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Press Releases > Rosseti Lenenergo  all about the company

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Rosseti Lenenergo

March 27, 2017

Lenenergo released its financial statements for the year 2016 prepared in accordance with IFRS

The revenue of Lenenergo for 2016 grew by 51% and totaled RUB 59,023 mln. EBITDA doubled to RUB 23,916 mln. Net profit for the reporting period was RUB 7,703 mln (2015: RUB 144 mln).

RUB mln, unless otherwise stated

Indicator

2016

2015

Change

Financial results

 

 

 

Sales revenue, including:

59,023

39,027

51.2%

- from electricity transmission services

46,400

33,182

39.8%

- from technological connection services

8,814

3,250

171.2%

- from other activity

3,809

2,595

46.8%

Operating expenses

48,613

33,102

46.9%

Operating profit

10,409

5,925

75.7%

Net profit

7,703

144

-

Net profit margin, %

13.05%

0.37%

12.68,p.p.

EBITDA

23,916

11,943

100.3%

EBITDA margin, %

40.52%

30.60%

9.92,p.p.

Investments

 

 

 

Capex

20,760

10,727

93.5%

 

31.12.2016

31.12.2015

Change

Indicators of the financial position statement

 

 

 

Assets  

235,173

239,841

-1.9%

Equity

148,341

140,450

5.6%

Return on equity (ROE), %

5.19%

0.103%

5.087,p.p.

Liabilities

86,832

99,391

-12.6%

Credit portfolio and debt position

 

 

 

Loans and credits

34,528

40,975

-15.7%

Net debt

24,091

10,918

120.7%

Net debt/EBITDA

1.01

0.91

-

Note:
EBITDA is c
alculated as profit before tax + depreciation of property, plant and equipment and amortization of intangible assets + finance expenses - finance income.
Net debt is calculated as long-term and short-term borrowings - cash and cash equivalents - short-term investments.

Revenue and financial result

The Group’s indicators for 2016 were essentially influenced by the subsidiaries JSC SPb ES and JSC PES, which were included in the 2015 statements as from the date of their acquisition, that is 23.12.2015 (8 days).

Group’s revenue

Sales revenue for 2016 was RUB 59,023 mln, +51.2% against the indicator for 2015 (RUB 39,027 mln).

The growth of revenue from electricity transmission services for 2016 against the year 2015 is explained by bringing the tariff and balance decisions into compliance with the current laws and partial compensation for the short-received incomes in the previous years of the regulation period.

The growth of revenue from the technological connection services for 2016 against 2015 is explained by the performance of the obligations to the applicants, which have been accumulated before 01.01.2015.

The growth of revenue from other activity is caused by the growth of the revenue in respect of identified uncontracted electricity consumption by 52%, as well as by the growth of the revenue on compensation contracts by 89%.

Group’s operating expenses

Operating expenses of the Group for the reporting period were RUB 48,613 mln, +46.9% against the similar indicator for 2015

 

2016

2015

Change

Total operating expenses

48,613  

33,102  

46.9%

Electricity transportation expenses

16,109  

17,414  

-7.5%

Property, plant and equipment depreciation

11,830  

5,858  

102.0%

Payroll and payroll taxes

6,707  

5,156  

30.1%

Provision for receivables impairment and write-off

2,366  

1,407  

68.1%

Intangible assets depreciation

1,676  

161  

943.8%

Taxes, except profit tax

1,342  

1,048  

28.1%

Repairs and maintenance

1,331  

1,314  

1.3%

Lease payment

771  

670  

15.2%

Impairment / (reversal of impairment) of intangible assets

623  

       (37)  

-

Raw materials and supplies

514  

339  

51.4%

Provisions for court proceedings and claims

543  

1,951  

-72.1%

Public utility services

439  

241  

82.1%

Services of commercial electricity metering

343  

325  

5.4%

Social sphere expenses

229  

187  

22.6%

Expenses  for private security service

228  

169  

35.3%

Telecommunication and information services

223  

282  

-21.0%

Consulting, legal and audit services

166  

121  

37.0%

Agency services

108  

176  

-38.7%

Provision for impairment of inventories

69  

1  

6,437.5%

Impairment / (reversal of impairment) of property, plant and equipment

-

(5,602)  

-

Other operating expenses

2,996  

1,921  

55.9%

Comments concerning the dynamics of the most essential cost items:

Depreciation of property, plant and equipment

Growth of costs for the depreciation of property, plant and equipment by 102.0% was due to the increase in their book value as a result of the revaluation surplus at 31.12.2015.

Depreciation of intangible assets

Growth of costs for the depreciation of intangible assets by 943.8% was due to the depreciation of the intangible assets “Income-bearing contracts”, which were recognized in the consolidated statements regarding such companies as JSC SPb ES and JSC PES at the time of their acquisition. 

Impairment / (reversal of impairment) of intangible assets

Growth of the cost item is explained by the goodwill impairment in respect of the companies JSC SPb ES and JSC PES.

