Net profit of “Russian grids” under the Russian standards of accounting in the first half of the year grew 41 times, to 140,1 billion RUB compared to 3.4 billion RUB in the first half of 2015, the message of the company. Revenue rose almost 6 times, to 24.9 billion rubles, more than 23 billion was income from participation in subsidiary companies, i.e. dividends.
Net profit growth is explained by dividends from subsidiaries and revaluation of stock of subsidiaries “on the balance of “Russian grids”, explained a company representative. According to him, the reassessment of “rosseti” held in the first quarter of 2016, as a result, net profit for January—March increased by 450 times, to 36.9 billion RUB compared to the same period of 2015. In the management of the company are 43 subsidiaries and dependent companies, including Federal grid company (FGC UES) and 11 interregional companies.
Also positive dynamics of financial indicators — a consequence of reducing costs, according to a press release from the company. First and foremost, reduced operating costs (raw materials, materials, production services), payroll and costs associated with personnel, travel and entertainment expenses, communication services, it services, utilities, rental of buildings and structures, the company explained.
This increase was rather expected is a clear revaluation of financial investments dividends from subsidiaries, notes the analyst of Gazprombank Matvey Taits. Statements does not contain exhaustive information about the activities of “Russian grids”, have to wait for the data under IFRS, he says: “IFRS is more indicative from the point of view of operating activities, the company is not visible to the operating results of its subsidiaries. That is what they earn from the services for energy transmission and network connectivity, reporting under RAS is generally not visible.
On 20 June the chamber has published a report of inspection “Russian grids” for the years 2014 and 2015. At the end of 2015 accumulated loss in the company amounted to 234 billion RUB impairment of financial investments in shares of subsidiaries and affiliates — investments in subsidiaries” for three years, has depreciated more than four times the market price of own shares decreased by 72%, mentioned in the auditor’s report.
Also the audit chamber has accused the company of mismanagement of state property due to the value of the net assets of “Russian grids”, which for 2014-2015 was below the share capital. However, in the report of the company for the first half of 2016, the net asset value has grown almost in 2 times of the share capital, to 301,8 billion.
Against the publication of statements, the value of the preference shares of “Russian grids” has grown by 20.16%, and ordinary – almost 14%.
“Inter RAO” also in profit
Financial results for the first half of 2016 today reported “inter RAO”, the net profit which grew to 36.3 bn from RUB 3.8 bn for the same period in 2015, nearly 10 times. Growth explains the sale in may 40,007% of actions “Irkutskenergo” for 70 billion rubles subsidiary “EvroSibEnergo” Oleg Deripaska. The first tranche of 35 billion rubles “inter RAO” was supposed to get in June, said Board member Ilnar mirsiyapov. The revenue of “inter RAO” at the same time decreased by 17% to RUB 20.7 billion because of the gap in the end of 2015 export contract with Ukraine. Also 26% decreased the export of electricity to Kazakhstan.