FY2018 RAS results

22 February 2019
FY2018 revenues totaled RUB 89,625.2 million (+RUB 18,535.5 million or 26.1%YoY), the increase being impacted by grown revenues from electricity transmission, revenues from 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 expenses (plus commercial and administrative costs) amounted to RUB 82,165.0 million (+ RUB 17,793.0 million or 27.6% YoY), the rise being mainly affected by PoLR-related costs as well as increased payments to FSK and other grid operators.
We remind that during 2018 three providers of the last resort operating in the Chelyabinsk and Sverdlovsk regions were deprived of the status. Under the law, to prevent deterioration of payment discipline, these functions were temporarily assigned to OAO IDGC of Urals. The total debt of the providers of the last resort, namely: AO Roskommunenergo, PAO Chelyabenergosbyt (affiliates of Mezhregionsoyuzenergo) and OOO NUESK, due to OAO IDGC of Urals, reached several billion rubles. OAO IDGC of Urals, the first-string creditor, initiated bankruptcy procedures to claim the debt.
FY2018 net profit of the Company reached RUB 797.5 million. A RUB 3,772.0 million 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 and 2018 highlights of the Company, RUB thousand.




Total revenues



Total expenses (plus commercial and administrative costs)



Sales profit



Operating margin



Pre-tax profit



Net income



Net margin



To view FY2018 accounting statements prepared under Russian Accounting Standards (RAS), please, visit our corporate web-site (Financial Statements section).

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