In 2018, the REC Group ensured stable positive financial indicators amid the increasing support and enhancing instruments, including the breakeven point and reduced operating expenses.
As REC does not earn any income from the main activities, it finances the expenses from the investment income, dividends and loans received from other companies of the REC Group.
|Indicator||As of 31 December
|As of 31 December
|As of 31 December
|Deferred tax assets||39,629||56,836||49,666|
|Total Section I||67,760,461||67,574,562||57,494,232|
|II. CURRENT ASSETS|
|Input value added tax||140,929||96,441||45,657|
|Financial investments (except for equivalents)||3,285,888||3,169,542||3,055,910|
|Cash and cash equivalents||701,250||956,102||757,145|
|Other current assets||55,786||66,891||8,039|
|Total section II||4,520,895||4,754,834||3,944,293|
|III. CAPITAL AND RESERVES|
|Registered capital (share capital, authorized capital, contributions of partners)||71,239,738||71,239,738||57,632,000|
|including paid registered capital (before amendments to the Charter)||-||11,776,588||8,832,000|
|Additional paid-in capital||1,688||-||-|
|Retained profit (uncovered loss)||351,132||237,592||-137,189|
|Total Section III||71,615,600||71,481,633||57,499,114|
|IV. LONG-TERM LIABILITIES|
|Deferred tax liabilities||1,302||1,848||1,138|
|Total Section IV||101,302||201,848||1,138|
|V. SHORT-TERM LIABILITIES|
|Total section V||564,454||645,915||3,938,273|
The financial result for 2018 amounted to 132 million rubles. Dividends from EXIAR JSC and Afreximbank (46 million rubles) are the main source of profit.
|Cost of sales||-||-739|
|Gross profit (loss)||-||-547|
|Profit (loss) from sales||-4,201,437||-2,546,043|
|Profit (loss) before tax||155,459||368,321|
|including permanent tax liabilities||-237,002||-216,077|
|Change in deferred tax liabilities||546||-710|
|Change in deferred tax assets||-17,207||7,170|
Thus, in 2018, the REC Group managed to achieve all key goals. The results achieved by the company will serve as a guarantee of further development in the next year.
Company’s priority objectives for 2019 include maintaining and increasing Russian non-primary exports, constantly improving the quality of services, developing an export culture and creating demand for Russian goods and services, increasing the degree of confidence of entrepreneurs in the state export support system.