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Russian Grids

July 28, 2017

Results of the first half of 2017 prove the financial and economic sustainability of PJSC "Rosseti"

Based on the results of the activities of PJSC "Rosseti" for the first half of 2017, the revenue amounted to 24.7 billion rubles, the cost price 1.9 billion rubles; the net profit without the factor of revaluation of financial investments 23.6 billion rubles.

At the same time, the net loss of a nonmonetary nature from the revaluation of shares in the subsidiary companies of PJSC "Rosseti" at current market value amounted to 22.9 billion rubles.

The main financial and economic indicators for the first half of 2017 prove the Company's financial sustainability.

In the first half of the year, according to the decision of the Annual General Meeting of Shareholders of PJSC "Rosseti" held on June 30, 2017, by the results of work for 2016, it was decided to send additional 2 billion rubles to pay out dividends. Taking into account the interim dividends paid out in the first quarter of 2016 in the amount of 1.8 billion rubles, the total amount of dividend payments for 2016 amounted to 3.8 billion rubles, which made possible to increase the profitability of PJSC "Rosseti" shares, including the provision of record profitability for the preferred shares.

In June 2017, the Plans for development of the Subsidiaries and Dependent Companies of PJSC "Rosseti" were updated, and the work on their implementation was continued for the purpose of financial sustainability of the Subsidiaries and Dependent Companies of PJSC "Rosseti", including profitability indexes, the debt level normalization, as well as fulfillment of obligations on the technological connection, ensuring reliability and development of the power grids of corresponding subjects of the Russian Federation, implementation of the most important investment projects.

Based on the results of this work in 2016, 5 of 6 Subsidiaries and Dependent Companies of PJSC "Rosseti" with unsustainable financial and economic situation reached positive financial indicators, and the number of crisis subsidiaries reduced by half.

 

 

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