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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