Main
results of the reporting period
mln
rub, unless otherwise specified
Name
of
the rates
|
9
months
2019
|
9
months
2018
|
Amendment
|
Financial
rates
|
|
|
|
Revenue
|
58,463
|
53,741
|
8.8%
|
from
electric power transmission
|
54,727
|
49,135
|
11.4%
|
from
technological
connection
|
3,442
|
4,218
|
-18.4%
|
from
other activities
|
294
|
387
|
-24.1%
|
Cost
price
|
41,588
|
41,277
|
0.8%
|
Gross
profit
|
16,875
|
12,464
|
35.4%
|
Net
profit
|
9,963
|
9,184
|
8.5%
|
EBITDA
|
23,226
|
21,087
|
10.1%
|
EBITDA
profitability
|
39.7
|
39.2
|
0.5
p.p.
|
Operating
rates
|
Installed
capacity, MVA
|
32,656
|
31,543
|
3.5%
|
Connected
capacity, MW
|
518
|
563
|
-8%
|
Productive
supply, mln kWh
|
22,537
|
22,300
|
1.1%
|
"Lenenergo"
network losses , mln kWh
|
2,597
|
2,830
|
-8.2%
|
Notes:
EBITDA
rate is shown after deduction of the reserve balances for devaluation
of debt financial investments.
EBITDA = Profit before tax +
Depreciation + Interest payable - Reserve balances for devaluation of
debt financial investments.
Connected capacity rate is stated
on the basis of constant technological connection (without
generation). Data for 9 months of 2019 are preliminary.
"Profit
of the Company by the results of the nine months of 2019 amounted to
9.96 bn rub, which is exceeding the financial result for the same
period of the previous year. The main factor is the growth of
the revenue from electric power transmission. Financial standing of
the Company is consistently stable, level of profitability
has increased, Net debt/EBITDA Ratio (for 4 quarters) has been
decreased to 0.7§ç".
-
Polinov Aleksey Aleksandrovich,
Deputy General Director
of Economy and Finance of Rosseti Lenenergo
Explanations
for operating results
A
growth in the net supply of electricity for 9 months of 2019 by 1.1%
relative to 9 months of 2018 is due to:
¡ö
an
increase in electricity consumption in all consumer groups, including
large industrial enterprises and the population in the Leningrad
Region.
Loss
reduction by 0.92 percentage points occurred due to the
implementation of the program to reduce electricity losses,
which includes measures to modernize the electricity accounting
system, identify unaccounted and non-contractual electricity
consumption.
Explanations
for financial results
Revenue
of "Rosseti Lenenergo" for 9 months of 2019 amounted to
58,463 million rubles, including:
Revenue
for electricity transmission services for 9 months of 2019 amounted
to 54,727 million rubles, which is 11.4% (5,592 million rubles)
higher than the rate value for 9 months of 2018 due to increased
electricity consumption and the return of the accumulated lost
income and tariff revenue transfer (smoothing) by regional
regulators.
Revenue
from technological connection services for the 9 months of 2019
amounted to 3,442 million rubles, which is 18.4% (777 million rubles)
lower than the same indicator of the previous period. The decrease
was due to the implementation of obligations for large applicants for
9 months of 2018, including the connection to the electric network of
the "Lakhta Center" multifunctional complex.
Revenue
from other activities for 9 months of 2019 amounted to 294 million
rubles, which is 24.1% (93 million rubles) lower than the same period
last year rate due to reduced maintenance of power grid equipment
taking in consideration transfer of outdoor lighting objects "SPb
power Network" JSC to SPb State Unitary Enterprise"Lensvet"
for exchange agreement.
The
price cost of the services provided by "Rosseti Lenenergo"
for the reporting period amounted to 41,588 million rubles. and
exceeded the value for 9 months of 2018 by 311 million rubles.
(0.8%). The main reasons for the increase in the total price cost of
production was an increase in depreciation, costs for services of
"FGC UES" PJSC , for purchased energy to compensate for
losses while reducing the cost of electricity transmission services
of third-party territorial grid companies.
