Key
Results in the Reporting Period
RUB
mln unless otherwise stated
Indicator
|
1Q2021
|
1Q2020
|
Change
|
Financial
performance
|
|
|
|
Revenue
|
24,012
|
21,598
|
11.2%
|
Operating
costs
|
(16,437)
|
(15,716)
|
4.6%
|
Operating
profit
|
7,833
|
5,916
|
32.4%
|
Net
profit
|
6,103
|
4,954
|
23.2%
|
EBITDA
|
11,483
|
9,364
|
22.6%
|
EBITDA
margin, %
|
47.8%
|
43.4%
|
4.4
pp
|
Operating
results
|
|
|
|
Installed
capacity, MVA
|
34,828
|
28,983
|
20.2%
|
Connected
capacity, MW
|
138
|
132
|
4.5%
|
Net
supply, mln kWh
|
8,845
|
8,193
|
7.9%
|
Network
losses, mln kWh
|
1,339
|
1,217
|
10.0%
|
Notes:
EBITDA
= Earnings before Interest, Tax, Depreciation and Amortization, plus
interest payable under leases, plus loss on revaluation of fixed
assets. Connected capacity is indicated in terms of the ongoing
technological connection (without generation).
Net
profit for the 1Q2021 is RUB 1.15 bn higher than the financial
result for the same period last year. This made it possible for
the Company to increase its net assets by 4.2% during the
reporting period and raise the return on equity by 0.4 percentage
points.
The
financial standing of the Company remains stable, and the credit
rating is still at the highest level of AAA (RU), which is
confirmed by the ACRA credit agency.
-
Aleksey Aleksandrovich Polinov,
Deputy
General Director
for
Economics and Finance of Rosseti Lenenergo
|
Notes
to the Financial Results
Rosseti
Lenenergo, PJSC posted revenue of RUB 24,012 mln, including:
RUB
23,224 mln of electricity distribution revenue for the 1Q2021,
with an increase of 10.9% (RUB 2,277 mln) year on year mainly due to
an increase in electricity distribution resulting from higher
electricity consumption amidst low ambient temperature and partial
lifting of COVID-19 epidemiological restrictions.
RUB
704 mln of grid connection revenue, which is 20.75% (RUB 121
mln) higher year on year due to the performance of technological
connection works by applicants that had been suspended earlier due to
COVID-19.
RUB
16,437 mln of operating costs, which is 4.6% (RUB 721 mln)
higher year on year, mainly due to an increase in depreciation costs
for fixed assets and assets commissioned in 2020, as well as due to
an increase in loss compensation costs due to higher sales surcharges
of guaranteeing suppliers approved by the regulatory authorities as
part of the loss purchase price.
Net
profit for the reporting period amounted to RUB 1,149 mln or
23.2% up year on year, largely due to an increase in revenue from
regulated activities and decreased costs of creating the reserve for
expected credit losses.
The
EBIDTA for the reporting period amounted to RUB 11,483 mln,
which is 22.6% up year on year, mainly due to an increase in
operating profit.
Principal
Balance Sheet Items
RUB
mln unless otherwise stated
Indicator
|
March 31, 2021
|
December 31, 2020
|
Change
|
Assets
|
|
|
|
Non-current assets
|
209,580
|
209,001
|
0.3%
|
Current assets
|
12,240
|
10,475
|
16.9%
|
Total assets
|
221,820
|
219,476
|
1.1%
|
Net assets
|
151,105
|
144,966
|
4.2%
|
ROE
|
8.7%
|
8.3%
|
0.4 pp
|
Equity and liabilities
|
|
|
|
Equity and reserves
|
151,105
|
144,966
|
4.2%
|
Non-current liabilities
|
31,582
|
35,202
|
(10.3%)
|
Current liabilities
|
39,133
|
39,308
|
(0.5%)
|
Total liabilities
|
70,715
|
74,510
|
(5.1%)
|
Net debt
|
24,259
|
29,532
|
(17.9%)
|
Net
debt/EBIDTA
|
0.65
|
0.85
|
-
|
Notes:
Net
debt is calculated as long-term and short-term loans and borrowings
with interest payable, less cash and cash equivalents and less
short-term financial investments.
ROE is calculated as (Net Profit for 12 months / Equity) * 100
As
of March 31, 2021, the assets of Rosseti Lenenergo, PJSC
amounted to RUB 221,820 mln, which is 1.1% higher than the same
indicator as of December 31, 2020. The increase in net assets
amounted to RUB 6,139 mln (4.2%).
As
of March 31, 2021, ROE amounted to 8.7%, showing an increase
of 0.42 pp vs. the same indicator at the end of 2020.
As
of March 31, 2021, net debt amounted to RUB 24,259 mln, which
is 17.9% lower than the indicator as of the year beginning, was
primarily due to the repayment of loans out of the positive net cash
flow from operating activities.
As
of March 31, 2021, Net debt/EBITDA amounted to 0.65x against
0.85x as of December 31, 2020.
|
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