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Rosseti Lenenergo

July 27, 2017

Lenenergo released its financial statements for 1H 2017 prepared in accordance with RAS

Revenue of PJSC Lenenergo for 1H 2017 increased by 16% as compared to the similar period of the last year and amounted to RUB 32,460 mln. EBITDA for the reporting period amounted to RUB 12,001 mln (+17%). Net profit for 1H 2017 amounted to RUB 4,624 mln (+51%).

RUB mln, unless otherwise stated

Indicator

1H 2017

1H 2016

Change

Operating indicators

 

 

 

Productive supply of electricity, mln kWh

14,989

14,516

3.3%

Electricity losses, %

12.03

11.84

0.19 p.p.

Connected capacity, Mega Watts

326

218

49.6%

Financial results

 

 

 

Revenue from sales, including:

32,460

27,900

16.3%

 - From electricity transmission services

28,723

26,317

9.1%

 - From technological connection services

3,372

1,424

136.8%

 - From other activities

366

158

130.8%

Prime cost

25,161

24,009

4.8%

Gross profit (loss)

7,299

3,891

87.6%

Net profit (loss)

4,624

3,069

50.7%

Net profit margin, % 

14,25

11.00

3.25 p.p.

EBITDA

12,001

10,251

17.1%

EBITDA margin, % 

36.97

36.74

0.23 p.p.

 

 

 

 

 

As at 30.06.2017

As at 31.12.2016

Change

Balance sheet indicators

 

 

 

Assets

191,994

188,652

1.8%

Equity

123,800

121,066

2.3%

Return on equity (ROE), %

3.74

6.25

-2.51 p.p.

Liabilities

68,194

67,586

0.9%

Credit portfolio and debt position

 

 

 

Loans and credits

32,407

32,304

0.3%

Net debt

20,914

24,302

-13.9%

Net debt/EBITDA for 12M

0.89

1.12

-

Notice:

EBITDA is reflected net of balance of provision for impairment of debt financial investments. EBITDA = Net profit + Profit tax + Depreciation + Interest payable – balance of provision for impairment of debt financial investments.
Indebtedness sum on loans and credits is reflected with due regard to interest (the sum of lines 1410 and 1510 of the balance sheet)
Net debt is calculated as the sum of credits and loans net of money and short-term financial investments.
ROE is calculated as (Net profit/Equity)*100

Revenue and financial result

Revenue

Revenue from sales of the Company products based on the work results for 1HY 2017 amounted to RUB 32,460 mln, as compared to the similar period of 2016 the growth amounted to RUB 4,561 mln or 16.3%.

·         Revenue from services rendering for electricity transmission:

Revenue growth for 1HY 2017 by 9.1% as compared to the similar period of 2016 is preconditioned by the tariff rates increase in 2017 as compared to 2016 and the consumers’ inclusion into the volume of the productive supply on the former activity zone of St.P. Electric Grids.

·         Revenue from services rendering for technological connection:

Revenue growth for 1HY 2017 by 136.8% as compared to the similar period of 2016 is preconditioned by the liabilities fulfillment towards the applicants, including the works on which are performed by PJSC Lenenergo at the end of 2016, and the liabilities closing under the contract and issue of the technological connection certificates are made on basis of the applicant readiness in 1HY 2017.

·         Revenue from other activities:

Revenue growth for 1HY 2017 by 130.8% as compared to the similar period of 2016 is preconditioned by entering into contracts for the operating-service maintenance of the electric grid property of St.P. Electric Grids and JSC Poikovsk Electric Grids.

Prime cost

Prime cost of the rendered services based on results of 1HY 2017 has increased by RUB 1,152 mln or by 4.8% as compared to 1HY 2016.

RUB mln, unless otherwise specified 

  Indicator

 1HY2017

 1HY2016

Change

Material costs, including purchased power for losses compensation

4,836

4,531

6.7%

Production works and services

10,081

10,733

-6.1%

Labor compensation fund with due regard to insurance premiums

3,056

2,510

21.7%

Depreciation

5,187

4,899

5.9%

Other expenses

2,001

1,335

49.9%

Totally

25,161

24,009

4.8%

Prime cost increase is preconditioned by the costs growth for labor payment (with due regard to insurance premiums) due to carrying put actions for the electric grid assets consolidation of SDE (subsidiary and dependent entities) on the base of PJSC Lenenergo and transfer of the production personnel from St.P. Electric Grids and JSC Poikovsk Electric Grids to PJSC Lenenergo; as well as by the expenses growth expenses not controllable by the Company: lease of the electric grid assets of St.P. Electric Grids and JSC Poikovsk Electric Grids, depreciation and property tax.

Gross profit

Gross profit of PJSC Lenenergo for 1HY 2017 amounted to RUB 7,299 mln, what is higher by 87.6% than the indicator of the similar period of the previous year.

Net profit

Net profit based on the results of 1HY 2017 has amounted to RUB 4,624 mln. As compared to the similar period of 2016, the financial result has improved by RUB 1,556 mln or by 50.7%, what is related first and foremost with the Company revenue growth.

EBITDA

EBITDA for 6M 2017 amounted to RUB 12,001 mln and increased by RUB 1,750 mln, or 17.1% as compared to the similar period of 2016. The growth of the Company sales profit (wo regard to depreciation) has influenced primarily the increase of EBITDA indicator.

EBITDA indicator calculation, RUB mln.

EBITDA 

12,001

Depreciation of fixed assets and intangibles assets

5,187

Interest payable

858

Balance of provision for impairment of debt financial investments

81

Profit tax

1,413

Net profit

4,624


EBITDA margin for 1HY 2017 amounted to 36.97%, what is by 0.23 p.p. higher than the indicator value for the similar period of 2016. The indicator dynamics is preconditioned by the higher growth tempos of EBITDA as compared to the Company revenue increase.

Credit portfolio and debt position

Credits and loans

The Company’s debt as at 30.06.2017 amounted to RUB 32,407 mln., what is higher by RUB 103 mln. (0.3%) than the indicator value as at the year beginning due to the indebtedness increase by RUB 166 mln on the principle debt sum in terms of the Interest payable decrease by RUB 63 mln.

Interest payable decrease is related with the interest rate decrease on the exchange-traded bonds of series BO-05 based on the results of an offer passing on 23.01.2017, as well as with the work performed in 1HY 2017 for the credit portfolio optimization and costs minimization for the debt servicing in form the credits refinancing aimed at decreasing interest rates.

Net debt

Decrease of the Company’s net debt as at 30.06.2017 to the level of the year beginning amounted to RUB 3,387 mln. (in terms of the Company debt increase by RUB 103 mln.) due to the positive net cash flow and growth of the cash balance and short-term financial investments as at 30.06.2017 as compared to the year beginning.

Net debt/EBITDA

As at 30.06.2017 as compared to the year beginning, Net debt/EBITDA (for 12M) dropped by 0.23 points due to the growth of EBITDA in terms of Net debt reduction.

Investments 

Investment program fulfillment

1HY2017

1HY2016

Change

Development, RUB mln. without VAT

6,318

3,721

69.8%

Fixed assets introduction, RUB mln

7,623

1,826

317.5%

Capacity introduction, MVA

732

107

584.1%

Capacity introduction, km

259

253

2.4%

The volume of development for 6M 2017 amounted to RUB 6,318 mln, that is 69% higher than the indicator for the similar period of 2016 (RUB 3,721 mln).

The development growth is preconditioned by:

- fulfillment of the actions for the works completion at the facilities of the Leningrad Region, which construction was launched in 2016;

- acceleration of the construction tempos of SS No. 13a, including the overhangs, to ensure the technological connection of the underground facilities.

The volume of fixed assets introduction for 6M 2017 amounted to RUB 7,623 mln, which is higher by more than 4 times than the indicator for the similar period of 2016 (RUB 1,826 mln) preconditioned by the facilities introduction into the fixed assets for the technological connection of consumers, works under which are completed in 2016 (on basis of the primary documents documenting for the facilities introduction in 1HY 2017).

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