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ROSSETI Center and Volga Region

July 27, 2021

The Rosseti Center and Volga Region company published its financial statements for 1H 2021 under RAS, net profit increased by 30,7%

According to the prepared in accordance with the Russian Accounting Standards statements for 1H 2021, Rosseti Center and Volga Region’s revenue (the public name IDGC of Center and Volga Region, PJSC, the ticker - MRKP) was 52 216,4 mln RUB, including from electric energy transmission – 50 721,4 mln RUB, from grid connections – 944,6 mln RUB and other revenue – 550,4 mln RUB. Sales profit1 increased by 32,5% and amounted to 8 973,7 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 14 046,4 mln RUB. Net profit increased by 30,7% and amounted to 6 644,1 mln RUB.

Data in million RUB, unless specified otherwise

Indicators

1H 2021

1H 2020

Change

Revenue (total), including:

52 216,4

46 985,9

11,1%

Revenue from electric energy transmission

50 721,4

46 142,0

9,9%

Revenue from grid connection

944,6

469,9

101,0%

Other revenue

550,4

374,0

47,2%

Cost of sales

42 790,4

39 806,2

7,5%

Sales profit1

8 973,7

6 770,3

32,5%

Sales profit margin

17,2%

14,4%

2,8 p.p.

EBITDA2

14 046,4

11 696,7

20,1%

EBITDA margin

26,9%

24,9%

2,0 p.p.

Net profit

6 644,1

5 082,6

30,7%

Net profit margin

12,7%

10,8%

1,9 p.p.

Amount of electric energy transmitted, million kWh

24 023,5

22 613,2

6,2%

Electric energy losses, %

7,18%

7,59%

-0,41 p.p.

Indicators

As of 30.06.2021

As of 31.12.2020

Change

Total assets

129 591,7

127 751,4

1,4%

Net assets

75 301,6

71 555,1

5,2%

Loans and credits

26 547,3

26 273,1

1,0%

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

808,3

1 646,0

-50,9%

Net debt3

25 739,0

24 627,1

4,5%

[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

The volume of services for the transmission of electricity amounted to 24 023,5 million kWh, compared to the same period last year, there was an increase by 6,2%, 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 9,9% 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.

The increase in revenue from grid connection by 101% is due to execution of large grid connection agreements in the 1st half of 2021. Other revenue increased by 47,2% and amounted to 550,4 mln RUB, which is the result of the ongoing work on the development of non-tariff services.

According to the results of the 1st half of 2021 relative to the 1st half of 2020, the cost of sales increased by 7,5% and amounted to 42 790,4 mln RUB, which is due to 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 value of electricity losses decreased by 0,41 p.p., which is the result of organizational and technical measures taken.

EBITDA2 increased by 20,1% and amounted to 14 046,4 mln RUB. EBITDA margin grew up by 2 p.p. and was 26,9%. Net profit amounted to 6 644,1 mln RUB (the growth of 30,7%).

The Company’s total assets at the end of the 1st half of 2021 were 129 591,7 mln RUB (an increase of 1,4% in comparison with 31 December 2020). The Company’s net assets increased by 5,2% and reached 75 301,6 mln RUB. The Company’s net debt3 as of 30 June 2021 was 25 739 mln RUB (the growth of 4,5%).

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

 

 

 

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