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Rosseti Centre

February 25, 2021

The Rosseti Centre company published its financial statements for 2020 under RAS, net profit increased to 2 829,7 mln RUB

The Rosseti Centre company published its financial statements for 2020 under RAS, net profit increased to 2 829,7 mln RUB 

According to the prepared in accordance with the Russian Accounting Standards statements for 2020, Rosseti Centre’s revenue (the public name IDGC of Centre, PJSC, the ticker - MRKC) was 94 984,9 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 18 516,8 mln RUB. Net profit significantly exceeded the planned value according to the Business Plan and amounted to 2 829,7 mln RUB. 

Data in million RUB, unless specified otherwise

Indicators

12M 
2020

12M 
2019

Change

Revenue (total), including:

94 984,9

94 505,8

0,5%

Revenue from electric energy transmission

90 490,5

90 886,7

-0,4%

Revenue from grid connection

1 306,0

1 542,0

-15,3%

Revenue from resale of electric energy and power

531,2

520,7

2,0%

Other revenue

2 657,2

1 556,4

70,7%

Cost of sales

84 889,2

84 508,6

0,5%

Sales profit1

7 689,2

7 642,8

0,6%

Sales profit margin

8,1%

8,1%

0,0 p.p.

EBITDA2

18 516,8

16 038,3

15,5%

EBITDA margin

19,5%

17,0%

2,5 p.p.

Net profit

2 829,7

328,3

761,9%

Net profit margin

3,0%

0,3%

2,7 p.p.

Amount of electric energy transmitted*, million kWh

45 475,2

46 374,6

-1,9%

Electric energy losses*, %

9,83%

10,23%

- 0,4 p.p.

Indicators

As of 31.12.2020

As of 31.12.2019

Change

Total assets

130 309,7

124 383,7

4,8%

Net assets

58 593,8

55 747,7

5,1%

Loans and credits

45 297,7

43 175,4

4,9%

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

1 036,2

1 015,9

2,0%

Net debt3

44 261,5

42 159,5

5,0%

[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 service area of JSC “Transservicenergo” in the Tver region

The volume of electricity transmission services in 2020 amounted to 45 475,2 million kWh. Compared to the same period in 2019, there was a decrease in the volume of services by 1,9%, which is due to a decrease in demand from electricity consumers during the relatively warm winter months at the beginning of the year, and during the following months - under the influence of epidemiological restrictions. At the same time, the change in tariffs for electricity transmission services from 1 July 2020 partly offset the decrease in the revenue, which amounted to 90 490,5 mln RUB, having decreased by 0,4% from the previous year. 

In 2020, the Company entered into over 36 thousand grid connection agreements. The total connected capacity under the executed contracts exceeded 1,000 MW, the total proceeds from the grid connection amounted to 1 306,0 mln RUB. The decrease in the grid connection revenue by 15,3% in 2020 compared to the previous reporting period is due to the execution of a major grid connection agreement in 2019 in the amount of 250 mln RUB. It should be noted that at the end of 2020, the average term for the “contract - notification” indicator under the grid connection agreements of the “Doing Business” category, providing for the performance of work by the grid organization, was 61 days, which is 23% less than the value of the same indicator at the end of 2019 (79 days). 

The other revenue increased by 70,7% and amounted to 2 657,2 mln RUB, which was mainly due to the growth in the provision of additional services, such as support of grid connection agreements, setup of street lighting and other energy services. Increasing income from unregulated services is one of the main strategic goals of the Company. 

Timely response to external adverse factors and implementation of measures to improve operational efficiency allowed to keep the cost of services in 2020 almost at the level of the previous year. Special attention was paid to measures to reduce electricity losses in grids: by the end of 2020, losses amounted to 9,83% of the supply to the grid, which is 0,4 p.p. below the value of the previous year. 

As a result of significant improvement in the balance of other income and expenses, the EBITDA increased by 15,5%. The EBITDA margin reached the level of 19,5%. The final financial result at the end of 2020 increased more than 8 times and amounted to 2 829,7 mln RUB. 

The Company’s total assets as of 31 December 2020 increased by 4,8% and amounted to 130 309,7 mln RUB. The Company’s net assets increased by 5,1% and reached 58 593,8 mln RUB. The net debt3 amounted to 44 261,5 mln RUB (as of 31 December 2019 – 42 159,5 mln RUB). 

The Company’s statements for 12 months of 2020 can be found at: https://www.mrsk-1.ru/information/statements/rsbu/2020/.





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