27 May 2021 13:15
Rosseti FGC (FGC UES, PJSC) discloses IFRS financial results
for 3 months of 2021
Moscow, May 27, 2021 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "Company"; Moscow Exchange and LSE: FEES), part of PJSC ROSSETI Group, and the operator of the Unified National Electricity Grid ("UNEG") of Russia, announces its condensed unaudited consolidated interim financial results for the three months ended March 31, 2021 under the International Financial Reporting Standards (IFRS).
The statements cover Federal Grid Company and its subsidiaries (the "Group").
Financial results:
· Revenue: RUB 62.0 billion (3M2020: RUB 58.7 billion)
· Adjusted EBITDA[1]: RUB 36.5 billion (3M2020: RUB 36.6 billion)
· Net profit: RUB 19.6 billion (3M2020: RUB 19.7 billion)
Operational performance highlights[2]:
· Electricity supply from UNEG to consumers: 146.5 billion kWh (3M 2020:139.5 billion kWh)
· Total transformer capacity: 352 GVA (3M2020: 351.9 GVA)
· Transmission grid length[3]: 149.1 thousand km (3M2020: 148 thousand km).
· Number of substations (UNEG): 889 (3M2020: 883)
Key events
· Andrey Ryumin was appointed as Director General and Chairman of the Management Board of PJSC ROSSETI acting as the sole executive body of FGC UES, PJSC.
· Electricity supply to ROSSETI FGC UES's consumers for 3M2021 grew by 5% year-on-year.
· Power supply was provided to two Power of Siberia's compressor stations in Yakutia and the Amur Region.
· Kochubeevskaya, Russia's largest wind farm, and Medveditsa, a new solar farm, reached the designed power output.
· Draft adjustments to FGC UES, PJSC 2020-2024 Investment Program were submitted for public discussions.
Financial results for the three months ended 31 March 2021
Item | 3М2021 | 3М2020 | Change |
bn rubles | bn rubles | % | |
Revenue, including: | 62.0 | 58.7 | 5.6 |
Power transmission | 59.6 | 56.1 | 6.2 |
Construction services | 0.6 | 1.0 | (40.0) |
Sale of electricity | 0.5 | 0.5 | - |
Technological connection | 0.5 | 0.3 | 66.7 |
Other revenue | 0.8 | 0.8 | - |
Operating expenses | (39.2) | (36.3) | 8.0 |
EBITDA adj. | 36.5 | 36.6 | (0.3) |
Net profit | 19.6 | 19.7 | (0.5) |
Net debt | 192.8 | 196.9[4] | (2.1) |
Operating expenses
Item | 3М2021 | 3М2020 | Change |
bn rubles | bn rubles | % | |
Electricity purchased for losses compensation | 11.8 | 10.1 | 16.8 |
Depreciation | 11,1 | 10.1 | 9.9 |
Taxes and fees | 3.7 | 3.5 | 5.7 |
Transit of electricity | 0.3 | 0.4 | (25.0) |
Other operating expenses | 12.3 | 12.2 | 0.8 |
Total operating expenses | 39.2 | 36.3 | 8.0 |
Key factors affecting the financial performance:
- capacity transmission tariffs indexation starting from July 1, 2020
- increase of operating expenses due to commissioning of new capacities (increase of depreciation by RUB 1 billion) and higher weighted average price for the electricity purchased for production needs (increase of expenses by RUB 1.7 billion).
Federal Grid Company's condensed unaudited consolidated interim IFRS financial statements for the three months ended March 31, 2021 are available on the Company's corporate website at https://www.fsk-ees.ru/eng/investors/financial_disclosure/ifrs_financial_reports/
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For more information
FGC UES, PJSC
Yulia Martynova +7(495) 995 5333 (ext. 3834)
Martynova-YS@fsk-ees.ru
Anna Ivanko +7(495) 995 5333 (ext. 5470)
Ivanko-AA@fsk-ees.ru
[1] Adjusted EBITDA is calculated as EBITDA (earnings for the period before income tax, financial expenses and depreciation) less revenue from connection services, expenses on allowance for expected credit losses and changes in provisions.
[2] FGC UES, PJSC.
[3] Including rented overhead transmission lines and substations
[4] As is 31.12.2020