Board of directors’ progress report
2.3.2

Analysis of financial standing

Key financial and economic metrics:

Indicators 31.12.2016 31.12.2015 31.12.2014
Liquidity and instant solvency ratios
Acid test ratio 0.76 0.60 0.75
Current liquidity ratio 0.82 0.63 0.79
Turnover and efficiency ratios
Receivables/Payables growth ratio 1.23 0.99 0.97
Receivables/Revenues, % 11.44 11.73 10.89
Total receivables/Total payables 1.06 0.87 0.87
Financial soundness ratios
Equity / Total Assets 0.57 0.54 0.53
Total Debt / EBITDA 1.06 1.64 1.67
Performance indicators
Return on Equity (ROE) 9.15 7.23 6.24
Return on Total Assets (ROTA) 7.37 5.02 3.97

Liquidity and instant solvency ratios

Liquidity ratios demonstrate how the Company can use current assets to discharge short-term liabilities. Acid test ratio as of 31.12.2016 totaled 0.76 (+ 0.16 pct YoY). Current liquidity ratio gained 0.19 YoY. Upward trend of the indicators is fueled by lowered short-term liabilities affected by redemption of the loan and borrowings.

Efficiency ratios

Total receivables/Total payables ratio is 1.06, proving that the Company is able to perform its debt liabilities without losing its financial stability. Receivables/Revenues remained almost the same in comparison to 2015 and totals 11.4%.

Financial soundness indicators

Financial soundness indicators expose how a firm depends on borrowings and specify risk level for firm’s creditors. Equity/Total Assets ratio demonstrate how equity contributes to total assets. By the year-end there was little change in ratio (0.57). Total debt/EBITDA is an indicator of debt burden exposing how a firm can use operating cash flow to discharge its liabilities. By the year-end the ratio decreased 0.58 pct YoY. Upward trend of the indicator is fueled by reduced debt burden against increased EBITDA.

Performance indicators

FY2016 Return on Equity and Return on Total Assets totaled 9.15% and 7.37% respectively. Upward trend is driven by enhanced performance.

ЦЕНТР ЗАГРУЗКИ
Здесь вы можете скачать полный отчет 2016, отдельные главы в формате PDF и наиболее важные таблицы в формате Excel.
1About company
1.1Mission and strategic goals
1.2Market share
1.3Key 2016 events
2Board of directors’ progress report
2.1Letter to stockholders
2.2Production capital formation
2.2.1Network exploitation
2.2.2Electricity transmission
2.2.3Technological connection
2.2.4Development of telecommunications and IT systems
2.2.5Investments
2.2.6Innovations
2.2.7Efficacy enhancement
2.3Financial capital formation
2.3.1Analysis of revenues and expenses
2.3.2Analysis of financial standing
2.3.3Analysis of receivables and payables
2.3.4Analysis of credit portfolio
2.3.5Description of tariff policy
3Corporate governance
3.1Corporate governance practices
3.2Corporate governance system
3.2.1General meeting of stockholders
3.2.2Board of Directors
3.2.3Board of directors’ committees
3.2.4General director and executive board
3.2.5Remuneration and compensation policy
3.3Oversight system
3.3.1Board of internal auditors
3.3.2Independent auditor
3.3.3Internal control
3.3.4Risk management
3.3.5Security and anti-corruption
3.4Investor and stockholder relations
3.4.1Shareholder capital structure
3.4.2 Shareholder rights
3.4.3The company and stock market
3.4.4Communications with market participants
3.4.5FAQ
3.4.6Allocation of profit
4Stakeholder
4.1Human resources management
4.2Customer support
4.3Supplier relationship management
4.4Public and goverment relations
4.5Environment protection
5Appendices
5.1Prepared under Russian accounting standards
5.2Prepared under international financial reporting standards
5.3Related-party transaction report
5.4Corporate governance code compliance report
5.5References
5.6Abbreviations and acronyms