|
Unit
|
1H
2015
|
1H
2016
|
Change
1H
2016/
1H
2015
|
Productive electricity supply
|
mln
kWh
|
14,461
|
14,516
|
0.4%
|
Electricity losses
|
%
|
12.20
|
11.84
|
-0.36,p.p.
|
Connected power
|
MW
|
150
|
218
|
45.4%
|
Revenue from sales of products, including:
|
RUB mln
|
19,957
|
27,900
|
39.8%
|
-
from
electricity transmission services
|
RUB mln
|
18,575
|
26,317
|
41.7%
|
-
from
technological connection services
|
RUB mln
|
1,301
|
1,424
|
9.4%
|
-
from
other industrial activity
|
RUB mln
|
81
|
158
|
95.5%
|
Prime cost
|
RUB mln
|
20,127
|
24,009
|
19.3%
|
Gross
profit (loss)
|
RUB mln
|
-170
|
3,891
|
-
|
Pre-tax
profit
(loss)
|
RUB mln
|
-5,671
|
4,333
|
-
|
Net
profit (loss)
|
RUB mln
|
-5,090
|
3,069
|
-
|
EBITDA
*
|
RUB mln
|
1,345
|
10,251
|
662.0%
|
EBITDA
margin
|
%
|
6.7
|
36.7
|
30,p.p.
|
Net
Debt
/
EBITDA**
|
-
|
4.4
|
0.6
|
-
|
*
The indicator is calculated as: EBITDA = Net profit + Profit tax +
Depreciation + Interest payable + Provision for impairment of debt
financial investments.
**
For the past 4 quarters.
Formation of revenue and financial result
Revenue
from sales of products of the Company following 1H 2016 was RUB
27,900 mln, the growth against the similar period of the year 2015
equaled RUB 7,943 mln or 39.8%.
Growth
of revenue from electricity transmission services is explained by
bringing of tariff rates for Saint Petersburg as from December 1,
2015 into compliance with the requirements of Russian Federal
Antimonopoly Service, which allowed material reduction in shortfall
incomes of PJSC Lenenergo.
Growth
of revenue from technological connection services in 1H 2016
against 2015 is explained by the planned performance of accumulated
obligations in respect of rendering technological connection services
to applicants.
Growth
of revenue from other activity is mainly caused by the change in
the Company’s accounting policy regarding transfer of lease-related
income to the structure of revenue.
Prime
cost of the services rendered (subject to depreciation) following
1H 2016 grew due to the growth of uncontrolled expenses – purchased
energy to compensate for losses, services of distribution grid
companies and PJSC FSK ES. The rest of the company’s expenses
against 1H2015 increased by 5.9%.
Net
profit of the Company following 1H 2016 was RUB 3,069 mln.
Comparing with the similar period of the year 2015, the financial
result improved by RUB 8,159 mln.
The
positive dynamics of the financial result against the similar period
of 2015, besides the increase in the revenue from regulated types of
activities, was materially influenced by the growth of RUB 5,942 mln
regarding the balance of other income and expenses.
EBITDA
characterizing the cash flow generated by the company before payment
of taxes and interest, following 1H 2016 grew in respect of the
similar period of 2015 by RUB 8,906 mln.
Credit
portfolio and debt position
Net
debt/EBITDA fell against 1H 2015 by 3.8 points. The decrease in
the net debt against the level of 2015 was due to the decrease in the
debt on credits and loans using the funds received from the sale of
the federal loan bonds (FLB) in the amount of RUB 17,025 mln, which
were paid to the charter capital of PJSC Lenenergo as payment for the
additional issue of ordinary shares. The rest of the funds from the
sale of FLBs is RUB 14,975 mln. and influences materially the
reduction in the net debt amount. The intended purpose of these funds
is financing the investment expenses as to the performance of the
accumulated obligations for applicants’ technological connection.
|