FY2018 IFRS results

20 March 2019

Revenue of the Company in FY2018 stands at RUB 100,302.7 mn (+23.6% YoY), the increase being impacted by grown revenues from electricity sales, as the company became the provider of the last resort in the Sverdlovsk and Chelyabinsk regions on 01.04.2018 (former service area of AO Roskommunenergo), 01.07.2018 (former service area of PAO Chelyabenergosbyt) and 01.08.2018 (former service area of NUESK), respectively.

FY2018 operating expenses reached RUB 99,799.3 mn (+30.1% YoY), the rise being mainly affected by PoLR-related costs as well as increased payments to FSK and other grid operators.

Result from operating activities for the period totaled RUB 1,925.4 mn. Profit before income tax stands at RUB 1,149.1 mn. Profit for the period reached RUB 640.8 mn and total comprehensive income for the period totaled RUB 1,376.3 mn.

A YoY decrease was due to the bad debt reserve created to cover the debt of AO Roskommunenergo, PAO Chelyabenergosbyt and OOO NUESK, as they ceased to be providers of the last resort. On 01.07.2018 OOO AES Invest, the 2nd “pie” holder of the Chelyabinsk region, ceased its RGO operations, thus, our Chelyabenergo branch became the sole “pie” holder in the region. A special provision for unpaid receivables of OOO AES Invest was made.

Table 1. FY2017-2018 Financial Highlights of OAO IDGC of Urals, RUB thous.

 

FY2018

FY2017

Revenue, incl.

100,302,694

81,159,300

Electricity transmission

60,503,132

62,968,512

Electricity sales

38,137,954

16,581,474

Connection services

1,144,080

1,207,100

Operating expenses

(99,799,317)

(76,738,986)

Result from operating activities

1,925,433

5,974,555

Profit/(Loss) before income tax

1,149,116

5,171,955

Profit/(Loss) for the year

640,826

4,065,565

Total comprehensive income for the year

1,376,268

4,585,604

Please, visit “Financial Information” section of the official web-site to review our FY2018 IFRS financial statements.

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