The profit of PJSC MOESK according to IFRS for the 1st half of 2017 was 2,9 billion rubles

23.08.2017

Today, PJSC MOESK announces the financial results according to IFRS for the 1st half of 2017.

According to the consolidated statements, the Group’s revenues for the 1st half of 2017 was 72,4 billion rubles, in particular, PJSC MOESK got 67,2 billion rubles from the electric power transmission. The revenue growth from the electric power transmission services compared to the same period in 2016 is based on the growth in energy consumption and “boiler” productive supply.

Operating expenses amounted to 67,6 billion rubles. The growth of operating expenses compared to the 1st half of 2016 is based on the growth of expenses for the services of PJSC FGC UES and related Local grid operators. The growth of the mentioned expenses was due to the growth of the tariff for services of PJSC FGC UES and Local grid operators as a result of tariff and balance decisions. Moreover, for the purpose of accomplishing the performance targets of the Business plan, PJSC MOESK continues to successfully implement plans to minimize operating expenses.

EBITDA for the 1st half of 2017 amounted to 18,5 billion rubles. The Group’s profit for the 1st half of 2017 amounted to 2,9 billion rubles.

For reference. The following subsidiary enterprises are included in the interim consolidated financial statements of the Group: OAO Moskabelsetmontazh (MKSM), OAO Moskabelenergoremont (MKER), OAO Plant for electrical equipment repair (RETO), OAO Energy Centre.

Key financial indicators

Ser. No.	Indicator name	Units	1 H of 2017	1 H of 2016	Changes
1.	Revenue, incl.	billion rubles	72 395	67 218	7,70%
	- from electric power transmission	billion rubles	67 186	62 447	7,59%
2.	Operating expenses	billion rubles	(67 633)	(62 479)	8,25%
3.	Profit for the accounting period	billion rubles	2 865	1 869	53,29%
4.	For reference: EBITDA	billion rubles	18 455	16 179	14,07%

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