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to RUB7bn in 1Q21. Net financial expenses fell 12.2% y/y to RUB0.7bn and D&A rose 6.2% y/y to RUB3bn, while other non-cash expenses tripled during the quarter. As a result, the company’s net income rose 23.5% y/y to RUB2.4bn in 1Q21. MRKC’s BoD recommended paying out a DPS of RUB0.034/share (dividend yield of 8%), with the expected
ROSSETI Volga’s top line was up 2.6% y/y to RUB16.6bn, with distribution revenue up 2.4% y/y to RUB16.5bn and connection fees up 59.3% y/y to RUB53mn. Meanwhile, COGS was up 8.2% y/y to RUB16.3bn and cash operating costs were up 13% y/y for the quarter. Adjusted EBITDA fell 38.3% y/y to RUB2bn in 1Q21, while net financial expenses and D&A were up 41.5% y/y to RUB80mn and 8.4% y/y to RUB1.4bn, respectively. Other non-cash expenses fell 69.5% y/y to RUB0.3bn during the quarter, and net income was down 68.5% y/y to RUB0.3bn. The company’s BoD has already recommended not paying out dividends for FY20 due to the net loss reported for FY20.
MRSK North-West reported a 7.8% y/y growth in revenue to RUB14.1bn in 1Q21 due to the 5.8% y/y increase in electricity distribution to RUB11.3bn and the 19.3% y/y increase in electricity resale revenue to RUB2.5bn. Connection fees were down 7.5% y/y to RUB45mn. COGS increased 8% y/y to RUB12.6bn and cash operating costs rose 9.7% y/y during the quarter. Adjusted EBITDA saw a minor growth of 1% y/y to RUB2.8bn in 1Q21. Net financial expenses fell 16.9% y/y to RUB0.2bn and D&A declined 2.4% y/y to RUB1.2bn, while other non-cash gains fell 41.3% y/y. As a result, the company’s net income rose 9.1% y/y to RUB1.1bn in 1Q21. MRKZ’s BoD has not recommended an FY20 dividend yet, and we do not expect the company to pay out one after last year’s losses.
MRSK Center and Volga disclosed an 8.5% y/y growth on the top line to RUB28.1bn, while distribution revenue rose 8% y/y to RUB27.5bn and connection fees surged 51.1% y/y to RUB0.3bn in 1Q21. COGS was up 8.3% y/y to RUB22.5bn and cash operating costs rose 10.3% y/y during the quarter. Adjusted EBITDA was up 4.4% y/y to RUB8.2bn in 1Q21. Net financial expenses almost halved to RUB0.2bn and depreciation was up 10.7% y/y to RUB2.3bn, while other non-cash expenses reached RUB28mn vs. the non-cash gain of RUB28bn in 1Q20. The company’s bottom line rose 0.7% y/y to RUB4.4bn in 1Q21. MRKP’s BoD has recommended a FY20 DPS of RUB0.0259262/share, implying a current dividend yield of 9.2% (the expected dividend record date is 15 June).
ROSSETI Moscow Region saw revenue increase 16.4% y/y to RUB49bn in 1Q21, and electricity distribution revenue and connection fees were up 14.5% y/y to RUB45.8bn and 9.6% y/y to RUB1.7bn, respectively. COGS was up 13.4% y/y to RUB41.6bn and cash operating costs were up 15.3% y/y for the quarter. The company’s adjusted EBITDA rose 19.6% y/y to RUB14bn in 1Q21. Net financial expenses fell nearly 30% y/y to RUB0.9bn and D&A declined 2% y/y to RUB5.7bn. Other non-cash gains rose 17.2% y/y to RUB0.6bn during the quarter. Income tax increased 36.2% y/y to RUB1.5bn. As a result, the company’s net income surged 62.8% y/y to RUB6.5bn in 1Q21. The company’s BoD has already recommended paying out a FY20 DPS of RUB0.049/share (current dividend yield of 4%), with the expected dividend record date set for tomorrow, 1 June.
160 RUSSIA Country Report June 2021 www.intellinews.com