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Rosseti Centre

July 27, 2021

The Rosseti Centre company published its financial statements for 1H 2021 under RAS, net profit increased by 248,9%

According to the prepared in accordance with the Russian Accounting Standards statements for 1H 2021, Rosseti Centre’s revenue (the public name IDGC of Centre, PJSC, the ticker - MRKC) was 49 902,7 mln RUB, including from electric energy transmission – 48 067,1 mln RUB, from grid connections – 419,3 mln RUB, from sale of electric energy and power – 288,6 mln RUB and other revenue – 1 127,7 mln RUB. Sales profit was 4 881,1 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 11 043,1 mln RUB. Net profit increased by 248,9% and amounted to 2 991,3 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

1H 2021

1H 2020

Change

Revenue (total), including:

49 902,7

45 739,6

9,1%

Revenue from electric energy transmission

48 067,1

44 262,0

8,6%

Revenue from grid connection

419,3

357,4

17,3%

Revenue from sale of electric energy and power

288,6

271,6

6,3%

Other revenue

1 127,7

848,6

32,9%

Cost of sales

44 054,2

41 971,7

5,0%

Sales profit1

4 881,1

2 694,5

81,2%

Sales profit margin

9,8%

5,9%

3,9 p.p.

EBITDA2

11 043,1

8 508,5

29,8%

EBITDA margin

22,1%

18,6%

3,5 p.p.

Net profit

2 991,3

857,4

248,9%

Net profit margin

6,0%

1,9%

4,1 p.p.

Amount of electric energy transmitted*, million kWh

23 869,5

22 623,6

5,5%

Electric energy losses*

9,92%

10,37%

-0,45 p.p.

Indicators

As of 30.06.2021

As of 31.12.2020

Change

Total assets

130 748,2

130 309,7

0,3%

Net assets

60 155,3

58 593,8

2,7%

Loans and credits

44 713,2

45 297,7

-1,3%

Cash and cash equivalents + Financial investments (short-term)

1 488,0

1 036,2

43,6%

Net debt3

43 225,2

44 261,5

-2,3%

[1] Revenue net of cost of sales, selling and administrative expenses

[2] EBITDA is calculated as follows: net profit + profit tax and other similar mandatory payments + interest payable + depreciation charges

[3] Net debt is calculated as follows: long-term debt + short-term debt – cash and cash equivalents – short-term financial investments

* Taking into account the volume of services for the transmission of electricity in the territory of execution of the functions of the electricity supplier of last resort in the Tver region

 

The volume of services for the transmission of electricity amounted to 23 869,5 million kWh, compared to the same period last year, there was an increase in volumes by 5,5%, which is a consequence of a change in the temperature background (significant deviations from climatic norms) and the restoration of business activity relative to the levels during the 2020 restriction period. Revenue for electricity transmission services at the end of the 1st half of 2021 showed an increase of 8,6 % compared to the same period in 2020 due to growth in the volume of services provided for electricity transmission and an increase in the average tariff from 1 July 2020, limited by the applicable maximum values.

Revenue from grid connection services at the end of the 1st half of 2021 was 419,3 mln RUB. The increase by 17,3% compared to the same period in 2020 is due to execution of large grid connection agreements in the 1st half of 2021.

Other revenue in the 1st half of 2021 compared to the same period in 2020 increased by 32,9% and amounted to 1 127,7 mln RUB. The main reason for the growth of the other revenue is an increase in volumes of value-added services, which corresponds to the main strategic objectives of the Company to extend the volume of non-tariff income.

The main reason for the 5,0% increase in the cost of sales was growth in depreciation and amortization and expenses for the services of electric grid companies and for compensation of electricity losses in the grids due to an increase in the volume of electricity consumption. At the same time, the relative amount of electricity losses decreased by 0,45 p.p., which is the result of organizational and technical measures taken.

Due to the outstripping revenue growth rate over the cost price growth rate, EBITDA2 increased by 29,8%. Net profit for the 1st half of 2021 increased by 248,9% compared to the same period last year.

The Company’s total assets as of 30 June 2021 increased and amounted to 130 748,2 mln RUB. The Company’s net assets grew up by 2,7% and amounted to 60 155,3 mln RUB. The net debt3 decreased to 43 225,1 mln RUB (as of 31 December 2020 – 44 261,5 mln RUB).

The Company’s statements for 1H 2021 can be found at: https://www.mrsk-1.ru/information/statements/rsbu/2021/.




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