Rosseti Lenenergo (Registered Name: PJSC Lenenergo) Publishes Its RAS
Financial Statements for 2019
Key
Results in the Reporting Period
millions
of Russian rubles unless otherwise stated
Indicator
|
2019
|
2018
|
Change
|
Financial
Results
|
|
|
|
Revenue
|
82,371
|
76,450
|
7.7%
|
electricity
distribution
|
75,696
|
68,807
|
10.0%
|
network
connection
|
6,242
|
7,066
|
-11.7%
|
other
|
433
|
577
|
-25.0%
|
Cost
of sales
|
58,279
|
57,252
|
1.8%
|
Gross
profit
|
24,092
|
19,198
|
25.5%
|
Net
profit
|
12,705
|
10,386
|
22.3%
|
EBITDA
|
30,546
|
26,328
|
16.0%
|
EBITDA
margin
|
37.08
|
34.44
|
2.64
pp
|
Operating
Results
|
Installed
capacity, MVA
|
33,381
|
32,216
|
3.6%
|
Connected
capacity, MW
|
893.4
|
1,032.5
|
-15.5%
|
Net
supply, mn kWh
|
30,625
|
30,560
|
0.2%
|
Lenenergo
electricity network losses, mn kWh
|
3,967
|
4,162
|
-4.7%
|
Notes:
EBITDA
is net of the reserve balance for impairment of financial
investments.
EBITDA: Earnings Before Interest, Tax,
Depreciation and Amortization, less Reserve Balance for Impairment of
Financial Investments.
gThe
Company made a profit of 12.7 billion rubles in 2019, which is a
1.2-fold increase on our year-ago profit. This is primarily due to a
rise in revenue from electricity distribution. The high operating
results allowed us to continue our efforts to reduce the debt burden
and improve the equity ratio.h
-
Aleksey Polinov
Deputy CEO, Economic Affairs and Finance
Lenenergo
Notes
to the Operating Results
Net
electricity supply increased by 0.2% in 2019 on 2018, largely due to:
¡
Higher
household consumption, with industrial consumption remaining the same
as in 2018.
The
decrease of 0.52 percentage points in electricity losses is due to
carrying out the electricity loss reduction program, which includes
measures to modernize the electricity metering system and detect
unbilled and noncontractual electricity consumption.
Notes
to the Financial Results
PJSC
Lenenergo (gRosseti Lenenergoh) posted revenue of 82,371
million rubles in 2019, including:
75,696
million rubles of electricity distribution revenue in 2019, or
an increase of 10.0% (6,889 million rubles) on 2018, due to a rise in
electricity consumption and higher tariffs resulting from regional
regulators providing compensation for accumulated lost income and
lost tariff-based revenue (gsmoothing mechanismh).
6,242
million rubles of network connection revenue in 2019, or 11.7%
(824 million rubles) lower than in the prior year, due to the
fulfillment of obligations to large requesting entities in 2018,
including providing an electricity connection for the Lakhta Center
multifunctional complex.
433
million rubles of other revenue in 2019, or 25.0% (144 million
rubles) lower than in 2018, mainly because of decreased grid
equipment maintenance services resulting from the transfer of Saint
Petersburg Power Gridfs street lighting facilities to Lensvet under
an equipment swap contract.
Rosseti
Lenenergofs cost of sales totaled 58,279 million rubles in
the reporting period, or 1.8% (1,027 million rubles) up on 2018,
largely due to increases in depreciation and amortization, expenses
associated with FGC UES services, and electricity purchased for
compensation for electricity losses alongside lower prices of
electricity distribution services provided by outside territorial
grid organizations.
Rosseti
Lenenergo earned a net profit of 12,705 million rubles in the
reporting period, or 22.3% up on the prior year, because of a rise in
revenue from electricity distribution services.
Rosseti
Lenenergo posted EBITDA of 30,546 million rubles in the
reporting period, which is a 16.0% increase on the year-earlier
period, primarily due to a rise in revenue from electricity
distribution services.
Principal
Balance Sheet Figures
millions
of Russian rubles unless otherwise stated
Indicator
|
2019
|
2018
|
Change
|
Assets
|
|
|
|
Non-current
assets
|
211,611
|
198,386
|
6.7%
|
Current
assets
|
15,185
|
16,334
|
-7.0%
|
Total
assets
|
226,796
|
214,720
|
5.6%
|
Net
assets
|
151,068
|
139,702
|
8.1%
|
ROE
|
8.41
|
7.43
|
0.98
pp
|
Equity
and Liabilities
|
|
|
|
Equity
and reserves
|
151,068
|
139,702
|
8.1%
|
Non-current
liabilities
|
29,890
|
42,038
|
-28.9%
|
Current
liabilities
|
45,838
|
32,980
|
39.0%
|
Total
liabilities
|
75,728
|
75,018
|
0.9%
|
Net
debt
|
20,924
|
29,016
|
-27.9%
|
Net
debt/EBITDA for 4 quarters
|
0.69
|
1.10
|
-
|
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 4 quarters] / Equity) * 100
Rosseti
Lenenergofs assets totaled 226,796 million rubles as at December
31, 2019, or 5.6% higher than at year end 2018. Assets changed due to
the Company implementing the capex program and receiving a positive
financial result in the reporting period. Net assets grew by 11,366
million rubles (8.1%) in 2019.
Rosseti
Lenenergo posted ROE of 8.41%, or 0.98 percentage points higher than
in 2018. ROE improved because of a rise in the Companyfs net
profit.
Rosseti
Lenenergofs loan portfolio, composed of short-term and
long-term loans and borrowings, totaled 28,214 million rubles as at
the end of the reporting period.
Rosseti
Lenenergofs net debt/EBITDA was 0.69x as at December 31,
2019, as against 1.10x at year end 2018.
Investment
millions
of Russian rubles unless otherwise stated
Indicator
|
2019
|
2018
|
Change
|
Capital
investment, mn RUB,
exclusive
of VAT
|
26,135
|
20,722
|
26%
|
Commissioned
fixed assets, mn RUB
|
23,997
|
23,265
|
3%
|
Commissioned
capacity, MVA
|
1,078
|
1,031
|
5%
|
Commissioned
capacity, km
|
2,294
|
1,900
|
21%
|
Notes:
The
2019 actual figures are based on available information.
Capital
investment totaled 26,135 million rubles in the reporting period,
or 26% higher than a year earlier (20,722 million rubles). The value
of commissioned fixed assets reached 23,997 million rubles, or 3%
higher than in 2018 (23,265 million rubles).
Capital
investment in 2019 increased on 2018 due to a larger scope of work on
technical upgrading and rehabilitation.
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