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Rosseti Centre

February 26, 2020

Rosseti Centre published its financial statements for 2019 under RAS, revenue grew up to 94,5 bln RUB

According to the prepared in accordance with the Russian Accounting Standards statements for 2019, Rosseti Centre’s revenue was 94,5 bln RUB, including from electric energy transmission – 90,9 bln RUB, from grid connections – 1,5 bln RUB, from resale of electric energy and power – 0,5 bln RUB and other revenue – 1,6 bln RUB. Sales profit was 7,6 bln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) were 16,0 bln RUB, the EBITDA margin slightly decreased relative to the same period last year and reached the level of 17,0%. Net profit amounted to 0,2 bln RUB.

Data in billion RUB, unless specified otherwise

Indicators

12M 2019

12M 2018

Change

Revenue (total), including:

94,5

93,9

0,6%

Revenue from electric energy transmission

90,9

90,0

1,0%

Revenue from grid connection

1,5

1,9

-21,1%

Revenue from resale of electric energy and power

0,5

0,5

0,0%

Other revenue

1,6

1,5

6,7%

Cost of sales

84,5

83,9

0,7%

Sales profit1

7,6

7,7

-1,3%

Sales profit margin

8,0%

8,2%

 - 0,2 p.p.

EBITDA2

16,0

16,6

-3,6%

EBITDA margin

16,9%

17,7%

 - 0,8 p.p.

Net profit

0,2

1,4

-85,7%

Net profit margin

0,2%

1,5%

  -1,3 p.p.

Amount of electric energy transmitted*, billion kWh

46,4

47,0

-1,3%

Electric energy losses*, %

10,23%

10,60%

  - 0,37 p.p.

Indicators

As at 31.12.2019

As at 31.12.2018

Change

Total assets

124,3

122,5

1,5%

Net assets

56,9

58,5

-2,7%

Loans and credits

43,2

40,4

6,9%

Cash and cash equivalents + Financial investments (short-term)

1,0

0,8

25,0%

Net debt3

42,2

39,6

6,6%

[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

According to the results of 12 months of 2019, the volume of electricity transmission services amounted 46,4 billion kWh, which is 1,3% lower than the same period last year. This is due to a several reasons: partial transfer of the load of consumers to grids of FGC UES and their own generation, a decrease in the volume of electricity consumption by large customers in the service area of the Company, as well as higher average daily temperatures.

According to the results of 12 months of 2019, revenue for electricity transmission services increased by 1% compared to the same period in 2018, which was the result of the multidirectional influence of the following factors: an increase in the average tariff for electricity transmission services and the above-mentioned decrease in the volume of electricity transmission services by 1,3%. The decrease in revenue from grid connection is associated with a reduction in the volume of services rendered relative to the same period of the previous year, while the actual value exceeded the planned figure by 23%. The increase in other revenue by 6,7% is due to an increase in the volume of non-regulated services provided, including thanks to the provision of new value-added services to the Company’s customers.

Implementation of measures to increase operational efficiency allowed to ensure the changes of the cost of services (0,7%) below the actual inflation levels. At the same time, special attention was paid to measures to reduce electricity losses (the decrease from 10,60% to 10,23% of the supply to the grid) and the increase in productivity of maintenance of electric grids by the Company’s employees, which increased from 82,1 to 87,1 conventional units per person over the reporting year (+6,1%).

As a result, the sales profit amounted to 7,6 bln RUB, having decreased only by 84,3 mln RUB to the level of 2018. A more significant decrease occurred in the EBITDA by 3,6% and the net profit by 1,2 bln RUB. The deterioration in the financial results is associated with the formation of reserves for litigation with sales companies. At the same time, it should be noted that previously the Company had already allocated 847,1 mln RUB for the payment of dividends for 9 months of 2019.

The Company’s total assets as at 31 December 2019 increased by 1,5% and amounted to 124,3 bln RUB, which is mainly due to an increase in the amount of long-term financial investments due to the completion of projects for the consolidation of electric grid assets. The Company’s net assets decreased by 2,7% and amounted to 56,9 bln RUB. The net debt3 amounted to 42,2 bln RUB (as at 31 December 2018 – 39,6 bln RUB).

The Company’s statements for 12 months of 2019 can be found on the website.





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