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Press Releases > Rosseti Lenenergo  all about the company

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Rosseti Lenenergo

August 24, 2016

Lenenergo released its financial statements for 6M2016 prepared in accordance with IFRS

RUB mln, unless otherwise stated

Indicator

6M2015

For reference: 31.12.2015

6M2016

Change for 6M2016

Characteristics of assets

 

Assets

131,560

239,841

234,102

-2.4%

Equity 

40,121

140,450

145,724

3.8%

Liabilities, including:

91,440

99,391

88,377

-11.1%

- non-current liabilities

41,901

46,835

35,674

-23.8%

- current liabilities

49,538

52,556

52,703

0.3%

Net debt

41,811

10,918

8,968

-78.6%

Operating indicators

6M2016/6M2015

Productive electricity supply, mln kWh

29,613

28,680

28,249

-1.5%

Electricity losses, %

10,11

11,06

12,23

1.2 p.p.

Connected capacity, MW

771

679

380

-44.0%

Financial indicators

Revenue, including:

17,316

39,027

25,780

48.9%

- from electricity transmission

14,665

33,182

22,001

50.0%

- from grid connection

1,423

3,250

2,208

55.2%

- other

1,228

2,595

1,571

27.9%

Operating expenses

18,834

33,102

19,510

3.6%

Operating profit

-1,518

5,925

6,270

-

EBITDA

1,457

11,943

10,877

6.5ű

EBITDA margin, % 

8.41%

30.60%

42.19%

33.8 p.p.

Net profit

-3,296

144

5,133

-

Net profit margin, % 

-19.03%

-

19.91%

-

Net debt/EBITDA

28.70

0.91

0.82

-

ROE, %

-

0.2%

3.6%

-

Quick assets

0.2

0.6

0.5

-

Day-to-day liquidity

0.3

0.8

0.6

-

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 

Assets

The change of the Groupís balance sheet indicators as compared to 6M2015 is related first and foremost to the enlargement of the Group membership by accounting in the consolidated statements of the assets of JSC St.P. Electric Grids and JSC POIKOVSK ELECTRIC GRIDS, as well as carrying out an additional issue of ordinary shares.

From 31.12.2015 to 30.06.2016 the Groupís assets dropped by 2.4% and amounted to RUB 234,102 mln. Equity increased by 3.8% to RUB 145,724 mln. Thereby the Group liabilities decreased by 11.1% to RUB 88,377 mln.

Revenue

Revenue from electricity transmission for 6M2016 net of normal technological losses in the amount of RUB 4,784 mln (for 6M2015 Ė RUB 3,909 mln) was RUB 22,001 mln, which is 50% higher than for 6M2015 due to the volume reduction of shortfall in income and a partial compensation of accumulated smoothing when approving the tariff for electricity transmission, as well as the Groupís enlargement due to JSC St.P. Electric Grids and JSC POIKOVSK ELECTRIC GRIDS.

Revenue from technological connection services for 6M2016 grew by RUB 786 mln (55%) as compared to the similar period of 2015, and amounted to RUB 2,208 mln, which is preconditioned by the liabilities fulfillment for the services rendering for the applicants' technological connection with due regard to the revenue of JSC St.P. Electric Grids and JSC POIKOVSK ELECTRIC GRIDS.

Other income for 6M 2016 amounted to RUB 1,571 mln as compared to RUB 1,228 mln for 6M2015.

Costs

Operating expenses of the Group in the reporting period were RUB 19,510 mln, up 3.6% from the previous yearís level.

The main changes as part of the operating expenses:

  • Expenses for electricity transportation

Expenses for electricity transportation for 6M2016 grew by 8.5% as compared to 2015 and amounted to RUB 8,050 mln.

  • Fixed assets wear

Costs growth for the fixed assets depreciation by 15.1% took place due their book value increase in the reporting period.

         Reserve under court cases and pretensions

Reserves decrease as compared to 2015 occurred primarily due to the disputes settlement with the adjacent territorial grid organizations.

