Analyst manual


Macroeconomics

  Unit 0 0 0 0 2010A 2011A 2012A 2013А 2014A 2015А 2016A 2017A 2018A 2019F 2020F 2021F 2022F 2023F 2024F
General indicators                                        
GDP YoY % 8,2 8,5 5,2 -7,8 4,5 4,3 3,7 1,8 0,7 -2,3 0,3 1,6 2,3 1,3 2,0 3,1 3,2 3,3 3,3
CPI YoY %         8,8 6,1 5,1 6,8 7,8 15,5 7,1 3,7 4,3 4,3 3,8 4,0 4,0 4,0 4,0
IPI YoY % 6,3 6,8 0,6 -10,7 7,3 5,0 3,4 0,4 2,5 -0,8 2,2 2,1 2,9 2,3 2,6 2,9 2,9 3,1 3,2
Electricity/Heat prices                                        
Regulated transmission tarriffs                                        
Indexation rate %         - - 11,0 10,0 - 7,5 7.5 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0
Regulated electricity tariffs for households**                                        
Indexation rate %         - - 6,0 12,8 4,2 8,5 7,5 5,0 5,0 5,0 5,0 5,0 5,0 5,0 5,0

Source: Ministry of Economic Development of the Russian Federation; Federal State Statistics Service.


Shareholder capital of PJSC Lenenergo, RUB *

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Ordinary shares 691 854 144 691 854 144 926 021 679 926 021 679 926 021 679 926 021 679 1 135 061 313 1 135 061 313 1 658 814 839 1 658 814 839 1 658 814 839 8 617 049 631 8 617 049 631
Preferred shares 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311 93 264 311
TOTAL 785 118 455 785 118 455 1 019 285 990 1 019 285 990 1 019 285 990 1 019 285 990 1 228 325 624 1 228 325 624 1 752 079 150 1 752 079 150 1 752 079 150 8 710 313 942 8 710 313 942

The nominal value of each ordinary and preferred share is 1 ruble.

* Information is presented on December 31 of each year.

Structure of share capital,% of the authorized capital of the last closing date of the register 05/14/2018 (before AGSA 08.06.2018)

Share price quotes of PJSC Lenenergo

Quotation Lists
Moscow Exchange III
Level
Tickers
Ordinary shares LSNG
Preferred shares LSNGP

Quotes of ordinary shares of PJSC Lenenergo on the Moscow Exchange, rubles *

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1Q                          
Minimum 19,80 36,10 39,70 7,05 24,94 23,12 10,04 5,85 2,21 1,70 2,15 4,39 4,76
Maximum 23,50 51,36 50,20 14,97 34,53 27,15 11,21 6,10 2,28 3,00 3,35 5,94 5,96
Closing 20,00 45,50 41,80 9,25 33,74 24,23 10,42 5,95 2,24 2,29 3,11 5,02 5,67
2Q                          
Minimum 15,00 34,50 37,00 9,05 22,62 16,91 6,57 4,58 2,70 2,14 2,68 3,76 5,21
Maximum 18,00 47,50 45,00 20,79 35,21 24,19 10,82 4,58 2,90 4,25 3,48 5,40 6,95
Closing 15,00 44,20 45,00 16,60 22,62 16,91 6,61 4,58 2,90 2,90 2,90 4,51 5,80
3Q                          
Minimum 14,50 36,25 35,00 16,91 21,53 12,71 5,47 3,19 2,38 1,58 2,85 4,40 4,50
Maximum 20,50 45,00 47,00 25,01 23,79 13,00 7,33 3,33 2,58 3,05 5,90 6,20 6,90
Closing 20,50 36,25 35,00 25,01 23,57 13,00 6,99 3,24 2,43 2,64 5,44 5,59 6,30
4Q                          
Minimum 21,00 30,00 12,01 23,15 23,61 9,84 6,50 2,32 1,75 2,23 2,15 4,50 5,00
Maximum 54,00 49,49 39,00 29,06 27,11 14,38 6,62 2,50 1,88 3,18 6,25 5,95 6,41
Closing 46,00 45,75 13,13 23,28 25,95 9,84 6,55 2,32 1,75 2,28 5,51 4,80 5,30

Quotations of preferred shares of PJSC Lenenergo on the Moscow Exchange, rubles *

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1Q                          
Minimum - 28,00 33,25 7,00 22,20 35,94 22,36 12,71 13,55 9,95 11,60 43,70 80,40
Maximum - 36,75 41,00 12,66 28,64 46,82 26,32 13,40 13,95 13,15 14,65 59,00 108,50
Closing - 34,50 36,00 12,50 28,64 45,95 23,41 13,03 13,95 10,20 14,50 46,50 100,85
2Q                          
Minimum - 30,01 27,50 8,80 25,32 36,22 16,48 11,80 14,93 9,25 13,80 40,00 93,30
Maximum - 35,00 35,50 19,30 35,43 46,16 23,99 12,00 15,00 17,00 16,35 63,90 122,00
Closing - 33,99 32,60 18,11 25,896 36,79 17,02 12,00 15,00 11,90 15,05 52,50 98,00
3Q                          
Minimum 12,00 27,00 25,00 16,41 24,54 21,44 15,27 11,78 14,30 10,30 15,10 51,65 82,25
Maximum 18,75 34,90 34,80 27,63 31,39 37,26 19,50 12,00 14,62 12,95 46,95 72,90 104,50
Closing 15,60 27,00 30,00 22,87 31,393 21,44 18,30 11,78 14,62 12,10 43,90 71,95 93,35
4Q                          
Minimum 14,42 25,50 8,20 21,64 31,31 20,50 17,50 11,18 10,70 11,55 11,60 70,80 86,70
Maximum 35,90 47,00 30,00 24,32 36,63 28,82 17,66 11,40 12,25 14,90 51,10 93,00 99,25
Closing 30,95 42,00 8,51 22,78 35,82 21,74 17,60 11,37 11,20 11,85 45,40 81,40 94,10

