FGC ROSSETI

Earnings Release • Apr 30, 2021

National Storage Mechanism | Additional information

RNS Number : 2761X

Federal Grid Co of Unified Engy Sys

30 April 2021

Federal Grid Company Announces 3M 2021 RAS Results

Moscow, 30 April, 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 3M 2021 under the Russian Accounting Standards (RAS).

The Company's RAS statements are prepared on a standalone basis and do not include the results of Federal Grid Company's subsidiaries or affiliated companies that operate as independent legal entities.

Key financial results

Item, mln RUB	3m 2020	3m 2021	Change, %
Revenue	56 737	60 618	6.8%
Electricity transmission services	56 175	59 663	6.2%
Process connection services	33	456	+13.8x
Cost of sales and management expenses	43 667	45 735	4.7%
Profit from sales	13 070	14 883	13.9%
Net profit	10 400	10 513	1.1%

The performance indicators of Federal Grid Company for 3M 2021 reflect the management's efforts aimed at ensuring financial stability and enhancing the Company's performance.

The Company's revenue for 3M 2021 rose by RUB 3 881 million or 6.8% year-on-year. Regarding the main activities: 

- Revenue from electricity transmission services increased by RUB 3 488 million or by 6.2%, driven by: 

·      Increase in revenue from power supply by RUB 2 650 million (by 5.8%) due to an increase in tariff from 1 July 2020, taking into account a phased transition to settlements based on actual power consumption.

·      Increase in revenue from compensation of electricity losses by RUB 838 million (by 8.1%) as result of increase in electricity output.

- Revenue from process connection services was recognized by RUB 423 million (or 13.8-fold) more than for 3M 2020 in line with the service provision schedule affected by consumer requests;

According to 3M 2021 results, Federal Grid Company received a net profit of RUB 10 513 million, up 1.1 % year-on-year. Adjusted EBITDA[1] amounted to RUB 35 816 million.

Balance sheet as of March 31, 2021

As at the end of the reporting period, the total assets of the Company amounted to RUB 1 578 971 million, which was RUB 11 021 million (or 0.7%) more than at the beginning of the year, where the value of non-current assets amounted to RUB 1 391 661 million, and the value of current assets amounted to RUB 187 309 million.

During the reporting period, the Company's equity increased by RUB 10 513 million (or 0.9%) due to the net profit generated for 3M 2021 (RUB 10 513 million).

During the reporting period, the Company's gross debt with consideration of debt on interests accrued decreased by RUB 316 million (0.1%) and amounted to RUB 228 843 million.

The accounting statements for 3M 2021 under RAS are available at the website of Federal Grid Company in the Financial Information / Statements under RAS Section through the link below:  https://www.fsk-ees.ru/eng/investors/financial_disclosure/ras_financial_reports/

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[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

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