7 May 2013 10:13
Federal Grid Company Announces Q1 2013 RAS Financial Results
Moscow, 6 May 2013 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (Moscow Exchange, LSE: FEES) today announces its financial results for Q1 2013 under Russian Accounting Standards (RAS).
The Company's RAS accounts do not consolidate the results of Federal Grid Company subsidiaries or affiliated companies that operate as independent legal entities.
Key financialperformance:
·; Revenue of RUB 37,497 million
·; Adjusted EBITDA* of RUB 24,349 million
·; Gross profit of RUB 8,371 million
·; Profit before tax of RUB 1,281 million
·; Adjusted net profit* RUB of 4,221 million
* excluding adjustments to provisions for the impairment of accounts receivable
Federal Grid Company's revenue for Q1 2013 increased by 10% year-on year to RUB 37,496 million. This was primarily due to higher revenue from electricity transmission as a result of the 11% tariff increase that took effect from 1 July 2012.
Excluding depreciation of fixed assets (RUB 17,582.8 million), property tax (RUR 917.3 million)and expenditures for electricity transit (noncontrollable costs), operating expenses amounted toRUB 12,346 mln in Q1 2013, up 7.4% y-o-y.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by RUB 2,066 million (9.3% y-o-y) and amounted to RUB 24,349 million for Q1 2013, primarily asa result of the Company's higher revenue.
Federal Grid Company's other income for Q1 2013 decreased by RUB 14,911 million (-70% y-o-y), to RUB 6,451 million. The Company's other costs for Q1 2013 decreased by RUB 11,654 million (-48% y-o-y), amounting to RUB 12,298 million. These changes were primarily due to the accounting treatment of the redemption of promissory notes in 1Q 2012 for financing the Company's investment programme.
Federal Grid Company's adjusted net profit (excluding adjustments to provisions for the impairmentof accounts receivable) amounted to RUB 4,221 million for Q1 2013.
Balance sheet as of 31 March 2013
Assets
Federal Grid Company's total assets decreased by RUB 6,392 million (-6%) during Q1 2013and stood at RUB 1,116,602 million. Non-current assets amounted to RUB 1,010,819 million,and current assets amounted to RUB 105,783 million,
The RUB 848 million (-0,1% y-o-y) decline in non-current assets was primarily due to the decrease in fixed assets as a result of higher amortisation charges.
The decrease in Federal Grid Company's current assets by RUB 5,545 million (-5% y-o-y) was due to a RUB 10,921 million (-18% y-o-y) decline in accounts receivable, a growth in short-term financial investments of RUB 3,000 million (12% y-o-y) and an increase in cash of RUB 1,303 million (7.44% y-o-y).
Federal Grid Company's capital decreased by RUB 1,376 million (-1%) during the period due to the Q1 2013 loss of RUB 1,376 million.
The Company's total debt during Q1 2013 decreased by RUB 10 billion (-4.7%) compared to31 December 2012 and amounted to RUB 202.5 billion, due to repayment of bank loansand placement of RUB 10 billion of series 24 bonds to finance the investment programme.
Federal Grid Company's financial statements for Q1 2013 under RAS can be found on the Company's
website: http://www.fsk-ees.ru/eng/investors/financial_disclosure/ras_financial_reports/
Enquiries:
Contacts | ||
Analysts / Investors | ||
Federal Grid IR team | Work | Mobile |
Alexander Duzhinov | +7 (495) 710 9064 | +7 (916) 041 8053 |
Nadezda Sukhova | +7 (495) 710 9541 | |
Egor Toropov | +7 (495) 710 9333 ext. 2275 | |
Vladimir Baklanov | +7 (495) 710 9333 ext. 2926 | |
International Media | ||
M:Communications | Work | Mobile |
Tom Blackwell | +7 (495) 363 2841 | +7 (919) 102 9064 |
Sam VanDerlip | +44 20 7920 2356 | +44 7554 993 032 |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system. Company operates over 131,000 km of transmission lines and has over 335 GVA of installed transformer capacity. Based on the length of transmission lines and transformer capacity in place, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services.It maintains and develops the grid system and supervises grid facilities and infrastructure in75 regions of Russia, covering a territory of 14.8 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. The Company is a natural monopoly with 79.64% stake controlled by the Government of Russia.
Federal Grid Company was incorporated in June 2002 as part of reorganisation of Russia's electrical power industry.
Federal Grid Company's common shares are included on the MICEX-RTS stock exchange underthe ticker FEES and the Company's GDRs are listed on the London Stock Exchange and traded under the same FEES symbol.
In 2012 the Company's IFRS revenue was RUB 140,313 million, adjusted EBITDA was RUB 82,133 million, and adjusted profit for the period was RUB 29,956 million.
Further information can be found at www.federal-grid.com