Key
Results in the Reporting Period
RUB
mln unless otherwise stated
Indicator
|
6 months 2020
|
6 months 2019
|
Change
|
Financial performance
|
|
|
|
Revenue
|
39,458
|
40,088
|
(1.6%)
|
Operating costs
|
(29,147)
|
(28,541)
|
2.1%
|
Operating profit
|
7,495
|
11,397
|
(34.2%)
|
Net profit
|
5,745
|
8,390
|
(31.5%)
|
EBITDA
|
17,550
|
17,826
|
(1.6%)
|
EBITDA margin, %
|
44.48%
|
44.47%
|
0.01 pp
|
Operating results
|
|
|
|
Installed capacity, MVA
|
33,721
|
32,485
|
3.8%
|
Connected capacity, MW
|
317
|
320
|
(1.0%)
|
Net supply, mln kWh
|
15,036
|
15,666
|
(4.0%)
|
Network losses, mln kWh
|
1,849
|
1,933
|
(4.4%)
|
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).
“Despite
the situation caused by the coronavirus pandemic, the Company is
taking all measures to ensure stable financial and economic standing
and is implementing an investment program to the extent required.
Following the first six months of 2020, net profit was below the
level of the first six months of the previous year due to the fixed
assets revaluation factor, which was the result of deterioration of
the overall macroeconomic situation, among other things.”
-
Aleksey Aleksandrovich Polinov, Deputy General Director
for
Economics and Finance of Rosseti Lenenergo, PJSC
Notes
to the Financial Results
Rosseti
Lenenergo, PJSC posted revenue of RUB 39,458 mln, including:
Electricity
distribution revenue amounted to RUB 37,441 mln, which is 0.3% (RUB
92 mln) higher year on year due to the tariff growth.
Grid
connection revenue amounted to RUB 1,856 mln, which is 21.0% (RUB 493
mln) lower year on year due to the performance of accumulated
obligations of JSC PES and JSC SPb ES transferred to Rosseti
Lenenergo, PJSC in the course of electric grid assets’
consolidation in 1Q2019.
Operating
costs amounted to RUB 29,147 mln, which is 2.1% (RUB 606 mln) higher
year on year mainly due to an increase in expenses for the repair of
equipment, electricity distribution services of electric grid
companies, and depreciation.
Net
profit in the reporting period amounted to RUB 2,645 mln or 31.5%
down year on year largely due to the fixed assets revaluation factor.
EBIDTA
for the reporting period amounted to RUB 17,550 mln, which is 1.6%
down year on year mainly due to a decrease in revenue from
technological connection services and an increase in operating costs.
Principal
Balance Sheet Items
RUB
mln unless otherwise stated
Indicator
|
June 30, 2020
|
December 31, 2019
|
Change
|
Assets
|
|
|
|
Non-current assets
|
196,747
|
199,196
|
(1.2%)
|
Current assets
|
15,135
|
15,265
|
(0.9%)
|
Total assets
|
211,882
|
214,461
|
(1.2%)
|
Net assets
|
140,223
|
138,375
|
1.3%
|
ROE
|
6.6%
|
8.6%
|
(2.0 pp)
|
Equity and liabilities
|
|
|
|
Equity and reserves
|
140,223
|
138,375
|
1.3%
|
Non-current liabilities
|
32,114
|
30,382
|
5.7%
|
Current liabilities
|
39,545
|
45,704
|
(13.5%)
|
Total liabilities
|
71,659
|
76,086
|
(5.8%)
|
Net debt
|
20,076
|
22,375
|
(10.3%)
|
Net debt/EBIDTA
|
0.59
|
0.66
|
(0.07 pp)
|
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 June 30, 2020, the assets of Rosseti Lenenergo, PJSC amounted to
RUB 211,882 mln, which is 1.2% lower than the same indicator as at
the end of 2019. The change in assets is primarily related to the
revaluation of fixed assets.
As
of June 30, 2020, ROE amounted to 6.64%. The decrease by 2 pp vs. the
2019 indicator was due to a decrease in the net profit of Rosseti
Lenenergo, PJSC for 6M2020 by 31.53%, taking into account an increase
in equity by 1.34%
As
of June 30, 2020, net debt amounted to RUB 20,076 mln, which is
10.27% lower than the indicator as at the year beginning.
As
of June 30, 2020, Net debt/EBITDA amounted to 0.59x against 0.66x as
at the end of 2019.
|
