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Rosseti Lenenergo

November 20, 2020

Rosseti Lenenergo released 9Ì 2020 IFRS Results on November 20, 2020

Key Results in the Reporting Period


RUB mln unless otherwise stated

Indicator

9 months 2020

9 months 2019

Change

Financial performance

 

 

Revenue

58,862

58,832

0.1%

Operating costs

(42,467)

(43,180)

(1.7%)

Operating profit

13,791

15,568

(11.4%)

Net profit

10,382

11,369

(8.7%)

EBITDA

27,274

25,250

8.0%

EBITDA margin, %

46.3%

42.9%

3.4 pp

Operating results

 

 

Installed capacity, MVA

34,293

32,656

5.0%

Connected capacity, MW

510

517

(1.5%)

Net supply, mln kWh

21,672

22,537

(3.8%)

Network losses, %

2,498

2,597

(3.8%)

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).

Rosseti Lenenergo, PJSC retains stable position in the market, demonstrating positive dynamics of key indicators in relation to 2019. Despite the challenging epidemiological situation associated with the spread of the COVID-19 coronavirus infection, the company provides funding for all necessary works to prepare the infrastructure for the autumn-winter period in order to ensure the reliability and quality of the electricity distribution and technological connection services provided to applicants”

- Aleksey Aleksandrovich Polinov,
Deputy General Director for
Economics and Finance of Rosseti Lenenergo

Notes to the Financial Results

Rosseti Lenenergo, PJSC posted revenue of RUB 58,862 mln, including:

RUB 54,858 mln of electricity distribution revenue, which is 0.2% (RUB 89 mln) higher year on year due to the tariff growth.

RUB 3,711 mln of grid connection revenue, which is 5.9% (RUB 207 mln) higher year on year due to the performance of technological connection of a number of major applicants.

RUB 42,467 mln of operating costs, which is 1.7% (RUB 713 mln) lower than the indicator for the 9M2019 primarily due to a decrease in the cost of creating a reserve for the impairment of advances issued – in the same period of 2019, a reserve was created for the impairment of advances issued for one of the major counterparties.

Net profit in the reporting period amounted to RUB 987 mln or 8.7% down year on year largely due to the recognition of a loss from fixed assets revaluation.

EBITDA for the reporting period amounted to RUB 27,274 mln, which is 8.0% up year on year mainly due to the absence for the first 9 months of 2020 of expenses for creating a reserve for impairment of advances issued in the same period of 2019.

Principal Balance Sheet Items

RUB mln unless otherwise stated



Indicator

September 30, 2020

December 31, 2019

Change

Assets

 

 

Non-current assets

201,008

199,196

0.9%

Current assets

14,006

15,265

(8.3%)

Total assets

215,014

214,461

0.3%

Net assets

144,872

138,375

4.7%

ROE

7.6%

8.6%

(1.0 pp)

Equity and liabilities

 

 

Equity and reserves

144,872

138,375

4.7%

Non-current liabilities

33,711

30,382

11.0%

Current liabilities

36,431

45,704

(20.3%)

Total liabilities

70,142

76,086

(7.8%)

Net debt

20,936

22,375

(6.4%)

Net debt/EBIDTA

0.58

0.66

(0.08 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 September 30, 2020, the assets amounted to RUB 215,014 mln, which is 0.3% higher than the same indicator as at the end of 2019. The change in assets is primarily due to the implementation of the Group’s investment program. The increase in net assets for the 9M2020 amounted to RUB 6,497 mln (4.7%).

As of September 30, 2020, ROE amounted to 7.6%. The decrease by 1.0 pp vs. the 2019 indicator was due to a decrease in the net profit for 9M2020 by 8.7%, taking into account the increase in equity by 4.7%

As of September 30, 2020, net debt amounted to RUB 20,936 mln, which is 6.4% lower than the indicator as at the year beginning.

As of September 30, 2020, Net debt/EBITDA amounted to 0.58x against 0.66x as at the end of 2019.



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