Rosseti Public Joint Stock : PJSC Rosseti to Announce its H1 2020 Financial Results under RAS

31.07.2020

PJSC Rosseti to announce its H1 2020 financial results under the Russian Accounting Standards.

Despite the difficult epidemiological situation in the world, which led to a decrease in electricity consumption and the production decline of the major businesses, PJSC Rosseti has succeeded in enduring its financial results.

The Company's revenue amounted to RUB 13.9 billion, while the loss decreased to RUB 22.2 billion down from RUB 79.1 billion as compared in Q1 2020. Such loss reduction is due to the increased financial soundness of PJSC Rosseti subsidiaries and the growth of their capitalization despite the difficult situation in the market.

The statements of PJSC Rosseti present the revaluation of shares in subsidiaries and affiliates owned by the Company. The revaluation is nonmonetary and was conducted in line with the Russian accounting law. The revaluation amounted to RUB 12.6 billion, net profit excluded.

Pavel Grebtsov, Deputy General Director for Economics and Finance of PJSC Rosseti, commented on the H1 2020 results: 'Despite some limitations in the first half of the year due to the COVID-19 pandemic, the Company has not only retained its financial strength but also continued achieving efficiently its production targets in many areas - ahead of schedule. Positive dynamics in the value of shares of Rosseti and its key subsidiaries shows reliance upon the managers' actions, confidence in promptly overcoming the current situation, and the appreciation of the grid complex assets as the powerful security instrument.'