Capitalization of PJSC Lenenergo on the Moscow Exchange, mln rubles **

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total 34 933 35 190 12 434 25 571 27 372 11 139 7 759 3 741 3 040 4 900 13 335 48 554 53 681

* Information is provided on the last date of each reporting period.
** the calculation was made on the basis of the weighted cost of the shares on the last trading day of the reporting period

Consolidated statement of financial position (IFRS), thousand rubles

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ASSETS                          
Non-current assets                          
Fixed assets 14 520 859 23 252 435 66 235 792 73 332 231 83 621 575 82 518 717 86 414 872 100 549 051 113 508 167 190 656 164 208 339 897 211 866 739 182 584 797
Intangible assets   182 065 570 154 696 275 601 184 714 589 799 687 765 277 759 807 3 195 174 797 057 642 205 655 767
Trade and other receivables                     1 709 812 1 825 270 1 528 549
Assets related to employee benefits liabilities                     127 330 113 311 83 478
Financial investments                 1 703 717 1 889 826 2953422 2886988 2836523
Deferred tax assets                     2 039 089 2 971 368 2 743 878
Advances in construction of fixed assets 2 259 333 3 915 529 5 025 306 4 135 536 2 317 079 854 343 508 158 330 483 1 008 111 70 415      
Investments available for sale 384 494 713 200 304 533 525 913 30 000 26 700 100 100 3 600 875 257      
Other long-term assets 387 838 576 151 887 426 272 310 440 430 843 179 434 067 594 330 986 795 1 205 186      
Total non-current assets 17 552 524 28 639 380 73 023 211 78 962 265 87 010 268 84 957 528 88 156 884 102 239 241 117 970 197 197 892 022 215 966 607 220 305 881 190 432 992
Current assets                          
Stocks 225 552 217 923 235 484 361 166 452 779 289 605 279 184 419 223 636 521 1 265 433 1 233 119 1 919 243 999 380
Prepaid income tax         15 539 100 458   3 711 203 586 113 983 466 870 62 528 300 401
Trade and other receivables 1 045 745 1 017 493 1 209 336 1 332 425 1 493 998 991 044 2 077 119 5 050 638 6 714 739 4 526 069 9 177 310 8 893 483 7 732 397
Cash and cash equivalents 1 082 229 5 903 078 2 498 850 2 948 801 653 068 7 108 538 3 513 622 3 719 455 1 511 558 26 146 040 10 368 058 3 422 416 6 357 421
Financial investments             2 266 000 6 364 263 4 094 905 3 910 848      
Other current assets 1 036 258 2 823 840 6 387 647 4 720 628 3 756 692 3 503 848 3 099 798 3 048 067 4 037 314 5 986 991      
Total current assets 3 389 784 9 962 334 10 331 317 9 363 020 6 372 076 11 993 493 11 235 723 18 605 357 17 198 623 41 949 364 21 245 357 14 297 670 15 389 599
TOTAL ASSETS 20 942 308 38 601 714 83 354 528 88 325 285 93 382 344 96 951 021 99 392 607 120 844 598 135 168 820 239 841 386 237 211 964 234 603 551 205 822 591
CAPITAL AND LIABILITIES                          
Capital                          
Authorized capital 5 257 550 5 257 550 5 491 718 5 491 718 5 491 718 5 491 718 5 700 758 5 700 758 6 224 511 13 065 395 13 089 482 13 089 482 13 089 482
Share premium                     52 075 215 52 075 215 52 075 215
Other reserves 1 885 820 5 187 035 28 857 780 29 003 426 28 659 394 22 347 822 20 167 762 20 096 491 17 943 365 66 616 419 66 266 010 61 685 252 33 616 938
retained earnings 3 369 278 1 560 702 3 302 755 5 769 857 10 237 449 9 084 094 9 285 988 12 327 214 8 267 056 8 647 020 16 039 109 22 438 310 30 963 832
Extra capital 0 0 5 548 880 5 548 880 5 548 880 5 548 880 8 303 849 8 303 849 10 954 042 51 930 937      
Paid shares for outstanding work               3 000 000          
Total capital due to the owners of the Company 10 512 648 12 005 287 43 201 133 45 813 881 49 937 441 42 472 514 43 458 357 49 428 312 43 388 974 140 259 771 147 469 816 149 288 259 129 745 467
Non-controlling interest 0 0 39 430 19 812 23 542 30 777 28 994 36 666 48 254 190 193 236 369 195 433 214 983
Total equity 10 512 648 12 005 287 43 240 563 45 833 693 49 960 983 42 503 291 43 487 351 49 464 978 43 437 228 140 449 964 147 706 185 149 483 692 129 960 450
long term duties                          
Loans 50 784 11 555 864 12 946 293 10 073 664 14 124 851 21 028 081 20 637 699 29 401 987 48 180 390 27 617 891 23 450 208 25 905 000 31 981 030
Trade and other payables 2 165 056 3 699 967 5 377 237 1 274 873 2 115 966 4 884 306 1 786 304 2 123 163 3 614 125 5 773 053 7 584 519 2 916 879 4 062 354
Employee benefits liabilities 244 564 277 413 308 313 294 536 351 312 449 850 557 367 697 402 541 652 483 737 453 921 493 698 490 321
Deferred tax liabilities 125 497 70 488 5 863 986 5 283 093 5 331 912 3 050 734 2 356 515 2 477 749 1 124 510 12 960 487 14 473 837 13 091 727 5 902 284
Total long-term liabilities 2 585 901 15 603 732 24 495 829 16 926 166 21 924 041 29 412 971 25 337 885 34 700 301 53 460 677 46 835 168 45 962 485 42 407 304 42 435 989
Short-term liabilities                          
Short-term portion of long-term loans and borrowings 4 523 310 277 007 436 143 6 610 816 1 566 041 6 549 305 7 153 301 3 981 776 1 589 261 13 356 748 11 077 971 11 019 601 2 556 821
Trade and other payables 1 418 657 3 034 888 4 598 901 3 978 577 4 216 838 6 752 989 8 287 500 15 322 000 20 918 961 20 605 040 31 697 644 29 134 159 26 414 846
Reserves         37 196 463 260 535 678 2 727 018 4 262 043 2 214 813 745 125 1 184 937 3 723 929
Income Tax Debt 231 539 598 928 1 118 258 553 549 102 134 8 889 433 615 515 605 13 680 62 682 22 554 1 373 858 730 556
Other taxes payable 192 206 102 600                      
Advances received from customers (until 2008 Other short-term liabilities) 1 478 047 6 979 272 9 464 834 14 422 484 15 575 111 11 260 316 14 157 277 14 132 920 11 486 970 16 316 971      
Total current liabilities 7 843 759 10 992 695 15 618 136 25 565 426 21 497 320 25 034 759 30 567 371 36 679 319 38 270 915 52 556 254 43 543 294 42 712 555 33 426 152
Total liabilities 10 429 660 26 596 427 40 113 965 42 491 592 43 421 361 54 447 730 55 905 256 71 379 620 91 731 592 99 391 422 89 505 779 85 119 859 75 862 141
Total equity and liabilities 20 942 308 38 601 714 83 354 528 88 325 285 93 382 344 96 951 021 99 392 607 120 844 598 135 168 820 239 841 386 237 211 964 234 603 551 205 822 591

