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Rosseti Centre

October 25, 2019

Rosseti Centre published its financial statements for 9 months of 2019 under RAS, EBITDA increased to 12,7 bln RUB

According to the prepared statements in accordance with Russian Accounting Standards for 9 months of 2019, Rosseti Centre’s revenue was 68,6 bln RUB, including from electric energy transmission – 66,3 bln RUB, from grid connections – 0,9 bln RUB, from resale of electric energy and power – 0,4 bln RUB and other revenue – 1,0 bln RUB. Sales profit was 4,8 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 12,7 bln RUB, EBITDA margin increased against the same period last year and was 18,5%. Net profit reached the level of 0,9 bln RUB.

Data in billion RUB, unless specified otherwise

Indicators

9M 2019

9M 2018

Change

Revenue (total), including:

68,6

68,4

0,3%

Revenue from electric energy transmission

66,3

65,7

0,9%

Revenue from grid connection

0,9

1,2

-25,0%

Revenue from resale of electric energy and power

0,4

0,4

0,0%

Other revenue

1,0

1,1

-9,1%

Cost of sales

62,3

60,6

2,8%

Sales profit1

4,8

6,3

-23,8%

Sales profit margin

7,0%

9,2%

-2,2 p.p.

EBITDA2

12,7

12,5

1,6%

EBITDA margin

18,5%

18,3%

0,2 p.p.

Net profit

0,9

1,0

-10,0%

Net profit margin

1,3%

1,5%

-0,2 p.p.

Amount of electric energy transmitted*, billion kWh

34,1

34,6

-1,4%

Electric energy losses*, %

9,89%

9,84%

0,05 p.p.

Electric energy losses, % (in comparable conditions**)

9,89%

10,06%

-0,17 p.p.

Indicators

As at 30.09.2019

As at 31.12.2018

Change

Total assets

121,2

122,5

-1,1%

Net assets

58,4

58,5

-0,2%

Loans and credits

41,4

40,4

2,5%

Cash and cash equivalents + Financial investments (short-term)

0,5

0,8

-37,5%

Net debt3

40,9

39,6

3,3%

[1] Revenue net of cost of sales, selling and administrative expenses

[2] EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges

[3] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents – short-term financial investments

* Taking into account the volume of services for the transmission of electricity in the territory of execution of the functions of the electricity supplier of last resort in the service area of JSC “Transservicenergo” in the Tver region

** In the context of the composition of electric grid assets in 2018 (integration of grids of the city of Nelidovo from 01.04.2018)

The revenue from electricity transmission services for 9 months of 2019 increased relative to the same period in 2018, which was made possible thanks to the indexation of tariffs for electricity transmission services with a decrease in the volume of services. The decrease in revenue from grid connection is associated with a decrease in the volume of services rendered relative to the same period of the previous year. The decrease in other revenue was caused by the postponement of deadlines for a number of services to 4Q 2019.

As a result of the Company’s operations, EBITDA increased by 1,6%. The decrease in sales profit and net profit was due to a 1,4% reduction in the power consumption.

Following the results of 9 months of 2019, the volume of electricity transmission services amounted to 34,1 billion kWh, which is 1,4% lower than the same period last year. This is due both to a partial transfer of the load of consumers to FGC UES’s grids and its own generation, and to a decrease in the volume of electricity consumed by the industrial and fuel and energy complex. The level of electricity losses in comparable conditions decreased by 0,17 p.p. and amounted to 9,89%. This result was achieved through technical and organizational measures, as well as activities to improve the metering of electric energy.

The Company’s total assets as at 30 September 2019 decreased by 1,1% and amounted to 121,2 bln RUB, which is thanks to a decrease in short-term liabilities due to loan repayments. The Company’s net assets slightly decreased and reached 58,4 bln RUB. The net debt3 was 40,9 bln RUB (as at 31 December 2018 – 39,6 bln RUB).

The Company’s statements for 9 months of 2019 can be found on the website.




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