IDGC of Centre has published financial statements for the 1st quarter of 2016 under RAS, net profit amounted to 1,0 bln RUB
Data in billion RUB, unless specified otherwise
|
Indicators |
3M 2015 |
3M 2016 |
Change, % |
|
Revenue (total), including: |
21,0 |
22,1 |
5,2% |
|
Revenue from electric energy transmission |
20,6 |
21,7 |
5,3% |
|
Revenue from grid connection |
0,2 |
0,2 |
0,0% |
|
Other revenue |
0,2 |
0,2 |
0,0% |
|
Cost of sales |
17,1 |
18,8 |
9,9% |
|
Sales profit1 |
3,3 |
2,8 |
-15,2% |
|
Sales profit margin, % |
15,7% |
12,7% |
- 3,0 p.p. |
|
EBITDA2 |
5,7 |
4,6 |
-19,3% |
|
EBITDA margin, % |
27,1% |
20,8% |
- 6,3 p.p. |
|
Net profit |
2,0 |
1,0 |
-50,0% |
|
Net profit margin, % |
9,5% |
4,5% |
- 5,0 p.p. |
|
Amount of electric energy transmitted, billion kWh |
14,6 |
14,7 |
0,7% |
|
Electric energy losses, % |
11,11% |
11,13% |
0,02 p.p. |
|
Electric energy losses, % (under comparable conditions of equipment composition) |
11,19% |
11,13% |
- 0,06 p.p. |
|
Indicators |
As at 31.12.2015 |
As at 31.03.2016 |
Change, % |
|
Total assets |
117,9 |
121,1 |
2,7% |
|
Net assets |
56,3 |
57,3 |
1,8% |
|
Loans and credits |
42,1 |
42,6 |
1,2% |
|
Cash and cash equivalents + Financial investments |
0,1 |
4,8 |
4700,0% |
|
Net debt3 |
42,0 |
37,8 |
-10,0% |
|
[1] Revenue net of cost of sales, selling and administrative expenses |
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[2] EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges |
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[3] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents – financial investments |
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The increase of revenue for electric energy transmission services in the 1st quarter of 2016 compared to the same period in 2015 is due to the growth of tariff rates and the increase in volume of rendered services on electric energy transmission. The main reason for the increase of the cost of sales was the growth in material costs by 11,3% mainly due to growth of expenditure beyond the control. EBITDA decreased by 1,1 bln RUB because of faster growth of spending compared with the growth of the regulated tariff revenue. Positive impact on the final financial result for the period under review was given by a decrease in provisions for estimated liabilities by 0,7 bln RUB.
The volume of electric energy transmission services amounted to 14,7 bln kWh,an increase on the amount by 0,7% compared to the same period last year, largely due to the low temperatures in January. Upon bringing the indicators into comparable conditions the level of electricity losses decreased by 0,06 p.p., indicating the positive results in the field of energy efficiency and reduction of losses.
The total assets of the Company as at 31 March 2016 increased by 2,7% and amounted to 121,1 bln RUB. The net assets of the Company amounted to 57,3 bln RUB. The net debt3 significantly decreased to 37,8 bln RUB (on 31 December 2015 — 42,0 bln RUB) due to significant reduction in accounts receivable because of the receipt of funds to the account of the Company from major debtors.
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