* The data are based on retrospective data correction.


Consolidated Profit and Loss Statement (IFRS), thousand rubles

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
                           
Revenue 8 354 099 12 337 880 17 913 636 22 800 390 28 573 575 32 256 795 33 134 547 37 323 292 41 601 308 39 026 745 66 207 886 77 653 351 77 989 911
Operating expenses (9 214 815) (10 036 092) (14 607 578) (18 489 176) (21 440 791) (31 503 143) (30 652 922) (31 007 625) (35 515 907) (33 101 948) (58 007 267) (64 555 018) (61 564 659)
Net other expenses / income                     2 236 721 (616 176) (254 174)
Operating profit (860 716) 2 301 788 3 306 058 4 311 214 7 132 784 753 652 2 481 625 6 315 667 6 085 401 5 924 797 10 437 340 12 482 157 16 171 078
Financial income 1 594 450 113 621 2 291 642 77 860 774 127 61 484 302 468 667 441 1 408 601 1 184 145 2 831 487 825 447 584 443
Financial expenses (819 691) (598 463) (1 372 074) (2 084 428) (1 579 556) (1 659 844) (2 175 395) (2 681 842) (12 228 099) (5 224 542) (4 577 980) (3 465 471) (2 688 671)
Currency revaluation loss   (9 182) (967 043) (172 760) (70 141)                
Profit before tax (85 957) 1 807 764 3 258 583 2 131 886 6 257 214 (844 708) 608 698 4 301 266 (4 734 097) 1 884 400 8 690 847 9 842 133 14 066 850
income tax expense (105 342) (522 545) (1 209 643) 455 486 (1 506 793) (98 568) (370 785) (1 020 456) 518 614 (1 740 855) (987 964) (2 089 526) (3 466 363)
Net profit (191 299) 1 285 219 2 048 940 2 587 372 4 750 421 (943 276) 237 913 3 280 810 (4 215 483) 143 545 7 702 883 7 752 607 10 600 487
Related to:                          
Company Owners   1 285 219 1 833 660 2 578 481 4 746 691 (950 511) 239 696 3 273 138 (4 227 071) 148 463 7 656 707 7 793 543 10 580 938
Holders of non-controlling interests     4 324 8 891 3 730 7 235 (1 783) 7 672 11 588 (4 918) 46 176 (40 936) 19 550
Earnings per preferred share - basic and diluted (in rubles) (0,24) 1,58 2,11 2,53 4,66 (0,93) 1,52 2,42 (2,49) 0,08 0,89 0,91 1,24

* The data are based on retrospective data correction.


Consolidated cash flow statement (IFRS), ths. Rub.

