Key
Results in the Reporting Period
RUB
million unless otherwise stated
Indicator
|
2020
|
2019
|
Change
|
Financial Results
|
|
|
|
Revenue
|
82,708
|
82,665
|
0.1%
|
Operating expenses
|
(61,609)
|
(61,019)
|
1.0%
|
Operating profit
|
16,607
|
17,214
|
(3.5%)
|
Net profit
|
12,004
|
11,961
|
0.4%
|
EBITDA
|
34,929
|
34,149
|
2.3%
|
EBITDA margin, %
|
42.2
|
41.3
|
0.92 pp
|
Operating Results
|
|
|
|
Installed capacity, MVA
|
34,642
|
33,381
|
3.7%
|
Connected capacity, MW
|
801
|
893
|
(10.3%)
|
Net supply, mln kWh
|
29,580
|
30,625
|
(3.4%)
|
Electricity network losses, mln kWh
|
3,847
|
3,967
|
(3.0%)
|
Notes:
EBITDA:
Earnings Before Interest + Depreciation and Amortization + Lease
Interest + Loss from Revaluation of Revaluation of Fixed Assets
The
connected capacity equals permanent grid connection (net of
generation).
“Amid
the COVID-19 pandemic and high air temperatures unusual for the
region in the autumn and winter period, the Company focused its
operations on maintaining stable financial and economic performance
achieved by the Company. “Rosseti Lenenergo”, PJSC, worked
consistently throughout the year to optimize its credit portfolio,
reduce operating expenses, and improve the structure of other income
and expenses. These efforts allowed us to maintain our financial
performance flat year-on-year while keeping our leverage low”.
Aleksey
Polinov
Deputy CEO for Economics and Finances, Rosseti
Lenenergo, PJSC
Notes
to the Financial Results
Rosseti
Lenenergo posted a revenue of RUB 82,708 million,
including:
Electricity
distribution revenue totaled RUB 75,897 million, up by RUB 201
million or 0.3%year-on-year due to higher tariffs.
Grid
connection revenue totaled RUB 6,350 million, down by RUB 243
million or 3.7% year-on-year due to lower grid connection volumes in
2020.
Operating
expenses
totaled RUB 61,609 million, up 1.0% (or RUB 590 million)
year-on-year, mainly caused by an increase in expenses for
depreciation of fixed assets, intangible
assets
(“IA”) and right-of-use assets ("ROU") due to the
commissioning of fixed assets and receipt of IA and ROU in 2020.
Rosseti
Lenenergo’s net profit for the reporting period increased by
RUB 43 million or 0.4% year-on-year, mainly due to a decrease in the
allowance for expected credit losses, including that created in 2019
for expected losses from illegal consumption.
The
company’s EBITDA for the reporting period totaled RUB 34,929
million, up 2.3% year-on-year, mainly due to a decrease in the
allowance for expected credit losses.
Principal
Balance Sheet Figures
RUB
million unless otherwise stated
Indicator
|
2020
|
2019
|
Change
|
Assets
|
|
|
|
Non-current
assets
|
209,001
|
199,196
|
4.9%
|
Current
assets
|
10,475
|
15,265
|
(31.4%)
|
Total
assets
|
219,476
|
214,461
|
2.3%
|
Net
assets
|
144,966
|
138,375
|
4.8%
|
ROE
|
8.3%
|
8.6%
|
(0.3
pp)
|
Equity
and Liabilities
|
|
|
|
Equity
and reserves
|
144,966
|
138,375
|
4.8%
|
Non-current
liabilities
|
35,202
|
30,382
|
15.86%
|
Current
liabilities
|
39,308
|
45,704
|
(14.0%)
|
Total
liabilities
|
74,510
|
76,086
|
(2.1%)
|
Net
debt
|
29,532
|
22,375
|
32.0%
|
Net
Debt/EBITDA
|
0.85
|
0.66
|
-
|
Notes:
Net
debt is calculated as long-term and short-term loans and borrowings
(including outstanding interest), less cash and cash equivalents and
short-term financial investments.
ROE
is calculated as (Net Profit for 12 months / Equity) * 100
As
at December 31, 2020, Rosseti Lenenergo’s assets totaled RUB
219,476 million, up 2.3% year-on-year. The change in assets is mainly
due to the implementation of the Group’s investment program. In
2020, net assets grew to RUB 6,591 million (up 4.8%).
Return
on equity (ROE) as at December 31, 2020 was 8.3%. The
year-on-year decrease by 0.3 pp was driven by a 0.4% increase in net
profit of Rosseti Lenenergo, PJSC, for 2020, while equity grew by
4.8%.
Net
debt of Rosseti Lenenergo as at December 31, 2020, totaled RUB
29,532 million, up 32.0% year-on-year. The increase in net debt is
mainly due to a higher share of long-term targeted financial
investments.
As
at December 31, 2020, Net Debt/EBITDA of Rosseti Lenenergo
stood at 0.85x, compared to 0.66x as at end-2019.
|
