1H2018 IFRS results

27 August 2018

Revenue of the Company in 1H2018 stands at RUB 43,162.8 mn (+8.7% YoY). 1H2018 operating expenses reached RUB 44,840.7 mn (+23.8% YoY).
Result from operating activities for the period totaled RUB –1,064.1 mn (1H2017: RUB 4,122.9 mn). Loss before income tax stands at RUB 1,286.6 mn. Loss for the period reached RUB 1,205.1 mn and total comprehensive income for the period totaled RUB -770.3 mn.

Deterioration of the financial result was affected by several factors, in particular, due to bad debt reserve created to cover the debt of AO Roskommunenergo and PAO Chelyabenergosbyt (MRSEN’s affiliates) as well as OOO NUESK, as they ceased to be providers of the last resort.
The Company’s management controls the situation. The Company shall continue to take all necessary steps to recover the debt of these energy sales companies that exited the market due to multiple violations of the law.

Table 1. 1H2017-2018 Financial Highlights of OAO IDGC of Urals, RUB thous.

 

1H2018

1H2017

Revenue

43,162,750

39,707,363

Operating expenses

(44,840,709)

(36,215,044)

Result from operating activities

(1,064,087)

4,122,894

Profit/(Loss) before income tax

(1,286,581)

3,742,760

Profit/(Loss) for the year

(1,205,135)

2,990,354

Total comprehensive income for the year

(770,308)

2,934,352

Please, visit “Financial Information” section of the official web-site to review our 1H2018 IFRS financial statements.

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