A meeting of the Company’s Board of Directors was held on 22 March
2019, which approved the Company’s Business Plan for 2019 and
forecast indicators for 2020-2023. The Business Plan for 2019 is
formed taking into account the Forecast of socio-economic development
of the Russian Federation until 2024 (hereinafter – the Forecast),
prepared by the Ministry of Economic Development of Russia. Scenario
conditions for the formation of the Business Plan for 2019 provide
for indexation of tariffs for electricity transmission services in
accordance with the Forecast, increase in labour productivity by at
least 2%, decrease in the level of specific operating expenses by at
least 2%, as well as indicators of dividend policy in accordance with
Order of the Government of the Russian Federation dated 29.05.2017 ¹
1094.
Indicators of the Company’s Business Plan for
2019:
Data in bln RUB, unless specified otherwise
Indicators
|
Planned for 2019
|
Actual for
2018
|
Change
|
Revenue (total), including:
|
96,3
|
93,9
|
2,6%
|
Revenue from electric energy transmission
|
92,6
|
90,0
|
2,9%
|
Revenue from grid connection
|
1,3
|
1,9
|
-31,6%
|
Revenue from other activity
|
2,4
|
2,0
|
20,0%
|
Cost of sales
|
86,8
|
83,9
|
3,5%
|
Sales profit1
|
7,2
|
7,7
|
-6,5%
|
Sales profit margin, %
|
7,5
|
8,2
|
-8,5%
|
EBITDA2
|
18,7
|
16,6
|
12,7%
|
EBITDA margin, %
|
19,4
|
17,7
|
9,6%
|
Net profit
|
2,4
|
1,4
|
71,4%
|
Net profit margin, %
|
2,5
|
1,5
|
66,7%
|
Amount of electric energy transmitted, billion kWh
|
47,3
|
47,0
|
0,6 %
|
Electric energy losses, %
|
10,26
|
10,60
|
-0,34 p.p.
|
Indicators
|
As at 31.12.2019
|
As at 31.12.2018
|
Change
|
Total assets
|
127,5
|
122,5
|
4,1%
|
Net assets
|
60,1
|
58,5
|
2,7%
|
Loans and credits
|
44,6
|
40,4
|
10,4%
|
Cash and cash equivalents + Financial investments (short-term)
|
0,0
|
0,8
|
-100,0%
|
Net debt3
|
44,6
|
39,6
|
12,6%
|
[1] Revenue net of costs, 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 – short-term
financial investments
|
Planned revenues for electric energy transmission
services in the framework of the Business Plan for 2019 is 2,9%
higher than in 2018, which is due to growth of net supply and tariffs
for electricity transmission services. The projected revenue from
grid connection services in 2019 is expected to be 1,3 bln RUB, which
is 31,6% lower than the actual revenue in 2018. The decrease in the
revenue is due to early implementation of a number of grid connection
contracts in 2018. In 2019, the Company predicts receipt of revenue
from other activities in the amount of 2.4 bln RUB. Other revenues
include revenues from the sale of value-added (unregulated) services
(72% of other revenues), which include the following areas: setup of
outdoor lighting systems, reconstruction of power grid facilities in
the interests of customers, placement of third-party equipment at
power grid facilities of the Company and performance of work related
to the competence of customers in the implementation of the grid
connection procedure.
The increase of cost of sales relative to the fact
of 2018 is associated with growth of influenceable costs, which
account for 33,9% of all expenses of the company. In 2019,
non-influenceable costs are planned with an increase of 1.5 bln RUB,
or 2,6% of the fact of 2018, the main reason for the increase in the
costs is a significant increase in unregulated prices on the
wholesale market in 2019 in accordance with the forecast of the
Ministry of Economic Development.
Earnings before interest, taxes, depreciation and
amortization (EBITDA) is projected above the outcome in 2018 and will
be 18,7 bln RUB. Implementation of the risk of increasing arrears for
services rendered by the company can provide negative impact on the
financial result. Positive factors for the company’s financial
results can be exceeding the forecast in terms of the provision of
electricity transmission services and results of the cost management
program above the forecast. Net profit for 2019 is projected at 2,4
bln RUB.
The projected value of the volume of electric
energy transmission services, according to the Business Plan for
2019, will increase by 0,6% and will be 47,3 billion kWh. The size of
planned relative value of losses in 2019 is lower than the actual
value in 2018 by 0,34 p.p. and is 10,26%.
The Company’s total assets as at 31 December
2019 are projected above the actual level of 2018 and will be 127,5
bln RUB. The Company’s net assets following the results of 2019 are
forecast at the level of 60,1 bln RUB, which is 2,7% above the same
indicator at the end of 2018. Net debt3 is planned at the
level of 44,6 bln RUB, which means the indicator will increase by 5,0
bln RUB during 2019, mainly due to the financing of the investment
program of the branch “Tverenergo” and projects for consolidation
of power grid assets.
Other IR-news of the Company can be found at:
https://www.mrsk-1.ru/en/investors/presentations/ir_news/.
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