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      1. 3.2.1 Network Exploitation and Grid Asset Consolidation
      2. 3.2.2 Development of the Grid Complex
      3. 3.2.3 Connection
      4. 3.2.4 Electricity Transmission
      5. 3.2.5 Additional (non-tariff) services
      6. 3.2.6 Consumer liaison
      7. 3.2.7 Key RAS metrics
      8. 3.2.8 Key IFRS metrics
      9. 3.2.9 Tariff Policy
      10. 3.2.10 Investments
      11. 3.2.11 Innovations
      12. 3.2.12 Progress of the Digital Transformation Program
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Document for 2020

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3.2.8 Key IFRS metrics

Revenues from electricity transmission contribute the most to the total revenues of the Group. Changes in the amounts mainly depend on approved tariffs and volume of transmitted electricity during the period. The Group also generates revenues from electricity sales, connection and other services. FY2021financial year 2021 Group’s revenues totaled RUBruble 96,514 million (+RUB 7,893 million or 8.9%), incl.:

— A RUBruble 5,682 million hike in revenues from electricity transmission resulted from grown net supply and electricity transmission tariffs;

— A RUBruble 52 million decrease in revenues from connection is due to differences in the structure of applicants and concluded contracts of each period;

— A RUBruble 2,043 million increase in revenues from electricity sales resulted from grown tariff and volume of electricity consumption;

— A RUBruble 220 million increase in other revenues is due to business development and conclusion of additional contracts.

 

MU 2019 2020 2021
Revenues, incl.: RUBruble million 106,149 88,621 96,514
- revenues from electricity transmission RUBruble million 62,790 67,966 73,648
- revenues from connection RUBruble million 1,137 1,292 1,240
- revenues from electricity sales RUBruble million 41,793 18,912 20,955
- other revenues RUBruble million 429 451 671
Operating expenses RUBruble million 100,716 86,285 91,456
Expected credit loss provision RUBruble million 1,907 1,454 -1,504
Impairment loss related to PP&E and right-of-use assets RUBruble million 0 0 2,141
Net other income RUBruble million 886 870 1,147
Operating result RUBruble million 4,412 1,752 5,568
Balance of financial income and expenses RUBruble million -643 -963 -596
Profit before tax RUBruble million 3,769 789 4,972
Income tax RUBruble million 1,008 167 1,132
Profit for the period RUBruble million 2,761 622 3,840
EBITDAearnings before interest, taxes, depreciation and amortization* RUBruble million 12,153 9,586 16,309
EBITDAearnings before interest, taxes, depreciation and amortization margin % 11.4% 10.8% 16.9%
Net debt ** RUBruble million 14,943 17,979 15,948
MU 2019 2020 2021
Revenues, incl.: RUBruble million 106,149 88,621 96,514
- revenues from electricity transmission RUBruble million 62,790 67,966 73,648
- revenues from connection RUBruble million 1,137 1,292 1,240
- revenues from electricity sales RUBruble million 41,793 18,912 20,955
- other revenues RUBruble million 429 451 671
Operating expenses RUBruble million 100,716 86,285 91,456
Expected credit loss provision RUBruble million 1,907 1,454 -1,504
Impairment loss related to PP&E and right-of-use assets RUBruble million 0 0 2,141
Net other income RUBruble million 886 870 1,147
Operating result RUBruble million 4,412 1,752 5,568
Balance of financial income and expenses RUBruble million -643 -963 -596
Profit before tax RUBruble million 3,769 789 4,972
Income tax RUBruble million 1,008 167 1,132
Profit for the period RUBruble million 2,761 622 3,840
EBITDAearnings before interest, taxes, depreciation and amortization* RUBruble million 12,153 9,586 16,309
EBITDAearnings before interest, taxes, depreciation and amortization margin % 11.4% 10.8% 16.9%
Net debt ** RUBruble million 14,943 17,979 15,948
* EBITDAearnings before interest, taxes, depreciation and amortization = Profit/loss before tax + Depreciation and Amortization + interest payable (loans, lease) + impairment loss
** Net debt, net of lease liabilities

FY2021financial year 2021 operating expenses totaled RUBruble 91,456 million (+RUB 5,171 million YoYyear on year), the increase mainly due to grown expenses on electricity transmission, loss compensation and purchase electricity, depreciation and personnel.

FY2021financial year 2021 net other income totaled RUBruble 1,147 million (+RUB 277 million YoYyear on year). Other operating income includes gains from uncontracted electricity consumption, income from fines, penalties and forfeits on commercial contracts, payables write-offs and insurance recovery. The increase is mainly due to grown income from fines, penalties and forfeits charged for violation of contractual liabilities.

FY2021financial year 2021 net income of the Group totaled RUBruble 3,840 million (+RUB 3,218 million YoYyear on year), the hike impacted by grown revenues from electricity transmission and other revenues.

 

MU 2019 2020 2021 YoYyear on year (+/-)
Net Debt / EBITDAearnings before interest, taxes, depreciation and amortization 1.47 2.15 1.32 - 0.83
Current liquidity ratio 0.72 0.58 0.49 - 0.09
Financial leverage 0.91 0.96 0.92 - 0.04
Share of LT loans 0.88 0.87 0.60 - 0.27
Net cash flow RUBruble million - 1,419.95 - 2,007.54 2,115.50 4,123.04
MU 2019 2020 2021 YoYyear on year (+/-)
Net Debt / EBITDAearnings before interest, taxes, depreciation and amortization 1.47 2.15 1.32 - 0.83
Current liquidity ratio 0.72 0.58 0.49 - 0.09
Financial leverage 0.91 0.96 0.92 - 0.04
Share of LT loans 0.88 0.87 0.60 - 0.27
Net cash flow RUBruble million - 1,419.95 - 2,007.54 2,115.50 4,123.04
* Calculations in the table above use consolidated financial statements prepared under IFRSInternational Financial Reporting Standards

Net Debt / EBITDAearnings before interest, taxes, depreciation and amortization as of 31.12.2021 is lower than Net Debt / EBITDAearnings before interest, taxes, depreciation and amortization as of 31.12.2020 due to improved EBITDAearnings before interest, taxes, depreciation and amortization and reduction of debt. Current liquidity ratio as of 31.12.2021 is lower than current liquidity ratio as of 31.12.2020 due to increased short-term liabilities resulted from reclassification of bonds into short-term ones in line with the 2022 offer. Financial leverage as of 31.12.2021 is slightly lower than financial leverage as of 31.12.2020. Share of LT loans as of 31.12.2021 is lower than share of LT loans as of 31.12.2020 due to reduced LT loans resulted from reclassification of bonds into short-term ones. Net cash flow in 2021 is higher than net cash flow in 2020 due to an increase in cash from operating activities, namely from electricity transmission.