Revenue
of PJSC Lenenergo in Q1 2018 increased by 9% Q-o-Q to RUB 19,452 mln.
EBITDA for the reporting period increased by 17% and amounted to RUB
6,848 mln. Net profit for Q1 2018 totaled RUB 2,527 mln (Q1 2017: RUB
2,374 mln).
In
RUB mln, unless otherwise specified
|
Indicator
|
3
months
2018
|
3
months
2017
|
Change
|
Financial
results
|
|
|
|
Sales
revenue, including:
|
19,452
|
17,853
|
9.0%
|
-
From electricity transmission services
|
18,137
|
15,736
|
15.3%
|
-
From technological connection services
|
1,038
|
1,750
|
(40.7%)
|
-
From other activities
|
277
|
367
|
(24.5%)
|
Operating
expenses
|
(16,048)
|
(15,499)
|
3.5%
|
Net
other income/expenses
|
164
|
266
|
(38.4%)
|
Operating
profit
|
3,568
|
2,620
|
36.2%
|
Net
profit
|
2,527
|
2,374
|
6.4%
|
Net
profit margin, %
|
12.99%
|
13.30%
|
(0.31
p.p.)
|
EBITDA
|
6,848
|
5,849
|
17.1%
|
EBITDA
margin, %
|
35.20%
|
32.76%
|
2.44
p.p.
|
|
|
|
|
|
31.03.2018
|
31.12.2017
|
Change
|
Indicators
of the statement of financial position
|
|
|
|
Assets
|
228,072
|
231,632
|
(1.5%)
|
Equity
|
153,109
|
150,593
|
1.7%
|
ROE,
%
|
5.56%
|
5.46%
|
0.1
p.p.
|
Liabilities
|
74,963
|
81,039
|
(7.5%)
|
Loan
portfolio and
debt
position
|
|
|
|
Loans
and credits
|
30,882
|
36,925
|
(16.4%)
|
Net
debt
|
26,148
|
33,502
|
(22.0%)
|
Net
debt/EBITDA (for 4 quarters)
|
0.99
|
1.32
|
-
|
Notes:
EBITDA
is calculated as follows: profit before tax plus depreciation of
fixed assets and intangible assets plus financial expenses minus
financial income
Net debt is calculated as follows: long-term
and short-term credits and loans minus cash and cash equivalents
minus short-term investments
ROE
is calculated as follows: (Net profit (for four quarters)/Equity)*100
Financial
result
Group’s
revenue
According
to results of Q1 2018, revenue of the Company from the sale of
products amounted to RUB 19,452 mln; the growth amounted to
8.96% as compared to the same period of 2017.
The
growth of revenue from the provision of electricity transmission
services for Q1 2018 as compared to Q1 2017 is caused by the increase
of tariff rates in 2018.
Decrease
of revenue from provision of technological connection services for Q1
2018 as compared to the same period of 2017 is caused by the fact
that in Q1 2017 the works were completed, and the certificates of
technological connection were issued upon readiness of power
receivers of the applicants under obligations fulfilled on the part
of PJSC Lenenergo in 4Q 2016, within the program of fulfillment of
accrued obligations. At the same time, in Q1 2018 the obligations
under current contracts were fulfilled by scheduled dates of their
fulfilment.
The
decrease of revenue from other activities for Q1 2018 as compared to
Q1 2017 by 24.5% is caused by the fact that from 01.04.2017 the
changes were made in the list of facilities serviced under contracts
for operational maintenance of electric grid property entered into
with JSC SPb EN and JSC PPG due to coming into lease contracts.
