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8 800 220-0-220 Contact CenterThe profit of PJSC MOESK according to RAS for 2017
22.02.2018
The Company's revenue amounted to 147.4 billion rubles, including revenue from electric power transmission - 138.4 billion rubles, revenue from technical connection - 7.2 billion rubles. In the reporting period, net profit amounted to 2.7 billion rubles.
In 2017, in comparison with the previous year, the Company's revenue increased by 5.4%, including revenue for electric power transmission - by 7.5%, which is due to an increase in the average tariff for electric power transmission services and the volume of “boiler” productive supply.
The increase in cost in relation to 2016 amounted to 9.6%, which is associated with an increase in conditionally uncontrolled expenses for neighboring Local Grid Operators services and an increase in costs for compensation of electric power losses. The increase in the above costs is due to an increase in the purchase price of electricity losses and an increase in tariffs for Local Grid Operators services as a result of tariff and balance decisions.
On an ongoing basis, the Company implements measures to manage operating costs, which made it possible to ensure in the reporting period the dynamics of managed costs at a level below the CPI.
The net profit of the reporting period was 2.7 billion rubles. The decrease in the indicator relative to the fact of 2016 is due to the decrease in revenues from technical connection and the adjustment of the financial result of the reporting period to the one-time accrual of the reserve for the debts of JSC OEK that arose during the period of the front-end system for technological connection in Moscow (in 2006-2010.).
Adjusted EBITDA amounted to 37.8 billion rubles, which is lower than the indicator of 2016 for 2.2 billion rubles or by 5.5%. The negative dynamics of the indicator was influenced by the decrease in revenues from technological connection by 2.8 billion rubles due to the continuing decline in business activity in the market for these services.
In 2017, positive dynamics of free cash flow was achieved. The change in the indicator to the level of the previous year was (+) 1.8 billion rubles.
The Debt / adjusted EBITDA indicator for the year was 2.3 and corresponds to the normative values of the debt burden for companies with a high level of creditworthiness.
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¹The adjusted EBITDA is provided for information purposes and is calculated as EBITDA (profit before tax, interest expense and depreciation) before the impairment of property, plant and equipment, impairment of financial investments and impairment of receivables.
RAS financial results for 2017
| Ser. No. | Indicator name | 2017 | 2016 | Changes |
| 1. | Revenues, million rubles, incl. | 147 372 | 139 860 | 5,4% |
| - from electric power transmission | 138 350 | 128 642 | 7,5% | |
| - from technical connection | 7 184 | 10 012 | -28,2% | |
| - from non-tariff activities | 1 837 | 1 206 | 52,3% | |
| 2. | Cost of revenue, million rubles | (135 892) | (124 000) | 9,6% |
| - Expenses for Local Grid Operator services, FGC UES | (61 987) | (53 352) | 16,2% | |
| - Expenses of purchased energy for loss compensation | (17 219) | (15 301) | 12,5% | |
| - Depreciation charges, taxes | (26 870) | (26 731) | 0,5% | |
| - net cost of non-tariff activities | (682) | (465) | 46,7% | |
| - other managed costs from cost of revenue | (29 571) | (28 564) | 3,5% | |
| 3. | Profit from sales, million rubles | 11 043 | 15 447 | -28,5% |
| 4. | Adjusted EBITDA, million rubles | 37 789 | 39 996 | -5,5% |
| 5. | Net profit (loss), million rubles | 2 671 | 6 079 | -56,1% |
| 6. | Change in free cash flow, million rubles | 1 815 | - 1 168 | более 100 % |
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