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October 27, 2016

PJSC Rosseti declares financial results for 9 months of 2016 according to the Russian Accounting Standards

Based on results of 9 months of 2016, PJSC Rosseti achieved the following key financial targets:

  • Revenue: 25,829 mln rubles (9 months of 2015: 5,358 mln rubles) including:

-         revenue from services of organizing the operation and development of the power grid facilities totalled 2,105 mln rubles (9 months of 2015: 1,743 mln rubles),

-         revenue from services of engineering supervision totalled 339 mln rubles (9 months of 2015: 277 mln rubles),

-         income from participation in other organizations totalled 23,312 mln rubles (9 months of 2015: 3,336 mln rubles);

  • Cost: 2,693 mln rubles (9 months of 2015: 3,043 mln rubles);
  • Net profit excl. reassessment of financial investment: 22,125 mln rubles (9 months of 2015: 3,568 mln rubles).

Due to taking measures to improve efficiency management and implementing the Directives of the Government of the Russian Federation dated 16.04.2015 No. 2303ď-Ď13 and dated 04.07.2016 No. 4750ď-Ď13 on reducing operational costs, PJSC Rosseti achieved a reduction of costs in the reporting period by 350 mln rubles or 11.5% compared to figures of the same period in 2015.

Net profit for 9 months of 2016 totalled 185,683 mln rubles. Key factor in the growth of net profits was income from the reassessment of shares of subsidiaries recorded in the balance sheet of PJSC Rosseti. Net profit excl. reassessment of financial investment totalled 22,125 mln rubles, which is by 18,557 mln rubles higher than the figure for the same period in 2015. The positive dynamics of net profits was also due to the growing income from participation in other organizations (dividends) and optimization of operational income.

Earning of net profit increased the value of net assets and raised this index to a level much higher than the authorized capital. Thus, net assets in the reporting period totalled 345,636 mln rubles, which is higher than the value of the authorized capital by 147,565 mln rubles.

Aggregate assets of PJSC Rosseti in the reporting period totalled 388,648 mln rubles and compared to the figure as of 31.12.2015 grew by 195,222 mln rubles, that is, doubled, mostly due to the positive financial result.

Also note the positive dynamics of the market value of shares of PJSC Rosseti in stock markets since the beginning of 2016, which caused the growth of market capitalization, which as of 30 September, 2016, totaled 182,943 mln rubles. The positive dynamics of share value attests to the efficient management by PJSC Rosseti of state property.

Key financial figures of 9 months of 2016 attest to the Company’s stable financial condition and efficient management of subsidiaries’ business.




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