29 Oct 2021 13:39
Federal Grid Company announces 9M 2021 RAS financial results
Moscow, 29 October, 2021 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company"; Moscow Exchange, LSE: FEES) owner and operator of the Unified National Electric Grid announces its financial results for 9M 2021 under the Russian Accounting Standards (RAS).
These statements do not include the accounting figures of Federal Grid Company's subsidiaries or affiliated companies that operate as independent legal entities.
Key financial results
Item, mln RUB | 9M 2020 | 9M 2021 | Change, % |
Revenue, including: | 171,471 | 180,935 | 5.5 |
Electricity transmission services | 165,725 | 178,114 | 7.5 |
Services for technological connection | 4,006 | 1,216 | (69.6) |
Cost of sales and administrative expenses | 133,256 | 140,492 | 5.4 |
Sales profit | 38,215 | 40,443 | 5.8 |
Adjusted EBITDA[1] | 100,790 | 103,861 | 3.0 |
Net profit | 39,580 | 27,205 | (31.3) |
Adjusted net profit[2] | 29,957 | 32,344 | 8.0 |
The performance indicators of Federal Grid Company for 6M 2021 reflect the management's efforts aimed at ensuring financial stability and enhancing the Company's performance.
The Company's revenue for 9M 2021 is up YoY by RUB 9,464 million or by 5.5%. Regarding the main activities:
- revenue from electricity transmission services is up by RUB 12,389 million or by 7.5%%, driven by:
· increase in the revenue from power transmission by RUB 7,385 million (by 5.4%) due to increase in tariff from July 01, 2020, and since July 01, 2021, subject to gradually moving on to settlements based on actual power consumption;
· increase in the revenue from compensation of electricity losses by RUB 5,005 million (by 18%) as the release of energy from the grid was up owing to positive trends in recovering level of electricity consumption.
- revenue from services for technological connection is recognized to be RUB 2,790 million (69.6%) lower than that for 9M 2020, according to the service provision schedule as determined by consumer requests.
The net profit generated by Federal Grid Company for 9M 2021 is RUB 27,205 rubles, which is 31.3% less YoY. Net profit adjusted for the financial result associated with changes in the value of listed financial assets and for revenue from services for technological connection increased by RUB 2,387 million, or by 8%.
Item, mln RUB | 9M 2020 | 9M 2021 | Change, % |
Net profit | 39,580 | 27,205 | (31.3) |
Revaluation of MOEX-listed financial assets | 5,617 | (6,355) | (2,1х) |
Revenue from services for technological connection | 4,006 | 1,216 | (69.6) |
Adjusted net profit2 | 29,957 | 32,344 | (8.0) |
Adjusted EBITDA for 9M 2021 was RUB 103,861 million, which is RUB 3,071 million (3%) higher than the last year's actual.
Balance Sheet as of September 30, 2021
As at the end of the reporting period, the total assets of Federal Grid Company amounted to RUB 1,575,371 million, which was RUB 7,422 million (or 0.5%) more than at the beginning of the year. Of these, the value of noncurrent assets stood at RUB 1,390,097 million, and that of current assets totaled to RUB 185,274 million.
During the reporting period, the equity of the Company increased by RUB 6,640 million (or 0.6%) due to the net profit generated in the reporting period (RUB 27,205) and the 2020 profit allocated to dividend payments of RUB 20,564 million pursuant to the resolution of the General Meeting of Shareholders of Federal Grid Company (Minutes No. 25 dated June 29, 2021).
The loan debt of Federal Grid Company with consideration of debt on interests accrued over the reporting period decreased by RUB 117 million (0.1%) and amounted to RUB 229,042 million.
The accounting statements for 9M 2021 under RAS are available at website of Federal Grid Company in the Financial Information / Statements Under RAS Section at the following link: https://www.fsk-ees.ru/eng/investors/financial_disclosure/ras_financial_reports/
[1] excluding accrual and reversal of allowance for doubtful debts, financial result related to revaluation of quoted financial assets, and revenue from process connection services
[2] unadjusted for the financial result associated with changes in the value of listed financial assets and for revenue from network connection services