Group’s
operating expenses
Group’s
operating expenses
for the reporting period amounted to RUB 16,048 mln what is higher by
3.5% than for Q1 2017.
|
3
months
2018
|
3
months
2017
|
Change
|
Total
operating expenses
|
16,048
|
15,499
|
3.5%
|
Electricity
transmission services
|
4,885
|
4,476
|
9.1%
|
Electricity
for technological loss compensation
|
3,520
|
3,062
|
15.0%
|
Depreciation
of fixed assets and intangible assets
|
3,280
|
3,229
|
1.6%
|
Expenses
for employee benefits
|
1,925
|
1,866
|
3.2%
|
Impairment
of receivables (trade receivables)
|
904
|
872
|
3.7%
|
Repair
and maintenance services
|
244
|
284
|
(14.1%)
|
Purchased
electricity and heat for own needs
|
177
|
125
|
41.6%
|
Other
material expenses
|
148
|
113
|
31.0%
|
Other
works and services of production nature
|
120
|
152
|
(21.1%)
|
Taxes
and levies, other than income tax
|
110
|
471
|
(76.7%)
|
Lease
|
101
|
96
|
5.2%
|
Security
|
68
|
64
|
6.3%
|
Reserves
|
63
|
70
|
(10.0%)
|
Expenses
for software and technical support
|
58
|
42
|
38.1%
|
Consulting,
legal and auditing services
|
48
|
32
|
50.0%
|
Other
services
|
36
|
40
|
(10.0%)
|
Communication
services
|
28
|
17
|
64.7%
|
Insurance
|
20
|
30
|
(33.3%)
|
Impairment
of receivables (advances issued)
|
10
|
0
|
|
Transport
services
|
4
|
4
|
0.0%
|
Recovery
of provision for impairment of inventories
|
(24)
|
(5)
|
380.0%
|
Other
expenses
|
323
|
459
|
(29.6%)
|
Comments
on dynamics of essential expenses items:
·
Electricity
transmission services
The
increase in expenses by 9.1% is caused by the growth of average
tariff for electricity transmission in Q1 2018.
·
Electricity
for technological loss compensation
The
increase in expenses by 15.0% is caused by the growth of average
tariff for loss compensation in Q1 2018.
·
Repair
and
maintenance
services
Reduction
of expenses by 14.1% is caused by the increase of the share of repair
using own resources and reduction of the volume of services of
third-party contractors in Q1 2018.
·
Purchased
electricity and heat for own needs
The
growth of expenses by 41.6% is caused by the increase in consumption
as well as by extension of average tariffs in Q1 2018.
Group’s
operating profit
Group’s
operating profit
in Q1 2018 amounted to RUB 3,568 mln what is higher by 36.2% than for
Q1 2017.
Group’s
net profit
According
to results of Q1 2018, net
profit
of the Group amounted to RUB 2,527 mln (+ 6.4% compared to Q1 2017).
Favourable dynamics of financial result for Q1 2018 is caused by
increment of revenue from electricity transportation by 15.3%.
EBITDA
EBITDA
for
Q1 2018 amounted to RUB 6,848 mln what is higher by 17.1% than the
same indicator for 2017 (RUB 5,849 mln).
Calculation
of EBITDA, RUB mln
EBITDA
|
6,848
|
Profit
before tax
|
3,029
|
Depreciation
of fixed assets and intangible assets
|
3,280
|
Financial
income
|
(141)
|
Financial
expenses
|
680
|
EBITDA
margin for
Q1 2018 increased by 2.44 per cent points and amounted to 35.20%.
Credit
portfolio and debt position
Credit
portfolio in
the form of short-term and long-term credits and loans of the Company
as at the end of the reporting period amounted to RUB 30,882 mln,
what is lower by 16.4% than the same indicator in 2017.
Repayment
of previous credits caused the reduction of principal debt compared
to the beginning of the year.
Interest
debt reduced using payment of coupon yield on exchange-traded bonds
series BO-05 as well as due to work for optimisation of credit
portfolio and minimisation of debt expenses in the form of refunding
of credits with higher interest rate by credit with a lower interest
rate in Q1 2018.
According
to results of Q1 2018, net
debt
amounted to RUB 26,148 mln, what is lower by 22.0% than the debt
according to the results of Q1 2017. Reduction of net debt is caused
by the decrease in the credit portfolio as well as by cash flow from
investment activities.
Ratio
Net
debt/EBITDA (for four quarters) amounted
to 0.99 compared to 1.32 as at the end of 2017.
Investments
The
volume of capital investments in Q1 2018 amounted to RUB 1,725 mln
what is lower by 39.6% than this indicator for Q1 2017 (RUB 2,857
mln).
The
volume
of
commissioning
for Q1 2018 amounted to RUB 911 mln, what is lower by 194.1% than
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