Group’s operating profit

Operating profit of the Group for 2016 was RUB 10,409 mln, +75.7% against 2015.

Group’s net profit

Following 2016, the Group received net profit equal to RUB 7,703 mln (2015: RUB 144 mln). The positive dynamics of the year 2016 financial result, besides the growth of revenue on regulated types of activities and reduction in expenses for electricity transportation by 7.5%, was mainly influenced by the increase in the balance of other incomes and expenses due to the reduction in interest rates on credits and the increase in interest receivable.

EBITDA

EBITDA for 2016 was RUB 23,916 mln, +100.3% against the similar indicator for 2015 (RUB 11,943 mln).

Calculation of EBITDA, RUB mln

EBITDA 

23,916

Pre-tax profit

8,691

Property, plant and equipment, and intangible assets depreciation

13,506

Financial incomes

(2,821)

Financial expenses

4,540

EBITDA margin for 2016 grew by 9.92 percentage points to 40.52%. The material positive dynamics of the indicator is explained by higher rates of the Group’s income growth against expenses.

Credit portfolio and debt position

Credit portfolio (short-term and long-term credits and loans of the company as at the end of the reporting period) was RUB 34,528 mln, -15.7% against the similar indicator as at the end of 2015. The debt reduction was due to the repayment of debt on bonded loans for the amount of RUB 6,000 mln (including, series BO-01 (RUB 3,000 mln) was repaid within the timeframe, series 04 (RUB 3,000 mln) was repaid early, on the date of the 8th coupon payment) using the funds received from the sale of the federal loan bonds out of the money paid to the charter capital of PJSC Lenenergo in order to pay the ordinary shares of the additional issue.

Net debt following 2016 was RUB 24,091 mln, +120.7% y-o-y (end of 2015). The main reason for the increase in the net debt is a material reduction in the item “cash and cash equivalents” as a result of the expenditure of the cash received from the sale of the federal loan bonds out of the money paid to the charter capital of PJSC Lenenergo in order to pay the ordinary shares of the additional issue.

Net debt/EBITDA as at the end of the reporting period grew as a result of a more considerable growth of the net debt against the growth of EBITDA and equaled 1.01 against 0.91 as at the end of 2015. 

Investments

Capex amount in 2016 was RUB 20,760 mln, +93.5% against the similar indicator of 2015 (RUB 10,727 mln). The expenditure growth is explained by the implementation in 2016 of the actions to perform the accumulated obligations of technological connection of consumers in Saint Petersburg and the Leningrad Region, financed through the funds received from the sale of the federal loan bonds.

Dynamics of key indicators of Lenenergo, RUB mln:


2012

2013

2014

2015

2016





 

 

Revenue

33,135

37,323

41,601

39,027

59,023

from electricity transmission

23,521

27,480

30,263

33,182

46,400

from technological connection

7,580

6,807

8,581

3,250

8,814

Other

2,034

3,036

2,758

2,595

3,809







Operating expenses

30,653

31,008

35,516

33,102

48,613







Net profit

238

3,281

-4,216

143

7,703

Net profit margin

0.70%

8.80%

-

0.37%

13.05%







EBITDA

10,386

10,358

11,053

11,943

23,916

EBITDA margin

31.30%

27.80%

32.28%

30.60%

40.52%







Net debt

22,011

23,300

44,163

10,918

24,091

Net debt/EBITDA

2.12

2.25

4.00

0.91

1.01


EBITDA is calculated as profit before tax + depreciation of property, plant and equipment and amortization of intangible assets + finance expenses - finance income.
Net debt is calculated as long-term and short-term borrowings - cash and cash equivalents - short-term investments as at the end of the reporting period.

Dynamics of key indicators of the Consolidated Financial Position Statement, RUB mln:


2012

2013

2014

2015

2016





 

 

Long-term assets

88,157

102,100

117,970

197,892

213,927

Short-term assets

11,236

18,744

17,199

41,949

21,245

Assets

99,393

120,845

135,169

239,841

235,173

Long-term debt

20,637

29,402

48,180

27,618

23,450

Long-term liabilities

25,338

34,700

53,461

46,835

43,289

Short-term debt

7,153

3,982

1,589

13,357

11,078

Short-term liabilities

30,567

36,679

38,271

52,556

43,543

Liabilities

55,905

71,380

91,732

99,391

86,832

Capital

43,487

49,465

43,437

140,450

148,341


Dynamics of key indicators of the Consolidated Income Statement, RUB mln:


2012

2013

2014

2015

2015

Revenue

33,135

37,323

41,601

39,027

59,023

Operating expenses

-30,653

-31,008

-35,516

-33,102

-48,613

Operating profit

2,482

6,316

6,085

5,925

10,409

Finance income

302

667

1,409

1,184

2,821

Finance expenses

-2,175

-2,682

-12,228

-5,225

-4,540

Profit before tax

609

4,301

-4,734

1,884

8,691

Profit tax expense

-371

-1,020

519

-1,740

-988

Net profit

238

3,281

-4,216

144

7,703




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