PJSC ROSSETI (LSE: RSTI), the management company of Russia's largest and the world's third largest power grid, hereby announces the consolidated IFRS results of ROSSETI Group, which exceed the results of all previous periods.
The Group's 2016 consolidated revenue was RUB 904 billion, up 17.9% y-o-y. The Group also achieved a record net profit of RUB 98.3 billion, up 20.5% y-o-y. Adjusted net profit1 increased to RUB 144.8 billion (up 43.5% y-o-y).
Adjusted net profit margin reached 16%, a 2.8 p.p. increase y-o-y
2016 EBITDA was RUB 265.2 billion, with adjusted EBITDA2 at RUB 323.3 billion, up 6.5% and 18.4% y-o-y, respectively.
The net debt to EBITDA ratio decreased from 2x in 2015 to 1.8x in 2016.
These figures were the result of measures implemented to improve the efficiency of management and operations of subsidiaries and ensure the financial stability and loss-free operations of all Group companies.
"ROSSETI works for its consumers and shareholders, improving the reliability and availability of power supply, and securing financial stability and profitability across the Group. Introduction of new management tools, the cost cutting policy and comprehensive approach in engaging federal and regional authorities allowed the Group to achieve record results of all times in 2016. In 2017, we will continue our efforts to improve the operating and financial performanc", Oksana Shatokina, Deputy Director General for Economic Affairs, commented on the IFRS statements.
ROSSETI is currently expecting guidelines from federal authorities regarding the amount of dividends to be paid for 2016.
More detailed information on ROSSETIís IFRS results
1Adjusted net profit is calculated as net profit for the period excluding losses from impairment of fixed assets, impairment of investments, impairment of accounts receivable and deferred income tax expense related to them.
2 Adjusted EBITDA is calculated as EBITDA (earnings before interest, tax, depreciation, and amortization for the reporting period) excluding losses from impairment of fixed assets, impairment of financial investments and impairment of accounts receivable.