Company Announcements

IFRS financial results for 6 months of 2018

Source: RNS
RNS Number : 1492Z
PJSC Rosseti
29 August 2018
 

 

 

 

PJSC ROSSETI discloses the IFRS financial results for 6 months of 2018

August 29, 2018. Moscow, Russia - PJSC ROSSETI (LSE:RSTI) ("Company"), the largest electricity transmission and distribution grid company in Russia, today discloses the IFRS interim (unaudited) financial results for the companies of Rosseti Group ("Group") for 6 months of 2018.

Financial results:

·     Revenue: 485.3 billion rubles (6 months 2017: 435.9 billion rubles)

·     EBITDA: 145.8 billion rubles (6 months 2017: 140.8 billion rubles)

·     Net profit: 56.9 billion rubles (6 months 2017: 54.0 billion rubles)

·     Net cash flows from operating activities: 106.8 billion rubles (6 months 2017: 91.2 billion rubles)

Corporate highlights:

·     The Company paid a total of 2.5 billion rubles as dividends for 1Q 2018.

·     PJSC ROSSETI acquired rating agency ACRA's highest national scale credit rating, rating value - ААА(RU), outlook «stable».

·     International rating agency Standard&Poor's upgraded the long-term credit rating of PJSC ROSSETI to investment grade (BBB-, outlook «stable»).

·     Restated version of PJSC ROSSETI's Information Policy approved considering recommendations of the rating agency and analysis of corporate governance international practice.

·     Updated version of PJSC ROSSETI Subsidiaries' and Affiliates' Electrical Grid Facilities Modernization (Renovation) Program for 2018-2026 approved.

PJSC ROSSETI discloses the IFRS interim (unaudited) financial results for the companies of Rosseti Group for 6 months of 2018.

Based on the results of 6 months of 2018, the Group made a net profit of 56.9 billion rubles, while EBITDA reached 145.8 billion rubles.

 

 

Financial results

 

Indicator

6m2018

6m2017

YoY Change

billion rubles

billion rubles

%

Revenue, including:

485.3

435.9

11.3

- Electricity transmission and distribution

413.3  

379.5  

8.9

- Electricity and capacity sales

52.2

34.3

52.2

- Network connection

8.2

11.9

(31.1)

Operating expenses

(417.6)

(357.0)

17.0

EBITDA

145.8

140.8

3.6

Net profit

56.9

54.0

5.4

Net debt

447.7

456.2

(1.9)

Net cash flows from operating activities

106.8

91.2

17.1

 

The Group continued to demonstrate an upward trend of its key indicators of profitability and financial stability, undoubtedly ensuring reliable electricity transmission and distribution and securing a high-quality and affordable power supply.

 

More detailed information about the consolidated financial statements for the period ended June 30, 2018, can be found on the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM or on the Company's website at http://www.rosseti.ru/.

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For further information please contact:

PJSC ROSSETI

Maria Stepanova

Yulia Martynova

+7 495 995 5333 (ext. 3961)

+7 495 995 5333 (ext. 3834)

Horizon

Maria Novokreschenova

Yaroslav Gryaznov

+7 495 225 0335

+7 495 225 0335 (ext. 1010)

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Public Joint Stock Company ROSSETI (PJSC ROSSETI) is one of the largest electric grid companies in the world. The Company manages 2.34 million kilometers of power lines and 502,000 substations with more than 781 GVA of transformer capacity. The number of the ROSSETI Group's employees is 215,000.

ROSSETI comprises 36 subsidiaries and dependent companies, including 14 interregional grid companies and one transmission grid company. The controlling shareholder with an 88.04% stake in the Company is the government represented by the Federal Agency for State Property Management of the Russian Federation.

 

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PJSC ROSSETI. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industry, as well as many other risks specifically related to PJSC ROSSETI and its operations.

 


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