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.
|
