Main
results of the reporting period
mln
rub, unless otherwise specified
Name
of
the indicator
|
6
months
of
2019
|
6
months
of
2018
|
Change
|
Financial
indicators
|
|
|
|
Revenue
|
40,088
|
36,359
|
10.3%
|
Operating
expenses
|
(28,541)
|
(28,672)
|
(0.5%)
|
Operating
profit
|
11,397
|
7,966
|
43.1%
|
Net
profit
|
8,390
|
5,603
|
49.7%
|
EBITDA
|
17,374
|
14,508
|
19.8%
|
EBITDA
Margin, %
|
43.3
|
39.9
|
3.4
p.p.
|
Operating
indicators
|
|
|
|
Installed
capacity, MVA
|
32,217
|
31,307
|
2.9%
|
Connected
capacity, MW
|
320
|
342
|
(6.4%)
|
Productive
supply, mln kWh
|
15,666
|
15,565
|
0.6%
|
Distribution
losses, %
|
10.72
|
11.63
|
(0.91
p.p.)
|
Notes:
EBITDA
is recognised net of reserve balances for impairment of debt
financial investments. EBITDA = Profit before tax + Depreciation +
Interest payable - Provision balances for impairment of debt
financial investments.
Connected capacity is stated on the
basis of constant technological connection (without generation).
"Profit
of the Company by the results of the six months of 2019 amounted to
8.4 bln rub, which is 1.5 times exceeding the financial result for
the same period of the previous year. The main factor is the
growth of the revenue from electric power transmission. Financial
position of the Company is stable sound, level of profitability
has increased, Net debt/EBITDA Ratio (for 4 quarters) has decreased
to 0.71§ç".
-
Polinov Aleksey Aleksandrovich,
Deputy General Director
of
Economy and Finance of Lenenergo PJSC
Explanations
for financial results
Revenue
of Lenenergo Group PJSC amounted to 40,088 mln rub, among them:
Revenue
from electric power transmission services amounted to 37,349
mln rub, which is 12.1% (4,035 mln rub) higher than that of the
previous year, in particular by the growth of power consumption
and return of accumulated shortfall in income by the regional
regulator and tariff revenue reposting (smoothing).
Revenue
from technological connection services amounted to 2,348 mln rub,
which is 8.2% (209 mln rub) lower than that of the previous year
due to the closure in the 1st quarter of 2018 of a major contract
with Community and Business Complex Okhta §³JSC.
Operating
expenses of Lenenergo Group PJSC for the reporting period amounted to
28,541 mln rub, which is 0.5% lower than that of the previous year,
in particular by:
¡ö
Reduction
of expenses on depreciation by 8.6% as a result of recognised cost
reduction of fixed assets of the Group as at June 30, 2018 in the
amount of 34,596 mln rub.
¡ö
Reduction
of repair and maintenance costs by 14.7% due to a smaller scope of
planned (executed) repair works as at the 1st half of 2019 compared
to the
1st
half of 2018.
¡ö
Reduction
of short-term lease expenses by 85.8% due to the introduction of the
new IFRS 16 "Leases" since January 1, 2019 and
reclassification of expenses under significant lease agreements to
financial expenses.
Operating
profit of Lenenergo Group PJSC for reporting period amounted to
11,397 mln rub, which is 43.1% higher than that of the previous year.
Net
profit of Lenenergo Group PJSC for the reporting period amounted to
8,390 mln rub, which is 49.7% higher than that of the previous year,
in particular by:
¡ö
increase
in revenue from electric power transmission by 12.1%;
¡ö
reduction
of operating expenses by 0.5%;
EBITDA
of Lenenergo Group PJSC for the reporting period amounted to 17,374
mln rub, which is 19.8% higher than the same indicator of the
previous period, in particular by the growth of the revenue from
electric power transmission services.
EBITDA
Margin of Lenenergo Group PJSC was 43.3%, which is 3.4 p.p. higher
than the same indicator of the previous period. Increase in the
indicator is connected with growth of the operating profit by 43.1%.
Main
balance sheet items
mln
rub, unless otherwise specified
Name
of
the indicator
|
June
30, 2019
|
December
31, 2018
|
Change
|
Assets
|
|
|
|
Non-current
assets
|
195,683
|
190,433
|
2.8%
|
Current
assets
|
19,998
|
15,390
|
29.9%
|
Total
assets
|
215,681
|
205,823
|
4.8%
|
Net
assets
|
136,984
|
129,961
|
5.4%
|
Return
on equity (ROE)
|
9.8%
|
8.2%
|
1.6
p.p.
|
Equity
and liabilities
|
|
|
|
Equity
and provisions
|
136,984
|
129,961
|
5.4%
|
Long-term
liabilities
|
40,487
|
42,436
|
(4.6%)
|
Short-term
liabilities
|
38,210
|
33,426
|
14.3%
|
Total
liabilities
|
78,697
|
75,862
|
4.8%
|
Net
debt
|
22,101
|
28,180
|
(21.6%)
|
Net
debt/EBITDA for 4 quarters
|
0.71
|
1.00
|
-
|
Notes:
Net
debt was calculated by the formula: long-term and short-term credits
and loans taking into account interest arrears - cash and cash
equivalents ¨C short-term financial investments;
ROE
was calculated by the formula: (Net profit (for 4
quarters)/Equity)*100
As
at June 30, 2019, the assets of Lenenergo Group PJSC amounted to
215,681 mln rub, which is 4.8% higher than the same indicator at the
end of 2018. Change of the assets is mainly due to implementation of
the investment program by the Group and achievement of the positive
financial result for the reporting period.
Return
on equity (ROE) of Lenenergo Group PJSC amounted to 9.8%, which is
1.6 p.p. higher than the same indicator of 2018. Increase in the
indicator is connected with the growth of net profit.
Net
debt of Lenenergo Group PJSC according to the results for the 6 month
of 2019 amounted to 22,101 mln rub, which is 21.6% lower than the
same indicator at the beginning of the year. Reduction of the net
debt was due to the debt repayment and growth of the balances of cash
and short-term financial investments.
As
at June 30, 2019, Net debt/EBITDA
of
Lenenergo Group PJSC amounted to 0.71 against 1.0 as at the end of
2018. Dynamics of the indicator is due to a significant reduction of
the net debt of the Group during simultanious growth of EBITDA.
Investments
mln
rub, unless otherwise specified
Name
of
the indicator
|
6
months
of
2019*
|
6
months
of
2018
|
Change
|
Utilization,
mln rub, excluding VAT
|
7,954
|
5,309
|
49.8%
|
Input
in fixed assets, mln rub
|
4,631
|
4,283
|
8.1%
|
Input
in capacity, MVA
|
229
|
220
|
4.2%
|
Input
in capacity, km
|
637
|
537
|
18.6%
|
Notes:
Actual
indicators for the 1st half of 2019 were generated on the basis of
operational data as at August 23, 2019
Amount
of capital investments for the reporting period was 7,954 mln rub,
which is 49.8% higher than the indicator for the same period of 2018
(5,309 mln rub). Amount of the input for the reporting period was
4,631 mln rub, which is 8.1% higher than the indicator for the same
period of 2018 (4,283 mln rub).
Increase
in indicators of utilization and input in fixed assets in the 1st
half of 2019 in comparison with the indicators for the same period of
2018 is due to increase in the scope of liabilities under concluded
contracts on technological connection.
|
