Page 138 - RusRPTDec20

fell 1% y/y to RUB20.1bn, while cash operating costs were down 1.7% y/y for the quarter and adjusted EBITDA was down 22.7% y/y to RUB2.6bn. Net financial expenses more than tripled to RUB0.3bn and D&A increased 8.8% y/y to RUB1.9bn, while other non-cash gains reached RUB40mn vs. non-cash expenses of RUB0.9bn in 3Q19. As a result, the company’s net income was down 6.9% y/y to RUB0.3bn.
MRSK North-West saw revenue increase 1.8% y/y to RUB10.8bn, with electricity resale revenue up 8.1% y/y to RUB1.9bn. Distribution revenue was down 3.7% y/y to RUB8.2bn and revenue from connection fees was up 3.2x to RUB0.5bn. COGS was down 1.7% y/y to RUB10.8bn, while cash operating costs were stable at RUB9.5bn and adjusted EBITDA was up 16.1% y/y to RUB1.3bn. The company’s net financial expenses were down 4.3% y/y to RUB0.2bn, while depreciation was up 3.7% y/y to RUB1.2bn. Other non-cash expenses were down 85.9% y/y to RUB54mn. The company’s net loss fell to RUB0.2bn vs. its net loss of RUB0.5bn in 3Q19.
ROSSETI Siberia reported revenue of RUB12.6bn in 3Q20, with operating expenses up 12% y/y to RUB13.5bn mostly due to employee benefits reaching RUB3.7bn (+6.1% y/y) and the compensation for electricity losses reaching RUB1.6bn (+30.7% y/y). Cash COGS were up 11.8% y/y, but adjusted EBITDA was down 48% y/y to RUB1.3bn. Depreciation was up 11.8% y/y to RUB1.4bn while the company’s net financial expense fell 2.1% y/y to RUB0.6bn. Gains from other non-cash items reached RUB0.4bn (vs. RUB0.8bn in expenses in 3Q19) while the company’s net loss reached RUB0.6bn (vs. net loss of RUB23mn in 3Q19).
ROSSETI Lenenergo saw revenue increase 3.5% y/y to RUB19.4bn, with electricity distribution revenue remaining stable and connection fees revenue up 60.4% y/y to RUB1.8bn in 3Q20. COGS was down 9% y/y to RUB13.3bn, with the provision for the impairment of advances paid falling from RUB1.1bn in 3Q19 to RUB0.5mn. Cash operating costs were down 0.7% y/y and adjusted EBITDA was up 8.4% y/y to RUB9.4bn. The company’s net financial expenses were down 21.7% y/y to RUB0.3bn while depreciation was up 9.8% y/y to RUB3.3bn, with taxes increasing 68% y/y to RUB1.3bn. The gains from other non-cash items reached RUB0.2bn vs. expenses of RUB1.5bn in 3Q19, while net income almost doubled to RUB4.6bn.
9.2.11 ​Metallurgy & mining corporate news
138 ​RUSSIA Country Report​ December 2020 www.intellinews.com
● Gold & Diamonds
Alrosa​’s October rough sales of $299mn were slightly below analysts