Financial Performance (MD&A)
In 2018, the total consolidated revenue rose to RUB 3,286.7 mln or by 26.6% year-on-year. Profit for the year increased by 117.5% to RUB 293.1 mln. EBITDA reached RUB 382.3 mln, EBITDA margin amounted to 11.6%.
At the end of 2017, the Company published combined statements. In 2018, PJSC Evropeyskaya Elektrotekhnica completed the consolidation of the assets of subsidiaries owned by the Company. This gave it an option to disclose consolidated financial statements in accordance with international standards.
| Indicator, RUB mln, unless otherwise stated | 2018 | 2017 | Change |
|---|---|---|---|
| Consolidated revenue | 3,286.7 | 2,595.3 | +26.6% |
| Gross profit | 796.3 | 467.9 | +70.2% |
| Gross profit margin | 24.2% | 18.0% | +6.2 p. p. |
| Operating profit | 370.5 | 306.9 | +20.7% |
| Operating profit margin | 11.3% | 11.8% | —0.5 p. p. |
| EBITDAIndicators of a non-international financial reporting standard; the calculation procedure is presented below in this release. | 382.3 | 361.3 | +5.8% |
| EBITDA margin | 11.6% | 13.9% | —2.3 p. p. |
| Profit for period | 293.1 | 134.7 | +117.5% |
| Profit margin for period | 8.9% | 5.2% | +3.7 p. p. |
| InvestmentsIndicators of a non-international financial reporting standard. | 407.0 | 226.4 | 1.8x |
| R&D investmentsIndicators of a non-international financial reporting standard. | 165.0 | 30.0 | 5.5x |
| Free cash flow to equityIndicators of a non-international financial reporting standard. | 49,129 | —42,458 | — |
| Return on equity (ROE) | 47.4% | 35.7% | +11.8 p. p. |
| Dividends paid | 91.9 | 6.9 | 12.3x |
| 31.12.2018 | 31.12.2017 | Change | |
| Assets | 1,291.2 | 1,154.9 | +11.8% |
| Cash and cash equivalents | 246.8 | 209.8 | +17.6% |
| Equity | 53.8% | 46.9% | +6.9 p. p. |
| Net working capitalIndicators of a non-international financial reporting standard. | 715.4 | 565.8 | +26.4% |
| Current liquidity ratio | 2.6 | 2.2 | +0.4% |
| Net debtIndicators of a non-international financial reporting standard; the calculation procedure is presented below in this release. | —153.1 | —120.3 | — |
| Net debt/EBITDA | —0.40 | —0.33 | — |