FY2019 RAS results

25 February 2020

FY2019 revenues totaled RUB 94,042.4 million (+RUB 4,417.3 million or 4.9%YoY), the increase being driven by the Company’s operations as the provider of the last resort in the Sverdlovsk and Chelyabinsk regions between 01.04.2018 and 01.10.2019 (former service area of AO Roskommunenergo), between 01.07.2018 and 01.07.2019 (former service area of PAO Chelyabenergosbyt) and between 01.08.2018 and 01.10.2019 (former service area of NUESK), respectively, as well as changes in the tariff “pie” scheme in the Chelyabinsk region since 01.07.2018.

FY2019 expenses (plus commercial and administrative costs) amounted to RUB 88,000.6 million (+RUB 5,835.6 million or 7.1% YoY), the rise being mainly affected by PoLR-related costs as well as increased payments to grid operators due to changes in the tariff “pie” scheme.

Pre-tax profit totaled RUB 2,863.8 million (+RUB 1,739.2 million YoY).

FY2019 net profit of the Company reached RUB 2,155.1 million. A RUB 1,357.5 million YoY increase was impacted by the bad debt reserves created in FY2018 to cover the debt of AO Roskommunenergo, PAO Chelyabenergosbyt and OOO NUESK, as they were deprived of their PoLR status by the Ministry of Energy’s decrees.

Table 1. FY2018 and 2019 highlights of the Company, RUB thousand.

Item FY2019 FY2018
Total revenues 94,042,424 89,625,169
Total expenses (plus commercial and administrative costs) 88,000,565 82,164,978
Sales profit 6,041,859 7,460,191
Operating margin 6.4% 8.3%
Pre-tax profit 2,863,763 1,124,575
Net income 2,155,068 797,526
Net margin 2.3% 0.9%

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To view FY2019 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site (Financial Statements section).

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