IDGC
of Centre has published its unaudited interim condensed consolidated
financial statements for 1H 2017 in accordance with International
Financial Reporting Standards (IFRS). IDGC of Centre’s revenue for
the reporting period was 45,2 bln RUB, including from electric energy
transmission services — 43,8 bln RUB, from grid connection services
— 0,6 bln RUB, from resale of electric energy and power — 0,3 bln
RUB and other revenue — 0,5 bln RUB. Earnings before Interest,
Taxation, Depreciation & Amortisation (EBITDA) increased by 27,9%
and amounted to 11,0 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
1H 2016
|
1H 2017
|
Change, %
|
Revenue (total), including:
|
41,5
|
45,2
|
8,9%
|
Electric energy transmission services
|
40,3
|
43,8
|
8,7%
|
Grid connection services
|
0,6
|
0,6
|
0,0%
|
Revenue from resale of electric energy and power
|
0,0
|
0,3
|
-
|
Other revenue
|
0,6
|
0,5
|
-16,7%
|
Operating costs
|
37,8
|
39,7
|
5,0%
|
Other income
|
0,5
|
0,4
|
-20,0%
|
Operating profit
|
4,2
|
6,0
|
42,9%
|
EBITDA
|
8,6
|
11,0
|
27,9%
|
Profit for period
|
2,5
|
2,7
|
8,0%
|
Indicators
|
As at 31.12.2016
|
As at 30.06.2017
|
Change, %
|
Total equity
|
43,3
|
44,0
|
1,6%
|
Total assets
|
107,0
|
107,8
|
0,7%
|
Borrowings and loans
|
43,3
|
42,4
|
-2,1%
|
Cash and cash equivalents
|
2,6
|
3,8
|
46,2%
|
Net debt1
|
40,7
|
38,6
|
-5,2%
|
[1] Net debt is calculated as follows: long-term debt + short-term
debt – cash and cash equivalents
The main factors that have influenced the increase in consolidated
revenue are: the increase in the tariff for the transmission of
electricity, the increase in the volume of services provided and the
emergence of revenue from resale of electric energy and power due to
picking up the functions of the supplier of last resort in the Tver
region.
Positive impact on the profitability indicators was made by the
slower growth of operating costs compared to the growth rate of
revenue, due to which the EBITDA margin increased by 3,6 percentage
points and amounted to 24,3% for 6 months in 2017. The profit for the
period increased by 8,0% and amounted to 2,7 bln RUB for the 1st half
of 2017.
As at 30 June 2017 IDGC of Centre’s assets totalled 107,8 bln
RUB (as at 31 December 2016 — 107,0 bln RUB). Net debt1
decreased to 38,6 bln RUB (as at 31 December 2016 — 40,7 bln RUB).
Changes in the terms of payment of current obligations for
electricity transmission services, as well as repayment of previously
formed receivables contributed to the decrease in the net debt due to
an increase in cash on the company’s accounts at the end of the
reporting period.
The Company’s consolidated financial statements can be found at:
https://www.mrsk-1.ru/en/information/statements/msfo/2017/
|