Hotline of power engineering specialists:
Based on the results of the publication of the unaudited interim condensed consolidated financial statements for 9 months of 2020 under IFRS, the management of Rosseti Centre (the public name of IDGC of Centre, PJSC, ticker - MRKC) – managing organization of Rosseti Center and Volga Region (the public name of IDGC of Center and Volga Region, PJSC, ticker - MRKP) held a conference call to webcast a presentation dedicated to the performance results of Rosseti Centre and Rosseti Center and Volga Region for 9 months of 2020. Rosseti Centre at the event was represented by Acting First Deputy General Director for Economy and Finance Artem Aleshin and Head of IR Division Sergey Ternikov. The main topics for discussion were the data of the consolidated financial statements under IFRS for 9 months of 2020, the results of the Companies’ work to reduce electricity losses, the current situation and prospects for changes in accounts receivable, as well as the current forecast for key performance indicators at the end of 2020.
According to the management, the key factors that had the greatest impact on the key performance indicators were abnormally warm temperatures in the winter months and restrictive measures in connection with the COVID-19 pandemic. Despite the decrease in demand for electricity and the persistence of uncertainty regarding the further trends of macroeconomic indicators, the Companies demonstrated a steady growth in financial results for 9 months of 2020. This was facilitated by the efforts of the management to improve the efficiency of current operating expenses, including the implementation of the target indicators of the program to reduce electricity losses in the grids, decrease the cost of debt, optimize the expenses of investment activities taking into account the reduction in regulated revenues, as well as strengthen control over the rational use of resources.
It was noted that the ongoing projects for the consolidation of power grid assets provide a return on investment, contribute to the provision of reliable, high-quality power supply, and reduce duplicate operating and capital costs.
Despite external negative factors, the Companies predict the preservation of a stable financial condition and achievement of planned targets by the end of 2020.
The presentation of Rosseti Centre and Rosseti Center and Volga Region (only in Russian) is available on the link.