Rosseti PJSC (LSE: RSTI) is Russia's biggest company in electricity transmission and distribution, announced the IFRS consolidated financial results for Rosseti Group of Companies for 2017.
The Group's consolidated revenues in 2017 came to RUB 948.3 billion, a 5.3% increase on 2016. The net profit rose almost 40%, to RUB 137.1 billion, y-o-y. The net profit profitability reached 14.5%, a 3.6 p.p. increase on 2016.
EBITDA amounted to RUB 313.7 billion, a 18.3% increase y-o-y. Net debt to EBITDA decreased from 1.8 in 2016 to 1.5 in 2017.
In 2017, the Group's assets advanced 6.3%, to RUB 2,409.4 billion (as of December 31, 2016: RUB 2,266.7 billion), largely due to commissioning of new facilities as part of the investment program.
The Group's net debt fell 3.3% and came to RUB 456.2 billion as of December 31, 2017 (as of December 31, 2016: RUB 471.9 billion).
Growth of revenues from electricity transmission and opex reduction factored in positive trends in financials.
In 2017, Rosseti Group of Companies continues to display stable growth in the principal profitability and financial stability indicators, taking into account the unconditional power supply reliability, quality and availability to consumers. To support the subsidiaries' financial stability, the Development Plan efforts continued to be implemented in 2017. This resulted in the positive trends for the key financial and economic indicators of Rosseti Group," noted Oksana Shatokhina, Deputy General Manager, Economics, in Rosseti.