December
25, 2015 a meeting of the Board of Directors was held, which approved
the Company's Business Plan, including the Investment Program for
2016. The Business Plan for 2016 is formed taking into account the
socio-economic development of the Russian Federation for 2016-2018,
prepared by the Ministry of Economic Development of the Russian
Federation. Scenario conditions of formation of the Business Plan for
2016 include the growth of the average joint operation tariff for
electricity transmission of the branches of "Belgorodenergo",
"Bryanskenergo", "Voronezhenergo",
"Kostromaenergo", "Orelenergo", "Smolenskenergo",
"Tambovenergo", "Yarenergo" by 7,5%, "Tverenergo"
and "Lipetskenergo" by 11% and "Kurskenergo" by
9,5%. According to the forecast by the end of 2016 operating costs
per unit of maintenance of electrical equipment in accordance with
the Strategy of development of the electric grid complex of the
Russian Federation should be reduced by at least 15%, adjusted for
inflation to the level of 2012.
Indicators of the Business Plan of the Company for 2016:
Data in bln RUB, unless specified otherwise
Indicators
|
Expected performance for 2015
|
Plan for 2016
|
Change, %
|
Revenue (total), including:
|
79,8
|
86,2
|
8,0%
|
Revenue from electricity transmission
|
77,9
|
84,1
|
8,0%
|
Revenue from grid connection
|
1,1
|
1,3
|
18,2%
|
Other revenue
|
0,8
|
0,8
|
0,0%
|
Cost of sales
|
69,6
|
74,9
|
7,6%
|
EBITDA1
|
15,3
|
17,1
|
11,8%
|
Net profit
|
0,8
|
1,5
|
87,5%
|
Amount of electric energy transmitted2,
billion kWh
|
54,7
|
55,3
|
1,1%
|
Electric energy losses, %
|
9,44%
|
9,27%
|
- 0,17 p.p.
|
Indicators
|
Expected performance as at 31.12.2015
|
Plan as at 31.12.2016
|
Change, %
|
Loans and credits
|
42,1
|
45,7
|
8,6%
|
Net debt3
|
41,9
|
45,7
|
9,1%
|
Net debt/EBITDA
|
2,7
|
2,7
|
0,0%
|
[1]EBITDA
is calculated as follows: net profit + profit tax and other
similar mandatory payments + interest payable + depreciation
charges
[2]Joint
operation productive supply without taking into account losses of
TGCs
[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 Business Plan for 2016 is 8,0% higher than the expected
performance in 2015, due to increase in the tariff for electric
energy transmission services from July 1, 2016 and growth of electric
energy consumption. Growth of planned revenue from grid connections
is related to expected implementation of large grid connection
contracts in the Voronezh and Tver regions.
Increase in cost against the expected fact in 2015 is due to
growth of the main non-controllable items of expenditure: by 9,9%
"Purchase of electric energy for losses", by 10,1%
"Services of PJSC "FGC UES" for electric energy
transmission" and by 6,9% "Services of distribution grid
companies". Controllable costs will increase only by 4,5% mainly
due to the item "Payroll", due to planned increase in the
minimum monthly wage rate. It is also expected to significantly
reduce the cost of leasing, and outsourcing.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) is forecast at 11,8% above the level of the expected fact in
2015 and will be 17,1 bln RUB. The main negative impact on the
financial result will be due to interest rates and restoring mutual
indebtedness of the Company and sales companies, deprived of the
status of a supplier of last resort, in accordance with the progress
of litigation to invalidate transactions to offset mutual claims and
transfer of funds in the claim period (as part of the bankruptcy
proceedings of the sales companies). At the end of 2016 within the
Business Plan net profit of 1,5 bln RUB is projected, which is 87,5%
higher than the expected fact in 2015.
Projected value of the joint operation productive supply to
consumers according to the Business Plan for 2016 will be increased
by 1,1% and will amount to 55,3 billion kWh. The main reason for the
growth is forecast of keeping to the current level of consumption and
commissioning of new grid connection facilities. The size of the
planned relative value of losses is lower than the level of the
expected fact in 2015 by 0,17 p.p. and is 9,27%.
The approved Business Plan for 2016 includes the Investment
Program for 2016-2020, the parameters of which are approved by the
Ministry of Energy of Russia. The Investment Program for 2016
includes capital investments in the amount of 13,4 bln RUB (without
VAT). During the implementation of the Investment Program for 2016 it
is planned to commission 803 MVA of transformer capacity and 4,200 km
of overhead and cable power lines.
Indicators of the Investment Program of the Company for 2016-2020:
Indicator
|
UoM
|
Planned for 2016
|
Forecast for 2017
|
Forecast for 2018
|
Forecast for 2019
|
Forecast for 2020
|
Capital investment, VAT exclusive
|
bln RUB
|
13,4
|
13,9
|
14,7
|
15,2
|
16,1
|
Financing, VAT inclusive
|
bln RUB
|
16,2
|
16,4
|
17,4
|
17,9
|
19,0
|
Commissioning of Fixed Assets, VAT exclusive
|
bln RUB
|
13,7
|
14,2
|
14,9
|
15,6
|
16,0
|
Commissioning of capacity
|
MVA
|
803
|
739
|
854
|
1 049
|
573
|
km
|
4 200
|
4 394
|
4 773
|
4 438
|
5 819
|
The approved Business Plan for 2016 is in the interest of all
stakeholders. It aims to improve the quality and reliability of
electricity supply, maintaining financial stability, and break-even
operations of the Company and provides for the preservation of
dividend payments to shareholders. The adoption of the balanced
Business Plan for 2016 will allow the Company to solve all tasks in
spite of adverse external economic environment and unresolved legal
issues of the distribution sector.
Other IR news of the Company can be found at:
https://www.mrsk-1.ru/ru/investors/presentations/ir_news/
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