At a
meeting of April 19, 2016 the Company’s Board of Directors approved
the adjusted Business Plan of the Company for 2016. Adjustment of the
Business Plan of the Company was related to the need to take into
account the tariff-balance decisions, which entered into force on
01.01.2016, as well as changes in the volume of financing of the
Investment Program, adjusted by the Board of Directors in February
2016.
Indicators of the adjusted Business Plan of the Company for 2016:
Data in bln RUB, unless specified otherwise
Indicators
|
Approved plan for 2016
|
Adjusted plan for 2016
|
Change, %
|
Revenue (total), including:
|
86,2
|
85,0
|
-1,4%
|
Revenue from electric energy transmission
|
84,1
|
82,9
|
-1,4%
|
Revenue from grid connection
|
1,3
|
1,3
|
0,0%
|
Other revenue
|
0,8
|
0,8
|
0,0%
|
Cost of sales1
|
77,0
|
75,1
|
-2,5%
|
EBITDA2
|
17,1
|
18,1
|
5,8%
|
Net profit
|
1,5
|
2,3
|
53,3%
|
Amount of electric energy transmitted, billion kWh
|
55,3
|
55,2
|
-0,2%
|
Electric energy losses, %
|
9,27%
|
9,38%
|
0,11 p.p.
|
Indicators
|
Approved plan as at 31.12.2016
|
Adjusted plan as at 31.12.2016
|
Change, %
|
Loans and credits
|
45,7
|
43,7
|
-4,4%
|
Net debt3
|
45,7
|
42,8
|
-6,3%
|
[1] Cost of sales taking into account selling and
administrative expenses
|
[2] EBITDA is calculated as follows: net profit +
profit tax and other similar mandatory payments + interest payable
+ depreciation charges
|
[3] Net debt is calculated as follows: long-term debt +
short-term debt – cash and cash equivalents – financial
investments
|
Planned revenue for electric energy transmission services within
the adjusted Business Plan for 2016 is 1,4% lower than the previously
approved, which is due to decrease in the tariff for electric energy
transmission services, which were approved by the executive
authorities of subjects of the Russian Federation in the field of the
state regulation of tariffs for 2016.
Reduction of the cost of sales relative to
the previously approved plan for 2016 is due to lower
non-controllable items of expenditure as purchase of electric energy
for compensation of losses, services of PJSC "FGC UES" and
distribution grid companies for electric energy transmission.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) is projected at 5,8% above the previously approved Business
Plan for 2016 and will amount to 18,1 bln RUB. Net profit under the
adjusted Business Plan for 2016 has been increased compared to the
previous forecast by 0,8 bln RUB or 53,3%. The main reasons for the
profit indicator growth: advancing pace of reduction of the cost of
sales over decrease in revenues and increase in the balance of other
income-expenditure relative to the approved value.
Projected value of the joint operation productive supply to
consumers within the adjusted Business Plan for 2016 has been
insignificantly lowered by 25 mln kWh and is 55,2 mln kWh. The size
of the relative value of the losses increased to 9,38%, which is due
to the consolidation of grids of the city of Kimry in Tver region, as
well as the revision of the volume of funding of the Program of
decreasing of electric energy losses on 2016.
The credit portfolio of the Company under the adjusted Business
Plan for 2016 will amount to 43,7 bln RUB, which is less than the
indicator of the approved Business Plan for 2016 by 2,0 bln RUB and
has been caused by a decrease of the credit component in the sources
of financing of the Investment Program of the Company.
Other IR news of the Company can be found at:
https://www.mrsk-1.ru/en/investors/presentations/ir_news/
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