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Market: Moscow | Symbol: FEES | ISIN: RU000A0JPNN9 | Sector: Power
Federal Grid Company is part of PJSC ROSSETI is the operator and the operator of the Unified National Electricity Grid (“UNEG”). The company operates over148 thousand km of transmission lines and has about 352 GVA of installed transformer capacity. Federal Grid’s business is to provide electricity transmission and technological connection services. It maintains and develops the grid system and supervises grid facilities and infrastructure in 79 regions of Russia, covering a territory of 15.1 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. The Company is a natural monopoly with 80.13% stake controlled by ROSSETI. Federal Grid Company was incorporated in June 2002 as part of reorganisation of Russia’s electrical power industry. Federal Grid Company’s common shares are included on Moscow Exchange under the ticker FEES and the Company’s GDRs are listed on the London Stock Exchange and traded under the same FEES symbol.
23/10/2020
Currency
Previous Close
Change (%)
Volume
Number of Shares (mil)
Market Cap (mil)
Moscow
RUB
0.19
1.31
3,524,410,000
1,274,665.32
246,010.41
London
USD
1.12
12.00
5,288
2,521.88
2,824.50
Key Performance Indicators (RUB MM)  2017 2018 2019
Revenues 242,186 253,979 249,611
Adjusted EBITDA(1) 129,492 133,571 136,101
Adjusted Operating Profit(2) 113,086 104,609 98,996
Adjusted Profit for the year(3) 96,766 91,047 83,713
Net Debt 215,305 205,370 176,859
Electricity Transmission (mln kWh) 547.4 557.7 558.7
Profitability (%)      
Adjusted Operating Profit margin(4) 46.7 41.2 39.7
Adjusted EBITDA Margin(4) 53.5 52.6 54.5
Earnings per share (EPS), RUB 0.070 0.074 0.069
Return on assets (ROA)(5) 8.8 7.8 6.7
Return on equity (ROE)(6) 13.3 11.4 9.6
Key Ratios      
Total equity / Total assets 0.67 0.69 0.71
Total Debt / Adjusted EBITDA 1.99 1.85 1.76
Current ratio 1.18 1.62 1.39
Absolute liquidity ratio 0.48 0.44 0.70
Market capitalization 206.9 188.9 256.6
 
(1) Adjusted EBITDA is calculated as EBITDA (earnings before tax, financial income and expenses, depreciation and amortisation) adjusted to exclude (accrual)/reversal of net loss from impairment of property, plant and equipment, revenue from connection services, expenses related to accrual/(reversal) of allowance for expected credit losses and doubtful debtors, loss on derecognition of subsidiary (only for 2017), gain on disposal of assets (only for 2019), loss on disposal of associated company (only for 2019) and movement in provision for legal claims and including financial income.
(2) Adjusted operating profit is calculated as operating profit adjusted to exclude (accrual)/reversal of net loss from impairment of property, plant and equipment, loss on derecognition of subsidiary (only for 2017) and gain on disposal of assets (only for 2019).
(3) Adjusted profit for the year is calculated as profit for the period adjusted to exclude (accrual)/reversal of net loss from impairment of property, plant and equipment, loss on derecognition of subsidiary (only for 2017), gain on disposal of assets (only for 2019), loss on disposal of associated company (only for 2019), including respective deferred income tax.
(4) Margins are calculated as EBITDA, adjusted EBITDA and adjusted operating profit divided by the total revenue for the year.
(5) Return on assets is calculated as adjusted profit for the year divided by the average total assets for the year.
(6) Return on equity is calculated as adjusted profit for the year divided by the average total equity for the respective year.
5A, Akademika Chelomeya str., Moscow, Russia, 117630


 Tel:       +7 (495) 710-93-33
Fax:      +7 (495) 710-96-55
E-mail: info@fsk-ees.ru
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