Financial result

Operating profit of the Group for 6M2016 amounted to RUB 6,270 mln, which is by RUB 7,788 mln higher than in the similar period of 2015.

Based on the results of 6M 2016, the Group received net profit of RUB 5,133 mln, meanwhile net loss of RUB 3,296 mln was received for 6M2015.

EBITDA for 6M2016 amounted to RUB 10,877 mln, which is 6.5 times higher than for 6M2015.

Debt position

Credit portfolio (short-term and long-term borrowings of the Company for the end of the reporting period) was RUB 31,802 mln, 22% lower than the same indicator for the end of 2015. Net debt for 6M2016was RUB 8,968 mln (minus 17.9% to the same indicator for the end 2015). Net debt/EBITDA as at the end of the reporting period amounted to 0.82 versus 0.91 for the end 2015. The main cause of the indicators reduction (Net debt and Net debt/EBITDA) is the total debt reduction of the Group due to the funds received from the additional issue of the ordinary shares of Lenenergo within the framework of the arrangements carrying out for the financial and economic position improvement of Lenenergo.

Bonds

In 2016, the Group fulfilled its liabilities to the full extent for the coupon yield payout on the 8th coupon of the bonded loan of series 04 and on the 6th coupon of the bonded loan of series BO-01 at the sum of RUB 123,420. In April 2016 the bonded loans of series BO-01 (was repaid according to a term) were repaid and of series 04 were repaid early.

Dynamics of key IFRS indicators of Lenenergo, RUB mln:


2011

2012

2013

2014

2015






 

Revenue

32,257

33,135

37,323

41,601

39 ,027

from electricity transmission

22,895

23,521

27,480

30,263

33,182

from technological connection

8,629

7,580

6,807

8,581

3,250

other

732

2034

3,036

2,758

2,595






 

Operating expenses

31,503

30,653

31,008

35,516

33,102






 

Net profit

2,461

238

3281

-4 216

143

Net profit margin

7.60%

0.70%

8.80%

-

-






 

EBITDA

9,937

10,386

10,358

11,053

11,943

EBITDA margin

30.80%

31.30%

27.80%

32.28%

30.60%






 

Net debt

20,469

22,011

23,300

44,163

14,829

Net debt/EBITDA

2.06

2.12

2.25

4.00

1.24

EBITDA is calculated as profit before tax + depreciation of property, plant and equipment and amortization of intangible assets + finance costs - finance income  

Net debt is calculated as the sum of long-term and short-term borrowings - cash and cash equivalents and short-term investments as at the end of the period.  

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


2011

2012

2013

2014

2015






 

Non-current assets

84,958

88,157

102,100

117,970

197,892

Current assets

11,993

11,236

18,744

17,199

41,949

Assets

96,951

99,393

120,845

135,169

239,841

Long-term borrowings

21,028

20,637

29,402

48,180

27,618

Non-current liabilities

29,412

25,338

34,700

53,461

46,835

Short-term borrowings

6,549

7,153

3,982

1,589

13,357

Current liabilities

25,035

30,567

36,679

38,271

52,556

Total liabilities

54,448

55,905

71,380

91,732

99,391

Total equity

42,504

43,487

49,465

43,437

140,450

Dynamics of key indicators of the Consolidated Income Statement dynamics for 5 years, RUB mln:


2011

2012

2013

2014

2015

Revenue

32,257

33,135

37,323

41,601

39,027

Operating expenses

-31,503

-30,653

-31,008

-35,516

-33,102

Operating profit

754

2,482

6,316

6,085

5,925

Finance income

61

302

667

1,409

1,184

Finance expenses

-1,660

-2,175

-2,682

-12,228

-5,225

Profit before tax

-845

609

4,301

-4,734

1,884

Income tax expense

-99

-371

-1,020

519

-1,740

Net profit for the year

-943

238

3,281

-4,216

144

Financial statements prepared in accordance with IFRS and other publications for investors are available on the website of Lenenergo in Investor Relations section (www.lenenergo.ru)


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