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash flow from operating activities                        
Profit before tax (85 957) 1 807 764 3 258 583 2 131 886 6 257 214 (844 708) 608 698 4 301 266 (4 734 097) 1 884 400 7 702 883 7 752 607 10 600 488
Adjustments for reconciliation of profit before tax with net cash flows from operating activities:                          
Depreciation of fixed assets and intangible assets 657 950 1 104 824 1 702 052 3 918 077 4 430 867 4 812 663 4 216 055 3 919 750 4 826 542 5 857 738 13 506 164 12 951 063 11 941 423
Depreciation of fixed assets                         -
Depreciation of intangible assets   22 880 77 880 128 249 117 487 114 747 87 344 122 814 140 511 160 533      
Impairment / (reversal of impairment) of fixed assets       312 833   4 255 798 3 600 893   2 376 607 (5 601 749) 623 017 6 870 500  
Non-cash payments for those. network connection (64 893) (710 450) (498 339) (2 293 975) (4 525 382) (3 661 767) (747 423) (613 229) (925 518) (954 338) (2 849 210) (5 137 415) (2 569 594)
Financial expenses 819 691 603 322 1 372 074 2 084 428 1 579 556 1 659 844 2 175 395 2 681 842 12 228 099 5 224 542 4 577 980 3 465 471 2 688 671
Financial income (1 594 450) (109 298) (2 291 642) (77 860) (774 127) (61 484) (302 468) (667 441) (1 408 601) (1 184 145) (2 831 437) (825 447) (584 443)
 Loss / (profit) on disposal of fixed assets                     (213 181) 1 399 943 1 453 537
Inventory impairment 62 711 54 427 42 431 3 512 (50 877) 15 393 28 918 (3 344) (116 942) 1 052 68 775 17 899 (21 568)
Impairment of receivables (322 854) 312 524 172 609 226 052 260 548 505 329 213 796 256 783 63 944 1 407 384 2 366 402 (130 070) 855 193
Write-off of receivables                     106 164 47 370 55 664
Write-off of payables                     (281 058) (67 645) (175 671)
Income from donated OS and MPZ                     (122 587) (83 375) -
Consumption / (Income) income tax                     987 964 2 089 526 3 466 363
Loss on disposal of fixed assets and intangible assets 2 158 914 12 024 95 902 53 306 204 429 360 781 259 103 498 680 375 189 959 311      
Loss from revaluation of fixed assets     797 908                    
Impairment / (reversal of impairment) of intangible assets       139 000 37 360 148 440 (129 110) 31 529   (36 525)      
Loss on termination of lease agreements             17 860            
Securing financial assets available for sale     210 956                    
Impairment of assets received under finance lease agreements       490 894 94 242 122 558 61 364            
Currency revaluation loss     967 043 172 760 70 141                
Net Expenditures on a Defined Benefit Plan   52 333 56 500 15 317 90 418 98 935 109 725 189 369 15 133 93 851      
Net change in reserves 126 502 122 701 (1 595) 178 197                  
Net change on other reserves         (27 032) 86 560 601 539 2 825 112 3 239 340 2 529 576      
Cash flows from operating activities to changes in working capital 1 757 614 3 273 051 5 962 362 7 482 676 7 764 844 7 613 089 10 801 689 13 543 131 16 080 207 10 341 630 23 641 876 28 350 427 27 710 063
Increase / (decrease) in trade and other payables 975 430 (3 525 209) (378 324) (2 308 916) (2 282 071) 4 074 509 (495 017) 4 515 766 1 708 337 (2 501 453) (6 201 052) (3 001 574) 342 635
Changes in financial assets related to employee benefits liabilities                     3 426 14 019 29 833
Changes in inventories (less provision for impairment of inventories) (67 018) (46 798) (30 321) (129 193) (40 736) 147 781 (18 497) (136 695) (100 356) 159 010 (36 461) (634 039) (52 501)
Changes in trade and other payables                     (6 073 220) (8 875 479) (1 671 348)
Change in employee benefits liabilities                     (8 689) 16 432 (68 798)
Change in reserves                     1 151 575 439 812 2 538 992
Other                       200  
(Decrease) / increase in short-term advances received   2 445 544 5 412 848 4 957 786 1 122 120 (4 314 711) 2 896 961 (24 357) (2 648 327) (424 844)      
Increase (decrease) in other long-term liabilities   1 534 911 1 361 480 (3 517 671) 660 853 2 759 575 (3 107 275) 326 398 1 530 931 396 388      
Increase in receivables 76 644 (115 295) (406 135) 67 965 (137 332) 346 281 (1 286 205) (3 765 060) (2 356 367) 5 976 061      
(Increase) / decrease in tax arrears, other than income tax (26 292) 18 106 (45 278) (232 348)                  
 Decrease / (increase) in other short-term assets 2 688 (1 787 582) (1 335 154) 561 835 (275 750) (271 721) 907 126 26 615 (1 615 326) 2 677 874      
Increase in employee liabilities 15 309                        
Cash flow from operating activities 2 734 375 1 796 728 10 541 478 6 882 134 6 811 928 10 354 803 9 698 782 14 485 798 12 599 099 16 624 666 12 477 455 16 309 798 28 828 876
Interest paid (489 356) (430 168) (852 280) (992 572) (1 268 358) (1 388 378) (2 066 840) (2 606 503) (3 555 854) (4 805 284) (3 402 861) (2 934 986) (4 384 871)
Income tax paid (839 363) (334 025) (502 175) (512 102) (1 734 459) (982 139) (120 791) (822 293) (846 018) (77 017) (2 659 931) (1 557 224) (2 381 614)
Pension rewards paid   (19 484) (25 600) (29 094) (33 642) (40 206) (36 614) (42 584) (51 113) (57 191)      
Interest received           61 484 302 468 587 287 700 356 1 985 913      
Net cash from operating activities 1 405 656 1 013 051 9 161 423 5 348 366 3 775 469 8 005 564 7 777 005 11 601 705 8 846 470 13 671 087 6 414 663 11 817 588 22 062 391
Cash flow from investing activities                          
Proceeds from disposal of investments available for sale 3 947 444       657 087                
Acquisition of fixed assets and intangible assets (2 942 374) (3 728 027) (9 496 134) (6 335 270) (5 925 016) (11 908 659) (11 351 280) (15 599 226) (20 108 800) (10 727 288) (20 759 867) (19 981 069) (17 398 548)
Decrease (increase) in advances to construction companies (1 582 896) (1 585 520) (1 136 239)                   2 669 548
Proceeds from the sale of fixed assets and intangible assets 29 323 19 693 34 866 3 289 43 1 480 2 039 2 161 10 447 52 31 4 712 6 837
Closing deposits and disposing of financial investments                 (3 500) 13 367 045 4 014 164    
Cash on subordinated deposit                   (10 620 000)      
Interest received 6 154 61 629 354 902 35 117 72 977           1 820 562 636 852 417 782
Dividends received 16 960 45 188 23 992 14 625 25 085             999 941
Cash from acquired subsidiaries                   1 221 112      
Cash on short-term deposits             (2 266 000) (4 018 109) (7 372 844) (3 577 000)      
Acquisition of subsidiaries, net of cash received     (794 071)                    
Deposits placed     (40 000)                    
Net cash used in investment (525 389) (5 187 037) (11 052 684) (6 282 239) (5 169 824) (11 907 179) (13 615 241) (19 615 174) (27 474 697) (10 336 079) (14 925 110) (19 338 506) (14 303 440)
Cash from financial activities                          
Attraction of borrowed funds 2 917 029 10 789 716   3 000 000 8 561 000 15 743 400 11 237 586 18 163 095 22 682 403 2 652 499 10 217 476 121 466 359 161 622 897
Transaction costs on bonds and loans             (55 240) (8 278)          
Repayment of long-term loans and borrowings   (2 999 801)     (4 900 000) (1 280 000)              
Proceeds from the issue of shares             2 043 618 3 000 000 173 946 32 580 257 168 365    
Contributions on the future issue of shares (returned) / received in advance   3 055 681 (10 033)                    
Repayment of borrowed funds                     (17 138 896) (118 999 462) (164 026 241)
Early repayment of long-term loans and borrowings         (3 000 000) (1 225 000) (4 393 000) (407 000) (2 500 000) (12 525 000)      
Net repayment of short-term loans and borrowings (2 954 622) (1 500 000) (22 000)     (1 000 000) (6 000 000) (12 181 204) (3 813 439) (1 400 000)      
Acquisition of non-controlling interest       (17 385)                  
Dividends paid (298 668) (42 397) (91 607) (153 961) (325 804) (380 861) (141 742) (308 583) (106 229)   (514 480) (1 891 621) (2 420 602)
Payment of financial lease obligations (6 892) (308 364) (1 178 371) (1 444 830) (1 236 574) (1 500 454) (447 902) (38 728) (16 351) (8 282)      
Total cash received from financial activities (343 153) 8 994 835 (1 302 011) 1 383 824 (901 378) 10 357 085 2 243 320 8 219 302 16 420 330 21 299 474 (7 267 535) 575 276 (4 823 946)
Net increase / (decrease) in cash and cash equivalents 537 114 4 820 849 (3 193 272) 449 951 (2 295 733) 6 455 470 (3 594 916) 205 833 (2 207 897) 24 634 482 (15 777 982) (6 945 642) 2 935 005
Cash and cash equivalents at the beginning of the year 545 115 1 082 229 5 903 078 2 709 806 3 159 757 864 024 7 108 538 3 513 622 3 719 455 1 511 558 26 146 040 10 368 058 3 422 416
Cash and cash equivalents at the end of the year 1 082 229 5 903 078 2 709 806 3 159 757 864 024 7 319 494 3 513 622 3 719 455 1 511 558 26 146 040 10 368 058 3 422 416 6 357 421

* The data are based on retrospective data correction.

Financial ratios of PJSC Lenenergo (IFRS)

Enterprise value to EBITDA                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market capitalization, mln rub 34 933 35 190 12 434 25 571 27 372 11 139 7 759 3 741 3 040 4 900 13 335 48 554 53 681
Net debt, mln rub 3 492 5 930 10 884 13 736 15 038 20 469 24 277 29 664 48 258 14 829 24 160 33 502 28 180
EV, mln rub 38 425 41 120 23 278 39 287 42 386 31 577 32 007 33 369 51 250 19 538 37 259 81 861 81 646
EBITDA -203 3 397 4 041 8 057 11 494 5 566 6 698 10 235 10 912 11 783 23 944 25 433 28 113
EV/EBITDA - 12,10 5,76 4,88 3,69 5,67 4,78 3,26 4,70 1,66 1,56 3,22 2,90
                           
Enterprise value to Sales                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EV, mln rub 38 425 41 120 23 278 39 287 42 386 31 577 32 007 33 369 51 250 19 538 37 259 81 861 81 646
Sales, mln rub 8 354 12 338 17 914 22 800 28 574 32 257 33 135 37 323 41 601 39 027 66 208 77 653 77 990
EV/S 4,60 3,33 1,30 1,72 1,48 0,98 0,97 0,89 1,23 0,50 0,56 1,05 1,05
                           
Price to earnings                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Share price, rub 46,00 45,75 13,13 23,28 25,95 9,84 6,55 2,32 1,75 2,28 5,51 4,80 5,30
Basic EPS, rub -0,24 1,58 2,11 2,53 4,66 -0,93 1,52 2,42 -2,49 0,08 0,89 0,91 1,24
P/E - 28,96 6,22 9,20 5,57 -10,58 4,31 0,96 -0,70 28,50 6,19 5,27 4,27
                           
Market capitalizatopn to sales                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market capitalization, mln rub 34 933 35 190 12 434 25 571 27 372 11 139 7 759 3 741 3 040 4 900 13 335 48 554 53 681
Sales, mln rub 8 354 12 338 17 914 22 800 28 574 32 257 33 135 37 323 41 601 39 027 66 208 77 653 77 990
P/S 4,18 2,85 0,69 1,12 0,96 0,35 0,23 0,10 0,07 0,13 0,20 0,63 0,69
                           
Market capitalization to book value                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market capitalization, mln rub. 34 933 35 190 12 434 25 571 27 372 11 139 7 759 3 741 3 040 4 900 13 335 48 554 53 681
Book value, mln rub. 20 942 38 602 83 355 88 325 93 382 96 951 99 393 120 845 135 169 239 841 237 212 234 604 205 823
P/B 1,67 0,91 0,15 0,29 0,29 0,11 0,08 0,03 0,02 0,02 0,06 0,21 0,26

Operational data of PJSC Lenenergo

The main operational indicators of PJSC Lenenergo                            
  Ед. изм. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Installed Power МВА 18 013 18 673 19 359 19 901 20 741 21 427 21 952 23 059 23 951 24 321 24 977 26 677 27 808
0.4-110 kW overhead lines on the highway км 35 622 35 810 35 967 36 148 36 274 36 587 36 859 37 214 38 396 38 945 40 053 41 089 41 718
0.4-110 kW overhead lines, by chains км 38 537 38 841 39 085 39 286 39 419 39 783 40 053 40 408 41 835 42 181 43 348 44 398 45 213
0.4-110 kW cable lines км 16 026 16 338 16 731 17 651 18 622 19 554 20 400 21 259 21 557 22 161 22 498 23 160 23 829
SS 35-110 kW шт 362 367 368 370 372 373 377 379 379 386 386 396 396
SS 35-110 kW МВА 11 550 12 187 12 818 13 084 13 466 13 742 13 969 14 570 14 692 14 894 15 168 15 979 16 368
TS 6-35 kW шт 13 351 13 452 13 646 13 309 14 361 14 770 15 025 15 531 16 233 16 564 17 765 18 479 19 440
TS 6-35 kW МВА 6 463 6 486 6 541 6 818 7 275 7 686 7 983 8 490 9 259 9 427 9 810 10 698 11 439
                             
Composition of electrical networks for equipment                            
  Ед. изм. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
SS у.е. 77 774 78 391 79 594 82 275 83 640 85 963 87 352 89 990 90 524 93 642 94 252 98 640 100 519
TP у.е. 135 420 137 198 139 966 150 803 156 362 168 927 175 634 185 679 197 438 203 697 214 252 222 102 232 134
0.4-110 kW overhead lines on the highway у.е. 38 553 38 297 38 538 38 781 39 063 39 585 39 986 40 766 43 025 44 012 45 869 47 531 49 186
35-110 kW overhead lines on the highway у.е. 10 828 10 834 10 850 10 882 10 886 11 077 11 085 11 096 11 219 11 276 11 358 11 401 11 180
0.4-110 kW cable lines у.е. 54 753 56 699 57 384 60 859 64 121 67 291 70 334 73 835 75 221 77 545 78 848 81 543 84 369
TOTAL у.е. * 317 327 321 419 326 332 343 600 354 073 372 843 384 392 401 366 417 428 430 172 444 580 461 218 477 387
 * Excluding DGS, SDTU                            
                             
Composition of electrical networks by voltage class                            
  Ед. изм. 2006 2007 2008 2009 2010 2 011 2012 2013 2014 2015 2016 2017 2018
110 kW у.е. 41 018 41 740 43 359 44 712 45 106 45 925 45 983 48 137 48 042 49 033 49 256 51 251 52 020
35 kW у.е. 25 535 25 551 25 608 25 467 25 466 25 596 26 034 25 874 25 962 26 656 26 734 27 429 27 561
1-20 kW у.е. 216 824 220 156 223 260 239 278 248 692 265 321 276 057 290 237 304 465 313 933 326 434 338 997 352 693
up to 1 kW у.е. 33 950 33 973 34 105 34 144 34 808 36 001 36 318 37 118 38 959 40 550 42 156 43 541 45 113
TOTAL у.е. * 317 327 321 419 326 332 343 600 354 073 372 843 384 392 401 366 417 428 430 172 444 580 461 217 477 387
 * Excluding DGS, SDTU                            

Energy transmission of PJSC Lenenergo

Network supply, mln KWh                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl. 29 543 30 631 32 354 31 703 33 496 33 460 34 514 33 945 33 248 33 401 34 160 34 791 35 558
St. Petersburg 19 203 19 882 20 312 20 222 21 244 21 297 21 811 21 730 20 982 20 961 21 484 21 826 22 204
Leningrad region 10 340 10 749 12 042 11 481 12 252 12 163 12 703 12 215 12 265 12 441 12 676 12 965 13 355
                           
Network losses, mln KWh                          
  2006* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl.   26 925 29 128 28 429 29 909 29 914 30 935 30 514 29 570 29 316 30 220 30 598 31 396
St. Petersburg   17 414 18 213 18 037 18 931 18 962 19 477 19 460 18 646 18 252 18 874 18 999 19 416
Leningrad region   9 511 10 915 10 392 10 978 10 952 11 458 11 054 10 924 11 065 11 346 11 599 11 981
                           
Effective supply, mln KWh                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl. 25 384 26 549 28 439 27 672 29 095 28 975 30 007 29 613 28 680 28 249 29 007 29 669 30 560
St. Petersburg 16 507 17 414 17 991 17 780 18 626 18 539 19 104 19 083 18 152 17 749 18 245 18 657 19 164
Leningrad region 8 876 9 135 10 448 9 893 10 469 10 436 10 903 10 530 10 528 10 500 10 763 11 012 11 396
                           
Total losses, mln kWh                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl. 4 159,4 4 082 3 915 4 031 4 401 4 485 4 507 4 332 4 568 5 152 3 940 5 122 4 998
St. Petersburg 2 696,1 2 468 2 321 2 443 2 618 2 758 2 707 2 647 2 831 3 212 2 610 3 169 3 040
Leningrad region 1 463,3 1 613 1 594 1 588 1 783 1 727 1 800 1 685 1 737 1 940 1 330 1 953 1 959
                           
Total losses,%                          
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl. 14,08 13,33 12,10 12,71 13,14 13,40 13,06 12,76 13,74 15,42 0,12 14,72 14,06
St. Petersburg 14,04 12,41 11,42 12,08 12,32 12,95 12,41 12,18 13,49 15,32 0,12 14,52 13,69
Leningrad region 14,15 15,01 13,24 13,83 14,55 14,20 14,17 13,79 14,16 15,59 0,10 15,07 14,67
                           
Network losses of PJSC Lenenergo, mln kWh                          
  2006* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl.   3 706 3 226 3 274 3 587 3 546 3 579 3 431 3 677 4 085 3 940 4 193 4 162
St. Petersburg   2 468 2 099 2 186 2 313 2 335 2 334 2 270 2 336 2 709 2 610 2 828 2 788
Leningrad region   1 238 1 127 1 088 1 273 1 211 1 245 1 161 1 341 1 376 1 330 1 366 1 374
                           
Network losses of PJSC Lenenergo, %                          
  2006* 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PJSC Lenenergo, incl.   12,10 9,97 10,33 10,71 10,60 10,37 10,11  11,06 12,23 11,53 12,05 11,71
St. Petersburg   12,41 10,33 10,81 10,89 10,97 10,7 10,45  11,13 12,92 12,15 12,95 12,56
Leningrad region   11,51 9,36 9,48 10,39 9,96 9,8 9,51  10,94 11,06 10,49 10,53 10,29

* indicators were not calculated

Investment program of PJSC Lenenergo

Implementation of the investment program in St. Petersburg
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Disbursement, mln rub without VAT 2 181 7 343 8 401 7 654 12 574 10 829 11 515 13 158 15 608 5 091 12 664 19 871 14 856
Input FA, mln rub 1 105 3 313 5 787 7 206 11 328 11 246 12 424 14 355 16 042 2 619 9 891 18 069 15 923
Financing, mln rub VAT included 3 384 9 334 10 269 8 670 12 704 11 446 12 337 13 940 16 858 8 776 15 892 27 046 18 913
MVA power input 21 377 612 495 704 623 1409 603 753 158 449 1 159 515
Capacity input km 31 83 101 316 995 935 716 764 836 218 528 684 656
                           
Implementation of the investment program in the Leningrad region
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Disbursement, mln rub without VAT 679 1 437 3 008 2 681 3 239 4 232 3 376 5 570 7 803 1 650 9 546 8 332 5 866
Input FA, mln rub 459 1 150 1 271 2 856 2 421 5 077 3 651 4 299 8 272 1 067 5 273 10 714 7 342
Financing, mln rub VAT included 715 1 608 3 166 3 650 3 724 4 101 3 663 5 405 8 320 4 368 11 726 8 409 7 036
MVA power input 84 126 93 337 228 372 502 304 697 53 394 1 171 515
Capacity input km 192 163 256 353 512 778 864 1082 1 654 234 1 619 1 452 1 244
                           
Implementation of the investment program of Lenenergo
  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Disbursement, mln rub without VAT 2 860 8 780 11 409 10 334 15 813 15 061 14 891 18 729 23 411 6 741 22 210 28 203 20 722
Input FA, mln rub 1 565 4 463 7 058 10 062 13 750 16 323 16 075 18 653 24 314 3 685 15 165 28 783 23 265
Financing, mln rub VAT included 4 099 10 942 13 435 12 320 16 428 15 547 16 000 19 345 25 178 13 145 27 617 35 454 25 949
MVA power input 105 502 705 832 932 996 1 911 907 1 450 211 844 2 329 1 031
Capacity input km 222 246 357 669 1 508 1 713 1 581 1 846 2 490 452 2 147 2 136 1 900

Key parameters of the long-term Investment Program, approved by order of the Ministry of Energy of Russia as of 12.28.2015 No. 1042

Key parameters of the long-term Investment Program of PJSC Lenenergo, mln rub. VAT included
  2018 2019 2020 ИТОГО
2018-2020
Capital investments, mln rub. without VAT 20 664 26 799 12 068 59 532
Input FA, mln rub 20 113 33 110 14 963 68 187
Financing, mln rub VAT included 23 030 28 296 17 371 68 697
MBA power input 864 2 112 1 284 4 260
Capacity input km 1 070 1 048 582 2 700
         
Financing by areas, mln rub VAT included
  2018 2019 2020 ИТОГО
2018-2020
Technical re-equipment and reconstruction 23 030 28 296 17 371 68 697
New construction 9 647 13 825 10 185 33 657
TOTAL 13 383 14 471 7 186 35 040
         
Financing by region, mln rub VAT included
         
St. Petersburg
  2018 2019 2020 ИТОГО
2018-2020
Capital investments, mln rub without VAT 15 305 22 551 8 722 46 579
Input FA, mln rub 13 943 28 192 11 080 53 215
Financing, mln rub VAT included 16 477 22 958 13 223 52 658
MBA power input 435 1 771 1 073 3 278
Capacity input km 409 589 129 1 126
         
