27 May 2021 13:15
ROSSETI discloses IFRS Financial Results for the 3 months 2021
May 27, 2021 Moscow, Russia - PJSC ROSSETI (LSE: RSTI), Russia's largest electricity transmission, distribution, and connection grid company, discloses interim condensed unaudited consolidated financial results under the International Financial Reporting Standards (IFRS) for the three months ended March 31, 2021.
The statements cover PJSC ROSSETI and its subsidiaries (the "Group").
Financial results:
· Revenue: RUB 286.0 billion (3m 2020: RUB 262.5 billion)
· EBITDA: RUB 93.2 billion (3m 2020: RUB 89.3 billion)
· Net profit: RUB 40.4 billion (3m 2020: RUB 37.8 billion)
Key events:
· Andrey Ryumin was elected Director General and Chairman of the Management Board of PJSC Rosseti.
· The Analytical Credit Rating Agency (ACRA) has affirmed the credit rating of PJSC Rosseti and its bonds at AAA (RU) with a "stable" outlook.
· Electric power supply to Rosseti's consumers for the three months of 2021 increased by 5.3% compared to the same period in 2020.
· A new program for innovative development at PJSC Rosseti was adopted for the period 2020-2024 with a perspective up to 2030.
· Rosseti was included in the top ten of the top 30 eco-friendly companies in Russia according to Forbes.
Financial results for the three months ended 31 March 2021
Indicator | 3m 2021 | 3m 2020 | Change |
RUB bln | RUB bln | % | |
Revenue, including: | 286.0 | 262.5 | 9.0 |
Revenue for electricity transmission services | 251.7 | 232.7 | 8.2 |
Revenue for technological connection services | 4.2 | 3.4 | 23.5 |
Revenue for electric power supply | 24.9 | 22.2 | 12.2 |
Revenue for lease agreements | 0.7 | 0.7 | - |
Other revenue | 4.5 | 3.5 | 28.6 |
Operating expenses | (235.4) | (213.3) | 10.4 |
EBITDA | 93.2 | 89.3 | 4.4 |
Net profit | 40.4 | 37.8 | 6.9 |
Net debt | 437.2 | 457.9[1] | (4.5) |
· The increase in revenue from electricity transmission by 8.2% is associated with an increase in electricity supply due to an increase in energy consumption and recovery of economic activity in Q1, as well as tariff indexation.
· The revenue for technological connection services amounted to RUB 4.2 billion, which is 23.5% higher than in Q1 2020 and is associated with the service schedule, determined by consumer applications.
· The revenue from electric power supply amounted to RUB 24.9 billion, which is 12.2% higher than the same indicator of the previous period. The growth in this revenue segment is associated with an increase in energy consumption and taking over the function of a supplier of last resort by individual subsidiaries.
Operating expenses
Indicator | 3m 2021 | 3m 2020 | Change |
RUB bln | RUB bln | % | |
Electricity transmission services | 45.1 | 41.6 | 8.4 |
Electricity to compensate for losses | 51.8 | 44.3 | 16.9 |
Electricity for sale | 16.4 | 13.9 | 18.0 |
Depreciation | 36.5 | 34.6 | 5.5 |
Taxes and fees | 7.1 | 6.9 | 2.9 |
Other operating expenses | 78.5 | 72.0 | 9.0 |
Total operating expenses | 235.4 | 213.3 | 10.4 |
Increase in operating expenses mainly due to an increase in the cost of purchasing electricity to compensate for losses and purchasing electricity for sale.
"The convincing results in Q1 2021 are due to the effective work of the management body to ensure the financial stability of Rosseti Group, as well as an increase in energy consumption against the backdrop of growing business and social activity. The financial stability allows us not only fulfilling our obligations to ensure reliable and high-quality electricity supply to consumers, but also to continue developing new services, as well as improving the customer experience in general", said Pavel Grebtsov, Deputy Director General for Economics and Finance.
More detailed information on the consolidated financial statements for the period ended March 31, 2021 is available on the company's website https://www.rosseti.ru/eng/investors/reports/fin-inf/
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For more details:
PJSC Rosseti
Yuliya Martynova +7(495) 995 5333 (ext. 3834)
Martynova-YS@rosseti.ru
Anna Ivanko +7(495) 995 5333 (ext. 5470)
Ivanko-AA@rosseti.ru
Public Joint Stock Company Rosseti (PJSC Rosseti) is one of the world's largest power grid companies. The company operates 2.4 mln km of power transmission lines, 528 thousand substations with a transformer capacity of over 809 GVA.
The asset portfolio of PJSC Rosseti includes 33 subsidiaries and affiliates, including 16 interregional and a main grid company. The company's controlling shareholder is the state represented by the Federal Agency for State Property Management of the Russian Federation, which owns 88.04% of the share capital.
The materials included in the press release may contain forecasts or other forward-looking estimates of future events or indicators of the future financial activities of PJSC Rosseti. Terms such as "we expect", "we believe", "we estimate", "we intend", "we will", "we might", "maybe", "probably" and similar expressions indicate that what is meant herein are forecast estimates. PJSC Rosseti warns that these statements are no more than forecasts, and actual events or results may differ essentially from them. PJSC Rosseti will not correct these statements taking into account events and circumstances arising after the date of publication hereof. Factors that may lead to changes in the results contained in forecasts and forward-looking estimates of PJSC Rosseti may include, among other things, general economic conditions, competitive environment, risks of doing business in the Russian market, rapid technological and market changes in the industry, as well as numerous other risk factors affecting PJSC Rosseti and its activities.
[1] As at 31.12.2020