PJSC «IDGC of North-West» has published the consolidated interim condensed financial statements for the period ended 30 June 2018

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

 

The  items	for the six months ended 30 June
	2018	2017
Revenue	32 283	24 121
Including:
- Power transmitting	19 149	20 012
- Sale of electricity	12 685	3 232
- Connection to power network	165	510
Expenses	(30 504)	(23 006)
Profit for the period	1 180	681
Property, plant and equipment	38 546	37 268
Accounts receivable and prepayments	8 772	8 990
Loans and borrowings	13 549	14 334
EBITDA	4 292	3 811

The revenue for the three months ended 30 June 2018 amounted to 32,283 million rubles, including the revenue from power transmitting in amount 19,149 million rubles, sale of electricity in amount 12,685 million rubles, connection to power network in amount 165 million rubles.

 

The revenue for reporting period increased by 8,169 million rubles (234%) in comparison with the similar period of 2017, including due to increase of the revenue from sale of electricity by 9,453 million rubles (4 times). 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 revenue from power transmitting in comparison with the similar period of 2017 decreased by 863 million rubles mainly due to the termination of the “last mile” contracts. The revenue from connection to power network decreased by 345 million rubles due to decrease volume of connection to power network contracts.

 

Expenses are increased balanced growth of revenue 7,498 million rubles (33%).

 

As at 30 June 2018 non-current assets of Company’s asset profile comprise 80% which represent for 97% (38,545 million rubles) property, plant and equipment.

 

Major relative share in the structure of current assets (86%) dominates accounts receivable (8,772 million rubles). Amount of accounts receivable decreased as at 30 June 2018 as compared to 31 December 2017 by 218 million rubles (2%) caused by conclusion the direct contract for power transmitting and performed effective claim-related work.

 

Major relative share of liabilities dominates loans and borrowings (44%) that amounted 13,549 million rubles to the end of the reporting period, which is less by 785 million rubles as compared to the beginning of the period. Amount of accounts payable increased by 1,093 million rubles (9%) mainly due to the current debt for the supply of electricity and capacity.

 

As a result for the three months ended 30 June 2018 profit amounted to 1,180 million rubles.

 

EBITDA (earnings before tax, depreciation, interest paid and received) amounted to 4,292 million rubles.

 

Net Debt/EBITDA comprised 3.13.

 

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.