Financial results

Key indicators


Indicator 2016 2017 Information was retrospectively restated due to the introduction of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases.” The consolidated statement of financial position as of December 31, 2016 was retrospectively restated. The consolidated statement of comprehensive income for the year ended December 31, 2016 was not subject to retrospective restatement. 2018 Change vs. 2017, %
Revenue, RUB mln 868,182 869,204 962,582 10.7
Other operating income, RUB mln 39,120 8,817 10,492 19.0
Operating expenses, RUB mln –830,042 –821,779 –885,785 7.8
Net profit, RUB mln 61,312 54,662 71,675 31.1
Net assets, RUB mln 421,106 Information was retrospectively restated due to the introduction of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases.” The consolidated statement of financial position as of December 31, 2016 was retrospectively restated. The consolidated statement of comprehensive income for the year ended December 31, 2016 was not subject to retrospective restatement. 461,503 485,478 The value of net assets (RUB 485.478 billion) exceeds the value of the share capital of PJSC Inter RAO (RUB 293.340 billion) by RUB 192.138 billion. 5.2
Intangible assets, RUB mln 9,908 13,183 13,849 5.1
EBITDA, RUB mln 96,259 97,645 121,300 24.2
EBITDA margin, % 11 11 13 2 p.p.
Salary, employee benefits, and payroll taxes, RUB mln 49,892 49,468 51,935 5.0
Ratios and other indicators The ratios for 2016 are calculated based on the consolidated financial statements of PJSC Inter RAO and its subsidiaries for 2017 due to the lack of a retrospective restatement of the consolidated statement of comprehensive income for 2016.
Indicator 2016 2017 2018 Change vs. 2017, %
Return on assets, % 10.75 8.93 10.48 17.3
Return on invested capital, % 13.75 11.02 13.02 18.2
Return on equity, % 14.63 11.84 14.76 24.6
Return on EBITDA, % 11.09 11.23 12.60 12.2
Current liquidity ratio 1.77 2.07 2.02 –2.5
Equity concentration ratio 0.73 0.72 0.67 –7.7
Equity-to-loans ratio 2.75 2.60 2.00 –23.2
Net cash flow from operating activities 81,361 88,759 94,456 6.4
Loans and borrowings, RUB mln 17,624 16,154 9,738 –39.7
Short-term, RUB mln 8,738 11,479 8,353 –27.2
Long-term, RUB mln 8,886 4,675 1,385 –70.4
Lease obligations, RUB mln 12,698 50,093 3.9x
DebtIncluding the share of lease obligations in joint ventures./EBITDA 0.2 0.3 0.5 66.9
Net debtIncluding the share of lease obligations in joint ventures., RUB mln –78,232 –135,495 –166,706
Net debtIncluding the share of lease obligations in joint ventures./ EBITDA –0.8 –1.4 –1.4

Starting from January 1, 2018, the Group has employed IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases.” For this reason, comparable data for 2017 has been retrospectively recalculated in accordance with the requirements of the standards. The ratios for 2016 are calculated based on the consolidated financial statements of PJSC Inter RAO and its subsidiaries for 2017 due to the lack of a retrospective restatement of the consolidated statement of comprehensive income for 2016.