According to the prepared in accordance with the Russian
Accounting Standards statements for Q1 2021, Rosseti Centre’s
revenue (the public name IDGC of Centre, PJSC, the ticker —
MRKC) was 26 832,8 mln RUB, including from electric energy
transmission — 25 999,6 mln RUB, from grid connections —
213,8 mln RUB, from sale of electric energy and power —
166,2 mln RUB and other revenue — 453,2 mln RUB. Sales profit
was 3 227,9 mln RUB. Earnings before interest, taxes,
depreciation and amortization (EBITDA2) reached 6 357,7
mln RUB, EBITDA margin increased against the same period last year
and was 23,7 %. Net profit reached the level of 2 172,1
mln RUB.
Data in million RUB, unless specified
otherwise
Indicators
|
3M 2021
|
3M 2020
|
Change
|
Revenue (total), including:
|
26 832,8
|
24 937,7
|
7,6 %
|
Revenue from electric energy transmission
|
25 999,6
|
24 102,0
|
7,9 %
|
Revenue from grid connection
|
213,8
|
139,2
|
53,6 %
|
Revenue from sale of electric energy and power
|
166,2
|
151,4
|
9,8 %
|
Other revenue
|
453,2
|
545,1
|
−16,9 %
|
Cost of sales
|
23 176,0
|
21 745,8
|
6,6 %
|
Sales profit1
|
3 227,9
|
2 624,3
|
23,0 %
|
Sales profit margin
|
12,0 %
|
10,5 %
|
1,5 p. p.
|
EBITDA2
|
6 357,7
|
5 705,6
|
11,4 %
|
EBITDA margin
|
23,7 %
|
22,9 %
|
0,8 p. p.
|
Net profit
|
2 172,1
|
1 554,8
|
39,7 %
|
Net profit margin
|
8,1 %
|
6,2 %
|
1,9 p. p.
|
Amount of electric energy transmitted*, million kWh
|
12816,6
|
12114.4
|
5,8 %
|
Electric energy losses*, %
|
11,61 %
|
11,73 %
|
— 0,12 p. p.
|
Indicators
|
As of 31.03.2021
|
As of 31.12.2020
|
Change
|
Total assets
|
133 356,6
|
130 309,7
|
2,3 %
|
Net assets
|
60 753,5
|
58 593,8
|
3,7 %
|
Loans and credits
|
44 737,6
|
45 297,7
|
−1,2 %
|
Cash and cash equivalents + Financial investments (short-term)
|
3 615,9
|
1 036,2
|
249,0 %
|
Net debt3
|
41 121,7
|
44 261,5
|
−7,1 %
|
[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
Revenue for electricity transmission services
at the end of the 1st quarter of 2021 showed
an increase of 7,9 % compared to the same period
in 2020 due to growth in the volume of services
provided for electricity transmission by 5,8 % in a colder
winter, as well as due to an increase in the
average tariff from 1 July 2020.
Revenue from grid connection services at the
end of the 1st quarter of 2021 increased by 53,6 %
compared to the same period of 2020 due to the
execution in the 1st quarter of 2021 of the grid
connection agreement with Russian Railways LLC worth 80,08 mln RUB.
The decrease in other revenue in the
reporting quarter does not reflect any negative trends, since the
provision of unregulated services is not characterized
by a stable quarterly distribution of revenue receipt
within the year. At the end of 2021, an increase
in income from other activities is projected.
The main reason for the 6,6 % 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 0,12 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, EBITDA increased by 11,4 %.
Net profit for the 1st quarter of 2021 increased by 39,7 %
compared to the same period last year.
The Company’s total assets as of 31 March
2021 increased by 2,3 % and amounted to 133 356,6
mln RUB. The Company’s net assets increased by 3,7 % and
reached 60 753,5 mln RUB. The net debt3 amounted
to 41 121,7 mln RUB (as of 31 December
2020 — 44 261,5 mln RUB).
The Company’s statements for Q1 2021 can
be found at:
https://mrsk-1.ru/en/information/statements/rsbu/2021/.
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