According to the prepared statements in accordance with Russian
Accounting Standards for 9 months of 2019, Rosseti Centre’s revenue
was 68,6 bln RUB, including from electric energy transmission –
66,3 bln RUB, from grid connections – 0,9 bln RUB, from resale of
electric energy and power – 0,4 bln RUB and other revenue – 1,0
bln RUB. Sales profit was 4,8 bln RUB. Earnings before interest,
taxes, depreciation and amortization (EBITDA2) reached
12,7 bln RUB, EBITDA margin increased against the same period last
year and was 18,5%. Net profit reached the level of 0,9 bln RUB.
Data in billion RUB, unless specified otherwise
Indicators
|
9M 2019
|
9M 2018
|
Change
|
Revenue (total), including:
|
68,6
|
68,4
|
0,3%
|
Revenue from electric energy transmission
|
66,3
|
65,7
|
0,9%
|
Revenue from grid connection
|
0,9
|
1,2
|
-25,0%
|
Revenue from resale of electric energy and power
|
0,4
|
0,4
|
0,0%
|
Other revenue
|
1,0
|
1,1
|
-9,1%
|
Cost of sales
|
62,3
|
60,6
|
2,8%
|
Sales profit1
|
4,8
|
6,3
|
-23,8%
|
Sales profit margin
|
7,0%
|
9,2%
|
-2,2 p.p.
|
EBITDA2
|
12,7
|
12,5
|
1,6%
|
EBITDA margin
|
18,5%
|
18,3%
|
0,2 p.p.
|
Net profit
|
0,9
|
1,0
|
-10,0%
|
Net profit margin
|
1,3%
|
1,5%
|
-0,2 p.p.
|
Amount of electric energy transmitted*, billion kWh
|
34,1
|
34,6
|
-1,4%
|
Electric energy losses*, %
|
9,89%
|
9,84%
|
0,05 p.p.
|
Electric energy losses, % (in comparable conditions**)
|
9,89%
|
10,06%
|
-0,17 p.p.
|
Indicators
|
As at 30.09.2019
|
As at 31.12.2018
|
Change
|
Total assets
|
121,2
|
122,5
|
-1,1%
|
Net assets
|
58,4
|
58,5
|
-0,2%
|
Loans and credits
|
41,4
|
40,4
|
2,5%
|
Cash and cash equivalents + Financial investments (short-term)
|
0,5
|
0,8
|
-37,5%
|
Net debt3
|
40,9
|
39,6
|
3,3%
|
[1] Revenue net of cost
of sales, selling and administrative expenses
[2] EBITDA is calculated
as follows: net profit + profit tax and other similar mandatory
payments + interest payable + depreciation charges
[3] Net debt is
calculated as follows: long-term debt + short-term debt – cash and
cash equivalents – short-term financial investments
* Taking into account the volume of services
for the transmission of electricity in the territory of execution of
the functions of the electricity supplier of last resort in the
service area of JSC “Transservicenergo” in the Tver region
** In the context of the composition of
electric grid assets in 2018 (integration of grids of the city of
Nelidovo from 01.04.2018)
The revenue from electricity transmission services
for 9 months of 2019 increased relative to the same period in 2018,
which was made possible thanks to the indexation of tariffs for
electricity transmission services with a decrease in the volume of
services. The decrease in revenue from grid connection is associated
with a decrease in the volume of services rendered relative to the
same period of the previous year. The decrease in other revenue was
caused by the postponement of deadlines for a number of services to
4Q 2019.
As a result of the Company’s operations, EBITDA
increased by 1,6%. The decrease in sales profit and net profit was
due to a 1,4% reduction in the power consumption.
Following the results of 9 months of 2019, the
volume of electricity transmission services amounted to 34,1 billion
kWh, which is 1,4% lower than the same period last year. This is due
both to a partial transfer of the load of consumers to FGC UES’s
grids and its own generation, and to a decrease in the volume of
electricity consumed by the industrial and fuel and energy complex.
The level of electricity losses in comparable conditions decreased by
0,17 p.p. and amounted to 9,89%. This result was achieved through
technical and organizational measures, as well as activities to
improve the metering of electric energy.
The Company’s total assets as at 30 September
2019 decreased by 1,1% and amounted to 121,2 bln RUB, which is thanks
to a decrease in short-term liabilities due to loan repayments. The
Company’s net assets slightly decreased and reached 58,4 bln RUB.
The net debt3 was 40,9 bln RUB (as at 31 December 2018 –
39,6 bln RUB).
The Company’s statements for 9 months of 2019
can be found on
the website.
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