Home  Issuers' Corner  Press Releases  Rosseti Lenenergo
CLOSE

Press Releases > Rosseti Lenenergo  all about the company

company search
all press releases
all Rosseti Lenenergo press releases

Rosseti Lenenergo

October 31, 2018

Lenenergo PJSC (part of Rosseti PJSC) released IFRS financial statements for the 9 months 2018

For the 9 months 2018 Lenenergo PJSC revenues were RUB 53 741 mln, 12% higher than for the same period of previous year. EBITDA for the fiscal period was RUB 21,087. (+21%). The net profit for the 3 quartes of 2018 totaled RUB 9,184 mln (+43%).

RUB mln, unless otherwise stated

 

Indicator

9M 2018

9M 2017

Change

Operating expenses

 

 

 

Net supply, mln kWh

22 300

21 572

3,4%

Energy losses, %

11,02

11,57

-0,55 p.p.

Connected capacity, ÌÂò

628

599

4,8%

Financial indicators

 

 

 

Revenues, including:

53 741

48 004

12,0%

 - from electricity transmission

49 135

42 819

14,8%

 - from connection

4 218

4 640

-9,1%

 - other

387

545

-28,9%

Cost value

41 277

38 119

8,3%

Gross profits

12 464

9 885

26,1%

Net profit

9 184

6 418

43,1%

Net profit margin

17,09

13,37

3,7 p.p.

EBITDA

21 087

17 454

20,8%

EBITDA margin

39,24

36,36

2,9 p.p.

 

 

 

 

 

30.09.2018

31.12.2017

Change

Key Indicators of the Statement of Financial Position

 

 

 

Assets

206 311

205 678

0,3%

Equity 

138 500

131 736

5,1%

Return on equity (ROE)

11,07

9,53

1,5 p.p.

Liabilities 

67 812

73 941

-8,3%

Credit portfolio and debt position

 

 

 

Loans and credits

30 878

36 925

-16,4%

Net debt

26 805

34 501

-22,3%

Net debt/EBITDA (for 4Q)

0,83

1,21

-

Note:

EBITDA is calculated as profit before tax plus depreciation of fixed assets and intangible assets plus financial expenses minus financial income.
The sum of debt on loans and the credits is reflected taking into account percent (the sum of lines 1410 and 1510 of balance).
Net debt is calculated as long-term and short-term credits and loans minus cash and cash equivalents and short-term investments as of the end of the period.
ROE was calculated according to the formula: (Net debt (for 4Q)/Equity)*100 

Revenues

For the 9 months 2018 the Group’s revenues from sales and services were RUB 53,741 mln, which is RUB 5,737 mln or 12% higher than for the same period of 2017.

Revenues from electricity transmission services

Growth of revenues from electricity transmission services for the 9 months 2018 compared with the 9 months 2017 caused by the growth of the tariffs in 2018 and inclusion of the volume of a useful transfer of consumers on the former zone of activity of  SPbVS JSC.

Revenues from technological connection services

The deviation of revenues from technological connection services for the 9 months 2018 compared with the same period of previous year caused by completion of works and issue acts of technological accession in the 9 months 2017 upon readiness of the power accepting devices of applicants according to obligations, which were completed by Lenenergo PJSC in the 4th quarter 2016 within the program of completion of accrued liabilities.

At the same time for 9 for 2018 obligations under the current contracts were completed according to scheduled terms of their completion.

Other revenues

For the 9 months 2018 the other revenues compared with the same period of 2017 decreased because of changes as per 01.04.2017 in the description of items served within contracts of operational service of power grid property between Lenenergo PJSC, SPbVS JSC and PES JSC because of execution of rent agreements between companies.

Cost value

For the 9 months 2018 the growth of cost value was RUB 3,159 mln, or 8,3% higher than for the same period of 2017. 

RUB mln, unless otherwise stated

   Indicator

9M 2018

 9M 2017

Change


 

 

 

Material expenses, such as purchased energy for loss compensation

7 356

7 010

4,9%

Production works and services

15 666

15 243

2,8%

Payroll budget including insurance fee

4 847

4 565

6,2%

Amortization

8 759

7 869

11,3%

Other expenses

4 650

3 431

35,5%

Total

41 277

38 119

8,3%


The increase of cost value for the 9 months 2018 by comparison with the same period of 2017 was caused by growth of the Group’s non-influenceable costs, including material expenses, such as purchased energy for loss compensation and FGS UES JSC services of electricity transmission, rent of power grid property, amortization indicator and property taxes under completion of investment program in 2
017-2018. At the same time the costs-to-serve of grid distribution companies were decreased. 

Financial result

For the 9 months 2018 Lenenergo Group of companies earned operating profit of RUB 12,464 mln, which is RUB 2,578 mln of 26,1% higher than for the same period of previous year because growth of revenues was higher than growth of cost value.

For the 9 months 2018 the Group’s net profit amounted to RUB 9,184 mln. In comparison with the same period of 2017 the financial result grew by RUB 2,766 mln or 43,1%.

The growth of financial result is caused by growth of operating profit and positive progress of balance of financial income and expenses.

EBITDA

For 9 months 2018 EBITDA, which specify company's pre-tax earnings, estimated RUB 21,087 mln, which is RUB 3,633 mln or 20,8% in comparison with the same period of 2017.

The growth of EBITDA was influenced mostly by growth of Society’s operating profit (excluding amortization) and positive progress of balance of financial income and expenses (excluding reserve position for depreciation of debt financial investments) in comparison with the same period of 2017.

 RUB mln, unless otherwise stated

EBITDA 

21 087

Amortization of fixed and intangible assets

8 759

Interest due

869

Reserve position under depreciation of debt financial investments

137

Corporate tax

2 412

Net profit

9 184

Note: 
EBITDA = Net profit + Corporate tax + Amortization + Interest due – Reserve position for depreciation of debt financial investments 

For 9 months 2018 EBITDA margin was 39,2%, which is 2,9% higher than for the same period of 2017. The progress is fuelled by high rates of revenue growth which were higher than the Group’s outlay growth.

Credit portfolio and debt position

Loans and credits

As per 30.09.2018 the Society’s debt (including interest debt) was RUB 30,878 mln, or RUB 6,047 mln lower than in the beginning of the year, including decrease of principal amount of debt by RUB 6,000 mln, while interest debt decreased by RUB 47 mln.

The decrease of principal amount of debt caused by generation of positive net cash flow during operating activity.

Net debt

The decrease of Lenenergo net debt totaled up RUB 7,697 mln on the beginning of 2018, because of decrease of the Society’s debt by RUB 6,047 mln while cash balance and short-term financial investments increased by RUB 1,650 mln.

As per 30.09.2018 Net debt/EBITDA totaled 0,83õ. The progress caused by decrease of net debt and growth of EBITDA, brought to annual rate.

Investments

Investment program implement

9M 2018

9M 2017

Change

Cash disbursement, mln RUB excluding VAT

10 012

12 148

-17,6%

Fixed assets input, mln RUB

9 978

12 026

-17,0%

Power input, MVA

357

1 273

-71,9%

Power input, km

825

934

-11,7%


For 9 months 2018 the volume of investments totaled RUB 10,012 mln, 18% lower than for the same period of 2017. For 9 months 2018 the volume of power input was RUB 9,978 mln, 17% lower than for the same period of 2017. The decrease of indicators for investment program implement caused by high base effect – record rates in 2017 because the program of fulfillment of saved-up obligations, started in 2016, was completed.

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z



Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer