Analysis of revenues and expenses
FY2016 revenues totaled 65,452 million (+ RUB 4,917 million or 8% YoY), with transmission revenues amounting to RUB 63,703 million (+ RUB 5,476 million YoY). Revenues gained due to grown average tariff, reduced load loss prices and changes in consumer structure (voltage classes). Expenses plus administrative costs reached RUB 60,388 million (+ RUB 4,319 million or 8% YoY). The hike is mainly driven by grown non-controllable expenses (payments to other grid operators and FSK), increased expenses on loss compensations and depreciation and amortization. Pre-tax profit totaled RUB 4,809 million (+ RUB 1,604 million YoY). FY2016 net income of the Company amounted to RUB 3,306 million (+ RUB 840 million YoY). The rise of net income is accounted for by increased transmission revenues and additional financial asset revaluation surplus.
To improve its performance during 2016 the Company implemented a package of measures to stabilize operations of its Chelyabenergo branch. Setting of uniform (“pie”) economically justified tariffs for electricity transmission and individual tariff for settlements between two holders of the regional tariff “pie” (AES Invest and Chelyabenergo branch) provided Chelyabenergo’s breakeven in electricity transmission.
Key financial and economic metrics, RUB million:
|FY 2016||FY 2015||FY 2014|
|Total revenues, comprising:||65,452||60,535||59,608|
|Revenues from electricity transmission||63,703||58,227||57,481|
|Revenues from connection||1,336||1,862||1,720|
|Revenues from electricity sales||0||0||0|
|Profit (loss) from sales||5,064||4,466||4,255|
|Income from shareholdings||314||161||96|
|Income tax and other payments||-1,503||-739||-344|
|Net income (loss)||3,306||2,466||2,007|