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Rosseti Lenenergo

May 30, 2018

PJSC Lenenergo (belongs to Russian Grids Group) released its financial statements for the three months of 2018 prepared in accordance with IFRS

Revenue of PJSC Lenenergo in Q1 2018 increased by 9% Q-o-Q to RUB 19,452 mln. EBITDA for the reporting period increased by 17% and amounted to RUB 6,848 mln. Net profit for Q1 2018 totaled RUB 2,527 mln (Q1 2017: RUB 2,374 mln).

In RUB mln, unless otherwise specified

Indicator

3 months

2018

3 months

2017

Change

Financial results

 

 

 

Sales revenue,  including:

19,452

17,853

9.0%

 - From electricity transmission services

18,137

15,736

15.3%

 - From technological connection services

1,038

1,750

(40.7%)

 - From other activities

277

367

(24.5%)

Operating expenses

(16,048)

(15,499)

3.5%

Net other income/expenses

164

266

(38.4%)

Operating profit

3,568

2,620

36.2%

Net profit

2,527

2,374

6.4%

Net profit margin, % 

12.99%

13.30%

(0.31 p.p.)

EBITDA

6,848

5,849

17.1%

EBITDA margin, % 

35.20%

32.76%

2.44 p.p.

 

 

 

 

 

31.03.2018

31.12.2017

Change

Indicators of the statement of financial position

 

 

 

Assets

228,072

231,632

(1.5%)

Equity

153,109

150,593

1.7%

ROE, %

5.56%

5.46%

0.1 p.p.

Liabilities 

74,963

81,039

(7.5%)

Loan portfolio and debt position

 

 

 

Loans and credits

30,882

36,925

(16.4%)

Net debt

26,148

33,502

(22.0%)

Net debt/EBITDA (for 4 quarters)

0.99

1.32

-

Notes:

EBITDA is calculated as follows: profit before tax plus depreciation of fixed assets and intangible assets plus financial expenses minus financial income
Net debt is calculated as follows: long-term and short-term credits and loans minus cash and cash equivalents minus short-term investments

ROE is calculated as follows: (Net profit (for four quarters)/Equity)*100

Financial result

Group’s revenue 

According to results of Q1 2018, revenue of the Company from the sale of products amounted to RUB 19,452 mln; the growth amounted to 8.96% as compared to the same period of 2017.

The growth of revenue from the provision of electricity transmission services for Q1 2018 as compared to Q1 2017 is caused by the increase of tariff rates in 2018.

Decrease of revenue from provision of technological connection services for Q1 2018 as compared to the same period of 2017 is caused by the fact that in Q1 2017 the works were completed, and the certificates of technological connection were issued upon readiness of power receivers of the applicants under obligations fulfilled on the part of PJSC Lenenergo in 4Q 2016, within the program of fulfillment of accrued obligations. At the same time, in Q1 2018 the obligations under current contracts were fulfilled by scheduled dates of their fulfilment.

The decrease of revenue from other activities for Q1 2018 as compared to Q1 2017 by 24.5% is caused by the fact that from 01.04.2017 the changes were made in the list of facilities serviced under contracts for operational maintenance of electric grid property entered into with JSC SPb EN and JSC PPG due to coming into lease contracts. 

Group’s operating expenses

Group’s operating expenses for the reporting period amounted to RUB 16,048 mln what is higher by 3.5% than for Q1 2017.




3 months

2018

3 months

2017

Change

Total operating expenses

16,048

15,499

3.5%

Electricity transmission services

4,885

4,476

9.1%

Electricity for technological loss compensation

3,520

3,062

15.0%

Depreciation of fixed assets and intangible assets

3,280

3,229

1.6%

Expenses for employee benefits

1,925

1,866

3.2%

Impairment of receivables (trade receivables)

904

872

3.7%

Repair and maintenance services

244

284

(14.1%)

Purchased electricity and heat for own needs

177

125

41.6%

Other material expenses 

148

113

31.0%

Other works and services of production nature

120

152

(21.1%)

Taxes and levies, other than income tax

110

471

(76.7%)

Lease

101

96

5.2%

Security

68

64

6.3%

Reserves  

63

70

(10.0%)

Expenses for software and technical support

58

42

38.1%

Consulting, legal and auditing services

48

32

50.0%

Other services

36

40

(10.0%)

Communication services

28

17

64.7%

Insurance

20

30

(33.3%)

Impairment of receivables (advances issued)

10

0

 

Transport services

4

4

0.0%

Recovery of provision for impairment of inventories

(24)

(5)

380.0%

Other expenses

323

459

(29.6%)

Comments on dynamics of essential expenses items:

·         Electricity transmission services

The increase in expenses by 9.1% is caused by the growth of average tariff for electricity transmission in Q1 2018.

·         Electricity for technological loss compensation

The increase in expenses by 15.0% is caused by the growth of average tariff for loss compensation in Q1 2018.

·         Repair and maintenance services

Reduction of expenses by 14.1% is caused by the increase of the share of repair using own resources and reduction of the volume of services of third-party contractors in Q1 2018.

·         Purchased electricity and heat for own needs

The growth of expenses by 41.6% is caused by the increase in consumption as well as by extension of average tariffs in Q1 2018.

Group’s operating profit

Group’s operating profit in Q1 2018 amounted to RUB 3,568 mln what is higher by 36.2% than for Q1 2017.

Group’s net profit

According to results of Q1 2018, net profit of the Group amounted to RUB 2,527 mln (+ 6.4% compared to Q1 2017). Favourable dynamics of financial result for Q1 2018 is caused by increment of revenue from electricity transportation by 15.3%.

EBITDA

EBITDA for Q1 2018 amounted to RUB 6,848 mln what is higher by 17.1% than the same indicator for 2017 (RUB 5,849 mln).

Calculation of EBITDA, RUB mln

EBITDA 

6,848

Profit before tax

3,029

Depreciation of fixed assets and intangible assets

3,280

Financial income

(141)

Financial expenses

680


EBITDA margin for Q1 2018 increased by 2.44 per cent points and amounted to 35.20%.

Credit portfolio and debt position

Credit portfolio in the form of short-term and long-term credits and loans of the Company as at the end of the reporting period amounted to RUB 30,882 mln, what is lower by 16.4% than the same indicator in 2017.

Repayment of previous credits caused the reduction of principal debt compared to the beginning of the year.

Interest debt reduced using payment of coupon yield on exchange-traded bonds series BO-05 as well as due to work for optimisation of credit portfolio and minimisation of debt expenses in the form of refunding of credits with higher interest rate by credit with a lower interest rate in Q1 2018.

According to results of Q1 2018, net debt amounted to RUB 26,148 mln, what is lower by 22.0% than the debt according to the results of Q1 2017. Reduction of net debt is caused by the decrease in the credit portfolio as well as by cash flow from investment activities.

Ratio Net debt/EBITDA (for four quarters) amounted to 0.99 compared to 1.32 as at the end of 2017.

Investments

The volume of capital investments in Q1 2018 amounted to RUB 1,725 mln what is lower by 39.6% than this indicator for Q1 2017 (RUB 2,857 mln).

The volume of commissioning for Q1 2018 amounted to RUB 911 mln, what is lower by 194.1% than this indicator for the same period of 2017 (RUB 1,768 mln).

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