5,511

1,721

- Connection to power network

71

393

Expenses

(15,055)

(11,858)

Profit for the period

938

894

Property, plant and equipment

37,399

37,268

Accounts receivable and prepayments

10,028

8,990

Loans and borrowings

13,236

14,334

EBITDA

2,681

2,543

 

The revenue for the three months ended 31 March 2018 amounted to 16,391 million rubles, including the revenue from power transmitting in amount 10,693 million rubles, sale of electricity in amount 5,511 million rubles, connection to power network in amount 71 million rubles. 

The revenue for reporting period increased by 3,301 million rubles (25%) in comparison with the similar period of 2017, including due to increase of the revenue from sale of electricity by 3,790 million rubles (3 times). As at 22 December 2017 the Ministry of Energy of the Russian Federation assigned the Company with the status of guaranteeing electric power supplier function in Arkhangelsk region of the service area of PJSC “Arkhangelsk Energy Retail Company” effective from 1 January 2018.

The revenue from power transmitting in comparison with the similar period of 2017 decreased by 98 million rubles. The revenue from connection to power network decreased by 322 million rubles due to decrease volume of connection to power network contracts.

Expenses are increased balanced growth of revenue 3,197 million rubles (27%). 

As at 31 March 2018 non-current assets of Company’s asset profile comprise 77% which represent for 96% (37,399 million rubles) property, plant and equipment.

Major relative share in the structure of current assets (88%) dominates accounts receivable (10,028 million rubles). Amount of accounts receivable increase as at 31 March 2018 as compared to 31 December 2017 by 1,038 million rubles (12%) caused assigned the Company with the status of guaranteeing electric power supplier effective from 1 January 2018. 

Major relative share of liabilities dominates loans and borrowings (43%) that amounted 13,236 million rubles to the end of the reporting period, which is less by 1 098 million rubles as compared to the beginning of the period. Amount of accounts payable increased by 1,739 million rubles (14%) mainly due to the current debt for the supply of electricity and capacity.

As a result for the three months ended 31 March 2018 profit amounted to 938 million rubles. 

EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 2,681 million rubles. 

Net Debt/EBITDA comprised 4.8. 

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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