19 August 2015, Ufaľ OJSC Bashkir Power Grid Company, a subsidiary of Sistema JSFC, a diversified public holding company, hereby discloses its unaudited financial results for H1 2015 prepared in accordance with the International Financial Reporting Standards (IFRS).
KEY FINANCIAL RESULTS FOR Q2 AND H1 2015:
Revenuein H1 2015 grew by 3% YoY and amounted to RUB 7,239m. The Q2 revenue went up by 3% YoY, to RUB 3,287m.
BPGC's OIBDA in H1 2015 fell by 7% YoY, to RUB 2,471m, due to an increase in operating expenses. The Q2 OIBDA was RUB 1,059m, a 7% decline from Q2 2014.
OIBDA margin in H1 2015 was 34.1%, and in Q2 2015 ľ 32.2%.
Net income in H1 2015 demonstrated a minor decrease year-on-year, totalling RUB 1,529m. The Q2 net income equalled RUB 639m.
KEY OPERATING RESULTS:
Power consumptiongrew by 0.97% in H1 2015 YoY due to an increase in the number of new consumers.
Following successful implementation of its investment programme and acceleration of power connections, Bashkirenergo obtained 8,648 new consumers in H1 2015, an increase of 9.84% from the same period of 2014.
Power losses in distribution grids grew from 8.06% in H1 2014 to 8.2% in H1 2015 due to the changes in the regional power balance - electricity to consumers is supplied from more remote main substations over longer distances, which results in higher technical losses.
Andrey Makarov, CEO of BPGC, commented on the company's results in H1 2015 as follows:
"In the first half of 2015, our company demonstrated a growth of revenue and increased its consumer base. The connections growth rate in the reporting period grew by almost 10%. BPGC's OIBDA margin decreased somewhat, but we expect to report an improvement soon due to modernisation of grids, implementation of the investment programme and improved management efficiency.
The company is currently putting a lot of efforts into construction and upgrade of its facilities. At the end of July, we inaugurated a new 110 kV substation, Gafuri, in the Buzdyaksky district of Bashkiria. We plan to complete the construction of another two 110 kV substations in the Chishminsky and Salavatsky districts before the yearend.
BPGC also continues upgrading Ufa's power grids using the Smart Grid technologies. In H1 2015, we implemented a pilot project of a Smart Grid district and launched the Ufa Grid Management Centre, which experts have named one of the most sophisticated power facilities in Russia. BPGC has launched manufacturing of state-of-the-art power equipment for Smart Grids together with Siemens.
We now have an important task of improving the quality of the region's power system. We are positive that we will achieve this goal thanks to our modernisation programme and to transition to RAB tariff regulation that has made tariffs predictable both for BPGC and its consumers."
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For more information contact:
Head of Public Relations
Bashkir Power Grid Company
Tel.: +7 (347) 279-73-80