RNS Number : 0223K
PJSC Rosseti
27 August 2021
 

 

 

PJSC ROSSETI discloses IFRS Financial Results for the 6 months 2021

27 August 2021, Moscow, Russia - PJSC ROSSETI (LSE: RSTI) ("Company"), Russia's largest electricity transmission, distribution, and connection grid company, discloses interim condensed unaudited consolidated financial results under IFRS for the six months ended 30 June 2021.

Financial results:

 

·    Revenue: RUB 537.5 bln (6m 2020: RUB 482.3 bln)

·    EBITDA[1]: RUB 176.9 bln (6m 2020: RUB 146.9 bln)

·    Net profit: RUB 71.3 bln (6m 2020: RUB 50.6 bln)

 

Operating results:

 

·    Electricity transmission: 391.7 bln kWh (6m2020: 366.7 billion kWh)

·    Number of substations: 528.2 thousand units (6m2020: 517.0 thousand units)

·    Transformer capacity: 809.0 GVA (6m2020: 802.0 GVA)

·    Length of transmission lines: 2.4 million km (6m2020: 2.37 million km)

 

 

Key events in the reporting period:

 

·    Andrey Ryumin was elected as Director General and Chairman of the Management Board of PJSC ROSSETI.

·    The annual General Meeting of PJSC Rosseti Shareholders was held.

·    More than 20 agreements have been concluded within the framework of SPIEF.

·    Electricity power supply to the ROSSETI Group's customers in 6M 2021 increased by 6.8% compared to the same period in 2020.

·    The Russian Government approved Long-term development programme of PJSC ROSSETI and its subsidiaries up to 2030.

·    The new Innovative Development Programme of PJSC ROSSETI was approved.

·    The Analytical Credit Rating Agency (ACRA) has confirmed the credit rating of PJSC ROSSETI and its bonds at AAA (RU) with a "stable" outlook.

·    Rosseti Group was included in the Forbes Top 10 ranking "30 most eco-friendly companies in Russia".

·    PJSC ROSSETI entered the Top 10 in the rating of loyalty of the largest customers to small and medium-sized businesses.

 

Events after the reporting date:

·    ACRA has assigned an ESG rating of ESG-3 to the Rosseti Group, confirming "a very high level of compliance with best practices".

·    Standard and Poor's has raised its assessment of PJSC ROSSETI creditworthiness by one notch (from "bb" to "bb+").

 

 

 

 

 

 

Financial results:

 

Financial indicator, RUB billion

6m2021

6m2020

Change,

%

Revenue

537.5

482.3

 11.4

Operating expenses

447.3

411.7

8.6

EBITDA

176.9

146.9

20.4

Net profit

71.3

50.6

40.9

Net debt

412.7

457.9[2]

(9.9)

Rosseti Group's revenue for 6M2021 increased by RUB 55.2 bln (+11.4% YoY) and was driven by:

·    Increase in revenue from electricity transmission services due to tariff indexation, increase in electricity consumption and gradual recovery of economic activity of consumers in the regions where the Group operates.

·    Increased revenue from services of technological connection is associated with the service schedule determined by customers' applications.

·    Increased revenue from electricity sales due to increased energy consumption.

·    Growth in other revenue mainly from construction services.

 

Operating expenses

 

Financial indicator, RUB billion

6M2021

6M2020

Change,

%

Electricity transmission services

84.4

78.2

7.9

Purchased electricity for own needs

81.1

71.0

14.2

Electricity for sale

28.3

24.4

16.0

Amortization

73.2

68.7

6.6

Taxes and levies

14.1

13.6

3.7

Other operating expenses

166.2

155.8

6.7

Total operating expenses

447.3

411.7

8.6

 

The increase in the operating expenses is mainly due to higher expenses for purchased electricity for own needs and for purchased electricity for sale.

"Rosseti Group demonstrates positive dynamics of its key financial indicators for the second quarter in a row. This is facilitated by the measures taken by the Company to improve efficiency as well as the general recovery of business and social activity in the country. Stable financial indicators allow forming a solid foundation for fulfilling obligations to connect consumers, build and modernize grid facilities," said Andrey Ryumin, Director General of PJSC ROSSETI.

Rosseti's condensed unaudited consolidated interim IFRS financial statements for the six months ended June 30, 2021 are available on the Company's website at: https://www.rosseti.ru/eng/investors/reports/fin-inf/ 

*  *  *

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 largest electric grid companies in the world. The company manages 2.4 million kilometers of power 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 one transmission company. The controlling shareholder with an 88.04% stake in the Company is the government, represented by the Federal Agency for State Property Management of the Russian Federation.

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] EBITDA, calculated as earnings before interest, taxation, depreciation and amortisation.

[2] As of 31.12.2020

 

 

 

 

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