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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 audited consolidated financial results for the year ended 31 December 2020 under the International Financial Reporting Standards (IFRS).

The financial results relate to Federal Grid Company and its subsidiaries (the “Group of Companies” or “Group”).


Financial results:

  • Revenue: RUB 237.3 billion (2019: RUB 249.6 billion)

  • EBITDA adj.1: RUB 133 billion (2019: RUB 136.2 billion)

  • Net profit: RUB 59.4 billion (2019: RUB 86.6 billion)

  • Net profit adj.2: RUB 69.4 billion (2019: RUB 82.2 billion)


Operational performance highlights3:

  • Electricity supply from UNEG consumers: 535.7 billion kWh (2019: 558.7 billion kWh)

  • Total transformer capacity4: 352 GVA (2019: 353 GVA)

  • Transmission grid length4: 149 thousand km (2019: 148 thousand km).

  • Number of substations (UNEG)4: 8895 units (2019: 951 units)


Key events:

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.75%, term to offer - 10 years;

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.5%, term to offer - 5 years;

  • The annual general meeting of PJSC FGS UES's shareholders resolved to delegate the powers vested in company's sole executive body to the Managing Company of PJSC ROSSETI.

  • The credit ratings of Rosseti FGC UES on the international scale from S&P, Moody’s and Fitch rating agencies have been retained at the sovereign level; the national rating agency ACRA has confirmed the rating at the maximum level of AAA (RU);

  •  In October 2020 Rosseti successfully closed the order book for exchange bonds “Rosseti FGC UES” with a coupon rate of 6.60% in the amount of RUB 10 billion;

  • The Energy Management System audit performed by the experts of DQS Holding, one of the world's major certification bodies, was successfully completed;

  • The adjusted investment program of Rosseti FGC UES has been adopted for 2020-2024.


Financial results:

Financial indicator, RUB billion

2020

2019

Change %

Revenue, including:

237.3

249.6

(4.9)

Revenue for transmission fee

221.8

222.4

(0.3)

Revenue for connection services

5.7

17.2

(66.9)

Operating expenses

160.1

155.3

3.1

EBITDA adj.

133.0

136.2

(2.3)

Net profit

59.4

86.6

(31.4)

Net profit adj.

69.4

82.2

(15.6)

Net debt

196.9

176.8

11.5

Net cash flow from operating activities

120.9

136.2

(11.2)

 

The performance for 2020 showed that the Group was in a good financial standing.

 

The main factors which affected the dynamics of the financial indicators:

  • decrease in revenue from services of technological connection to grid is associated with the service schedule determined by consumers' applications;

  • reduction in irregular revenues in the form of penalties entered into the books under execution writs;

  • increase in operating expenses, mainly due to the increase in depreciation charges as a result of the introduction of new capacities and the implementation of measures taken to prevent the spread of COVID-19;

  • recognition of losses from impairment of fixed assets due to the presence of impairments indicators.

 

The total assets of Federal Grid Company increased by RUB 49.9 billion (+3.9%) compared to the beginning of the year and amounted to RUB 1 340.2 billion at the end of the reporting period. Non-current assets stood at RUB 1 225.7 billion, while current assets equaled RUB 114.4 billion.

Federal Grid Company’s audited consolidated IFRS financial statements for the year ended December 31, 2020 are available on the Company's corporate website at

http://www.fsk-ees.ru/shareholders_and_investors/financial_information/reporting_under_ifrs/


[1] Adjusted EBITDA is calculated as EBITDA (profit for the period before income tax, financial income and expenses, depreciation and amortization), excluding net impairment of fixed assets, revenue from connection services, cost of loan loss provisioning, gain on disposal of assets with DVEUK JSC (only for 2019), loss from withdrawal of an affiliate (only for 2019), changes in the legal claims provision and with account of the financial income.

[2] Excluding gain on assets disposal (assets exchange with DVEUK JSC in 2019), loss from withdrawal of an affiliate (only for 2019) and losses from impairment of fixed assets, including the relevant deferred income tax amounts.

[3] FGC UES, PJSC.

[4] Including rented OHTL and substations.

[5] The deviation is due to the termination of the property lease agreement with DVEUK UNPG JSC.

[~DETAIL_TEXT] =>

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 audited consolidated financial results for the year ended 31 December 2020 under the International Financial Reporting Standards (IFRS).

The financial results relate to Federal Grid Company and its subsidiaries (the “Group of Companies” or “Group”).


Financial results:

  • Revenue: RUB 237.3 billion (2019: RUB 249.6 billion)

  • EBITDA adj.1: RUB 133 billion (2019: RUB 136.2 billion)

  • Net profit: RUB 59.4 billion (2019: RUB 86.6 billion)

  • Net profit adj.2: RUB 69.4 billion (2019: RUB 82.2 billion)


Operational performance highlights3:

  • Electricity supply from UNEG consumers: 535.7 billion kWh (2019: 558.7 billion kWh)

  • Total transformer capacity4: 352 GVA (2019: 353 GVA)

  • Transmission grid length4: 149 thousand km (2019: 148 thousand km).

  • Number of substations (UNEG)4: 8895 units (2019: 951 units)


Key events:

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.75%, term to offer - 10 years;

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.5%, term to offer - 5 years;

  • The annual general meeting of PJSC FGS UES's shareholders resolved to delegate the powers vested in company's sole executive body to the Managing Company of PJSC ROSSETI.

  • The credit ratings of Rosseti FGC UES on the international scale from S&P, Moody’s and Fitch rating agencies have been retained at the sovereign level; the national rating agency ACRA has confirmed the rating at the maximum level of AAA (RU);

  •  In October 2020 Rosseti successfully closed the order book for exchange bonds “Rosseti FGC UES” with a coupon rate of 6.60% in the amount of RUB 10 billion;

  • The Energy Management System audit performed by the experts of DQS Holding, one of the world's major certification bodies, was successfully completed;

  • The adjusted investment program of Rosseti FGC UES has been adopted for 2020-2024.


Financial results:

Financial indicator, RUB billion

2020

2019

Change %

Revenue, including:

237.3

249.6

(4.9)

Revenue for transmission fee

221.8

222.4

(0.3)

Revenue for connection services

5.7

17.2

(66.9)

Operating expenses

160.1

155.3

3.1

EBITDA adj.

133.0

136.2

(2.3)

Net profit

59.4

86.6

(31.4)

Net profit adj.

69.4

82.2

(15.6)

Net debt

196.9

176.8

11.5

Net cash flow from operating activities

120.9

136.2

(11.2)

 

The performance for 2020 showed that the Group was in a good financial standing.

 

The main factors which affected the dynamics of the financial indicators:

  • decrease in revenue from services of technological connection to grid is associated with the service schedule determined by consumers' applications;

  • reduction in irregular revenues in the form of penalties entered into the books under execution writs;

  • increase in operating expenses, mainly due to the increase in depreciation charges as a result of the introduction of new capacities and the implementation of measures taken to prevent the spread of COVID-19;

  • recognition of losses from impairment of fixed assets due to the presence of impairments indicators.

 

The total assets of Federal Grid Company increased by RUB 49.9 billion (+3.9%) compared to the beginning of the year and amounted to RUB 1 340.2 billion at the end of the reporting period. Non-current assets stood at RUB 1 225.7 billion, while current assets equaled RUB 114.4 billion.

Federal Grid Company’s audited consolidated IFRS financial statements for the year ended December 31, 2020 are available on the Company's corporate website at

http://www.fsk-ees.ru/shareholders_and_investors/financial_information/reporting_under_ifrs/


[1] Adjusted EBITDA is calculated as EBITDA (profit for the period before income tax, financial income and expenses, depreciation and amortization), excluding net impairment of fixed assets, revenue from connection services, cost of loan loss provisioning, gain on disposal of assets with DVEUK JSC (only for 2019), loss from withdrawal of an affiliate (only for 2019), changes in the legal claims provision and with account of the financial income.

[2] Excluding gain on assets disposal (assets exchange with DVEUK JSC in 2019), loss from withdrawal of an affiliate (only for 2019) and losses from impairment of fixed assets, including the relevant deferred income tax amounts.

[3] FGC UES, PJSC.

[4] Including rented OHTL and substations.

[5] The deviation is due to the termination of the property lease agreement with DVEUK UNPG JSC.

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Rosseti FGC UES (FGC UES, PJSC) Announces IFRS Results for 2020

03/26/2021 Rosseti FGC UES (FGC UES, PJSC) Announces IFRS Results for 2020

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 audited consolidated financial results for the year ended 31 December 2020 under the International Financial Reporting Standards (IFRS).

The financial results relate to Federal Grid Company and its subsidiaries (the “Group of Companies” or “Group”).


Financial results:

  • Revenue: RUB 237.3 billion (2019: RUB 249.6 billion)

  • EBITDA adj.1: RUB 133 billion (2019: RUB 136.2 billion)

  • Net profit: RUB 59.4 billion (2019: RUB 86.6 billion)

  • Net profit adj.2: RUB 69.4 billion (2019: RUB 82.2 billion)


Operational performance highlights3:

  • Electricity supply from UNEG consumers: 535.7 billion kWh (2019: 558.7 billion kWh)

  • Total transformer capacity4: 352 GVA (2019: 353 GVA)

  • Transmission grid length4: 149 thousand km (2019: 148 thousand km).

  • Number of substations (UNEG)4: 8895 units (2019: 951 units)


Key events:

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.75%, term to offer - 10 years;

  • Bonds of RUB 10 billion were placed with a coupon rate of 6.5%, term to offer - 5 years;

  • The annual general meeting of PJSC FGS UES's shareholders resolved to delegate the powers vested in company's sole executive body to the Managing Company of PJSC ROSSETI.

  • The credit ratings of Rosseti FGC UES on the international scale from S&P, Moody’s and Fitch rating agencies have been retained at the sovereign level; the national rating agency ACRA has confirmed the rating at the maximum level of AAA (RU);

  •  In October 2020 Rosseti successfully closed the order book for exchange bonds “Rosseti FGC UES” with a coupon rate of 6.60% in the amount of RUB 10 billion;

  • The Energy Management System audit performed by the experts of DQS Holding, one of the world's major certification bodies, was successfully completed;

  • The adjusted investment program of Rosseti FGC UES has been adopted for 2020-2024.


Financial results:

Financial indicator, RUB billion

2020

2019

Change %

Revenue, including:

237.3

249.6

(4.9)

Revenue for transmission fee

221.8

222.4

(0.3)

Revenue for connection services

5.7

17.2

(66.9)

Operating expenses

160.1

155.3

3.1

EBITDA adj.

133.0

136.2

(2.3)

Net profit

59.4

86.6

(31.4)

Net profit adj.

69.4

82.2

(15.6)

Net debt

196.9

176.8

11.5

Net cash flow from operating activities

120.9

136.2

(11.2)

 

The performance for 2020 showed that the Group was in a good financial standing.

 

The main factors which affected the dynamics of the financial indicators:

  • decrease in revenue from services of technological connection to grid is associated with the service schedule determined by consumers' applications;

  • reduction in irregular revenues in the form of penalties entered into the books under execution writs;

  • increase in operating expenses, mainly due to the increase in depreciation charges as a result of the introduction of new capacities and the implementation of measures taken to prevent the spread of COVID-19;

  • recognition of losses from impairment of fixed assets due to the presence of impairments indicators.

 

The total assets of Federal Grid Company increased by RUB 49.9 billion (+3.9%) compared to the beginning of the year and amounted to RUB 1 340.2 billion at the end of the reporting period. Non-current assets stood at RUB 1 225.7 billion, while current assets equaled RUB 114.4 billion.

Federal Grid Company’s audited consolidated IFRS financial statements for the year ended December 31, 2020 are available on the Company's corporate website at

http://www.fsk-ees.ru/shareholders_and_investors/financial_information/reporting_under_ifrs/


[1] Adjusted EBITDA is calculated as EBITDA (profit for the period before income tax, financial income and expenses, depreciation and amortization), excluding net impairment of fixed assets, revenue from connection services, cost of loan loss provisioning, gain on disposal of assets with DVEUK JSC (only for 2019), loss from withdrawal of an affiliate (only for 2019), changes in the legal claims provision and with account of the financial income.

[2] Excluding gain on assets disposal (assets exchange with DVEUK JSC in 2019), loss from withdrawal of an affiliate (only for 2019) and losses from impairment of fixed assets, including the relevant deferred income tax amounts.

[3] FGC UES, PJSC.

[4] Including rented OHTL and substations.

[5] The deviation is due to the termination of the property lease agreement with DVEUK UNPG JSC.


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