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Rosseti Lenenergo

May 26, 2020

Rosseti Lenenergo released 1Q 2020 IFRS Results on May 26, 2020

Key Results in the Reporting Period

millions of Russian rubles unless otherwise stated

Indicator

3M2020

3M2019

Change

Financial Results

 

 

 

Revenue

21,598

21,177

2.0%

Operating expenses

(15,724)

(14,610)

7.6%

Operating profit

5,916

6,562

(9.8%)

Net profit

4,954

4,920

0.7%

EBITDA

9,365

9,725

(3.7%)

EBITDA margin, %

43.4%

45.9%

(2.5 pp) 

Operating Results



 

Installed capacity, MVA

33,432 

32,382 

3.2%

Connected capacity, MW

132

107

23.4%

Net supply, mn kWh

8,193

8,481

(3.4%)

Electricity network losses, %

1,217

1,289

(5.5%)

Notes:

EBITDA: Earnings Before Interest, Tax, Depreciation, Amortization and Lease Interest Expenses
Connected capacity includes permanent network connection (less generation). 

Amid warm winter weather and the COVID-19 pandemic, the Company’s management takes every effort to minimize their adverse impact on the supply reliability and financial stability of the Company. Net profit earned in the 1st quarter of 2020 is comparable to the year-ago period.”
- Aleksey Polinov
Deputy CEO, Economic Affairs and Finance
Rosseti Lenenergo

Notes to the Financial Results

Rosseti Lenenergo posted revenue of 21,598 million rubles, including:

20,947 million rubles of electricity distribution revenue, or an increase of 3.1% (630 million rubles) year on year, due to higher tariffs, however below the target due to lower electricity consumption resulting from warm winter weather and the pandemic.

583 million rubles of network connection revenue, or 21.6% (161 million rubles) lower than in the prior year, due to the settlement of accrued liabilities of Petrodvorets Electric Company and Saint Petersburg Power Grid, which were transferred to Rosseti Lenenergo as part of the grid asset consolidation in the 1st quarter of 2019.

15,724 million rubles of operating expenses, or an increase of 7.6% (1,114 million rubles) year on year, primarily due to provisioning, including provisioning for litigation and tax risks (no provisioning in the 1st quarter of 2019).

Rosseti Lenenergo earned a net profit of 4,954 million rubles in the reporting period, about the same as in the prior year, or 0.7% (34 million rubles) up year on year.

Rosseti Lenenergo posted EBITDA of 9,365 million rubles in the reporting period, which is a decrease of 3.7% from the year-earlier period, primarily due to estimated reserves.

Principal Balance Sheet Figures

millions of Russian rubles unless otherwise stated

Indicator

 

March 31, 2020

December 31, 2019

Change

Assets

 

 

 

Non-current assets

201,712

199,196

1.3%

Current assets

14,735

15,265

(3.5%)

Total assets

216,447

214,461

0.9%

Net assets

142,812

138,375

3.2%

ROE

8.4%

8.6%

(0.2 pp)

Equity and Liabilities




Equity and reserves

142,812

138,375

3.2%

Non-current liabilities

31,834

30,382

4.8%

Current liabilities

41,800

45,704

(8.5%)

Total liabilities

73,634

76,086

(3.2%)

Net debt

20,550

22,375

(8.2%)

Net debt/EBITDA

0.69

0.74

-

Notes:
Net debt is calculated as long-term and short-term loans and borrowings with interest payable, less cash and cash equivalents and less short-term financial investments.

ROE is calculated as (Net Profit for 12 months/Equity) * 100.

Rosseti Lenenergo’s assets totaled 216,447 million rubles as at March 31, 2020, or 0.9% higher than at year end 2019. Assets changed due to the Company implementing the capex program. Net assets grew by 4,437 million rubles, or 3.2%, in the 1st quarter of 2020.

The Group posted ROE of 8.4% as at March 31, 2020. A minor year-on-year decrease (0.2 percentage point) is due to a 3.2% growth in equity with only a 0.7% growth in the Group’s net profit in the 1st quarter of 2020.

Rosseti Lenenergo’s net debt was 20,550 million rubles as at March 31, 2020, or 8.2% lower than at the beginning of the year.

Rosseti Lenenergo’s net debt/EBITDA was 0.69õ as at March 31, 2020, as against 0.74õ at year end 2019.


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