Moscow United Electric Grid Company (hereinafter - PJSC MOESK or Company, MSRS ticker on the Moscow Exchange), a member of the PJSC ROSSETI Group of Companies that provides services for the transmission of electrical energy in the city of Moscow and the Moscow Region, publishes consolidated financial results for International Financial Reporting Standards (IFRS) for 3 months in 2019.

The main outcome:

million rubles

Financial indicators 3 months 2019 3 months 2018 3 months 2019 / 3 months 2018
Revenue 42 142 41 329 2%
- power transmission 40 264 39 484 2%
- utility connection 1 246 999 24,7%
Operating expenses (36 934) (36 818) 0,3%
Adjusted EBITDA 12 040 11 781 2,2%
Net profit 3 611 3 424 5,5%
Adjusted EBITDA is calculated as EBITDA (profit for the reporting period before taxes, interest and depreciation), excluding losses from impairment of fixed assets, impairment of advances made and provision for expected credit losses.

The Company's revenue amounted to 42.1 billion rubles, including revenue from electricity transmission - 40.3 billion rubles, revenue from utility connection - 1.2 billion rubles. In the reporting period, net profit amounted to 3.6 billion rubles.

In the first quarter of 2019 compared to the same period last year, the Company's revenue increased by 2%, including revenue from electricity transmission - by 2%, due to an increase in the average tariff for electricity transmission services and the volume of electricity supply.

The increase in revenue from utility connection (by 24.7%) was secured by the completion of work on the facilities of large consumers.

The cost price for the first quarter of 2019 was at the level of the same period last year.

Net profit for the first quarter of 2019 amounted to 3.6 billion rubles, an increase of 5.5% compared to the first quarter of 2018.

For reference:

The following subsidiaries are included in the consolidated statements of the Group: JSC MOESK-Engineering, JSC “Plant on repair of electrical machinery” (RETO), JSC Energotsentr.

The consolidated financial statements of PJSC MOESK under IFRS for the 1st quarter of 2019 are posted on the corporate website of the Company and available at the link: