May 27, 2021 Moscow, Russia - PJSC ROSSETI (LSE: RSTI), Russia’s largest electricity transmission, distribution, and connection grid company, discloses interim condensed unaudited consolidated financial results under the International Financial Reporting Standards (IFRS) for the three months ended March 31, 2021.
The statements cover PJSC ROSSETI and its subsidiaries (the “Group”).
Financial results:
· Revenue: RUB 286.0 billion (3m 2020: RUB 262.5 billion)
· EBITDA: RUB 93.2 billion (3m 2020: RUB 89.3 billion)
· Net profit: RUB 40.4 billion (3m 2020: RUB 37.8 billion)
Key events:
- Andrey Ryumin was elected Director General and Chairman of the Management Board of PJSC Rosseti.
· The Analytical Credit Rating Agency (ACRA) has affirmed the credit rating of PJSC Rosseti and its bonds at AAA (RU) with a "stable" outlook.
· Electric power supply to Rosseti's consumers for the three months of 2021 increased by 5.3% compared to the same period in 2020.
· A new program for innovative development at PJSC Rosseti was adopted for the period 2020-2024 with a perspective up to 2030.
· Rosseti was included in the top ten of the top 30 eco-friendly companies in Russia according to Forbes.
Financial results for the three months ended 31 March 2021
|
Indicator |
3m 2021 |
3m 2020 |
Change |
|
RUB bln |
RUB bln |
% |
|
Revenue, including: |
286.0 |
262.5 |
9.0 |
|
Revenue for electricity transmission services |
251.7 |
232.7 |
8.2 |
|
Revenue for technological connection services |
4.2 |
3.4 |
23.5 |
|
Revenue for electric power supply |
24.9 |
22.2 |
12.2 |
|
Revenue for lease agreements |
0.7 |
0.7 |
- |
|
Other revenue |
4.5 |
3.5 |
28.6 |
|
Operating expenses |
(235.4) |
(213.3) |
10.4 |
|
EBITDA |
93.2 |
89.3 |
4.4 |
|
Net profit |
40.4 |
37.8 |
6.9 |
|
Net debt |
437.2 |
457.9[1] |
(4.5) |
[1] As at 31.12.2020
· The increase in revenue from electricity transmission by 8.2% is associated with an increase in electricity supply due to an increase in energy consumption and recovery of economic activity in Q1, as well as tariff indexation.
· The revenue for technological connection services amounted to RUB 4.2 billion, which is 23.5% higher than in Q1 2020 and is associated with the service schedule, determined by consumer applications.
· The revenue from electric power supply amounted to RUB 24.9 billion, which is 12.2% higher than the same indicator of the previous period. The growth in this revenue segment is associated with an increase in energy consumption and taking over the function of a supplier of last resort by individual subsidiaries.
Operating expenses
|
Indicator |
3m 2021 |
3m 2020 |
Change |
|
RUB bln |
RUB bln |
% |
|
Electricity transmission services |
45.1 |
41.6 |
8.4 |
|
Purchased electricity for production needs |
51.8 |
44.3 |
16.9 |
|
Electricity for sale |
16.4 |
13.9 |
18.0 |
|
Depreciation |
36.5 |
34.6 |
5.5 |
|
Taxes and fees |
7.1 |
6.9 |
2.9 |
|
Other operating expenses |
78.5 |
72.0 |
9.0 |
|
Total operating expenses |
235.4 |
213.3 |
10.4 |
Increase in operating expenses mainly due to an increase in the cost of purchasing electricity to compensate for losses and purchasing electricity for sale.
"The convincing results in Q1 2021 are due to the effective work of the management body to ensure the financial stability of Rosseti Group, as well as an increase in energy consumption against the backdrop of growing business and social activity. The financial stability allows us not only fulfilling our obligations to ensure reliable and high-quality electricity supply to consumers, but also to continue developing new services, as well as improving the customer experience in general", said Pavel Grebtsov, Deputy Director General for Economics and Finance.
Rosseti’s condensed unaudited consolidated interim IFRS financial statements for the three months ended March 31, 2021 are available on the Company's corporate website at: https://www.rosseti.ru/eng/investors/reports/fin-inf/
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