MRSK Tsentra : IDGC of Centre published its financial statements for 1Q 2019 under RAS, net profit was 1,1 bln RUB
April 25, 2019 at 05:58 am EDT
Share
25 April 2019
According to the prepared in accordance with the Russian Accounting Standards statements for 1Q 2019, IDGC of Centre's revenue was 25,1 bln RUB, including from electric energy transmission - 24,3 bln RUB, from grid connections - 0,3 bln RUB, from resale of electric energy - 0,2 bln RUB and other revenue - 0,3 bln RUB. Sales profit was 2,5 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 5,3 bln RUB. Net profit was 1,1 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
1Q 2019
1Q 2018
Change
Revenue (total), including:
25,1
25,4
-1,2%
Revenue from electric energy transmission
24,3
24,7
-1,6%
Revenue from grid connection
0,3
0,3
0%
Revenue from resale of electric energy
0,2
0,2
0%
Other revenue
0,3
0,2
50,0%
Cost of sales
22,1
21,6
2,3%
Sales profit1
2,5
3,3
-24,2%
Sales profit margin
10,0%
13,0%
-3,0 p.p.
EBITDA2
5,3
5,9
-10,2%
EBITDA margin
21,1%
23,2%
-2,1 p.p.
Net profit
1,1
1,7
-35,3%
Net profit margin
4,4%
6,7%
-2,3 p.p.
Amount of electric energy transmitted, billion kWh
12,5
13,0
-3,8%
Electric energy losses*
12,58%
12,56%
0,02 p.p.
Indicators
As at 31.03.2019
As at 31.12.2018
Change
Total assets
122,2
122,5
-0,2%
Net assets
59,6
58,5
1,9%
Loans and credits
41,4
40,4
2,5%
Cash and cash equivalents + Financial investments
1,2
0,8
50,0%
Net debt3
40,2
39,6
1,5%
[1] Revenue net of cost of sales, selling and administrative expenses
[2] EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges
[3] Net debt is calculated as follows: long-term debt + short-term debt - cash and cash equivalents - short-term financial investments
* Taking into account the volume of services for the transmission of electricity in the territory of execution of the functions of the electricity supplier of last resort in the service area of JSC 'Transservicenergo' in the Tver region
The revenue from electricity transmission services for 1Q 2019 decreased by 1,6%, this decrease is mainly due to both partial transfer of consumer load to FGC UES's grids and own generation, as well as to a decrease in electricity consumption of the industrial and fuel and energy complex in the regions of operations.
The revenue from grid connection services for 1Q 2019 was 0,3 bln RUB and remained at the last year's level.
The main reason for the growth of other revenues by 50.0% compared to the same period last year is an increase in the volume of work performed in such areas as 'Reconstruction of power grid facilities in the interests of customers', 'Provision of technical resources' and 'Grid connection support'.
The prime cost for 1Q 2019 increased by 2,3% and amounted to 22,1 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 5,3 bln RUB, relative to the same period last year it decreased by 10,2%, at the same time, its margin was 21,1%. The net profit for 1Q 2019 was 1,1 bln RUB, which is 35,3% lower than last year. The decrease in the financial result is due to a significant decrease compared to the last year's level of sales of electricity transmission services while maintaining the level of fixed costs for maintenance of power grid facilities.
The volume of electricity transmission services was 12,5 billion kWh,compared to the same period last year, there was a decrease in the volume by 3,8%, which was a result of reduced consumption by PJSC 'NLMK', OJSC 'Slavneft-YANOS', 'Gazpromtransgaz Ukhta' LLC. The increase in electricity losses by 0,02 p.p. to 12,58% is associated with integration of grids of the city Nelidovo (Tver region) from April 2018.
The Company's total assets as at 31 March 2019 were 122,2 bln RUB. The Company's net assets increased to 59,6 bln RUB. The net debt3 increased and amounted to 40,2 bln RUB (as at 31 December 2018 - 39,6 bln RUB).
The Company's statements for 1Q 2019 can be found at: https://www.mrsk-1.ru/en/information/statements/rsbu/2019/.
Attachments
Original document
Permalink
Disclaimer
IDGC of Centre JSC published this content on 25 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2019 09:57:11 UTC
Rosseti Tsentr PAO, formerly MRSK Tsentra PAO is a Russia-based company, which is engaged in the electric power industry. The company conducts business in 11 regions of the Central part of Russia, providing electricity to the population, industrial companies, and enterprises of transport and agriculture, carrying out the technological connection of new consumers to electric networks. The Company focuses on the transmission and distribution of electric power domestically, mainly on the territory of the Central Federal District. Rosseti Tsentr PAO operates through a number of branches, located in Belgorod, Bryansk, Voronezh, Kostroma, Kursk, Lipetsk, Orel, Smolensk, Tambov, Tverâ and Yaroslavl.
ROSSETI CENTRE 
