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8 800 220-0-220 Contact CenterIncome of PJSC MOESK according to IFRS in 9 months of 2016 totalled 2.63 bln rub
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05.12.2016
Today PJSC MOESK announces its financial results according to IFRS in 9 months of 2016.
According to the consolidated statements, the Group’s proceeds in 9 months of 2016 totalled 100.61 bln rub., in particular, PJSC MOESK earned 92.40 bln rub. from power transmission and 5.60 bln rub. from technological connection. Proceeds from power transmission services compared to the same period in 2015 grew due to the goring power consumption and “boiler” net supply. The decrease in proceeds from technological connection in the reporting period compared to 2015 was due to the expansion from 01 October, 2015, of the privileged category of consumers up to 150 kW including Doing Business consumers and the falling demand caused by the business recession.
Cost totalled 93.95 bln rub. The growth of operational expenses compared to 9 months of 2015 was due to the growing prices in terms of conventionally uncontrolled expenses to purchase power losses, as well as the growing FSK and TSO service rates based on rate balance decisions outstripping the growth of the Company’s own requisite gross proceeds.
Despite the limit on the rate growth pace and the inflation load on cost, PJSC MOESK achieved a growth of gross profits from power transmission compared to the same period in the previous year due to implementing plans of optimizing controllable operational expenses and the reduction of power losses. In 9 months of 2016, losses totalled 7.46%, in the same period of the previous year, 7.75%.
EBITDA in 9 months of 2016 totalled 24.53 bln rub. The Group’s profit in 9 months of 2016 totalled 2.63 bln rub.
Key impact on the falling figures of EBITDA and net profits compared to the same period in 2015 was exercised by the growth of the Company’s other expenses, to wit, the charging of reserves for dubious debts and assessment liabilities of the Company plus the growth of other non-monetary expenses.
The decrease in the average borrowing rate by 0.8 percentage point compared to the same period in the previous year down to 9.52%, which is below the current key rate of the Central Bank of the Russian Federation attests to the success of the Company’s management in managing the credit portfolio. This is reflected in the confirmation of the long-term rating of issuer’s default in foreign and national currencies of PJSC MOESK by the International Agency Fitch Ratings at BB+ with a stable forecast.
An important fact of the Company’s business in 9 months of 2016 was the payment of record dividends for 2015, 50% of net profits according to IFRS. Therefore, aggregate payments totalled 6.3 bln rubles or 12.97 kop. per ordinary share of the Company.
FOR REFERENCE: The consolidated interim financial statements of the Group cover the following subsidiaries: OJSC Moskabelsetmontazh (MKSM), OJSC Moskabelenergoremont (MKER), OJSC Electrical Equipment Repair Factory (RETO), OJSC Energotsentr.
Table 1. Summary report on the financial status
| Indicator | Unit | 9 months of 2016 | 9 months of 2015 | 9 months of 2016
9 months of 2015 |
| Noncurrent assets | million rubles | 299,584 | 286,442 | 4.59% |
| Current assets | million rubles | 26,303 | 29,818 | -11.79% |
| Total assets | million rubles | 325,887 | 316,260 | 3.05% |
| Equity | million rubles | 165,140 | 165,474 | -0.21% |
| Long-term liabilities | million rubles | 83,196 | 83,506 | -0.38% |
| Short-term liabilities | million rubles | 77,551 | 67,280 | 15.27% |
| Total equity and liabilities | million rubles | 325,887 | 316,260 | 3.05% |
Table 2. Summary report on profit or loss and other consolidated income
| Indicator | Unit | 9 months of 2016 | 9 months of 2015 | 9 months of 2016
9 months of 2015 |
| Revenue | million rubles | 100,611 | 93,502 | 7.61% |
| - electric power transmission | million rubles | 92,397 | 83,839 | 10.21% |
| - revenue from grid connection services | million rubles | 5,597 | 6,834 | -18.10% |
| - other revenue | million rubles | 2,617 | 2,829 | -7.50% |
| Operating costs | million rubles | -93,950 | -80,274 | 17.04% |
| Other operating incomes | million rubles | 1,616 | 1,084 | 49.08% |
| Financial income | million rubles | 158 | 925 | -82.92% |
| Financial expenses | million rubles | -4,700 | -3,872 | 21.39% |
| Profit before tax | million rubles | 3,735 | 11,365 | -67.14% |
| Profit tax expense | million rubles | -1,102 | -2,779 | -60.35% |
| Profit of the reporting period | million rubles | 2,633 | 8,586 | -69.34% |
| Basic and diluted profit per ordinary share | rubles | 0.0541 | 0.1757 | -69.21% |
| For reference: EBITDA | million rubles | 24,533 | 29,871 | -17.87% |
Table 3. Operating costs
| Unit | 9 months of 2016 | % | 9 months of 2015 | % | Change (absolute) | |
| LGO services | million rubles | 26,877 | 29% | 21,798 | 27% | 5,079 |
| Services of FGC UES | million rubles | 12,221 | 13% | 10,946 | 14% | 1,275 |
| Depreciation | million rubles | 16,256 | 17% | 15,558 | 19% | 698 |
| Compensation for losses | million rubles | 9,684 | 10% | 7,851 | 10% | 1,833 |
| Staff costs | million rubles | 13,378 | 14% | 13,412 | 17% | -34 |
| Other expenses | million rubles | 15,534 | 17% | 10,709 | 13% | 4,825 |
| Total operating costs | million rubles | 93,950 | 100% | 80,274 | 100% | 13,676 |
Table 4. Summary cash flow statement
| Indicator | Unit | 9 months of 2016 | 9 months of 2015 | 9 months of 2016
9 months of 2015 |
| Cash from operating activities | million rubles | 18,649 | 23,555 | -20.83% |
| Cash used in investment activity | million rubles | -21,332 | -20,707 | -3.02% |
| Cash from/(used in) financial activity | million rubles | 2,523 | -4,251 | -159.35% |
| Cash and equivalents as of the reporting period end | million rubles | 240 | 2,902 | -91.73% |