Key Results in the
Reporting Period
RUB mn, unless otherwise stated
Description
|
9M
2024
|
9M
2023
|
Change
|
Financial Results
|
|
|
|
Revenue
|
88,349
|
77,775
|
13.6%
|
electricity distribution
|
77,822
|
71,086
|
9.5%
|
grid connection
|
8,718
|
5,549
|
57.1%
|
other
|
1,809
|
1,140
|
58.7%
|
Cost
|
59,470
|
53,410
|
11.3%
|
Gross profit
|
28,878
|
24,365
|
18.5%
|
Net profit
|
25,974
|
19,057
|
36.3%
|
EBITDA
|
47,946
|
37,958
|
26.3%
|
Operating Results
|
|
|
|
Installed capacity,
MVA
|
36,825
|
35,717
|
3.1%
|
Connected capacity,
MW
|
849
|
804
|
5.6%
|
Net supply, mn kWh
|
24,654
|
23,371
|
5.5%
|
Power losses in the
Rosseti Lenenergo grids,
mn kWh
|
2,952
|
2,720
|
8.6%
|
EBITDA is shown less net
provision for impairment of financial investments in deposits. EBITDA
= Profit before tax + Depreciation of fixed, intangible, and
right-of-use assets + Interest payable + Net accrual/(reversal) of
impairment loss on fixed assets and right-of-use assets - Net
provision for impairment of financial investments in deposits.
Installed capacity does
not include third-party equipment accepted for operational
maintenance under service contracts.
Connected capacity is
shown net of connected power generation facilities.
Net supply is the amount
of electricity distribution services provided.
“The trends of the first half of the year
remained the same according to the Company’s performance for 9
months of 2024. The growth of revenue from core operations, with the
cost remaining within the target level, and money market factors were
the major contributors to the improvement of financial results.”
- Aleksandr Gridin
Deputy CEO
for Economics and
Finance, Rosseti Lenenergo
Notes to
Operating Results
An increase in net
supply for 9M 2024 versus 9M 2023 by 1,283 mn kWh (+5.5%) was mainly
due to the influence of weather factors and an increase in power
consumption by industrial enterprises.
In 9M 2024, power
losses increased by 232 mn kWh (+8.6%) YOY due to the growth of load
losses.
Notes to Financial
Results
Revenue of Rosseti
Lenenergo, PJSC for 9M 2024 amounted to RUB 88,349 mn, up by RUB
10,574 mn (+13.6%) YOY, including:
Electricity
distribution revenue amounted to RUB 77,822 mn, up by RUB 6,736 mn
(+9.5%) YOY, due to the growth in power consumption.
Grid connection
revenue totaled RUB 8,718 mn, up by RUB 3,169 mn YOY, as a result of
fulfillment of obligations for grid connection of applicants with
connected capacity over 670 kW, in accordance with contract terms.
Other revenue for
9M 2024 amounted to RUB 1, 809 mn, up by RUB 669 mn YOY, driven by
an increase in the volume of additional non-tariff-based work and
services, including fulfillment of obligations under the contract
with RusChemAlliance, LLC.
Cost of work performed
and services provided for the reporting period amounted to RUB 59,470
mn, up by RUB 6,060 mn (+11.3%) YOY. Cost growth was mainly due to an
increase in depreciation, growth of expenses for purchased
electricity to compensate for losses, for services of allied grid
companies, for electricity distribution services of Rosseti, PJSC.
Net profit of Rosseti
Lenenergo, PJSC for the reporting period totaled RUB 25,974 mn.
The positive change in net profit was primarily driven by higher
growth rate of revenue against the growth rate of cost, recovery of
previously created provisions as a result of settlement of disputes
with counterparties, including through court proceedings.
EBITDA for 9M 2024
amounted to RUB 47,946 mn, up by 26.3% YOY.
Key
Balance Sheet Items
RUB mn, unless otherwise stated
Description
|
September 30, 2024
|
December 31, 2023
|
Change
|
Assets
|
|
|
|
Non-current assets
|
263,734
|
252,787
|
4.3%
|
Current assets
|
36,325
|
35,909
|
1.2%
|
Total assets
|
300,059
|
288,696
|
3.9%
|
Net assets
|
207,960
|
187,633
|
10.8%
|
Return on equity (ROE), %
|
13.4
|
11.1
|
2.3 p.p.
|
Equity and Liabilities
|
|
|
|
Capital and reserves
|
206,771
|
186,453
|
10.9%
|
Non-current liabilities
|
53,739
|
45,426
|
18.3%
|
Current liabilities
|
39,549
|
56,817
|
-30.4%
|
Total liabilities
|
93,288
|
102,243
|
-8.8%
|
Net debt
|
-
|
2.565
|
-
|
Net debt/EBITDA for 4 quarters
|
-
|
0.04
|
-
|
ROE is calculated as:
(Net profit / Equity) * 100
At September 30, 2024,
assets of Rosseti Lenenergo, PJSC amounted to RUB 300,059 mn, up 3.9%
YTD, mainly due to the implementation of the approved investment
program.
At September 30, 2024,
the Company’s net assets totaled RUB 207,960 mn. Due to the growth
of net profit, net assets grew by 10.8% versus December 31, 2023.
Return on equity (ROE)
of Rosseti Lenenergo was 13.4%, with an increase by 2.3 p.p. versus
December 31, 2023 due to higher growth rate of the Company’s net
profit against growth rate of equity.
Investment Program
Description
|
9M 2024
|
9M 2023
|
Change
|
Capital investment, RUB mn net of VAT
|
25,697
|
22,618
|
13.6%
|
Funding, RUB mn including VAT
|
32,159
|
28,719
|
12.0%
|
Commissioned fixed assets, RUB mn net of VAT
|
22,815
|
18,598
|
22.7%
|
Commissioned capacity, MVA
|
829
|
561
|
47.8%
|
Commissioned capacity, km
|
1,704
|
1,542
|
10.5%
|
Actual figures for 9M
2024 are based on operational data.
Capital investment for
the reporting period totaled RUB 25,697 mn, increasing by 13.6% YOY.
Funding amounted to
RUB 32,159 mn, up by 12% YOY.
Commissioned assets
(in monetary terms) amounted to RUB 22,815 mn, which is 22.7% higher
YOY.
The deviation from the
figures for 9M 2023 was due to the implementation of measures under
grid connection contracts, including with subsidized applicants, and
measures to improve the reliability of electricity supply to
consumers.
|
