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Rosseti Lenenergo

August 28, 2020

Rosseti Lenenergo released 6Ě 2020 IFRS Results on August 28, 2020

Key Results in the Reporting Period


RUB mln unless otherwise stated

Indicator

6 months 2020

6 months 2019

Change

Financial performance

 

 

 

Revenue

39,458

40,088

(1.6%)

Operating costs

(29,147)

(28,541)

2.1%

Operating profit

7,495

11,397

(34.2%)

Net profit

5,745

8,390

(31.5%)

EBITDA

17,550

17,826

(1.6%)

EBITDA margin, %

44.48%

44.47%

0.01 pp

Operating results

 

 

 

Installed capacity, MVA

33,721

32,485

3.8%

Connected capacity, MW

317

320

(1.0%)

Net supply, mln kWh

15,036

15,666

(4.0%)

Network losses, mln kWh

1,849

1,933

(4.4%)

Notes: 

EBITDA = Earnings before Interest, Tax, Depreciation and Amortization, plus interest payable under leases, plus loss on revaluation of fixed assets. Connected capacity is indicated in terms of the ongoing technological connection (without generation).

Despite the situation caused by the coronavirus pandemic, the Company is taking all measures to ensure stable financial and economic standing and is implementing an investment program to the extent required. Following the first six months of 2020, net profit was below the level of the first six months of the previous year due to the fixed assets revaluation factor, which was the result of deterioration of the overall macroeconomic situation, among other things.”

- Aleksey Aleksandrovich Polinov, Deputy General Director

for Economics and Finance of Rosseti Lenenergo, PJSC

Notes to the Financial Results

Rosseti Lenenergo, PJSC posted revenue of RUB 39,458 mln, including: 

Electricity distribution revenue amounted to RUB 37,441 mln, which is 0.3% (RUB 92 mln) higher year on year due to the tariff growth.

Grid connection revenue amounted to RUB 1,856 mln, which is 21.0% (RUB 493 mln) lower year on year due to the performance of accumulated obligations of JSC PES and JSC SPb ES transferred to Rosseti Lenenergo, PJSC in the course of electric grid assets’ consolidation in 1Q2019.

Operating costs amounted to RUB 29,147 mln, which is 2.1% (RUB 606 mln) higher year on year mainly due to an increase in expenses for the repair of equipment, electricity distribution services of electric grid companies, and depreciation.

Net profit in the reporting period amounted to RUB 2,645 mln or 31.5% down year on year largely due to the fixed assets revaluation factor.

EBIDTA for the reporting period amounted to RUB 17,550 mln, which is 1.6% down year on year mainly due to a decrease in revenue from technological connection services and an increase in operating costs.

Principal Balance Sheet Items 

RUB mln unless otherwise stated

Indicator

June 30, 2020

December 31, 2019

Change

Assets

 

 

 

Non-current assets

196,747

199,196

(1.2%)

Current assets

15,135

15,265

(0.9%)

Total assets

211,882

214,461

(1.2%)

Net assets

140,223

138,375

1.3%

ROE

 

6.6%

8.6%

(2.0 pp)

Equity and liabilities

 

 

 

Equity and reserves

140,223

138,375

1.3%

Non-current liabilities

32,114

30,382

5.7%

Current liabilities

39,545

45,704

(13.5%)

Total liabilities

71,659

76,086

(5.8%)

Net debt

20,076

22,375

(10.3%)

Net debt/EBIDTA

0.59

0.66

(0.07 pp)  

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  

As of June 30, 2020, the assets of Rosseti Lenenergo, PJSC amounted to RUB 211,882 mln, which is 1.2% lower than the same indicator as at the end of 2019. The change in assets is primarily related to the revaluation of fixed assets.

As of June 30, 2020, ROE amounted to 6.64%. The decrease by 2 pp vs. the 2019 indicator was due to a decrease in the net profit of Rosseti Lenenergo, PJSC for 6M2020 by 31.53%, taking into account an increase in equity by 1.34%

As of June 30, 2020, net debt amounted to RUB 20,076 mln, which is 10.27% lower than the indicator as at the year beginning.

As of June 30, 2020, Net debt/EBITDA amounted to 0.59x against 0.66x as at the end of 2019.


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