According to the prepared in accordance with the Russian Accounting Standards statements for 2020, Rosseti Center and Volga Region’s revenue (the public name IDGC of Center and Volga Region, PJSC, the ticker - MRKP) was 96 588,2 mln RUB. Earnings before interest, taxes, depreciation and amortization (EBITDA2) reached 19 700,8 mln RUB. Net profit increased by 32,7% and amounted to 7 045,9 mln RUB.
Data in million RUB, unless specified otherwise
|
Indicators |
12M 2020 |
12M 2019 |
Change |
|
Revenue (total), including: |
96 588,2 |
96 343,1 |
0,3% |
|
Revenue from electric energy transmission |
93 228,8 |
94 329,0 |
-1,2% |
|
Revenue from grid connection |
2 312,5 |
1 062,0 |
117,7% |
|
Other revenue |
1 046,9 |
952,1 |
9,9% |
|
Cost of sales |
83 056,1 |
80 807,5 |
2,8% |
|
Sales profit1 |
12 512,1 |
14 591,3 |
-14,2% |
|
Sales profit margin |
13,0% |
15,1% |
-2,1 p.p. |
|
EBITDA2 |
19 700,8 |
17 079,6 |
15,3% |
|
EBITDA margin |
20,4% |
17,7% |
2,7 p.p. |
|
Net profit |
7 045,9 |
5 307,7 |
32,7% |
|
Net profit margin |
7,3% |
5,5% |
1,8 p.p. |
|
Amount of electric energy transmitted, million kWh |
45 186,5 |
46 961,1 |
-3,8% |
|
Electric energy losses, % |
7,93% |
7,94% |
-0,01 p.p. |
|
Indicators |
As of31.12.2020 |
As of31.12.2019 |
Change |
|
Total assets |
127 751,4 |
118 848,8 |
7,5% |
|
Net assets |
71 555,1 |
64 476,9 |
11,0% |
|
Loans and credits |
26 273,1 |
26 491,9 |
-0,8% |
|
Cash and cash equivalents + Financial investments (short-term) |
1 646,0 |
2 012,9 |
-18,2% |
|
Net debt3 |
24 627,1 |
24 479,0 |
0,6% |
|
[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 electricity transmission services in 2020 amounted to 45 186,5 million kWh. Compared to the same period in 2019, there was a decrease in the volume of services by 3,8%, 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 93 228,8 mln RUB, having decreased by 1,2% from the previous year.
The increase in proceeds from grid connection 117,7% was due to the fulfillment of large contracts in the Kalugaenergo and Nizhnovenergo branches. The other revenue increased by 9,9% and amounted to 1 046,9 mln RUB. Increasing income from unregulated services is one of the main strategic goals of the Company.
The cost of sales for 12 months of 2020 amounted to 83 056,1 mln RUB (an increase of 2,8% compared to the indicator for 12 months of 2019). The growth in the cost of sales was due to a significant increase in depreciation, expenses of implementing measures to reduce electricity losses in grids, costs of countering the spread of coronavirus infection and additional payments to production personnel who performed uninterrupted maintenance of power grid equipment in the pandemic. At the same time, for many items, operating costs were reduced from planned values due to the rational use of available resources.
As a result of significant improvement in the balance of other income and expenses, the EBITDA increased by 15,3%. The EBITDA margin was 20,4% against 17,7% a year earlier. The net profit increased by 32,7% compared to 2019 and amounted to 7 045,9 mln RUB.
The Company’s total assets as of 31 December 2020 were 127 751,4 mln RUB (an increase of 7,5% compared with 31.12.2019). The Company’s net assets increased by 11,0% and reached 71 555,1 mln RUB. The net debt3 was 24 627,1 mln RUB (as of 31 December 2019 – 24 479,0 mln RUB).
The full report can be viewed on the Company’s website: https://www.mrsk-cp.ru/stockholder_investor/disclosure_reporting_info/finansovaya-informatsiya-i-otchetnost/bukhgalterskaya-otchetnost-oao-mrsk-tsentra-i-privolzhya/
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