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8 800 220-0-220 Contact CenterPJSC “MOESK” net profit for the first quarter of 2017 according to RAS has increased more than twofold
02.05.2017
PJSC “MOESK” announces its financial results according to RAS (Russian Accounting Standards) for the first quarter of 2017.
The Company’s revenue amounted to 37.6 billion rubles, including the revenue from electric power transmission in the amount of 36.3 billion rubles. EBITDA for the accounting period amounted to 10.4 billion rubles, net profit – 1.6 billion rubles.
As compared with the respective period of 2015, there has been noted an increase of revenue from power transmission as high as 7.1 %, owing to the growth of power consumption volume and boiler useful output. The revenue from connection technology has amounted in the period under review to 1.0 billion rubles.
The growth of production cost by 5.4 % compared to the respective period of 2015 is associated first of all with the increase of nominally uncontrollable expenses for PJSC FGC UES and related TSO services. The increase of the above-mentioned expenses depends on the growth of tariffs on PJSC FGC UES and TSE services according to the results of tariff-and-balance decisions. In addition to this, PJSC MOESK continues to successfully fulfill the plans of operating costs optimization in order to attain the target values stated in the Business-Plan.
According to the results of the first quarter of 2017, the Company has attained the net profit target value stated in the Business-Plan approved by the Board of Directors of the Company.
It is also necessary to mention the success during work with the Company credit portfolio without increasing its volume for the period under review. As of March 31, 2017, the Company credit portfolio amounted to 82.5 billion rubles.
Financial statements according to RAS for the first quarter of 2017
| No. | Indicator name | First quarter of 2017 | First quarter of 2016 | Changes |
| 1. | Revenue, million rubles, includingg | 37 602 | 35 246 | 6.7% |
| - electric power transmission, million rubless | 36 265 | 33 855 | 7.1% | |
| - connection technology, million rubless | 1 036 | 1 218 | (15.0)% | |
| - non-tariff kinds of activities, million rubless | 301 | 174 | 73.5% | |
| 2. | Production cost, million rubless | (33 144 ) | (31 443) | 5.4% |
| - electric power transmission, million rubless | (32 855) | (31 147) | 5.5% | |
| - connection technology, million rubless | (170) | (207) | (17.9)% | |
| - non-tariff kinds of activities, billion rubless | (119) | (89) | 34.3% | |
| 3. | Profit on sales, million rubless | 4 458 | 3 803 | 17.2% |
| 4. | Cost effectiveness of sales profit, % | 11.99 | 10.8 | (1.1 p.p.) |
| 5. | Other earnings, million rubless | 2 098 | 1 010 | 107.7% |
| 6. | Other expenses, million rubless | (2 289) | (1 863) | 22.9% |
| 7. | EBITDA, million rubless | 10 410 | 9 192 | 13.2% |
| 8. | Cost effectiveness by EBITDA, % | 27.77 | 26.1 | (1.6 p.p.) |
| 9. | Net profit, million rubless | 1 644 | 711 | 131.2% |
| 10. | Cost effectiveness as to net profit, % | 4.44 | 2.0 | (2.4 p.p.) |
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