The profit of PJSC MOESK Group according to the IFRS for 2016 is 9.4 billion rubles

17.03.2017

PJSC MOESK announces today its financial results according to the IFRS for 2016.

The Company's revenue reached 143.4 billion rubles, including the revenue from electricity transmission - 128.6 billion rubles. In the reporting period EBITDA amounted to 37.9 billion rubles, net profit - 9.4 billion rubles.

In comparison with the same period of 2015 the revenue from electricity transmission increased by 9.3% due to the increase of the volume of energy consumption and “joint” power supply. The revenue from technological connection for the reporting period amounted to 10.0 billion rubles.

18.1% cost development in relation to the same period of 2015 is primarily due to the increase of nominally non-influenceable expenses for loss compensation (16.2%), services of FGC of UES (10.9%) and the associated LGOs’ services (22.7%). The increase of the above-mentioned expenses is due, in particular, to the growths of costs on loss compensation, as well as the growth of tariffs on FGC of UES and LGOs’ services based on the results of tariff and balance decisions. With the growth of nominally non-influenceable expenses the Company continues to implement its own costs management program successfully.

In addition, the accrual of reserves for doubtful debts and estimated liabilities as well as the growth of other non-cash expenses had a significant impact on the growth of the Company's expenses.

A significant fact in the Company's activities for 2016 was the payment of record dividends for 2015 - 50% of the net profit according to the IFRS. Thus, the total amount of payments was 6.3 billion rubles or 12.97 kopecks per one ordinary share of the Company, three times as much as for the previous period.

For reference:

The consolidated statements of PJSC MOESK Group include the following subsidiaries:

OJSC “Moskabelsetmontazh” (MKSM), OJSC “Moskabelenergoremont” (MKER), OJSC Electotechnical Equipment Repair Plant (RETO), OJSC “Energotsentr”.

Table 1. Statement of financial position

Item	Unit of measure	2016	2015	2016/2015
Non-current assets	’000 RUB	309 973	296 469	4,55%
Current assets	’000 RUB	28 542	29 149	(2,08%)
Total assets	’000 RUB	338 515	325 618	3,96%
Total equity	’000 RUB	172 565	169 233	1,97%
Total non-current liabilities	’000 RUB.	93 897	94 593	(0,74%)
Total current liabilities	’000 RUB	72 053	61 792	16,61%
Total equity and liabilities	’000 RUB	338 515	325 618	3,96%

Table 2. Statement of profit or loss and other comprehensive income

Item	Unit of measure	2016	2015	2016/2015
Revenue	’000 RUB	143 354	132 356	8,31%
- electricity transmission	’000 RUB	128 642	117 683	9,31%
- connection services	’000 RUB	10 044	10 521	(4,53%)
- other	’000 RUB	4 668	4 152	12,43%
Operating expenses	’000 RUB	(131 567)	(111 486)	18,01%
Other operating income, net	’000 RUB	4 500	3 029	48,56%
Finance income	’000 RUB	188	975	(80,72%)
Finance costs	’000 RUB	(6 205)	(5 232)	18,60%
Profit before income tax	’000 RUB	10 270	19 640	(47,71%)
Income tax expense	’000 RUB	(875)	(7 010)	(87,52%)
Profit for the year	’000 RUB	9 395	12 631	(25,62%)
Basic and diluted earnings per ordinary share	RUB	0,1929	0,2571	(24,97%)
For reference: EBITDA	’000 RUB	37 850	44 668	(15,26%)
EBITDA profitability	%	26,40%	33,75%	(21,78 п.п.)

Table 3. Operating expenses

Item	Unit of measure	2016	%	2015	%	2016/2015
Services of local grid operators	’000 RUB	36 907	28,1%	30 085	27,0%	22,68%
Services of FGC of UES	’000 RUB	16 445	12,5%	14 834	13,3%	10,87%
Purchased electric power for losscompensation	’000 RUB	15 301	11,6%	13 171	11,8%	16,17%
Amortisation	’000 RUB	21 563	16,4%	20 770	18,6%	3,82%
Personnel costs	’000 RUB.	18 514	14,1%	17 888	16,1%	3,50%
Other expenses	’000 RUB	22 837	17,3%	14 738	13,2%	54,94%
Total operating expences	’000 RUB	131 567	100,0%	111 486	100,0%	18,01%

Table 4. Cash flow statements

Item	Unit of measure	2016	2015	2016/2015
Net cash from operating activities	’000 RUB	27 780	26 697	4,06%
Net cash used in investing activities	’000 RUB	(30 516)	(28 174)	8,31%
Net cash from/(used in) financing activities	’000 RUB	3 119	(2 427)	(228,51%)
Cash and cash equivalents at the end of the year	’000 RUB	784	401	95,51%

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