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IDGC of the North-West

April 24, 2019

Profit PJSC «IDGC of North-West» according to the consolidated financial statements for the 2018 year amounted 1,146 million rubles

Profit PJSC «IDGC of North-West» according to the consolidated financial statements for the 2018 year amounted 1,146 million rubles against the loss of 2,172 million rubles at the end of 2017. EBITDA – 7,007 million rubles. Net Debt/EBITDA is 2.2. The results of the Company's activities indicate a trend to improve the main financial and economic performance against similar indicators of the previous year and a stable financial and economic situation in general. 

The revenue for the 2018 year amounted to 64,854 million rubles, which is 16 985 million rubles (35%) more than in 2017. 

The volume of revenue from the sale of electricity in 2018 – 24,750 million rubles, which is 18 085 million rubles more than in 2017. This is due to 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 and as at 23 March 2018 assigned the Company with the status of guaranteeing electric power supplier function in Vologda region of the service area of PJSC “Vologda Energy Retail Company” effective from 1 April 2018. 

The volume of revenue from power transmitting is 36,933 million rubles, which is 2,642 million rubles less than in 2017, mainly due to the termination of the "last mile" contracts. 

The volume of revenue from connection to power network is 2,423 million rubles, which is 1,613 million rubles higher than in 2017, due to the completion of large contracts for technological connection of infrastructure facilities of the M-11 Moscow – St. Petersburg Expressway with Avtodor group of companies and Magistral of two capitals LLC.

The increase in operating expenses relative to the level of 2017 by 12,443 million rubles (25%) is proportional to the growth in revenue and is also associated with the Company's performance of the function of a guaranteeing supplier of electricity and capacity.

 

The main items, million rubles

 

The  items

2018

2017

Revenue

64,854

47,869

Including:

 

 

- Power transmitting

36,933

39,575

- Sale of electricity

24,75

6,665

- Connection to power network

2,423

810

Expenses

-62,811

-50,368

Profit for the period

1,146

-2,172

EBITDA

7,007

2,932

The  items

31.12.2018

31.12.2017

Current receivables

8,14

8,99

Loans and borrowings

15,544

14,334

Current payables

11,572

11,612

 

 

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

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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