The Rosseti Centre company published its financial statements for
2020 under RAS, net profit increased to 2 829,7 mln RUB
According to the prepared in accordance with the
Russian Accounting Standards statements for 2020, Rosseti Centre’s
revenue (the public name IDGC of Centre, PJSC, the ticker - MRKC) was
94 984,9 mln RUB. Earnings before interest, taxes, depreciation and
amortization (EBITDA2) reached 18 516,8 mln RUB. Net profit
significantly exceeded the planned value according to the Business
Plan and amounted to 2 829,7 mln RUB.
Data in million RUB, unless specified otherwise
Indicators
|
12M
2020
|
12M
2019
|
Change
|
Revenue (total), including:
|
94 984,9
|
94 505,8
|
0,5%
|
Revenue from electric energy transmission
|
90 490,5
|
90 886,7
|
-0,4%
|
Revenue from grid connection
|
1 306,0
|
1 542,0
|
-15,3%
|
Revenue from resale of electric energy and power
|
531,2
|
520,7
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2,0%
|
Other revenue
|
2 657,2
|
1 556,4
|
70,7%
|
Cost of sales
|
84 889,2
|
84 508,6
|
0,5%
|
Sales profit1
|
7 689,2
|
7 642,8
|
0,6%
|
Sales profit margin
|
8,1%
|
8,1%
|
0,0 p.p.
|
EBITDA2
|
18 516,8
|
16 038,3
|
15,5%
|
EBITDA margin
|
19,5%
|
17,0%
|
2,5 p.p.
|
Net profit
|
2 829,7
|
328,3
|
761,9%
|
Net profit margin
|
3,0%
|
0,3%
|
2,7 p.p.
|
Amount of electric energy transmitted*, million kWh
|
45 475,2
|
46 374,6
|
-1,9%
|
Electric energy losses*, %
|
9,83%
|
10,23%
|
- 0,4 p.p.
|
Indicators
|
As of 31.12.2020
|
As of 31.12.2019
|
Change
|
Total assets
|
130 309,7
|
124 383,7
|
4,8%
|
Net assets
|
58 593,8
|
55 747,7
|
5,1%
|
Loans and credits
|
45 297,7
|
43 175,4
|
4,9%
|
Cash and cash equivalents + Financial investments (short-term)
|
1 036,2
|
1 015,9
|
2,0%
|
Net debt3
|
44 261,5
|
42 159,5
|
5,0%
|
[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 service area of JSC
“Transservicenergo” in the Tver region
|
The volume of electricity transmission services in
2020 amounted to 45 475,2 million kWh. Compared to the same period in
2019, there was a decrease in the volume of services by 1,9%, 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 90 490,5 mln RUB, having decreased by
0,4% from the previous year.
In 2020, the Company entered into over 36 thousand
grid connection agreements. The total connected capacity under the
executed contracts exceeded 1,000 MW, the total proceeds from the
grid connection amounted to 1 306,0 mln RUB. The decrease in the grid
connection revenue by 15,3% in 2020 compared to the previous
reporting period is due to the execution of a major grid connection
agreement in 2019 in the amount of 250 mln RUB. It should be noted
that at the end of 2020, the average term for the “contract -
notification” indicator under the grid connection agreements of the
“Doing Business” category, providing for the performance of work
by the grid organization, was 61 days, which is 23% less than the
value of the same indicator at the end of 2019 (79 days).
The other revenue increased by 70,7% and amounted
to 2 657,2 mln RUB, which was mainly due to the growth in the
provision of additional services, such as support of grid connection
agreements, setup of street lighting and other energy services.
Increasing income from unregulated services is one of the main
strategic goals of the Company.
Timely response to external adverse factors and
implementation of measures to improve operational efficiency allowed
to keep the cost of services in 2020 almost at the level of the
previous year. Special attention was paid to measures to reduce
electricity losses in grids: by the end of 2020, losses amounted to
9,83% of the supply to the grid, which is 0,4 p.p. below the value of
the previous year.
As a result of significant improvement in the
balance of other income and expenses, the EBITDA increased by 15,5%.
The EBITDA margin reached the level of 19,5%. The final financial
result at the end of 2020 increased more than 8 times and amounted to
2 829,7 mln RUB.
The Company’s total assets as of 31 December
2020 increased by 4,8% and amounted to 130 309,7 mln RUB. The
Company’s net assets increased by 5,1% and reached 58 593,8 mln
RUB. The net debt3 amounted to 44 261,5 mln RUB (as of 31 December
2019 – 42 159,5 mln RUB).
The Company’s statements for 12 months of 2020
can be found at:
https://www.mrsk-1.ru/information/statements/rsbu/2020/.
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