Leningrad region
  2018 2019 2020 ИТОГО
2018-2020
Capital investments, mln rub without VAT 5 359 4 248 3 346 12 953
Input FA, mln rub 6 170 4 918 3 883 14 971
Financing, mln rub VAT included 6 554 5 338 4 148 16 039
MBA power input 429 342 211 982
Capacity input km 661 460 453 1 574

Long-term regulation parameters of PJSC Lenenergo

Approved by the order of the Committee on Tariffs of St. Petersburg dated December 27, 2018 No. 298-p and order of the Committee on Tariffs and Pricing Policy of the Leningrad Region dated December 29, 2018 No. 727-p a

The structure of the RGR taking into account the tariff-balance decisions for the years 2014-2019.
  Long-term regulation parameters of PJSC Lenenergo Leningrad region PJSC Lenenergo
  2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
Controllable expenses 3 374 3 515 3 724 3 916 4 738 4 983 2 773 2 996 3 121 3 501 3 554 3 808 6 147 6 511 6 845 7 417 8 292 8 792
Non-controlled expenses 17 373 20 981 23 532 27 322 25 509 25 463 11 149 11 557 14 309 15 060 16 359 17 277 28 521 32 538 37 841 42 382 41 868 42 740
payments to PJSC FGC UES 4 866 4 974 4 842 5 275 6 014 6 227 2 478 2 564 2 621 2 829 3 074 3 285 7 344 7 539 7 462 8 104 9 088 9 513
TPNO services 5 318 6 216 6 786 6 148 2 490 2 975 5 628 5 896 7 539 7 793 8 178 7 559 10 946 12 112 14 325 13 941 10 668 10 534
network losses of Lenenergo 3 871 4 222 4 575 4 875 5 982 6 756 2 773 2 137 2 563 2 749 2 993 3 230 6 644 6 359 7 138 7 624 8 975 9 985
lost income 2 284 4 050 4 223 7 345 4 342 2 597 -235 384 996 963 1 230 1 706 2 049 4 434 5 219 8 308 5 571 4 303
other non-controlled expenses 1 034 1 519 3 106 3 679 6 681 6 907 504 575 591 725 884 1 497 1 538 2 094 3 697 4 404 7 565 8 405
Capital return 3 588 3 937 3 997 4 380 4 405 4 668 2 174 2 394 2 435 2 597 2 785 2 917 5 762 6 331 6 432 6 977 7 190 7 585
Return on equity 3 173 4 433 4 521 5 855 5 800 6 671 894 1 701 1 818 2 366 3 026 3 434 4 067 6 134 6 340 8 221 8 826 10 105
Smoothing -1 082 -2 691 2 485 -1 213 5 201 7 305 -919 -1 272 -1 227 -1 489 189 2 538 -2 002 -3 963 1 258 -2 702 5 390 9 843
Total RGR 26 425 30 174 38 260 40 260 45 653 49 090 16 070 17 375 20 456 22 035 25 912 29 975 42 495 47 549 58 716 62 296 71 565 79 065
Useful electricity supply 18 676 17 462 18 255 17 903 19 004 19 230 12 233 12 067 12 163 12 436 12 876 13 335 30 909 29 529 30 418 30 339 31 880 32 565
Average sale tariff for electricity transmission * 141,5 172,8 209,6 224,9 240,2 255,3 131,4 144,0 168,2 177,2 201,2 224,8 137,5 161,0 193,0 205,3 224,5 242,8
Gain to the previous year 21% 22% 21% 7% 7% 6% 15% 10% 17% 5% 14% 12% 18% 17% 20% 6% 9% 8%

* in the Leningrad region, incl. consumers indirectly connected to the electrical networks of the grid organization through power plants of electric energy producers

Notes
    Long-term regulation parameters of PJSC Lenenergo Leningrad region PJSC Lenenergo
  Unit rev. 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
The amount of capital invested at the beginning of the year (full value) mln rub 126 732 137 811 137 716 142 916 150 432 163 118 77 133 83 619 84 022 88 434 98 178 101 706 203 865 221 430 221 737 231 350 248 610 264 824
The amount of capital invested at the beginning of the year (residual value) mln rub 65 979 73 444 69 464 70 917 74 483 82 863 25 340 29 648 27 772 29 829 37 090 37 813 91 319 103 092 97 237 100 746 111 573 120 676
Rate of return on invested capital ("old") % 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Rate of return on invested capital ("new") % 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
* The level of reliability of services sold   0,0194 0,0191 0,0188 0,0185 0,0182 0,0179 0,019353 0,019063 0,0188 0,0185 0,0182 0,0179 0,019353 0,019063 0,0188 0,0185 0,0182 0,0179
* The quality level of goods and services sold   1,0102 0,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102 1,0102
Amount of NWC mln rub 282 336 391 447 585 661 169 204 256 304 230 304 451 540 647 751 815 965
Cost-Effectiveness Index % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
The ratio of power losses % 10,4% 12,8% 11,1% 12,7% 12,9% 12,8% 9,7% 9,5% 10,3% 10,5% 10,3% 10,1%            
The amount of the investment program in TBD approved at the expense of the transfer (development) tariff mln rub 12 308 1 760 7 197 13 661 11 743 20 209 4 459 1 133 5 126 8 161 3 103 6 583 16 766 2 893 12 323 21 822 14 846 26 793

* the planned indicators of reliability and quality, taking into account the extension of the regulation period until 2020, were agreed upon by the order of the FAS of Russia as of 10.10.2017 No. 472-e

Analyst manual (xlsx, 119 Kb).