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

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 4^th 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

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 2017-2018. 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

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

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.

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