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8 800 220-0-220 Contact CenterPJSC “MOESK” net profit for the first half of 2017 according to RAS increased by 36%
27.07.2017
PJSC “MOESK” announces its financial results according to RAS (Russian Accounting Standards) for the first half of 2017.
The Company’s revenue amounted to 70.7 billion rubles, including revenues from the electric power transmission – 67.2 billion rubles. EBITDA for the accounting period amounted to 17.5 billion rubles, net profit – 1.0 billion rubles.
In comparison with the same period of the previous year, during the first half of 2017 Company’s revenue increased by 6.2%, while revenue from electric power transmission increased by 7.6%, which is due to an increase of the average tariff for transmission services and growth of the “boiler” productive supply. The grid connection revenue amounted to 2.8 billion rubles.
The growth in production costs relative to the same period in 2016 by 9.4% is primarily due to an increase of conditionally non-controllable costs for FGC UES and related TSE services. The increase in the above-mentioned expenses is due to the growth of tariffs for FGC UES and TSE services as a result of tariff and balance decisions. Moreover, in order to fully meet the performance targets of the Business Plan, PJSC “MOESK” continues to successfully implement plans to optimize operating costs.
In the first half of 2017, the Company ensured the fulfillment of the performance target for revenue and net profit established by the Business Plan approved by the Board of Directors of the Company.
Financial statements according to RAS for the first half of 2017
| Ser. No. | Index name | 1 H of 2017 | 1 H of 2016 | Changes |
| 1. | Revenue, million rubles, including | 70 657 | 66 515 | 6,2% |
| - electricity transmission revenue | 67 186 | 62 447 | 7,6% | |
| - grid connection revenue | 2 826 | 3 599 | (21,5)% | |
| - revenue from non-tariff activities | 646 | 468 | 37,8% | |
| 2. | Production costs, million rubles | (65 596) | (59 981) | 9,4% |
| - electricity transmission cost | (65 009) | (59 375) | 9,5% | |
| - grid connection cost | (392) | (412) | (4,7)% | |
| - revenue from non-tariff activities | (195) | (194) | 0,6% | |
| 3. | Costs of sales, million rubles | 4 858 | 6 332 | (23,3)% |
| 4. | Profit margin, % | 6,9 | 9,5 | (2,6 p.p.) |
| 5. | Other income, million rubles | 4 255 | 1 899 | 124,1% |
| 6. | Other expenses, million rubles | (3 878) | (3 464) | 11,9% |
| 7. | EBITDA, million rubles | 17 511 | 17 174 | 2,0% |
| 8. | Profitability according to EBITDA, % | 24,8 | 25,8 | (1,0 p.p.) |
| 9. | Net profit, million rubles | 1 009 | 742 | 36,0% |
| 10. | Net profit margin, % | 1,4 | 1,1 | 0,3 p.p. |
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