Q1 2021, Rosseti Center and Volga Region’s revenue (the public name IDGC of Center and Volga Region, PJSC, the ticker - MRKP) increased by 8,5% and amounted to 28 086,5 mln RUB, including from electric energy transmission – 27 511,9 mln RUB, from grid connections – 332,0 mln RUB and other revenue – 242,6 mln RUB. Sales profit increased by 8% and amounted to 5 667,1 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 8 143,6 mln RUB. Net profit amounted to 4 241,7 mln RUB.
Data in million RUB, unless specified otherwise
|
Indicators |
3M 2021 |
3M 2020 |
Change |
|
Revenue (total), including: |
28 086,5 |
25 883,7 |
8,5% |
|
Revenue from electric energy transmission |
27 511,9 |
25 475,6 |
8,0% |
|
Revenue from grid connection |
332,0 |
219,6 |
51,2% |
|
Other revenue |
242,6 |
188,5 |
28,7% |
|
Cost of sales |
22 236,9 |
20 448,7 |
8,7% |
|
Sales profit1 |
5 667,1 |
5 246,3 |
8,0% |
|
Sales profit margin |
20,2% |
20,3% |
-0,1 p.p. |
|
EBITDA2 |
8 143,6 |
7 944,4 |
2,5% |
|
EBITDA margin |
29,0% |
30,7% |
-1,7 p.p. |
|
Net profit |
4 241,7 |
4 137,9 |
2,5% |
|
Net profit margin |
15,1% |
16,0% |
-0,9 p.p. |
|
Amount of electric energy transmitted, million kWh |
12 868,6 |
12 275,5 |
4,8% |
|
Electric energy losses, % |
8,40% |
8,45% |
-0,05 p.p. |
|
Indicators |
As of 31.03.2021 |
As of 31.12.2020 |
Change |
|
Total assets |
129 615,3 |
127 751,4 |
1,5% |
|
Net assets |
75 815,6 |
71 555,1 |
6,0% |
|
Loans and credits |
24 769,0 |
26 273,1 |
-5,7% |
|
Cash and cash equivalents + Financial investments (short-term) |
1 011,0 |
1 646,0 |
-38,6% |
|
Net debt3 |
23 758,1 |
24 627,1 |
-3,5% |
|
[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 |
Revenue from electricity transmission in the 1st quarter of 2021 increased compared to the 1st quarter of 2020 by 8,0% and amounted to 27 511,9 mln RUB, which is due to growth in the volume of electricity transmission services by 4,8% against the backdrop of a colder winter than in the previous year and an increase in tariffs for electricity transmission services from 1 July 2020.
The increase in revenue from grid connection by 51,2% is due to the execution in the 1st quarter of 2021 of the grid connection agreement with JSC Technopark Sarov worth 104,9 mln RUB. Other revenue increased by 28,7% and amounted to 242,6 mln RUB.
According to the results of the 1st quarter of 2021 relative to the 1st quarter of 2020, the cost of sales increased by 8,7% and amounted to 22 236,9 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 0,05 p.p., which is the result of organizational and technical measures taken.
EBITDA increased by 2,5% and amounted to 8 143,6 mln RUB. EBITDA margin was 29,0%. Net profit amounted to 4 241,7 mln RUB (the growth of 2,5%).
The Company’s total assets at the end of the 1st quarter of 2021 were 129 615,3 mln RUB. (an increase of 1,5% in comparison with 31 March 2020). The Company’s net assets increased by 6,0% and reached 75 815,6 mln RUB. The Company’s net debt3 as of 31 March 2021 decreased by 3,5% and amounted to 23 758,1 mln RUB.
The full report can be viewed on the Company’s website: https://www.mrsk-cp.ru/en/stockholder_investor/disclosure_reporting_info/finansovaya-informatsiya-i-otchetnost/ras-accounting-statements/.
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