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Rosseti Lenenergo

March 12, 2021

Rosseti Lenenergo released FY 2020 IFRS Results on March 18, 2021

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.



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