27 March 2017, Ufa – Bashkir Power Grid Company (BPGC), a subsidiary of Sistema PJSFC, a public diversified holding company, announces its audited consolidated financial results in accordance with International Financial Reporting Standards (IFRS) for the full year ending 31 December 2016.[1]
KEY FINANCIAL RESULTS FOR Q4 AND FY 2016:
- FY 2016 revenue increased by 8% year-on-year to RUB 16,052m. In Q4 2016, revenue rose by 10% year-on-year to RUB 4,609m. Growth was mostly driven by power transmission services.
- FY 2016 OIBDA[2]increased by 31% year-on-year to RUB 5,594m. In Q4 2016, OIBDA totalled RUB 1, 681m, up RUB 1,071m year-on-year.
- The OIBDA margin was 34.8% for FY 2016 and 36.5% for Q4 2016. OIBDA margin growth was mostly driven by lower provisions for potential disputes with counterparties in relation to power transmission and sales.
- Net income for FY 2016 was RUB 2,976m, a 35% increase year-on-year. In Q4 2016, net income totalled RUB 998m, up RUB 877m year-on-year.
KEY OPERATING RESULTS:
- Electricity consumption in 2016 increased 2.2% year-on-year, driven by a rise in the number of new consumers and growth of Bashkortostan's gross regional product.
- In 2016, as a result of successful implementation of an investment programme and acceleration of power connections, Bashkirenergo added 24,232 new consumers, 11.3% more than in 2015.
- Power losses from distribution grids were flat year-on-year at 8.23%. A 410 MW combined cycle plant commissioned by LLC Novosalavatskaya CHP increased transit power flows between substations of LLC BGC along Bashkirenergo’s power lines, leading to a significant increase in load losses. A number of measures to reduce commercial losses from Bashkirenergo's grids helped keep total power losses at virtually the same level as in 2015.
BPGC's CEO and Management Board Chairman Dmitry Sharovatov said:
“In 2016, BPGC achieved strong operating and financial results, thus confirming its status as one of Russia’s most efficient electricity grid operators.
“While OIBDA and net results were affected by one-off provisions for outstanding disputes with counterparties in relation to power transmission and sales in 2015-2016, BPGC’s strong performance was primarily due to operational efficiency both in terms of electricity production and implementation of technological policy and in terms of managing business processes.
“The company is continuing to pursue a comprehensive equipment modernisation programme, and to successfully implement innovative solutions to enhance the reliability of power supplies and help reduce power losses.
“BPGC continues to invest in the construction of new power facilities. In 2016, two major substations, Zubovo and Irek (110 kV) and the 220 kV Gvardeyskaya substation, were commissioned in Ufa. Construction of three major 110kV substations in Bashkortostan is currently underway, with commissioning expected in 2017."
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For more information please contact:
Head of Public Relations
Bashkir Power Grid Company
Marat Bikbaev
Phone: +7 (347) 279-73-80
BikbaevMM@bashkirenergo.ru
[1]JSC Bashkir Power Grid Company (BPGC) was founded in November 2012 as a result of a reorganisation of OJSC Bashkirenergo, one of Russia's largest regional energy companies. The BPGC Group is comprised of power grid assets located in the Republic of Bashkortostan: transmission grids (LLC Bashkir Grid Company), distribution grids (LLC Bashkirenergo), and LLC BPGC Engineering.
[2]This is a non-IFRS measure, and is calculated by management as the sum of profit from operating activity and costs related to amortisation of fixed and intangible assets.
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