Net
profit of "Rosseti Lenenergo" for reporting period amounted
to 9,963 mln rub, which is 8.5% higher than that of the
previous year.
EBITDA
rate of "Rosseti Lenenergo" for the reporting period
amounted to 23, 226 mln rub, which is 10,1% higher than the same rate
of the previous period, mainly by the growth of the revenue from
electric power transmission services.
Main
balance sheet items
mln
rub, unless otherwise specified
Name
of
the rates
|
30.09.2019
|
December
31, 2018
|
Amendment
|
Assets
|
|
|
|
Fixed
assets
|
203,201
|
198,386
|
2,4%
|
Current
assets
|
21
373
|
16
334
|
30,8%
|
Total
assets
|
224,574
|
214,720
|
4.6%
|
Net
assets
|
148,326
|
139,702
|
6,2%
|
Return
on equity (ROE)
|
7.5
|
7.4
|
0,1
p.p.
|
Equity
and liabilities
|
|
|
|
Equity
and provisions
|
148,326
|
139,702
|
6,2%
|
Long-term
liabilities
|
38
709
|
42,038
|
-7,9%
|
Current
liabilities
|
37
539
|
32,980
|
13,8%
|
Total
liabilities
|
76
248
|
75,018
|
1,6%
|
Net
debt
|
20
033
|
29,016
|
-31,0%
|
Net
debt/EBITDA for 4 quarters
|
0.7
|
1.1
|
-
|
Notes:
Net
debt was calculated by the formula: long-term and short-term credits
and loans taking into account interest arrears - cash and cash
equivalents ¨C short-term financial investments;
ROE
was calculated by the formula: (Net profit (for 4
quarters)/Equity)*100
As
of September 30, 2019, the asset price of "Rosseti Lenenergo"
amounted to 224, 574 mln rub, which is 4.6% higher than the same rate
at the end of 2018. The change in assets is associated with the
implementation of the investment program by the Company and the
receipt of a positive financial result for the reporting period. The
growth in net assets for 9 months of 2019 amounted to 8, 624 million
rubles. (6.2%).
Return
on equity (ROE) of "Rosseti Lenenergo" amounted to 7.5%,
which is 0.10 percentage points. higher than in 2018. The improvement
of the rate is associated with an increase in the Company's net
profit (for 4 quarters).
The
loan portfolio of "Rosseti Lenenergo" in the form of
short-term and long-term credits and loans of the company at
the end of the reporting period amounted to 30 880 million rubles.
Reduction of debt compared to the beginning of 2019 amounted to 3,
658 million rubles, including in the amount of the main debt - 3,597
million rubles. - credits repaid due to positive net cash flow from
operating activities.
As
of September 30, 2019, Net Debt / EBITDA (for 4 quarters) rate of
"Rosseti Lenenergo" amounted to 0.7x versus 1.1x as of the
end of 2018. The dynamics of the rate is due to a significant
decrease in the Company's net debt for 6 months of 2019 with a
simultaneous increase in EBITDA.
Investments
mln
rub, unless otherwise specified
Name
of
the rates
|
9
months
2019
|
9
months
2018
|
Amendment
|
Utilization,
mln rub, excluding VAT
|
14
180
|
10
175
|
39,4%
|
Input
in fixed assets, mln rub
|
9
964
|
9
978
|
-0,01%
|
Input
in capacity, MVA
|
426
|
389
|
9,5%
|
Input
in capacity, km
|
962
|
1
029
|
-6,5%
|
Notes:
Actual
rates for the 9 months of 2019 were generated on the basis of
operational data.
Amount
of capital investments for the reporting period was 14, 180 mln rub,
which is 39.4% higher than the indicator for the same period of 2018
(10, 175 mln rub). Amount of the input for the reporting period was
9, 964 mln rub, which is 0.01% lower than the indicator for the same
period of 2018 (9, 978 mln rub).
Increase
in indicators of utilization and input for the 9 months of 2019 in
comparison with the indicators for the same period of 2018 is due to
increase in the scope of liabilities under concluded contracts on
technological connection.
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