The consolidated IFRS 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
|
2017
|
2016
|
|
Revenue
|
47 869
|
45 546
|
|
Including:
|
|
|
|
- Power transmitting
|
39 575
|
37 327
|
|
- Sale of electricity
|
6 665
|
6 353
|
|
- Connection to power network
|
810
|
1 123
|
|
Expenses
|
(50 368)
|
(44 324)
|
|
(Loss)/profit for the period
|
(2 172)
|
585
|
|
Property, plant and equipment
|
37 268
|
35 219
|
|
Short-term accounts receivable and prepayments
|
8 990
|
14 920
|
|
Loans
|
14 334
|
14 793
|
|
EBITDA
|
2 932
|
6 422
|
The revenue for 2017 amounted to 47,869 million rubles, including the revenue from power transmitting in amount 39,575 million rubles, sale of electricity in amount 6,665 million rubles, connection to power network in amount 810 million rubles.
The revenue for 2017 increased by 2,323 million rubles (6%) in comparison with the similar period of 2016, including due to increase of the revenue from power transmitting by 2,248 million rubles (6%). The change is attributed to the tariff growth to electricity transmission service within the parameters of forecast on social and economic development. The revenue from sale of electricity increased by 312 million rubles (5%) due to the tariff growth on the retail and wholesale market of electricity and capacity. The revenue from connection to power network decreased by 313 million rubles (28%) due to decrease volume of connection to power network contracts.
Expenses increased by 6,044 million rubles in comparison with the similar period of 2016 due to increase of uncontrollable expenses: services from PJSC “FSK EES”, TSO, compensation for electric power losses, impairment of receivables.
Non-current assets of Company’s asset profile as of 31 December 2017 comprise 80% and 77% (37,268 million rubles) from it is property, plant and equipment.
Major relative share in the structure of current assets (91%) dominates accounts receivable (8,990 million rubles). Amount of accounts receivable decreased as at 31 December 2017 as compared to 31 December 2016 by 5,930 million rubles (40%) as the result of impairment of receivables and effective court decisions.
Major relative share of liabilities dominates loans and borrowings (48%) that amounted 14,334 million rubles to the end of the reporting period, which is less by 459 million rubles as compared to the beginning of the period. Amount of accounts payable decreased by 804 million rubles (6%) mainly due to repayments to suppliers and contractors.
As a result for 2017 loss amounted to 2,172 million rubles.
The main reason of negative financial result is the impairment of receivables, including receivables of PJSC "Arkhangelsk energy retail Company" 3,270 million rubles, due to the fact of deprivation of its status of the subject of wholesale market of electric energy and power (the decision of Association “NP Market Council” from 21.12.2017 №26/2017) and the beginning of bankruptcy process. As at 22 December 2017 the Ministry of Energy of the Russian Federation assigned the Company with the status of guaranteeing electric power supplier effective from 1 January 2018. The status of guaranteeing electric power supplier in-charge in all cases was assigned till assigning of guaranteeing supplier status to the winner of the tender in respect of specified service areas, but not more than for the period of 12 months.
EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 2,932 million rubles. DEBT/EBITDA as at the end of 2017 comprised 4.8.
