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8 800 220-0-220 Contact CenterIFRS-based profit of JSC “MOESK” for 2014 made up RUR 8.1 bln.
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06.04.2015
Today JSC “MOESK” declares its financial results for 2014 according to IFRS accounts. Subject to the consolidated statements the revenue of the Group has decreased by 0.86 % to RUR 128 bln, EBITDA has decreased by 21.27 % to RUR 35.0 bln.Based on 2014 results the profit of the Group has made up RUR 8.1 bln, which is less than the similar indicator for 2013 by 58.52 %.
The proceeds from electric power transmission has increased by 1.38 % to RUR 112.5 bln.The proceeds from the technological connection for 2014 has decreased by 18 % to 11.9 bln.Lower proceeds from technological connection services can be accounted for by the changes in regulatory documents relating to the activities on the technological connection. Starting from January 1, 2011, the payment for the technological connection includes only the costs of the power grid facilities construction - from the existing power grid facilities to connected power receivers and (or) power industry facilities. Earlier, the grid connection payment included expenses for reconstruction of the feeding and distribution grid. Since the contracts for technological connection are long-term, the changes in the current laws which have become effective since January 1, 2011 have affected the proceeds for 2014.
The operating expenses of the Group for 2014 have increased by 12.24 % to 119.8 bln, which is accounted for by the increased cost of services of JSC "FGC UES" and TGO, and impairment of fixed assets.
Based on the results of the reporting period in accordance with the consolidated statements JSC "MOESK" has earned the profit in the amount of RUR 8.1 bln, which exceeds the same indicator for 2013 by 58.52 %.
For reference. The consolidated financial statement of the Group includes the following subsidiaries: JSC “Moskabelsetmontazh” (MKSM), JSC “Moskabelenergoremont” (MKER), JSC “Plant on repair of electrical machinery” (RETO), JSC “Energocenter”.
Table 1. Summary Statement of Financial Position
| Indicator name | UOM | 2014 | 2013 | 2014/2013 |
| Non-current assets | RUR mln | 280,026 | 259,902 | +7.74 % |
| Current assets | RUR mln | 30,558 | 26,399 | +15.75 % |
| Total assets | RUR mln | 310,584 | 286,301 | +8.48 % |
| Equity | RUR mln | 159,026 | 153,578 | +3.55 % |
| Long-term liabilities | RUR mln | 75,165 | 73,902 | +1.71 % |
| Short-term liabilities | RUR mln | 76,393 | 58,821 | +29.87 % |
| Total equity and liabilities | RUR mln | 310,584 | 286,301 | +8.48 % |
Table 2. Summary Statement of Profits or Loss, and Other Comprehensive Income
| Indicator name | UOM | 2014 | 2013 | 2014/2013 |
| Proceeds | RUR mln | 128,019 | 129,125 | -0.86 % |
| - electric power transmission | RUR mln | 112,509 | 110,981 | +1.38 % |
| - proceeds from services related to connection to electric grids | RUR mln | 11,893 | 14,503 | -17.99 % |
| - other proceeds | RUR mln | 3,617 | 3,641 | - 0.1370 % |
| Operating expenses | RUR mln | (119,827) | (106,760) | +12.24 % |
| Other operating income | RUR mln | 6,208 | 4,163 | +49.14 % |
| Income before tax | RUR mln | 11,406 | 24,371 | - 53.20 % |
| Profit tax expenses | RUR mln | (3,327) | (4,898) | - 32.07 % |
| Profit for the year | RUR mln | 8,078 | 19,473 | - 58.52 % |
| Basic and diluted earnings per common share | RUR | 0.1646 | 0.3970 | - 58.55 % |
| For reference: EBITDA | RUR mln | 34,992 | 44,446 | - 21.27 % |
Table 3. Summary Cash Flow Statement
| Indicator name | UOM | 2014 | 2013 | 2014/2013 |
| Cash from operating activity, net | RUR mln | 35,808 | 32,145 | + 11.39 % |
| Cash used in investment activity, net | RUR mln | (45,792) | (38,535) | + 18.83 % |
| Cash (used in)/received from financial activity, net | RUR mln | 12,693 | (346) | – |
| Cash and cash equivalents at the end of the year | RUR mln | 4,305 | 1,596 | + 170 % |
The results of the published IFRS-based annual financial statements for 2014 will become the subject of the conference call which is to take place on April 6 (Monday) at 03:00 p.m. (Moscow time).
This event will be held with participation of the following representatives of JSC "MOESK".
Valentina Bragova, Director for Economics and Finance;
Elena Ivanova, Director of the Tariff Department;
Leonid Yushin, Director for Price Control and Investments;
Roman Ponkrashchenkov, Director of the Corporate Finance Department;
Natalia Vasilkova, director of the IFRS-Based Consolidated Statements Department.
The conference call will be held in Russian and is thought to take about 1 hour.
To participate in the conference call (from mobile or stationary phone) call at 8 10 44 20 3427 1903 and say the ID number of the conference call 1836595.
In the UK call (from mobile or stationary phone) at 0800 279 4977 and say the ID number of the conference call 1836595.